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 do indeed

welcome, steve speaking of inflation, july's cpi report showing an increase, less than expected dow up 455 points before just now turning negative s&p now down 7 points. nasdaq down 21 by the way, these losses come after that weak 30-year bond option talked about top of last hour sent the ten-year yield back above 10% pressure from that direction and positive earning movers. holding up the dow now, mixed result plagued by streaming woes restructuring costs and 7.5% surscriber loss nearly shares up 4.5% planning to crack down on password sharing like netflix. alibaba up 4%. chinese tech giant beating top and bottom line. and lululemon massive hike to guidance keeping up with the growing theme this week, another big

deal luxury company tapestry announcing requiring versace and jimmy choo for about $3.5 billion. more on that later in the show. >> start with a key read on the economy and the health of the consumer today's cpi coming in just a touch below expectations with year over year rate climbing by 3.2% the headline and take-out food and energy, 4.7% a little stickier right there. the economists cheer momentum with a three-month annualized rate dropping to 19. headline 3s1. fed winning its fight to bring down inflation keeping unemployment rate, well, actually down over the past year out-right price declines in new or used cars, airlines and fares, and food, not as bad and housing costs kicked up. talk about it with chief investment officer at richard bernstein advisor and chief economist at moody's dan, quick, news of the hour

any idea why the market turn has been -- i know light volume, summertime most people, a lot of people at the beach where they can still be trading, i guess. the question, whether or not how sensitive stocks are now to the bond market? >> stocks sensitive to everything now look at it, what's driven a lot of this market, clearly some improvement in the economy data you're well aware of, steve. beyond that, it's been improving investor sentiment and liquidity. i think that story is long in and everybody capitulating the market these valuations, positioning, meant doesn't take a lot to get the market back. >> seldom news pricing in lower inflation and less fed and now the market has reason to say, okay that process, priced that in already. >> maybe what news? i guess that's the bigger question really, came in basically in line with expectations. >> right. >> and kind of what you would expect i think we have one more cpr

report what do you make of this not much a. good question to throw to our other guest more news than meets the eye is the headline, core, what they appear to be >> i think news is that inflation is medde edheaded in t direction. h headlines look good. month over month expectation is darn good. key number is that 30% annualized the last three months feels like everything's moving in the right direction the news we are on track to getting inflation back to the best target in a reasonable amount of time. >> mark, disappoint me nerd that you are. thought out to the hundredth with me on this! really .16 rounding down to .1 and by the way, that's two months in a row been in that .16 barely rounded up to .2

i guess my question is, is there more juice in this decline than we're seeing play devil's advocate i don't know we'll get another 8% month on month dedplin airline fares again. energy reverse itself. is this about the moment you see reason to believe it's going to be coming down even more >> no. more juice vehicle prices will decline more we might see a little hiccup here depending on uaw strike, if there's a strike less production meaning prices won't come up as fast as i'm anticipating barring that, supply chains normalized, picking up in japan lower vehicle prices important thing is that the growth in the cost of housing services is going to slow. we can forecast this with a high degree of confidence, because tied directly to market rents. observe the market rents flat to down the last six, nine months by construction, the next 6, 9,

12 months getting a moderation you know, in cpi, consumer price index, about a third of the index. a big deal less of a deal in the consumer expenditure deflator cpe, but fed looks at that and says, monetary policy. nonetheless, one last thing throw in the mix electricity prices coming in expect more. gas prices, fuel stock for -- >> point out, for the record, housing costs kicked up. this one, in the last few days dan, what's the next catalyst? people need to get back from the beach? or more here looks like the market kind of gave a yawn at this quarterly earnings report. i guess were a little better than expected. not a lot better than expected what's the next stinger that the market trades on fear of an october government shutdown >> yeah. big thing will come back to earnings clearly, you can get an edge on what earnings will do. based on macro data. whether it's a big macro report

like the isms or tmis, earnings itself just, critical things basically we are at our near inflection point in earnings coming up on profit and earnings, it's tough mixed signals. base case, things get better, seeing positive signs but plenty of stuff out there mark talked about in the past that can really dampen this recovery.it'g consumer trends, it's the lack of big pick-up in the goods side of the economy, or it's lack of pricing power. earnings revenue growth, s&p basically zero. >> right. >> if you have -- don't get that pick-up that operating reserve latch -- >> i worry we're priced too much for protection everybody on one side of the ship that was the ship that had the ship kind of turning over. right? have a recession now back to the middle maybe i should notice throw this to mark. mark, talk about the outlet for

the economy, recession seems to be off the table should it be entirely off the table? obv obviously, there's a given percentage probability in any year there's going to be rece recession. still a higher than normal probability? >> indeed there is you know, steve, i've been generally optimistic about the economy's prospects for avoiding recession. i do think it's important to not be pollyanish. recession risks are elevated that will remain the case as long as inflation is above target and fed's fighting inflation back to target a few things that are, ahead that bother me run-up in energy prices, oil prices a matter of concern. particularly hard to forecast oil prices central government shutdown. going to have a shutdown, a question how long? could be at issue. financial system, of course, under a lot of pressure with that inverted yield curve. operating factors affecting that environment, banks, financial institutions don't look that good system is under a lot of

pressure i worry if the fed has to keep up rates for a long time something might break. a lot of things to worry about no coast isn't clear. i'm feeling really good about the no recession call but too early to declare victory. >> mark zandi and dan, thanks for joining us today. coming up, monitoring that vote on the future of autonomous vehicles in california it's happening right now we'll get details on what we know so far and discuss how important the decision to mean plus cross-talk, or ex-talk. ceo of the newly company twitter, discussing twitter and social media platform. wrapping up the keys for you "power lunch" is back after this.

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welcome back happening right now, the california public utility commission is voting on applications to cruz and waymo adding more vehicles and operate autonomously 24/7 throughout all of san francisco a decision which could have a huge impact on the industry, on the experience we all have on roadways get to phil lebeau with details. what do we know so far >> reporter: meeting just begun. towards bottom of agenda last time we checked might be awail before a final decision from the cpuc recap what you said in terms what this vote is. that's the number of people saying, this is going to allow them to put autonomous vehicles over the state of california no strictly 24/7 service within san francisco and other things like

might be ale to add fare routes in the future. for cruise and waymo they are only ones applying why for expanded service in san francisco? the last several years testing their vehicles and testing autonomous vehicle technology on the streets of san francisco, they have expanded the number of vehicles you will see out there. if you go out to san francisco it's not uncommon top see a cruise vehicle or a waymo vehicle. there are 300 in operation for cruise, 250. for waymo, and issue here is whether or not they should be allowed to go 24/7 allowing autonomous ride share. city leaders within the city of san francisco who are opposed to this they point out that there have been very high-profile incidents where autonomous vehicles stopped in the middle of roads sometimes blocked emergency response vehicles from getting by, whether ambulance, fire truck, police car, whatever it might be

and in general, they're not quite ready for primetime. at least that's the con tense of officials from the city of san francisco. so take a look at shares of general motors keep in mind, gm has a big bet on cruise. it believes cruise will get $1 billion in annual revenue by 2025 and it has been expanding the number of cities where cruise is testing out its service. dallas, houston, nashville the idea that eventually they want cruise to be an autonomous ride-share service that can operate nationwide we're a long ways from that happening. just talking about the city of san francisco at this point. but there are a lot of implications here, kelly. >> oh, tons. phil, stick around as we bring in a couple more experts to weigh in mary ummings, professor of robotics george mason university and expert in this space and an skirt on the stock managing partner at deep water asset management welcome to you both. i suppose, mary, start by asking

your view on how likely they are to give these companies permission to operate? >> well, depends who you are a lot of people betting they're get approval, that this is just a formality. i think the more important lesson to be learned out of this is, regardless of whether or not the vote goes in favor of cruise and waymo, this has been a huge public nightmare even if they are allowed to expand their operations, i think you're going to continually see negative public sentiment, groups will continue to rally and they're going to now create youtube channels, continually ratting out behavior of cars when it turns out to be not very productive and/or safe so it's surprising that cruise and waymo are pushing so hard in san francisco. clearly not just city officials but the public isn't crazy about this car even if they win the vote, i do

not see smooth sailing ahead. >> what would you say about that how are the sort of mega cap stocks most affected >> well, far as the sailing ahead i think topic of self-driving basically has three pieces one, the problem bad drivers and disappointing to reports, 40,000-plus lose their lives in auto accidents. second the tech. not there yet. elon musk thinks by end of the year, probably means a few years away and the political piece the pressure point today this political piece is ripe for amplification, because as politicians, many of them are content creators and want to build a narrative around their views that get people to move to action self-driving cars are one of those polarizing topics. i think ultimately it's that this political piece today doesn't really change the outcome of what's going to

happen with autonomous driving in the end, autonomous driving will be here i think we are going to be very happy for that, five, ten years down the road. if you think about companies that are going to benefit, two are most clear tesla, front and center. elon said on last earnings call, access of 30 -- x times 30 x times miles training, sfd within the next 12 months and google with waymo doesn't get a lot of attention a function of time and tesla and google the two companies. >> can i mark one of your curveballs so -- i know cnbc are about making money, profiting, like that just -- i wonder what the purpose of the ai is in the vehicles here? bringing up the idea of saving lives. if the technology is about

saving lives, it strikes me it would be a whole different set of tests going on right now to help ow individual drivers from hitting each other but really what we're talking about here is this effort by these companies essentially to have cars that drive themselves and create a profit -- a profit source what is the purpose? don't use the idea saving lives at getting autonomous vehicles saving lives put officialadditional software people drive and not hit each other. >> doing that as well. be clear that the amount of -- it's called adap for driver assistance, advanced driver assistance. the amount of adap technology in vehicles is far higher than it was even five years ago. and it continues to increase we are seeing oughtmakers and suppliers do that. be clear about that. your question is whether or not

this is a disingenious effort by these companies when they say, well, we're out to make it safer and save lives i don't think it's disingenious. they've been clear ultimately if this technology takes hold and we have autonomous vehicles on the road for a ride-share company. i don't know metrics exactly i'm sure jean does, compare uber and lyft, strip out the driver, drives down costs considerably general motors, new origin autonomous vehicle that goes into protection later this year. plan to put that on the road think of that as almost a small shuttle bus with no driver in it the potential for that type of autonomous hide share to generate huge profits is immense. i understand what you're saying. >> okay. >> but i don't think that anybody here has said, we're only doing this to save lives. let's be clear. >> if you want to pick up on that -- >> it's also about making money. >> pick up on that idea?

going to do -- about saving lives doing one set of exercises. this about some other than than that >> well, first of all i'd like to jump in and say, you see cnbc's data and that reported by crews of waymo crashing four to eight times more often than humans do. so there is no evidence at all that these cars are somehow avoiding error rates humans are. they're not favored. the other thing i'd like to say, tesla doesn't even belong in this argument. tesla is not a self-driving car company, do not have self-driving cars on the road. we can argue about whatever elon musk thinks is going to happen, but unless there's a huge technology change inside those cars they are not self-driving the waymo and cruise conversations separate from tesla, who does not belong in the self driving section. >> and i feel, smiling,

smirking fair to give you response. >> appreciate it take the tesla going to be a self-driving car company give them two, three, five years. we'll have a chatgpt moment when it comes to full self-driving. >> leave it there. thank you both thank you all very much. lead-in, too >> come on such a great discussion. netflix opening the floodgates disney following on password sharing. much to the chagrin of viewers and cheers of investors. trade that name and others in today's "three stock lunch." we'll be right back. ing 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.

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welcome back yields on the move followining recent cpi data. rick santelli with us. as the bond market turns if we named it a soap opera? >> yes "as the bond market turns" especially how much movement on long end start at beginning month over month tour. up 0.2 a guest on this morning thought too aggressive i look at the chart all i see is down, down, down, down

2s on top of 10s minute the numbers hit this morning, saw interest rates drop and stocks pop then something happened on the way to the floor two years and short rates, they stayed mostly steady only up a couple look at this up 8 and 30-year option a dud. why? investors nervous about long-end moving higher and that is something to tay passengers to talk to a trader jim, how ya doing. good. >> you're the man today. tell you why you're an expert on what topic >> volatility. >> this is mr. volatility. here's what i'd like to know there's a couple of terms i always smile when you say, give us terms of short deficit and tell viewers why it's so important. >> vona and charm. charm decay of delta going forward in time. vona, decay of delta as volatility comes down. what happens going into expiration in a week before

explanation that the short put, short stocks, and all of that stock can be bought back both in terms of time passing and volatility compression happening. this is what happens before a -- explanation. heading into expiration tnext week. >> excellent show a charts of the big vix zero days to expiration, a whole universe unto itself look at this chart, bottomed on, what 22nd's june. the chart looks like it wants to go higher. >> there's a tug-of-war going on overarching, macro liquidity coming forcing negative flows i the market underneath the hood a sport is happening. >> which explanation most important? >> really important. this is the august expiration that's coming up before the big quarterly

september explaniration. most puts in the market. add august expires enter september cycle a lot more potential volatility. >> futures trading and trade commodities, big months are march, june, september and december that's what he's talking about the biggies. quickly, 20 seconds. anything big with pgi? >> non-event wait until next wednesday to friday when volatility comes back. >> excellent jim, thank you. >> always. >> tyler, kelly? back to you. >> did he say vaona? speechless i am. here to talk to us about oil which is lower today so far. >> yeah. not participating in the rally lifting everything else. of course after the six weeks of gains. it is all relative looking at oil prices a couple things to note. did get latest report from opec today. they see deficit of 2 million barrels per day this quarter

amid production sut in saudi arabia a little under 2% of global demand one other thing that the inventory report shows sales in crude, products market is really an area to watch here. saw falling inventory tore gasoline and gasoline now 5.6% below five-year average and diesel 6.4% below average. not for lack of trying by refiners 93.8%. pretty high. so prices could leave oil prices higher of course a nightmare for the next -- >> diesel, or like -- >> exactly it's higher temperature in the barrel. >> warned in the part about diesel shortages and 15% below historical inventory levels still a little prone >> exactly speaks again to the re-routing of all the supplies. sending a lot of our products over to europe down to south america. and over to brazil as well, but so you know. runs and fueled the economy,

workhorse of the economy, freight trains things like that. dees's certainly an area to watch. >> i was going ask cuts really coming through in other words, 2 million barrel shortfall or one of those segments of opec's imagination >> always had trouble ramping up and ramping down saudi arabia keeps saying, they do expect capacity and have production and more able to shift their output and keep signaling they are here to, want to price above $80 and saying in it for the long haul at this point. >> pippa, thank you. and we go to the cnbc's news update. >> hey there prosecutors pushing for donald trump's trial over alleged attempts to overturn the 2020 election to start beginning of next year. the government's proposed schedule would have jury selection starting in mid-december with a january 2nd trial date court filing to the judge prosecutors statement trial will

take four to six weeks the trump defense team yet to respond to that proposed schedule. search for survivors in maui wildfires officially prompted a federal disaster declaration from president biden the declaration opens up federal funding to maui county to help with state and local recovery efforts. more than 100 national guardsmen also on their way to help with that response. and federal forecasters upgraded hurricane season predictions today oh as we hit peak hurricane season no officials saying they could see above activity 60% chance 14 to 21 named storms and 6 to 11 could become hurricanes initial forecast back in may predicted a near normal season kelly, back to you. >> all right thank you so much. still ahead on "power lunch," dorm domination. analysts fear the back-to-school season hit by inflation-fueled consumer spending pullbacks, but the desire of college students

to show off dorm rooms on tiktok could save the season and drive sales higher. we have that story. >> announcer: the bond report is brought to you by -- op the spread of wildfires. now's the time to see what america's largest 5g network can do for your business. 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

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day two of "power lunch"'s series on the business and issues facing back-to-school this year. yesterday, it's august four kids i got -- i hated this time of year just around the corner yesterday discussed growing impact of ai in the classroom. today looking at retail. concerns inflation could hurt spending this year, but that might not be the case especially for college students we have the story. >> right, steve. back-to-college spending expecting to hit a record thanksed to decked out dorms and demand for more electronics. college students and families expected to spend an average of about $1,400 per person this year costs for analytics translating to $94 billion in expected back-to-college spending, a 70% jump from 2019

the increase isn't just because of inflation a survey found college students are buying more including big price items like furniture one big reason, tiktok i was told social media inspired teens to bring for headboards, wallpaper and coffee makers, and some hiring interior designers walmart, targets and liam sonoma cashing in because of bed bath & beyond's bankruptcy. stores left behind market fare grab back-to-college loans, retailers overcoming other challenges. best buy and macy's among the companies that expect sales to decline this fiscal year and consumers face higher food prices. >> i can't say what we're cheering for or against the trend. a huge economic impact stay there. more on retail bring in

sandra com ppose a cnbc contributor good to see you. do you have concerns about the string of back-to-school season overall this year? >> well, i'll say this, and thank you for having me on that store traffic according to retail experts, traffic in july actually was not really specifically down against last year sales were we are seeing people are shopping ahead we set the course early. demand there early in mid-july end of the day, a lot of customers looking for sales. they are shopping. looking for sale product and looking for it earlier biggest drop came in outdoor malls and also through the midwest in terms of traffic. that traffic was down more than 2% in the midwest, but down less than 22% west coast. people wanted to stay indoors and stay cool. those malls let affected overall definitely seeing that customers want to shop, but they

want sales and promotions's we see it, mentioning amazon, walmart and capturing some bed bath & beyond store closure and that market cap. also stores like container stores 25% off through end of september. definitely some reaction by the retailers making sure they have promotions that are timely when the customer's looking to buy. >> melissa, joining kelly in my ambivalence to this college thing. and these are all concerns. >> didn't have ticktock. >> we went to the pawn shop, wherever we could to get stuff looking for. and -- but what they were throwing out and go through garbage to get their stuff and irished in a house the guy ran out of money and burned the furniture. to stay warm in december in buffalo. let me ask you this -- it's true l let me ask you this question how significant is college versus the elementary school

back-to-school has this been a growing trend over time or a postpandemic revenge spending >> college spending larger than k-12 think all that adds up amounts top that $94 billion twice the size of the expected spending for k-12 according to our survey much larger because of food, shampoo, furniture covers a bigger category. >> and what would you add to that container store, 25% off hold these parents hostage explain you're saying. sending your kid off to college, first time, i've seen photos people proud to show off their kid's dorm room. a little more in elastic >> definitely a temporary piece. going back to school and, again, not redecorating your dorm throughout the year. what you are doing, and we are seeing definitely some of those trends as relates to secondhand

sales, resale. continuing a big trend on tiktok that actually look where luxury price points jumped 29%. even college students, gen z jumping in on designer vintage popped up 36 million views past month and 1.1 billion views total. not only spending in terms of their dorms, also spending on vintage archival fashions that's more in the luxury stock i think again going back to certain sectors continuing to do well those college and teens going into, you know, tiktok and doing all the selfies. going on there, that trends upwards. >> and talking about this tapestry deal? what are we to make of this? is this the leading edge of something we have not had a lot of mergers and acquisitions these days

is the iceberg melting any of this >> definitely seeing more m & a activity and more combination and energetic growth able to acquire so that you have more market share, and in this case, going to be able to compete with a lot of the european high-end luxury et cetera of the world. i think something we needed from a u.s. perspective, people to have that top luxury company that have many of them so i find that was obviously quite a big number that they paid for it, but definitely going to see more m & a activity and it's happening now. >> melissa >> one of the things with tapestry, spoke to tap isly's ceo this morning saying with the deal able to reach a wide variety of customers. it's important to note a lot of those are younger consumers that buy the michael kors brand, and you always have to think about that next generation of customers and where you can

connect with them. on tiktok and elsewhere. >> i'm old school on this, bupt but my take, a big company buy as luxury brand they try to bring it, the mass market on it and ruin the brand. >> joanne talked about that. she mentioned keeping all the brand of things. important to remember capri includes michael kors more accessible appeals to gen z, within their price range and putting them in better condition to compete with european luxury players. >> do you believe this >> up 55%. >> like the deal, even despite what sandra said a fair price, capital "s" on it? >> noting in may, capri cut its forecast and hit a 52-week low coming off a lower base. that's important to note as well >> great thank you both.

kelly, love that -- isn't it ma macro? >> back-to-school, tiktok trends stuff we need to know about. and x factor telling cnbc's -- excuse me, does she light the direction, platform formerly known at twitter is heading and what the economy is under elon musk, too tell you what she also told our sara eisen when "power lunch" returns.

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welcome back linda yaccarino newly appointed ceo of controversial x sitting down with us saying the company is soon to be cash flow positive >> been with the company eight weeks. the operational runway right now we're pretty close to break even >> close to break even >> yes close to break even. when you think about the cost discipline mentioned i mean incredible cost discipline before i arrived at the company. >> also said x is starting to hire again after elon musk cut the number of employees from around 8,000 to over 1,000 now our julia boorstin joins us now to discuss julia, i guess my question is,

linda yaccarino went in there with her advertising backgrounds. has she captured the market already or too soon to say >> i mean, look. we don't have data on what's going going on in the organization the fact she shared close to break even indicates profit up and progress talked a lot how their working on things obviously big kearns with advertisers and what she laid out was a vision of, i would use her word here "freedom of speech, know free." loll not awful enable a free speech platform and create an environment that is very safe for brands. that's been a big priority for her, steve sounds like making progress and bringing more brands back on the platform, but mostly, to me, fascinating to see how this company will fit into a broader company with payments, video calls and going beyond just being a platform nor communication. >> what do we know about users

and usage, julia i keep seeing tweets out there from opponents or critics of x who say it's over, it's done keep seeing tweets of elon musk about how either viewership or usership or liking or seconding, whatever you use for the term, all-time highs what's the real story? >> yeah. looking to see if there were numbers mentioned in her commentary, but i think the? ed is they're making a favorite platform and said people like the x rebrand. a question that asked whether a mistake to give up the twitter brand, because it is so iconic, so popular, and many more people know what twitter is than actually on twitter. i find myself calling it twitter instead of x now even though it's been a couple of weeks. she's been talking about how people like that and this idea they need to rebrand to liberate themselves from some of the restrictions of what twitter was associated with and indicating that consumers are onboard for

that certainly seems like a process, but we don't have the kind of engagement numbers we used to get from the company when it was public used to get daily active, monthly active monetizable user numbers and obviously the engagement had a direct impact on advertising revenue we don't get it because those numbers, anymore, because they're not public. >> interested, julia, just eight weeks she gave an interview. how important is it for a media company like sdox people can ha base to look to, turn to, identify with? is she that person to help out the brand? >> she is absolutely essential as face of the brand especially when it comes to advertisers but also the big high-profile people who want on the platform if they're concerned elon musk may be a little unpredictable with use the word "unpredictable" they want her to be a solid, steady hand making sure it's a safe platform. interesting answer to a question about her authority on the platform a lot of people saying, hey,

isn't this all run by elon musk? she says i have autonomy i don't know if we have time for that sound bite. >> elon focuses on product design we believe a team of extraordinary engineers and focuses on new technology. so think about it as elon is working on accelerating the rebrand and working on the future i'm responsible for the rest running the company. from partnerships to legal, to el is as, to finance all the things -- >> and you have autonomy in doing that >> yes, i have autonomy doing that. >> what the interview is about making it clear she's running the business, has safety issues under control and elon musk may post what he does on the x platform but she's the person who's making sure it's a safe business investment for advertisers. >> great rundown thanks so much. that was a funny interview today. coming up, entertainment ecommerce and excite

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let's start with disney whose shares are up 4% after they laid out plans to raise the price and crack down on password sharing. they had a rare quarterly net loss let's talk about it. good to have you with us today, quinn, are you a buyer of disney here >> yes, in fact we bought it today. disney has been undervalued for some time. we think that that will stick. we also think the company and the espn/penn gaming deal is a big deal and ultimately opens up additional revenue streams we added the stock today we've been watching it for some time, wanted the earning out of

the way, a great risk/reward with a stop at 85. >> so raising by 60% year over year, what say you >> yeah, steve, we've been long alibaba as well. i think a lot of people don't understand the re-org that will transpire here the sum of the parts, as many have mentioned before, is quite attractive in our estimation it's trading at about a 40% to 50% discount we're locking for about a 25% to 30% upside from here impeccable balance sheet again, the breakup allows some

regulatory pitfalls they've had in the past and execute better we're long the name. >> the risk is someday the communist party comes over and takes over, and you have more up side than down on this. >> yes, we are adding risk to whatle valuation says. our valuation says it's about 50% undervalued. ultimately that's not entirely true, because there is inherit risk of delisting, as you alluded to we would reduce that down to around 25%, 30%, which in our, you know, estimation is worth it to take a shot. >> so then that leaves you at six flags. you know, you could say it's similar to disney, but it's different. they have a decrease in admissions, talked about some

insurance costs rising as well do you like this stock on the pullback >> you no he machined a balance sheet. this has a terrible balance sheet, declining earnings. it's just not a touch for me until we see a real turnaround and improvement in the financial scenario. >> quinn, we'll leave it there thanks for joining us today. coming up, wyche only got a little time left it's closing time, next on "power lunch." power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier.

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a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. welcome back we have a quick closing time, and we've got to talk by psychedelics, because a new report highlights how more and more companies are offering psychedelics to help workers i didn't take this just because you're here, but i feel like you would be -- i'm just interpreting the college dorm type of -- >> i like the concept, but i'm a data guy i'm going to let the science and medicine dictate how i feel. maybe a segue or maybe day, but we want to remember the canadian

musician, he was behind the band he wrote cup their biggest hits, and later collaborated with movies a person loss for me for a generation of people who grew up with robbie robertson. >> i we we can play that song on the way out. thank you, steve "closing bell" starts right now. welcome to "closing bell." i'm mike santoli in for scott wapner this make-or-break hours has the bulls fumbling the ball, unwinding for the morse part, and ongoing pullback in the semiconductor stock as well. the s&p 500 was up 1.3% at the morning highs. we lost one percentage point off that rally just a few minutes