mery is better. it's been about two years now and it's working for me. prevagen. at stores everywhere without a prescription. welcome to "power lunch. back with kelly evans i am jon fortt. coming up disney gives bob iger two more years extending his time on the job. we'll see what ends as being one of the moves taking espn droect con direct to consumers. much more about the stock and the company. two moss away from kickoff the football season. nfl commissioner roger goodell about to join us what does he think than potential major move by one of its big partners ask about that, streaming, gambling and kelly questions about aaron rodgers. >> a long-running joke here with jets fans in the building.

a check on markets speaking of green. dow, 45 points up. s&p 28 to 4,500 and nasdaq up 1.3% fourth day in a row of rails new 52-week high for the dow bob iger meant to the only big name delta, pepsi, news today hear from those ceos and get trades coming up in "free stock lunch. and morgan stanley and cowen bullish on stock raising price targets today. cowen pointing out youtube is using global share among young users over to tiktok still shires s users over to tiktok still shirhares up 4%. and bob iger saying espn and discussing potential plans for sports and the network what he told our david faber. >> there is an nernervinevitabig

direct to consumer don't know when but will happen. >> sooner than say seven months ago? >> no. much more certain when but not prepared to say when that is i won't say whether it's sooner or not but i'm enthusiastic about it. >> for more we're joined by a leadership professor at nyu sterns school of business and managing

>> so much top-level, and by top i mean right under iger, talent churned out of disney in the past decade because he's kind of, gone out, then not he's in, he's out. even after what happened with chapin i can't imagine who thinks there's going to be a smooth handoff next time how much of a challenge for the board and for management to think they've got any shot at rising up hiring already >> a great question. i think at this point there's actually very good people there. i don't think everybody has left there is great talent there, otherwise the company wouldn't be doing what it's doing

facing significant challenges in a very complicated industry. i think that there will be a handoff, and if i could ask one thing it would be to stop this sort of every two years, say, look, here next five years and give him the runway he needs to develop the right person i believe that there will be a smooth transition. just not ready for it yet. the right person's not there yet and complexity to the point switches are too high. look, an industry with a lot of churn and talent anyway and i think that there's somebody in those ranks there who will stay because they think they have a shot at it. >> and you know, shopping and succession of planning session, allow new leadership years ago to avoid some of these problems? or is bob iger the right person to lead the company through this tumultuous time? >> i think the right person to lead the company and dan running the studio

terrific content size, josh at the parks done a great jock. i think plenty of talent inside. i don't think their losing big talent because of a fear that bob is controlling the whole place. >> yeah. what do you think? >> i totally agree i'm completely saying great people inside and some probably told they're in running. he shows up in conferences with this talent to sort of signal he's looking at this talent. and i think the board and probably he agrid time is not now. waiting, learning and's they're taking it in the right time for the company. why rush it? he's there obviously loves the job and wants to can do it and they love him. so why rush the succession up to the task. >> i thought that iger's comments on sports in particular were really interesting, because of the costs, they're so high. getting higher about to talk to roger goodell

about that but he seemed to focus what else to build around that core once you have those franchises in place. youth of the audience. the size of the audience at a time when he's trying to be efficient with streaming but also build indice businesses and maintain that sports franchise while, perhaps, spinning out tv networks how do you get that balance right? what are we going to have to watch for as investors, are viewers have to watch for as investors, to see how and whether he's nailing that down >> yeah, jon, great question two things in my career. movie costs go up every year and sports kosts go up every year. sports has been the strongest asset, viewers tuning into tv ratings plummeting for general entertainment. sports holding up. iger has always talked about e espn six months ago carve out espn

with a separate reporting area i think that is a predecessor to previous to them converting espn first to a hybrid linear streaming, linear and streaming business and eventually to 100% streaming business. >> if i could kind of take focus off disney to extent and ask, this is a tremendous time for media companies broadly speaking the fact bob ig er is thinking b moves hinted at, could be change in the next years. walk us through the kind of things we should think about to reshape landscape? >> right now companies, whole idea where content is coming from and who's creating it and how much is it going to be paid for is the big omen question you know, the idea that writers could go on strike and -- right now tons of content around it. companies, media companies, are able to play a waiting game, but the moment's going to come they need to create new content

a really big question. what fallout, streaming another one. and so i think it's an uncertain -- i remember five, six years ago thinking there's no visibility in media space anymore. visibility gets less and less and less what that brings me back to, though, makeup of the disney board and other boards of companies, have on them those who weathered a lot of storms. disney war is case in point with ever s everson and seen the industry go up and down and say, look. ride out the storm whatever comes, details, and can do both short term and long term at the same time of course, is the challenge for every leader we're going to stay the course, and something you come out of left field blow up the whole space. again, new technology haven't thought of, ai turning every other industry upside-down and

will turn media upside down, too. >> and apple worldwide developers' conference there with steve jobs bringing shows on to an ipod and now he's there with the vr goggle >> yeah. take everybody's point that in sun valley, this is where you start to have interesting conversations about how we're shaping the landscape. quickly before we go price target on the stock? >> yeah. price target's $110 a share. buying the stock because the company who deepest franchise in media business one of the best management teams in the media business first, next couple quarters may be challenging but that's more typical. iger will figure out movies again. theme parks may be weakening a little domestically. doing great internationally. they'll keep coming back keep in mind domestically, good as they were last year, still

19% below the 201 l9 level. still room for growth in the theme park business as well. >> sticking with optimism. thank you both so much for your time discussing disney appreciate it. major news out of the fed. fed president james bullard is stepping down apparently to take an academia job. steve liesman has details. hi. >> hi. kelly, yeah. one of the longest serving bank presidents on the federal reserve committee stepping down today. as he was taking the job at a business school at purdue. active there double checking. a long time he's been there. 33 years president since 2008 you know, kevin has a relatively new crop of bank presidents and i haven't been able to confirm

if he's longest serving president but certainly one of the longest serves presidents there and going to be stepping down today going to be advising the board of, the st. louis fed and the bank and august 14th then august 15th starts the job. fairly unusual for this kind of media departure. usually bank presidents stay in place until a replacement is found. sometimes leave and replacement found later. the process of replacing, a long time i think still looking for a president ein kansas city after -- sorry, they stepped down right now looks like -- kathleen o'neil kathy will take his place. she is a chief operating officer.

from st. louis, 2025. >> steve, how does bullard's absence coming absence from the room show to perhaps tenure of the conversation at the fed? voting member or not, a presence for so long. you're familiar with the position that he's had on rates recently and sort of the fedspeak he has delivered. how will that shift? >> so he's been very much a forward thinker. sometimes too forward for some of his colleagues but has pioneered a lot of different -- i think when it came to raising by 75 basis points jim was one of the first to lay it out there and laid out a controversial look at the taylor rule that showed that fund rate may need to go from 5% to 7%. and that's, not necessarily confirmed but part of the

conversation he has led the way and led the way every now and then but done what he's done based and research some form of economic principles behind it. he was the first guy, as i recall, to not put in longer term fed funds forecast, because he suggested potentially equals out there. not a hawk he's been hawkish but also among the first when it came to being dovish after the pandemic and times before that. i don't think he's -- extremely hawkish and one that keeps raising rates in this process but definitely point to other processes where jim has been more than the average. >> i agree seeing tapes about the fed immediately loses its biggest hawk not certainly always that way. would you say that's the case now that he's even the most

hawkish member >> i think so. i will say this -- when jim put out that, that look at the two different -- the range 5% to 7%, i had asked him where we are with those types of raises he suggests inflation would come down. top-line number of 7% would come down as well he's not maintained his super hawkish idea i think right now he's been very, very convincing, and beginning of the process, reason why he was advocated 75 basis points hikes was because he felt that if the fed at the beginning did more, have to do somewhat less at the end. he talked about the need for the fed to get out in front of the rate hikes again, out in front, and behind the curve at the time. and perhaps do less damage to the economy. also he's been upbeat how the economy is weathering this, and

suggested that we are not necessarily headed for recession. so i think he felt pretty good about his policy stance and i don't think he's been wrong. >> thank you appreciaty joining us on the news line. steve liesman on the news james bullard is stepping down to take a position with a university. meantime, moguls gathering this weekend talking about future of espn very much in focus streaming has a big impact on this and the nfl bringing sunday ticket to youtube in a groundbreaking deal last september and wrapping up first season of "thursday night football e"on amazon joining us, julia boorstin with a "power lunch" exclusive interview with nfl commissioner roger goodell. welcome to you both. julia? >> thanks, kel pip commissioner goodell, thank you for joining us here in sun valley. >> thank you. >> we sat down here last year. the big question, where were you going to make a deal for "sunday ticket"? kelly mentioned, the deal went

to alphabet and youtube, really a big shaft away from directv towards youtube. what are your expectations for the deal and for "sunday ticket" viewership now that you're be over there this fall >> i think firstly, for fans greater access for fans, a much broader universe we're thrilled with youtube tv and youtube and google that the technology, innovation, the desire to really use this to expand a number of platforms we think it's going about to trick product. we know it will be, and it is, it's a challenge when you're shifting platforms awareness. fans know where to get it and get them to make that move when no content up today won't be until september a big effort for us. >> shifting platforms, "thursday night football" to amazon. viewership there declined.

what is your expectations for season two and do you think more about the transition or do you think it's just more about shifting on to more fragmented digital universe? >> no. julia, this is a long term we don't mike these decisions on basis of what the deals are. for us, the streaming platform for video going this way so this is a long-term play for us. we are, with what we had last year we made the championship schedule and all have a basis in the first year i expect that will continue to grow in a very popular way and i think they'll bring their technology and their innovations, and this platform allows consumers and fans to do things you can't do on the lineal feeds. >> another big platform, of course, espn long-standing partnership with espn and bob iger. bob iger saying on-air to david faber long-term committed to

sports and espn but seize nerve taeblt of bringing espn direct to consumer focusing more on the streaming business what does that mean for you and the nfl? >> well, it's a positive for us. you know, partners, and advising platforms that will continue to grow and have the greatest potential for growth. we recognize that by going to this on amazon prime and so we contemplated this new content. espn deal, when we did that a few years ago's we think this will be a positive change for consumers and i think our content is going to be a big part of that. >> kelly, jump in here >> julia thanks. commissioner goodell, not sure if i will get the chance to speak. thank you so much. pick up on the point julia made about content. thank you on behalf of viewers for "hard knox." aaron rodgers, and resistance i know among some teams.

look what's happening with formula 1 and tennis and all sports as a result of this x scrutiny comment a little for players feeling they're dragged through it why is this such an important part of your strategy? >> well, we talked a little bit this morning on our panel. to me, game content is obviously, we know value of that wei know how important that is the non-game content we're missing. we have a joint venture to create more non-game content across all platforms the streaming and television we want to bring more of our access to our players to our coaches to our game in general, and this is a great way to do that, and i think this is a -- a great thing for our fans, where they'll have that ability to see the inside, see what's happening, and it's something we've been investing in the last several years but skydance can

hopefully take us through another platform that's across all sports not just football. >> interesting my other question is a little different but relates to the other big growing part of the business sports betting the fact that players themselves are allowed to bet, you know, you w07bd fer that's really in their best interests right? at some point? fair to allow them to bet even though a lot of rest of staffers and people in the organization can't. should we expect this policy to evolve in the next couple years or stay the way it is? >> no. i think all policies will evolve particularly in this area as we get more and more states that clearly are going to be legalizing sports betting. this has all been an adjustment to the supreme court decision. we obviously, number one for us is protecting the integrity of our game, but also believing in educating our players, our coaches, our employees everybody involved in the nfl, the importance of that and also

being very transparent also being relentless at making sure we do everything to protect them. >> roger, almost hate to do it, but i want to take you back a decade ago talking about when it comes to nfl, concussion controversy. after that kneeling controversy. when it came to culture wars, sports in particular and the nfl right at the center of it. now iger's in the hot seat not talking about that with you. what did you learn during that period are think processes that the nfl developed that are going to shield you when inevitably an issue like this comes up again >> no. i don't think there's such a thing as a shield. when you have popularity, 200 -- fan its a lot of different constituents and people with different viewpoints people want a piece of that platform we see it in the super bowl. at some point in time someone's

going to raise an issue or try to discover some aspect of our operations we know that the type of transparency, we know the type of organization we operate at highest possible standards we're not perfect but we strive for that every time. we do what we believe in work with our players and our clubs work with our partners trying to make sure we represent them, we represent their viewpoint, and we believe in allowing them to express themselves recognizing that everyone has a responsibility being good citizens, respectf ful of other' viewpoints. >> playing a role in ecosystem back ten years as jon was, sports was considered the core of what was holding the tv bundle together. now we see overall tv subscriptions declining. espn talking about going direct to consumer and you are making more deals bringing your games, having more digital-only games

direct to consumer how do you see the role of the nfl and the tv bundle as you make more of these, these digital and streaming deals? >> yeah. julie, i think the nfl and its content, because of the popularity of it, i think we have a, a role in creating new content platforms, and new distribution platforms go back and look at broadcast television, that was great part of this for us, '60s, '70s, '80s '80 os cable came along, went to espn, and in turn helped make those platforms more popular sunday ticket and now streaming. we're playing i think a role how that continues to evolve it's a, for us, our philosophy we need to reach as many fans as possible if we want the ecosystem to support that. >> reaching as many fans as possible, talk international expansion. give an update on international

expansion plans, a new division? how do you think about international investment and then all of this conversation and controversy around saudi ownership as in the -- >> we believe share a name with the world. every time we do we get incredible reaction. five games in europe this year most ever. those five games sold out in a matter of minutes. we believe that our future role, an important opportunity for us is international growth and we'll continue to invest in that folks committed to that, commitments to content and moving games, expanded our season on behalf of the entire nfl to play international games. regular season games i see that continuing. where it goes as far as the franchise located overseas or a division, those are things that we're excited about. we're not there yet. but we're going to continue this growth and i believe it will continue to be, and will be, a

global sport. >> just a quick follow on that question of foreign, potential foreign ownership. what's your perspective on that? i know adam seltzer came out saying he doesn't want any saudi ownership of teams what's your sense of things? >> right now we do not have any kind of public ownership with any of our teams we're a private investment and having made the move and other leagues have to any kind of public investment. we're contemplate at in point in time but really like our basic model now, private ownership and those owners are in the meeting room, part 69 league and part of our success. >> thank you so much for joining us here in sun valley. you have a lot of meetings down at the lodge with all of your many partners who are here and thanks for talking with us ahead big changes. back to you. >> trying to do the math about six weeks out from -- getting close. you know end of august, early september.

>> don't ask me about sports calendars. i'm just -- >> too much for opening day. thank you. julia boorstin thank you of course, thanks to commissioner roger goodell as well. business of sports july 25th in los angeles california, cnbc and boardroom host game plan bringing most influential leaders across the sports landscape including athletes, owners, investments and invarsalng srtnoto tkipos and business learn more at cnbc.com/gameplan. coming up, ready for a fight on all fronts. taking a look at chatgpt and open a.i. and the technology's potential gift pack. be right back.

234r50. live from sun valley, state of the consumer, plus "overtime," 4:00 eastern welcome back to "power lunch. another tame reading on inflation from producer price index ending stocks higher bond deals lower. rish rick santelli joins us from chicago. >> a big day but a big week, jon. if you consider where we were on jobs friday, well, let's look at a two-year note yield starting on 6th of july we're hovering at 511. the intraday high. 511. you see where we're at now 461. one of the main reasons for that outside of the notion that the fed may be done is that it failed to close above on this chart. up see that big high there

that high in early march was 507. okay and the reason that's such a key level. open the chart up. it's because it was rejected the day we traded up to 511 intraday we settled below 507. remember "family feud" [ buzzer sound ] hovering there several days ago. 210 spread since july 6th as well it has basically moved 20 basis points in favor of the spread tightening up. meaning, 2s and 10s 20 base points closer sig knificant and happened in six sessions finally the big chart of 2s to 10s, a double bottom there at 108. because it's a spread doesn't

mean not looking at technicals worked like a champ. dollar index finally we all know interest rates go down a huge negative for the currency of that country well, there you go in living chart color, it's at lowest levels on its close in 15 months back to you. >> rick, thank you appreciate it. rick santelli. contessa brewer for the cnbc update. >> kelly, president biden's labeled senator tommy tuberville irresponsible rejecting several hundred military promotions. reproductive policy provides paid time off for service members seeking abortions. the senator's actions disrupt what it typically a routine confirmation and affects more than 200 senior military officers tuberville told nbc news today he would consider ending a hold, but only in the senate agrees to put that health care policy to a

vote and rescind if it fails in the senate. biden administration urging pfizer, moderna and novavax to price them at a reasonable rate. set to release shotsin the fal and government planning to launch a $1 billion bridge access program helping distributing vaccines to people with no insurance. we don't nope what the manufacturers plan to do on pricing yet. and swelters under the current heat wave. forecasters expect temperatures to shatter records throughout the southwest with conditions expected to get worse over the weekend. especially in arizona where temperatures regularly topped 110 degrees over the last two weeks. kelly, jon, as you know, not that 110 is that hot for arizona. they see that almost every summer what's unusual about this is that long stretch of uninterrupted heat. >> yeah. brutal like their winter. can't go outside it's not fun thank you. ahead on "power lunch"

hearing from the cnbc suite. delta ceo bastion saying premium demand is paying off pepsi's ceo speaking out raising full-year guidance joining "squawk on the street" tomorrow and exxon ceo announcing a nearly $5 billion acquisition. all those and more in "three stock lunch. >> announcer: the bond report brought to you by -- your shipping manager left to “find themself.” leaving you lost. 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

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welcome back time for today's "three stock lunch. taking a look at stocks with top news of the day. start with exxon mobile announcing earlier on buying den burny a transaction access to the largest pipeline at work in the u.s. stock 6% for the year. what the ceo had to say on "squawk box" about the changes his company is facing. >> the challenge we have in this is the industry as a whole frankly society as a whole, is working to establish a brand new business which is carbon reduction business and has to be intensives to do that. that's lacking i.r.a. provided additional incentives, which gives this, catalyzing the opportunity to go in and make this acquisition and do it with a return.

it's an important part to get it going, but i would say we as an industry and i think society more broadly have to move from what i would call or government subsidized investments to market forces, market-driven investments. so i think the world's going to achieve its objectives to reduce emissions. got to move to a point where the market will pay to reduce those emissions. >> are investors onboard with that here with trades, president and chief investment officer are you a buyer of exxon >> very much one in fact, the weakness this year has been a welcome opportunity the stock doing quite well this is the time now where you see this acquisition, going into, how creative it is and how positive this will be for the company. yet gives them another monopoly. exxon loves them now monopolized co2 transportation right around the markets that they are going to be able to address as a

profitable business. it's another niche exxon's in and actually sits behind these other massive projects that are going to drive earnings and cash flow the next five years better than any large oil company frankly with the risk adjusted balance sheet i don't see anything touches it. >> huh next up, pepsi shares. slightly higher today after the beverage giant eats earnings estimates second quarter and raises full-year outlook volume fell as a result of higher prices. here's what the cfo had to say about it. >> keep in mind commodities for us right now, we don't think they're actually going to be going down in price. we think the rate of inflation is going to reduce but we don't see the basket of commodities going negative anytime soon and need to continue to take pricing. not at levels seen in recent past why we're doing more of this pivot to productivity. drive margins through

productivity and pretty successful at it. >> should the stock be choice of a new generation of investors? >> you know, this has been, best in class of all packaged food and consumer-related companies 23 times earnings is not pricing in anything more than recession. i would have to say this is one of the best defensive plays you can own but just executed so well ins face of declining vol youths in most geographies i don't think, acknowledging more headwinds on pricing and more cost issues that they're going to be ale to sustain that valuation or improve it. i would keep it in my hold in the event of a recession type of box. >> taken incredible amount of price but bull case would be consumers really have taken and accepted that kind of price last couple of years. move on to delta speaking of strength posting record revenue earnings second

quarter highest ever hiking forecast on travel boom stock up 45% last three months and the ceo seeing momentum continuing from here take a quick listen. >> i think it's going to be more of the same. i think the international business will continue what we can tell stayed really strong a long summer to europe. flying the summer schedule longer and hotter than anything we've ever flown september, october, great times to go to europe. i think the corporate demand for travel is going to start to pick up a bit more. hearing from corporate travel managers as offices are starting to return back their employees companies are starting to mandate they get back to the office that's the real driver >> do you think people should stick with delta, jerry? >> yes so a comment ironically three names that are all dominant in this industries all with news today. a lot of ways summarizes the kind of stocks i think people should be focused on you can buy the dominant airline

in the world at seven times earnings, buy the greatest oil company at nine or ten times and pepsi deserves this multiple and i don't disagree with it, but it's kind of rich. what's interesting about delta in that mix is the fact that they can't see the end of the runway so to speak on demand for overseas and domestic travel and they're the best in the business they would know. they would give you reason to pause if there were one. so far they've thrown massive price increases at this universe of buyers and travelers and people aren't clinching. we are up against a capacity constraint and if you noted the way the stock traded this morning, came out said we won't be able to get to all of the potential flyers out there because we'll hit a max capacity level. that's a great thing for an investor to have on his, at his back, because now the investors goats say if things slow down again, back and claim the market they never had

i would tell you that earnings levels they're seeing, all-time high margins, they've wrung out all inefficiencies the big pandemic caused and again i would give them a little more runway. >> all right to use a phrase. thanks for your time today appreciate it. still to come, shares having worst day ever down 29% after a malfunction with a satellite details, after the break.

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david haber's news interview with ceo bob iger. >> more talent than when you returned. >> challenges are greater than i had anticipated. >> bob iger in sun valley tonight, 8:00 eastern. welcome back california based satellite firm vie s.a.t. recently launched com satellite suffering a major malfunction. stock having its worst day ever. cnbc's space reporter michael sheetz here to discuss michael, i mean i understand how functions, 29% seems like a big drop why? >> well, this was the vie s.a.t. 3 satellite providing broadband service to all of north and south america and a part of three satellites that gave the company new global broadband coverage now, the reflector on this

satellite is malfunctioning, which means might not be able to provide that service my understanding northrop grumman made that and investigating along vie s.a.t. to see if they can recover it or a very hefty insurance claim and a big setback to the company's plans. >> yeah. what's the option here launch another satellite, or -- that's not cheap but cheaper than it used to be >> it is cheaper than it used to be when talking about satellites of this class, some of the largest ever built and constructed this would be a great undertaking to replace we're talking about eight years in development just to get this one up another two that are close to being finished what they could choose to do reallocate some asset. maybe sacrifice coverage elsewhere in the world, but for now going to have to do without until they can come up with a solution. >> why are we still here, right, with satellite launches where there's one that's big, risky,

and seems like so many little launches lately that we have, like a cluster of 200 satellites up there doing what this does. and that are sort of false tolerant subpoena that's what's coming or do we have years to come of this same, hope it works, stereo? hope it works scenario. >> good question simple bottom line, about demand for data and broadband so much demand there's a really broadening and scope of how people provide that data from space. this is more of the traditional realm we're seeing with viasat been in business and ipo'd back in 1996. today is signal worse stock drop since that day, and this is all really about the more traditional player trying to beef up existing capabilities, but others like spacex and starling and others taking a different approach providing that service and targeting different customers. going after directly more on the consumer side of the business as

opposed to larger enterprise. >> amazing looking at the chart 2020, that drop and then recently in summer of '22, dipped below levels it dipped today. given everything happening with space launches and satellite technology, investors certainly investors long would have expected different thank you. >> appreciate it. coming up, elon musk says ftc overreach has gone absurdly far beyond the legal mandate gramtd granted by congress. those details in tasha cobbs we' "tech check. we'll be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated.

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welcome back it is a super busy day for the ftc. the agency first of all filing its appeal to pause the microsoft activision deal. and also reportedly opening an investigation into open ai over consumer harm. this morning, chair lina khan appeared before the house judiciary committee. steve kovach is here to break it all down for us. >> i'm going to do it in 90

seconds. khan spent an hour under questioning today in the judiciary committee. coming out today, "washington post" and others reporting the ftc opened an investigation into open ai, that's the company behind chatgpt now, while khan didn't comment directly on an open investigation, she did talk about her broad concerns the harm ai can cause. here's what she said >> there are no checks on what type of data is being inserted into these companies and we have heard about reports where people's sensitive information is showing up in response to an inquiry from somebody else, we have heard about, you know, liable defamatory statements, that's the type of fraud and deception that we're concerned about >> now, finally, here is the big one. the ftc last night appealing its

loss in the case against microsoft $69 billion acquisition of activision this week asking the ninth circuit to keep the temporary block on the deal in place. the appeal complicates the timeline to close the activision deal by the july 18th deadline microsoft has options, though, including renegotiating with activision to extend the deadline or it can walk away and pay that $3 billion break fee >> sure seems like the ftc kind of works better when you fear it, and we're in a paper tiger situation now where people will accuse lina khan and the ftc of taking ideological stands and trying to construct the legal basis afterward, like, and so are companies really going to be afraid she was counting on that, on companies trying not to do the deals because they were afraid of what the ftc would do. >> she was grilled about that today. my question becomes, if she keeps racking up losses, the appeal does not work out in their favor, again, what happens

to -- when do companies start pivoting we hear about this chilling effect on mergers, when do we hear the opposite, okay, she's not holding the cases up in court, let's go ahead, it is party time again, merger mania >> it still slows things down. you have to go through a process that might have an uncertain outcome. >> microsoft gave them 18 months to close this deal, knowing they were going to be heavily scrutinized and it is down to the wire, less than a week left to go. >> more attempted deals. that timeline may get stretched even more. >> thanks. we have just enough time left for a night cap how about a bubbling box office? it is closing time on the other side of this break hi, i'm john and i'm from dallas, texas. my wife's name is joy. we've been married 45 years. i'm taking a two-year business course. i've been studying a lot. i've been producing and directing for over 50 years. it's a very detailed thing

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because investing isn't one size fits all. allspring. purposefully divergent. welcome back just two minutes left in the show and two more stories you need to know first, ripples xrp coin surging after getting a huge win against the s.e.c. a judge in the southern district of new york ruled that it is not necessarily a security on its face with many saying the outcome will no doubt have direct and indirect implications for crypto in the u.s. >> we have been watching this case for years to set a precedent. you're seeing all sorts of other tokens take off. a lot of confusion, excuse me, still about this ruling where they seem to put institutional investors in one class and

retail in another. that said, look at bitcoin today, which is now up to 31,000, 3% rally look at solana, a curveball that will support the crypto industry for a little while longer it seems. meanwhile, the next week or so could be the most important period for the box office in its entire history it has been hard for the industry to regain its footing after covid. most big name movies are underperforming or not running away with sales. indiana jones, transformers, case in point. we have three huge names on deck now. mission impossible, oppenheimer and barbie, all within a week. mission impossible, $16 million opening day expected, could be a strong weekend then next week, barbie and oppenheimer, huge momentum behind them. stars are jumping on the trend, margot robbie and tom cruise showing each other's support by watching each other's movies for these blockbusters. >> that's nice but tom cruise, tom cruise, i mean, "top gun: maverick," the

movie of the pandemic that made people realize we need to watch in theaters again. my kids are excited about "mi7." >> kernen was talking about it this morning maybe tom cruise will save america or at least save the box office >> putting his body at risk. thank you for watching "power lunch." >> "closing bell" starts right now. kelly, thank you very much welcome to "closing bell." i'm scott wapner live in lake tahoe for the american century championship celebrity golf event. about 90 or so actors, athletes and entertainers are playing in this tournament, owned, operated and produced by nbc sports including colin jost he'll join me later. this make or break hour begins with rally watch, as stocks extend their gains on more positive inflation numbers score card with 60 minutes to go in regulation looks like this. dow has been up all day