response to earnings it's now almost a $1 billion quarterly revenue run rate company, and they will be profitable earlier than expected so a bunch of price target raises on the streets and i'm staying long >> half the restaurants i've been to lately all have toast. >> it's becoming an industry standard >> that does it for us see you storm. "the exchange" with kelly evans starts right now ♪ ♪ >> thank you very much, dom. welcome to "the exchange." i'm kelly evans. here's what's ahead this hour. the markets are breathing a sigh of relief on weaker than expected cpi data. but our guest is warning don't get too complacent she sees inflation rising again, and when it does, stocks will sell off, and you should buy the dip. she'll bring you the names she's ready to scoop up. disney hiking prices and taking a page from netflix it's still a takeover target we tell you who could end up

buying it. and growing cyber threats, new york spending big time, and one stock in the cyberspace up sharply. the name and ceo join us ahead first, the latest on the markets. for more, we turn to bob >> the july cpi was up 0.2% month over month, 3.2% year over year this is supportive of the soft landing and disinflationary trends 10:00 a.m. eastern time, they've been selling into the rally since. the s&p was up almost 60 points. almost flat right now. dow up over 400 points, going towards the flat line. nasdaq up over 200 points, it too down rather dramatically the russell 2,000 is now negative so take a look at the weakness here it's semiconductors and tech so big names like nvidia and micron they were all trading up at the open, now negative

apple, generally flat on the day. there are some pockets of strength a win is driving up all the casinos. las vegas is still strong, that's good news the refiners, the marathon petroleum, phillips 66 keep hitting new hires, although oil is having a rare down day today. and the marriott remains strong, as well. there is an old song on wall street, in correction, it takes longer to lose the first 5% because people buy the dip the second 5% comes a lot quicker. right now, the s&p is less than 3% from its recent highs, but down six of seven days, and investors are less than enthusiastic about supporting these recent tech gains. there's no panic out there, but there's not a lot of enthusiasm. maybe it's that time of the year, or just the stretch valuations in tech, but definitely a pause here. >> bob, thank you very much. the market is or was or still is sort of cheered by the

softer data, making it less likely the fed will keep hiking rates. consumer prices up 3.2% year over year, a little less than expected, well down from the 9.1% peak we saw last june jobless claims, worse than expected so does that make recession less likely joining me now are my guests so dave, i kind of want to start with this market turn. not that you're day trading or anything like that, but are these takeaways different than they seemed at first glance? >> i don't think that data is the story. i think market has come a long way. we have had an incredible year in stocks. it far superseded even some of the most bullish forecasts >> for sure. >> it's a healthy correction i think what the bank of japan has done with some of the weaker data out of china, there's just a lot of things that are sinking

in, saying maybe we shouldn't have gone that far that fast >> do you think there's buyers remorse? >> not right now we just kind of got ahead of ourselves and we're taking a healthy break. at the fed, everybody is pretty happy. i think the fed is ecstatic about this data and i think they probably, you know, we got one more cpi before the next meeting. assuming that's not a point three or point four, they're in great shape. >> goldman says they're done there was no september hike which we talked about. they say no november hike. that this is it. there won't be a need to go again. i don't know how much of a difference that makes with some people are talking about this next year. that's their take, this is it. >> yeah. unlike goldman, i'm a little more humbled before the future >> i'm probably wording it more strongly than they are >> i this i they're not going to hike in september.

i think the data will dictate whether or not they hike in november i don't think they're quite ready to roll out the aircraft carrier and put on the flight jacket and get up there with the mission accomplished banner in the background you can see where the market is trading. i do want to take a moment you know, the market may be up or down, but it would always pain me to live through wonderful times and not notice it there's a quote from the richmond fed put out a paper today. i want to read the quote to you. the current cycle is the first time over the first postwar period they have made progress without an increase in the unemployment rate. so to the extent david says they're ecstatic i this i they're very happy over there right now. >> the moving is not over. it's been one year sense they started hiking >> it's been 16 months what this paper shows is that by

now, in previous cycles, you would have the unemployment rate rising, and we're going to talk tomorrow, a little tease.nervous >> of course >> it feels like mission accomplished >> the art of the job is to sit here and be nervous but not show it of course i'm nervous. to this point, it's been an extraordinary run. and if you have it, you know, maybe this is one of those things, i don't know -- >> there is a lot left the next chapter is actually being written in the markets >> right >> let's look at what is priced into next year 140 basis points of rate cuts between 2023 and 2024. that's the spread. 140. and that's what themarket is pricing in, so that's feeding into equity valuations, that's feeding into spreads look, i think the market's got a

lot more optimism than the fed the fed is far more cautious and far more nervous steve said this is not wave off the banner time, not mission accomplished time. there's no done, we're great i don't think they're saying that at all any time soon. behind the scenes, they're super happy. but they're not going to wave that flag. >> the fomc held a secret meeting today, and they raised rates. it's true. what happened today is that rates got more restricted. the inflation rate came down, and the real funds rate went up today. obviously they didn't have a secret meeting, but here's what happened this is the plan the fed has in place. i guess you can call it a slow boil i'll let david address the equity aspect of that. but say inflation continues on this trajectory. guys, i want to show you where we're at on a three-month average annual basis these are very good numbers.

3% on the core 1.9% on the headline these are great numbers. if they continue like this, and continue downward trajectory, the fed is going to be increasingly restrictive over time this will help in this inflation fight. it's like pouring additional water on that fire to make sure that it's out. and the fed seems to have the market convinced that it will be in this high range for a while i get, david, the first rate cut built in, in march or april of next year, where it's 50% or higher for several months, they have the market on board with that growing restrictiveness. >> oil prices, the fly in the ointment you put out a piece the other day, david, calling for a return to when the fed was almost inscrutable. i would argue their transparency becomes similarly inscrutable.

we hear so many different opinions from so many different people is there a real signal these days or not? i know there's been a big change in the communication regime, but what makes sense going forward >> we have all watched forward guidance get pushed aside at the ecb, at the fed. i think the boj did a great job of confusing the market with what the end of yield curb control looks at every night it's a new target, which is kind of cool, and they got away with unwinding a really complicated policy without creating a lot of problems i think rates did go up generally at the long end because of the boj, and i think the fed is looking at that and probably smiling >> if the fed looked at this and wanted to take some lessons away, what would those lessons be what is their equivalence? >> long rates are less anchored globally if japanese investors

can go home and get a 1% yield instead of a zero percent yield. that is so tightening, that the fed doesn't have to do because the boj is doing it for them at the next meeting, if the bank of japan has given you more, you don't have to do as much >> another maybe underreported or underappreciated development is this so-called deflation in china. it is one month's worth of negative numbers, but certainly they do not have inflation china is a big export economy. goods prices have been negative. goods prices have not been as negative as expected it could be the offset to the oil problem could come, at least in part, from china, and what dave is talking about is another aspect of that coming from japan, so we could get some help globally and by the way, the u.s. has been leading the world in -- we're number one in interest

rates. i'm not sure we want to claim that now but we have had a bigger decline in inflation, lower inflation rate we haven't had the increase in unemployment and the gdp is looking remarkable if these third quarter numbers -- because june was so strong, the starting point for the rest of the quarter is, they don't have to do very much and still get a strong number. >> we have a 30-year bond option, we have had a string of strong demand this week. rick santelli joins with us the results. rick, what do you make of it >> well, 4.189 is the yield. the market was trading well below that around 417.5. so c minus is the grade for those 23 billion third years that put the final tombstone on

103 billion of treasury coupon supply the auction did not go well. pricing was the big negative direct bidders was quite good at 19.6 you had indirect and dealer takedowns. the weakest level since february but not by far off the ten auction average. so it was a pricing issue, and that makes sense the long end of the market has been a bit more confusing, and the further down the yield curve you go, the other way towards 20s, 10s, 5s, 2s, the more aggressive buyers you seem to find kelly, back to you >> thank you very much guys, let's put a pin in it to wrap up the discussion we come away on a day where okay, the jobless claims looked softish. some of us are still worried about what's going to happen there was huge demand for treasury earlier this week, but i see more comments about how this idea of even if the fed fund goes back to 2%, maybe the long end stays higher for longer i don't know if you want to weigh in on that

>> the boj has untethered the long end globally, and i don't think that's the end of it for japan. markets are looking at, that and that's an important part of the tightening process i think the fed is happier, to be honest. that does a little tightening for them and takes pressure off the short end, which has been a problem for the banks, particularly the regional banks, the funding costs. so this is a better tightening this is in the spirit of steve's tightening it helps you are the real rate structure going higher, and it does a little more at the long end than the short end >> iwill add though, david, kelly, who is attuned to some of the risks out there, it's been a very long time since supply mattered to the bond market. i think supply matters now i think some of these big auctions, that's why i'm listening to -- i listened yesterday, the ten-year,

a-minus. today's 30-year is another important development, because what happened is the treasury will be converting some of these short-term bills into long-term. the question about how much the bond market globally can digest, china's decline in exports means it has fewer dollars to recycle back into the bond market. it's a risk out there, but i will say this important thing, which is if i used august 2 as the start date, back in the black. i don't know, bill, if you want to call me and tell me where you are at i've been following this yield -- >> what was the low? >> 4.16 on august 2. we're at 4.19. today, it looks like he might have made a few dollars. >> that is noteworthy. >> if it's a hedge, it probably

pays off without being higher. >> 4.20 on a 30-year is a juicy level. it's frothy. it's expensive >> the idea of the short rate -- you get back to -- what's the word we decided? disinverted. disinverted yield curve. >> i think everybody would be happier with that. >> thank you for your time today. while today's cpi reading was in line with estimates, the next guest says inflation will keep rising between now and year end, and the stocks haven't priced that possibility in she's pointing to key data like copper, oil, housing, service prices, and if the fed has to get more aggressive, she is prepared to buy the dip. all right, nancy, you probably caught some of that previous discussion so it's not like you're going to

be out of the market, but what are you doing here >> kelly, i think one clarification. i think there's a possibility that inflation will tick up. we have been in the catch that has said previous inflationary periods, and there were seven in modern history, what we have seen is that inflation is symmetrical on the way up and down, but it's not necessarily linear that's what i think may happen we'll get a surprise, and the market will be caught flat footed that's an opportunity, we think, to go back in and buy some of the tech names that we were buying last fall and have been trimming in the second quarter and may want to own more of as the secular narrative and tailwind of digitalization continues. and we want to have -- we may want to get more exposure? >> so what's on the list are you expecting more market weakness >> i think it's a fair bet you know, we ran pretty hard

pretty fast. not just from october but certainly year-to-date i don't think stocks are frothy, but on average, every 12 months, we get a direction historically. we haven't yet really seen that. we tried in july, the first week i think it would be healthy for the market if we got a pullback, let people take a breath, you know, the volume this time of the year is pretty spotty. so i think that might just be a continued catalyst we're seeing the future is up strong, almost every mongrning n then the selloff so that tells us we'll see a correction but we think we're in a bull market so i don't think you want to runaway. i don't think this is 2022 it's just an opportunity to reposition >> you are launching an etf today, pglr, 25 to 30 positions intended to produce a dividend yield. is that reflective of how -- you

know, is the timing a coincidence or not with the outlook you have for the markets? >> thank you, kelly. probably not the best month to launch an etf, but we did it any way. it's like when i finished my book and my agent said why this book, why now is and i said, because i just finished it i've been managing money since the '80s use thing strategy. -- using this strategy so we get access to some interesting names that you wouldn't normally see in a dividend growth strategy it's worked. so we turned away a lot of people that don't meet our minimums this was a way to provide access and a core strategy. so it just makes sense to us right now or next month or last month. >> it's also interesting because

if you are expecting inflation to be sticky, that will have a lot to do with how attractive dividend yields are. >> that's right. and remember, you know, 9% dividend growth historically has been outpaced inflation. it didn't last year, but if you can get growing dividends, the compounding of that and the protection in declining markets is powerful. if you are buying companies that are already, you know, depressed for a reason, we were buying apple in 2013. the yield was 3% above the ten-year at that time. and nobody wanted to own the stock, because they weren't considering services well, those are the kind of needs we get access to using relative yield it's a powerful tool it still works so we're excited about it. >> finally, if i'm not mistaken, you are interested in google and oracle and amazon, clean energy beneficiaries, ai plays. s is it just those three in

particular >> those important when we get there, we will only be at 30% penetration. so growth is desscelerating or has been we think it will accelerate some, particularly because ai is a big demand on cloud computing. we like those three. okayle lle lle is -- oracle is e cheapest and then we have compared andy jaffe to jeff bay ezos to tim ck they did deliver on earnings this last quarter, so i don't think you need to chase any of these names. you wait for the pullback and then you step in and buy them. and then in clean energy, there's stuff a mismatch between what the administration is projecting in terms of cafe standards, that would drive us to 100% evs in 2032, but we

can't produce enough of the metals we need to produce 18 million evs currently. so i think that mismatch will continue to be rewarded in the market if we were producing 18 million vehicles today, we would be using 88% of the current available lithium. the supply demand mismatch is going to be important. >> we're going to talk later on in the show, we'll talk about the battery issue between the hopes, the aspirations and the reality. nancy, thank you for your time today. >> thanks, kelly still ahead, disney taking a page out of netflix's playbook, but will it be enough to stem subscriber losses? shares are up 4.5% today are they seriously a takeover target we'll ask lauren martin about that next. plus, counting its best day since november after a strong

earnings and full-year guidance hike the ceo joins us to explain where the biggest threats are working. and here is a broad look at the markets as we go to break. the dow erasing a 455 point gain the nasdaq holding on to a 17-point gain. "the exchange" is back after this what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. ...to make quick decisions? check. aaaand check. that's the solution ibm and a global bank created. what will you create?

ibm. let's create.

welcome back to "the exchange." disney hiking prices on its ad free streaming, and attempts to grow profits as subscriber growth slows bob iger announcing plans to crack down on password sharing as he tries to turn the company around one of my guests says disney could be a takeover target

joining me is laura martin and mark douglas laura, i'll start with you the market, what do you expect with disney's results? >> the free cash flow is higher than expected. the cost cutting will come in above their promise of $5.3 billion, another 30% price increase on streaming services and this notion of espn, they said they would sell it but are looking for partners to roll it out to be an over the top service, which people are optimistic about so i think all those were positives that were inkremental information from the call. >> how much time does that buy bob iger >> he's got three years to pull this off, and if he can't, i think he does a parallel and tries to sell off the parks, is my opinion

ultimately, i think this industry -- the whole industry needs to consolidate, including disney >> let's circle back to that in a moment mark, i'm curious, for your take on some of the ad tiers, just like netflix what are the implications oh of that >> i think fundamentally, you can't shrink yourself to greatness. a strategy -- it may be the strategy to sell off parks and do things, but fundamentally they're down in terms of user adoption, people buying their products, going to parks in every category i think they keep blaming other people and they have to look at themselves and say how do we get people to love these products again? and then grow our way to greatness. definitely what the media and bringing more ad revenue into it, it's a way to drive a lot more profitability, and they should do that, too. but they have to get people to love disney products again

>> mark, just to go a little further on that. if i'm bob iger then, how much can i do at one time you know, while kind of polishing -- i know to laura's point, the whole idea is to polish things up for sale, you can do two things at once, but really sort of putting your head down and focusing on core execution. >> that's the issue right now. if you're going to put out a vision to drive profitability, that's going to work against growth and so i think they have to choose personally, as a big fan of disney, i'm not infatuated with this focus on profits over anything i think they have to go the opposite direction and say we're going to spend whatever it takes to get people -- to get disney magic, to get people to love all of our plans again it's not like people are watching less sports or want to watch less "star wars.

people want these products and they have to bring the magic back to solve these problems >> right they might be watching less espn or fewer recent disney movies. laura, you want to weigh in on that >> i think one of the issues going on, we shouldn't underestimate the impact of the desantis feud. they're saying it has nothing to do with attendance, but i call shenanigans. international parks were strong in the quarter, but part of this is the drama over the desantis feud >> building on that point, i want to ask about twitter, or x, if i can you mentioned or quoted the idea of them being a target the widely accepted suitor would be apple are we all thinking through this quickly or is it playing out a little differently here? >> i like the idea -- i think apple really needs a piece of content to push this vision of the future, these goggles it's

pushing, and disney has the highest content creators with its "star wars" and marvells franchises with the best in class consent creators so he was asked about it, and he basically said -- his response was, we couldn't get it through regulatory, which is not a thing, we wouldn't sell it or don't think it's a great idea. but if we have a republican president, that answer changes, because all the regulators get appointed by republican president instead. so stay tuned. >> it's like its own interesting movie. i want to play for you both what x corps ceo told us earlier, how it's a safer platform today than it was a year ago. >> since acquisition, we have built brand safety, and content moderation tools that have never

existed before at this company if you're going to post something that's illegal or against the law, you're gone zero tolerance >> quickly mark, to you first. are the early days for twitter or x or whatever we're calling it >> i think twitter is being run like a startup but it's a mature company. a lot of people don't want to see how the sausage is made, but if they keep it rating, they can get the right formula. i think, you know, from the outside it looks very hectic i think over time, they can get there. they just keep iterating and finding the sweet spot with people that love twitter >> laura, you cover a lot of competitors. i'm still seeing a lot of cheech and chong ads. do you see them clawing back ad share? >> i do not.

80% of brands have left twitter, and linda had to do something. this is something to be done great. too little, too late i don't think brand also come back to twitter. you know, i think it's just too unpredictable and too many choices, like tiktok is conquering the world right now so there's other ways that you can reach consumers. and twitter doesn't have enough video either so i don't think it's going to work >> maybe the most interesting movie to watch play out right now. thank you both for your time today. appreciate it. still ahead on "the exchange," inflation might be easing in some parts of the industry, but try telling that to renters in manhattan. robert frank is here with what is driving prices higher and what is behind the divide of the rest of the country. dow is up 55 back after this. (fan #1) there ya go!

that's what i'm talkin' about! (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from verizon. switch now and they'll give you nfl sunday ticket from youtubetv, on them. (hero fan) this plan is amazing! (josh allen) another amazing plan, backing away from here very slowly. (fan #1) that was josh allen. (fan #2) mmhm. (vo) for a limited time get nfl sunday ticket from youtubetv on us. a $449 value. plus, get a free samsung galaxy s23. only on verizon.

welcome back to "the exchange." here is your cnbc news update. the u.s. and iran are reportedly planning a prisoner swap the state department confirmed five imprisoned americans are out of jail and under house arrest according to a lawyer for one of the prisoners, it's the first step of a planned exchange for several jailed iranians and the unfreezing of billions of dollars in iranian assets. in order to comply with sanctions, iran would only be allowed to access the funds for food, medicine, and humanitarian aid.

north korean state media says kim jong-un fired his top general and ordered the military to step up war preparations in what he called and offensive way. the state media reported that kim's meeting also discussed plans against an unnamed enemy the emmy awards are being moved to january, nearly a four-month delay the academy and broadcast partner fox announced the new date today the tv awards show was originally postponed in light of the ongoing actor and writer strikes in hollywood >> thank you, pippa. coming up, cyberark rallying we'll talk to the ceo about the quarter and the threat ai poses to security. "the exchange" is back in a moment (upbeat music) - [narrator] what if there was a hearing aid that could keep up with you? (notification dings) this is jabra enhance select. it's a smart hearing solution that makes hearing aids more convenient and less expensive. it connects with your phone so you can stream calls and music.

with jabra enhance select's premium package, better hearing doesn't have to start in a doctor's office. it starts with a free online hearing test you could take almost anywhere, so you can get your hearing aids custom programed for you and delivered in days. from there, you can fine tune your settings with your remote audiology team seven days a week, so your hearing aids work when it matters most. (notification dings) in fact, more than 95% of enhance select premium customers report hearing better with their friends, family, and colleagues. with jabra enhance select, you can get the same advanced hearing aid technology and professional care you expect from a clinic at a fraction of the cost. for a limited time, get $300 off select hearing aid models. visit jabraenhance.com.

welcome back to "the exchange." shares of cyberark up 13% after reporting better than expected earnings, posting a surprise profit of three cents per share versus the 13 cent loss expected the company also upped full-year guidance the shares are still about 18% below their 2021 highs joining me now is matt cohen, ceo of cyberark. welcome to the program >> thanks, kelly good to be here with you >> so many different ways to do cybersecurity.

i'm not going to pretend to be an expert. you talk about identity security, is that right? describe to me sort of where you are in the sign he cyber realm e significance of what you do. >> we all have our digital identity, the credentials we use to log into our computer and access data and information that fits within our enterprise ultimately, when bad actors are out there looking to steal critical information, they're trying to steal that identity. now, that identity might be associated with me or you or might also be associated with what we call machine identities or the applications themselves with an organization what cyberark does, and is our mission, is to make sure that we can secure all those identities, whether they're trying to access infrastructure in the cloud, and to make sure that the privileged pathway is locked down and ultimately, we can make

organizations more secure. >> i thought it was significant that we also today heard from new york state, which is spending, i want to say something like $90 million in the new budget specifically on helping municipalities depend themselves on long island, a court system and hospital system was shut down for months. this ransom ware must have gotten better, but what is happening on the ground? >> that's very true. the threat landscape itself is exploding, and not in the right direction. we completed identity security threat landscape, and that landl landscape mentioned the fact that 99% of our customers and prospects out this anticipate an identity related breach in the year to come over 80% actually experienced a ransomware attack in the last year when you look at that data information, and you understand

the digital transformation that organizations are going through, you see that the ability for bad actors, hackers, organized crime, nation states to wreak havoc within organizations, and it's particularly concerning when you speak to the investment going on there in the state of new york, which is, you know, really massive if you look at the $600 million that they were talking about overall, it's really focused on the idea of how do we shore up an overall strategy, not only for the enterprises but for the local governments around the united states >> yeah, we look at the performance of the etf year to date, up 20%, you're up 24%. you have half of fortune 500 companies using this product so where do you see trends when you raise your guidance for the next year? and why were you able to deliver an earnings beat was there something going on, on the cost side of things, as

well >> we were able to deliver an exceptional quarter, 40% a.r. growth, and beating across all of our metrics and able to raise our full-year outlook, it is on that trend of customers understanding that as identities proliferate with organizations, as environments become more complex in the hybrid and cloud world, as these attack methods become more innovative, they need to place in the center of that, a platform like cyberark provides it creates a lot of room for us to learn in the growth sector throughout the rest of this year and years to come. on the profit side, we have been going through a subscription transition and we're exiting the trough of that transition. the good news in the long room, but it's taking us a while to catch up, and we have been able to accelerate the profit side of the business back to where we were before that transition started. >> fair enough that's the model everybody seems

to be championing. artificial intelligence, what has that meant for the cybersecurity business >> so ai, you know, it's really a double edged sword as it relates to the cyberworld. at one level you have the bad actors out there, innovating no in a more exponential way. what you see there is that traditional attack methods that may have waned a little in effectiveness can be boosted up by the use of the ai technology. you see this race towards innovation within the attackers, the bad actors, that all of us on the enterprise side or on the good side need to respond. so it comes to within cybersecurity, the same concept -- how can we infuse ai into the technology that we provide into the market to make them more effective? not only so that they can spot the threats more, but also so

that they can ensure deployment is more successful, more robust, and that the controls that need to be placed are placed more effectively. we at cyberark are investing millions in ai and embedding it into our solutions so that we can fight the innovation that's happening on the other side with innovation on our side >> that's why nvidia, some of these places have been a good place to be. you guys are playing defense by playing offense i should say matt, thanks for joining us today. appreciate it. >> thanks again. >> matt cohen, ceo of cyberark coming up, are relates still rising or topping out? the nation's largest market could be showing signs of a top. and a warning from "the wall street journal" that apartment buildings could be the next major pain point in commercial real estate. this will be a spot to watch in the months to come ck wl rhtnge"ilbeig ba aking me get an ice bath again.

what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash,

or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. (upbeat music) - [narrator] what if there was a hearing aid that could keep up with you? (notification dings) this is jabra enhance select. it's a smart hearing solution that makes hearing aids more convenient and less expensive. it connects with your phone so you can stream calls and music. with jabra enhance select's premium package, better hearing doesn't have to start in a doctor's office. it starts with a free online hearing test you could take almost anywhere, so you can get your hearing aids custom programed for you and delivered in days. from there, you can fine tune your settings with your remote audiology team seven days a week,

so your hearing aids work when it matters most. (notification dings) in fact, more than 95% of enhance select premium customers report hearing better with their friends, family, and colleagues. with jabra enhance select, you can get the same advanced hearing aid technology and professional care you expect from a clinic at a fraction of the cost. for a limited time, get $300 off select hearing aid models. visit jabraenhance.com. 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

welcome back to "the exchange." today's cpi numbers, in manhattan, they're getting a fresh record high. robert frank joins with us that story. >> manhattan is the largest market in the world for rentals. they continue to have an impact, because relate from manhattan apartments were $5,588 a month in july. that was a new record. median relates hitting a new record with price per square foot every single measure hit a new record in july much of the u.s. is seeing relates moderate or decline. manhattan up 9% over the last year, 2% on the month. relates are now 30% higher than they were prepandemic. this despite the fact that new york's population is now smaller, and of course, offices are half empty due to remote work the big reason for these high

prices is that inventory remains historically low most of the new construction in new york is condos many would-be buyers are still camping out in the rental market there are some signs inventory was up 11% in july that could ease some of the pricing pressures and new leases sell 6% over the last year, suggesting renters have reached their limit on affordability or looking elsewhere, just moving back in with their parents august is the peak rental month with back to school. workers say we can expect another record in august, and then maybe a flattening out or decline in the fall. so this could be the top, but we've been hearing that for the last six months. >> fascinating because i've been seeing a lot of reports fed research even indicating that rents are cooling significantly. so is manhattan a lagging i would kay for or just an island -- indicator or an island unto itself? >> it's a lagging indicator. it was late to the rental side

and buying side out of the pandemic everything in manhattan came back later than the rest of the country. so we have seen that wave hit manhattan later. so that could be part of it. another part is it's a small, tight supply that's very controlled by some large, institutiona manhattan owns a lot of apartments a little less flexible and less quick to react to market changes than other markets. >> like miami, like san diego. >> right even those are modest. thanks. still ahead, shares of batteries lower despite reporting a better than expected loss announcing big suite changes talk about positives tom jensen coming on ceo. lko m,exta thi nt.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you wave bye to the other guys. no wonder xfinity mobile is one of the fastest growing mobile services. you really shouldn't walk out the front door without it. switch today at xfinitymobile.com

welcome back clean energy supposed to be one of the strongest parts of the economy now. gains aren't always evenly distributed. battery freyr, up 1% down 11% on the year. freyr big recipient of energy funds and clean energy projects including $100 million in eu and

u.s. facilities working on them as well. outgoing ceo tom jensen. first of all, our last klatt with you >> i hope not, kelly it's a pleasure to be back here and always a pleasure to be on cnbc and love to come back at any point. >> still executive chairman. right? >> correct working with the incoming ceo. a veteran from the norwegian tech investment and scaling space. super glad to have him on board. led microsoft in norway and built up microsoft in russia back in the day and has deep experience from semiconductor industry, and upscaled businesses multiple times previously very fortunate to have him and very glad to be sitting chairman of the company and obviously appreciating the work the previous chairman has done to take us to this level. >> also re-filing at the u.s.? i ask, national interests. you know, it's -- it is gratifying, i guess, seeing all

of this development that was inc incubated, come here look for a home and a major market opportunity? >> absolutely. we decided today to announce we are redomiciling the company from luxembourg to the united states driven in large part by the fact most of the capital with have raised today coming from the u.s. markets. we are, you know, building digital america in georgia benefitting from the poster child in terms of congress litigation inflation reduction acts for us, to redoman zeile to the u.s., eligible for all indees in past investment funds is a big thing for us i. love the street is sweet on a company. enough interesting things going on morgan stanley recently out there upping progressspect. overcast and profit margin pressure talk about that in the battery space now. >> battery refundable.

right? starting to become more specialized. i think we're seeing that some are mistaken in our opinion, ev batteries and nickel-based batteries, they are fearing that that will sort of float over to the energy source space where we are, are focusing. we're building lithium batteries for the energy storage space with long cycle life are and overall low cost in our opinion based on both conversations in the market as well as studies we have commissioned we don't see that oversupply capacity at all. i do also think we need to bear in mind that there is going to be regional security of slight considerations here both in the u.s. and in europe i don't think the european energy sector nor the electric vehicle sector will allow for too much dependency on chinese imports over time and i do think, able to scale technology, take it to sort of cost competitive levels and i'm quite

sure that companies like us will have a very interesting future. >> interesting in that morgan stanley excited about the next couple months. and giga america and elon musk come after you no giga's our trademark >> well i think most people are calling their battery types regiga factories, fundamentally important to build that. if you're not above the 10, 20 gigamark will you struggle yeah i think we're starting on the letter a arctic and america our two first projects and maybe look for places that start with an a. let's see. >> and reminder. scale, as you said, necessary. ambitions, another a everybody has in this big space. great to check in. thanks so much >> thank you very much have a good day. >> tom jensen, ceo of freyr. that does it for "the exchange," everybody next on "power lunch" digging further in evs and autonomous

driving and san francisco is about to vote whether they can operate driverless cars in the city steve liesman in for tyler standing ready diving into this inflation report and the market day as eathotr def is oth bis.n) myplan from verizon. switch now and they'll give you nfl sunday ticket from youtubetv, on them. (hero fan) this plan is amazing! (josh allen) another amazing plan, backing away from here very slowly. (fan #1) that was josh allen. (fan #2) mmhm. (vo) for a limited time get nfl sunday ticket from youtubetv on us. a $449 value. plus, get a free samsung galaxy s23. only on verizon.

welcome to "power lunch. i'm steve liesman alongside kelly evans. coming up, autonomous action in california self-driving vehicles firms waymo and cruz looking to expand their operations voting shortly if it passes, open the door for autonomous vehicle across the state. back in school yesterday talked about ai and today in the classroom lookingality retail. slowdown in consumer spending this year? especially with inflation most of concern for some shoppers discuss what those college kids are going to d