along side kelly evans, i'm tyler mathisen. two major events we're looking for. first a major rocket launch about to happen at any moment. this is amazon's first deployment of internet satellites to take on spacex's starlink. plus president of the uaw shawn fain speaking shortly giving an update to his members on facebook live. we'll give you those comments such as that they are news worthy once we have them. and already a pretty wild day for the dow, currently up 333 points, near session highs after the big jobs report that was at 8:30 this morning. initially sending a shock down investors' spines as it defied expectations shoorsoaring by 33, fueling concerns to more fed rate hikes. but bond yields reversed lower and stocks are near as i said session highs. nasdaq up 1.5%. let's bring in linkedin's

principal economist, and also chief market strategist with dyna. and also a portfolio manager. great to have you three here. ron, let's start with you. yeah, take this where you will. i'm tempted to say it is a sign good news is good news again, although plenty of people are maybe looking through it and questioning just how much to rely on this report. >> yeah, i rely on it. i know carl quintanilla brought this up this morning, there are concerns about the sample size and number of respondents and payroll employment report and et cetera. but we've seen upward revisions in the data. wage inflation has consi. >> kelli: consistently slowed down. whether the pce deflator which is running at 1.2% annual rate. oil prices coming down, gasoline prices coming down.

the question is can the fed if a yes for an answer. goldie goldilocks has not left the building. >> and so do you think they are done hiking still? >> we're close. i mean, they may go one more time just out of paranoia, but they should be generally i believe that they are done. and the data continues to support that point of view. >> guy, i'll bring you in on that. you see a lot more granularity day in and day out. does this job report confirm what linkedin would tell us what is happening or no? >> a little stronger than what i would sxreexpected, but i think maybe the cooling off is starting to moderate, some of the hardest hit sectors like technology may have gone through the hardest part of the refreref retrenchment. and i think that coming phase, stabilization on that, while a lot of the inflationary pressures we had are coming off

the boil. >> and so jeremy, let me turn to you. you say your biggest worry is a slowdown in the u.s. consumer. if there is high employment and relatively my job security, people who lose jobs are able generally able to move on to new ones pretty quickly, what could woo cause the consumer to stop doing what they do? >> yeah, i mean, that is largely our wonder a little bit here too. that if you look at consumer stocks, they are acting like we're stopping spending. and we just had a jobs report that was significantly stronger. i think ron nailed it with regard to the other items coming down that the fed is watching with regard to why they would increase rates going forward. so that has been a little bit of our question too because the market certainly seems to be taking the other side at least at the outset and bringing those consumer stocks down and saying that we'll have this slowdown. but in our opinion, as long as the u.s. consumer has a job and is confident that they can get a new one if they need to, i think that they will continue to spend

money. yeah, they won't buy houses maybe or those kinds of things, but they will pivot to other items and continue to spend there. >> is the market today saying that, hey, we buy this goldilocks soft landing scenario and, hey, good news is good news? >> i'm always a little cautious both on one and two things. one, is one reading of a jobs report that was significantly higher than expected. and, two, one day of market performance. i like the fact that it did turn around because again, it is under that thought. but everything right now revolves around interest rates. and so if we could even see a stabilization point to maybe even slightly coming down on those long rates, and with the numbers that we're seeing right now, there is no reason that we couldn't have a q4 rally coming through here. >> ron, q4 rally? >> like the seasonals favor it, the presidential cycle favors it. if the fed does indicate that it is done at some juncture along the way that would certainly be a tail wind. so yeah, i think so.

you know, there are a couple variables outstanding that may get a little more difficult. up until recently, that was the rapid rise in oil prices. but there we've come down almost $11. we've seen gasoline prices fall almost 80 cents a gallon. so some of the things that might have been problematic from inflation and fed policy perspective have reversed course and become more favorable and may have opened the door to that kind of seasonal rally that we get from october through january. and all the way through april of next year. >> guy, quick question here on linkedin. where are you seeing the most sort of job curiosity, job activity? >> well, i'll tell you, i think that just generally the sectors like health care, education, the government which were very strong in today's report. for example the government added more jobs than most of the other sectors. those still look resilient. haven't seen many hiring declines. but i think the other side is interesting.

i talked about other sectors particularly hard hit. tech hiring is -- >> sorry, we have to interrupt for the launch of amazon's satellite rocket. let's go to morgan. >> that's right, so we're t minus 30 seconds right now to liftoff. this is another milestone in the commercial space race. you can see it on the screen. as amazon gets ready to launch the first two test satellites to low earth orbit. these are the first prototypes of project hyper which is amazon's plan to build a network of more than 3200 satellites in low earth orbit. >> and liftoff of the united launch alliance atlas 5 rocket. >> and there it goes. so today's mission is dubbed prototype flight -- or procto flight. this is an atlas 5 rocket on the screen that is lifting off from cape canaveral. and this has been a long time

coming. four years and 11 months so far with the overall investment expected to be upwards of $10 billion. and the first satellites will be used to test the tech and internet connection before the first production spacecraft heads to space early next year with beta testing for customers by the end of 2024. now, once all of that happens, this is why this is a big milestone right here. once all of that happens, kuiper will put amazon in direct competition with spacex and its starlink service. so kicking off a space rivalry. unlike spacex, amazon struck the largest commercial rocket deal in history last year securing dozens of launches from ula including this one. and amazon's sister company blue origin. so so far this launch looks successful, the 158th one for

ula. in about 15 minutes or so, the first stage will fall away, second stage will deploy, those two satellites to low earth orbit and then testing will begin to happen and satellites brought online in the coming days. >> the sight of those rockets taking off never gets old. the power and complexity is really amazing. when all is said and done between spacex and this amazon project, how many of these low earth orbiting satellites or garlands of satellites will there be? >> thousands upon thousands. just to put it in perspective, spacex already has more than 5,000 satellites on orbit. they have hundreds, thousands of customers as well across the globe. amazon is playing a little bit of catchup for lack of a better term here. but they are expecting to put more than 3200 sat lights in orbit in the coming year as

well. and that is just two companies. there are other companies and startups working on their own broadband constellations as well. >> and very interesting. one assumes that there is enough space in space to accommodate all of these thousands of satellites. >> that is spurring demand too focused on space traffic management. >> very interesting. morgan, please get back to us with any news. >> we'll have more on amazon itself next block. and we want to thank our market panel, guy, ron, jeremy. appreciate you being with us as well. i know you understand why we broke away there. nothing against you guys, but rockets are really, really cool. meantime the president of the uaw holding a facebook live event. and we're currently collecting the headlines. but in the meantime, joining us is a global auto analyst and rbc capital markets. and ann marie is an attorney who

represents auto suppliers based in detroit. let's go to tom first if we might. what are you sensing on where this strike is, how close or closer the parties are to an agreement, or by contrast how it might expand and to where and how soon? >> yeah, i think that we're in, what, week three of this work stoppage. 2019 one was six weeks. i think that is a great reference point to use. and we have been getting closer. both sides have come in closer to each other. this time it is different. targeting all three. last time it was just gm. so probably smaller impact to each oem. but i think looking at the 2019 example, six weeks is probably a good barometer. >> who gets hurt most here,

manufacturers or suppliers? >> the work stoppage hurts the suppliers a lot more because the oems ironically get to keep inventories low and pricing higher. the negative is that this drags on and on for too long, then it does create a problem for everybody, not just the suppliers because if it then becomes an affordability problem, now you can't keep car prices elevated because then you get pricing actually coming down and volumes. and then it starts hurting the car companies. but right now it looks like supplieders and not really the manufacturers. >> so far the strike has largely i think spared the final assembly plants of most of the big three, stellantis, fofrrd a gm. is that likely to change? >> it could. right now we only have something like 20% to 25% of the u.s. workforce really impacted. you look at the u.s. sales

numbers for september, and they really weren't hit that much, neither were inventories. they actually ran up into august and they were flat in september. so october things should start getting -- these will probably expand and get to more plants, maybe final assembly as well. about you as we saw in 2019, it was a really quick snap back. we think the same thing will happen here. dealer inventories are actually lower than 2019, so a quick snap back even if the strike expands further. >> ann marie, bringing you into talk a bit about strategy and the union's efforts here. shawn fain has been widely praised for how he has handled this amongst members and taking on the big three all at once. that said, a bit of his twitter promotion for today's event kind of rubbed people the wrong way. talk about how -- i think because the strike is starting to bite to tom's point, the longer it carries on, a lot of people here aren't bringing home what they are usually bringing

home. talk to us about the strategy from here on out and what you might expect to hear from him both right now with his announcements and as this goes on. >> thanks for having me. shawn fain has been absolutely surgical in the targets that he is striking. we expect that to continue. he has so far hit different targets and people say how long will it go, when will it end. the surest sign that this strike will be nearing its end is when he starts hitting the engines, hitting the big profit lines for the detroit three. that will be a game changer in this strike. and we haven't seen it yet. he has been holding his power. >> and we have seen sometimes, you know, numbers that the automakers indicate, okay, we offered 25%, whatever it is. what should we expect the shape of a final deal to look like? what will tell you that maybe both sides are getting closer? >> i think one thing is for

certain, when they get to a final deal, those higher wages that the uaw is being paid, that is absolutely going to trickle down to the supply base. we'll see the employees in the supply base seeking those same price increases and rate increases. where will it end up? vehicles will cost more, consumers will likely end up carrying the bill for some of this strike when all of this is said and done. >> and is that good thing? i mean, i think that that is the argument that exactly some of the auto analysts are concerned about. >> yeah, i think that when you see the uaw striking and getting wage increases of 20% or more, that nonunion wages at the suppliers who support the detroit three are absolutely going to come knocking for those same kinds of increases. it is a very tight labor market. and so far suppliers have been shouldering a lot of the burden in the last several years. the detroit three have been taking home record profits.

and the suppliers in many cases have been struggling with higher interest rates, scarce goods, increased raw materials cost and increased labor. so all of this is going to have a continuing trickle effect enoneven once the strike ends. >> and yesterday we mentioned general motors was a below $30 strike. so we might -- yes, the company shares, big three shares are higher today, but ford is like a $12 stock. and there are concerns about debt as well. and so i think all of that and the point about the supply chain and i wonder if it is a rather bleak picture for right now. >> yeah, i think that the bleak picture actually doesn't come from uaw. we've done some math on the actual labor costs hit and i know i'm only looking at uaw labor, there is definitely nonuaw labor, but just the uaw

piece itself, our math says 30% increase in cost is only about 120 basis point increase -- decrease to profit margin. so it goes from like 8% margins to 7% margins. so i don't think that is the end of the world. and that is eeis over four year. the biggest issue, price mix coming down. we're at record level of new car pricing, that has to come down at some point. and while labor costs may be 100 p basis point hit to margins, what if it goes back to 2019 levels. that is like a 400 basis point hit. so if we have affordability problems next year, high interest rate, people can't afford to buy a car, now we have a big problem and i think that is where investors are pushing the stocks lower for that reason. >> tesla just did another round of price cuts. i mean, if your point about margins is right and we see downward pressure certainly on their evs, but even on their regular cars, that sounds like a much bigger issue.

and you are still bullish on tesla, but are those price cuts even starting to bite in terms of what you think is starting to go on with tesla? >> i think that is more of a threat to gm and the other companies than it is for tesla. remember tesla posted a lower than expected delivery number a couple days ago. and the next day the stock up 6%. people aren't buying it because of its car business. it is about autonomy, about fsd, licensing batteries, electronics. tesla is pivoting to become like a supplier, not really an oem. kind of reminds me of netflix when they changed from dvds to streaming. i can't see the same thing for the other oems which will face downward pressure on pricing. >> ann marie, as you talk to your associates, clients, i guess, in the auto parts supply business, how worried are they about the transition from conventional engines to electric

vehicles, and how many fewer parts are required? >> i wouldn't use the word worry. i'd use the word preparedness. they are really preparing for the switch to ev. but the timing for that is really unknown. that is one of the reasons the uaw is flexing its muscle so much right now in these negotiations because it is planning the pivot eventually to ev. stronger tier one suppliers with strong balance sheets, they will be just fine. it is the smaller tier suppliers lower down the chain who are being adversely impacted right now by the strike. and who will be hit hard in some cases by the switch to ev. >> ann marie, thank you very much. and tom, we appreciate your time today. the uaw president has started speaking. we'll bring you the headlines and the filet mi xwc imignon wht it. as we saw, we'll talk more

about what the roc means for amazon and its stock. and plus exxon closing in on a mega deal with my near natural. pxd leading the s&p and 'lwel dig deeper into those stocks when "power lunch" returns. [ giggles loudly ] ♪ jitterbug! ♪ [ giggles loudly ] ♪ jitterbug! ♪ [ giggles loudly ] [ tapping ] ♪ you put the boom-boom into my heart ♪ intuitive sit-to-start in the all-electric id.4. it's the little things, it's a vw. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink...

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amazon launching its first satellites into space just moments ago. the stock down 7% in the past

month. all as we head into the holidays. let's get to deirdre bosa out west for more. >> so you said it, the holiday season. this stretch coming up is supposed to be the strongest financial period for amazon. the ecommerce platform. it is well positioned when we'll see black friday, cyber monday, christmas, hanukkah and even its own prime day is in just a few week. so that should all be good for amazon. but when you look at its position within the magnificent seven, it has been a laggard, down about 2% this week and almost 8% over the last month and that is more than some of the others just as it is heading into this period. it is acting maybe more like a retail stock. and part of the reason might be the rise of chinese ecommerce. i know we've talked about it before, but really the popularity of temu has been astonishing. the app in the u.s. only launched about a year ago but it quickly vaulted to the top of

the app stores. it surpassed even tiktok in times of the downloads. and so i was looking at some of the notes and a lot of wall street is starting to write more about temu and its place in retail. morgan stanley took a look and found that thread up, walmart, amazon isare among the retailer at risk as well as the dollar store. and you are hearing more and more analysts on our network say that tech is looking cheap and appealing again. but the fundamentals for amazon may have changed a little bit with the sort of change happening in the retail especially the discount space. >> yeah, i thought that was fascinating how they said that some of the dollar stores might be -- not that people will go get their toothpaste and what have you at temu, but it seems like more of a fashion thing. the times that i hear people talking about it yeah, i got $5

plastic is an dspandex pants or something. >> but people aren't going to amazon for their toothpaste either. amazon is trying to be in that space, but i think it is at that lower end where amazon says it has the best prices and that is where it competes. and so you won't go to temu for some of your other gifts, but i think it is having an effect on the u.s. ecommerce place and something interesting to look for. i mean, you could also argue that amazon is decently positioned because it has the whole ecosystem. ecommerce is really its core and makes up the majority of revenue, but that is why the prime ecosystem is so important. they say come to us, pay your subscription fees every year because we'll also give you video and sports and all of these other things. >> right. and maybe satellite internet if this goes well. >> exactly. >> deidre, thank you very much. good to see you.

quick power check as we head to break. beyond pioneer, mgm also one of the s&p leaders today, up 5% despite the company reporting that cyberattack last month cost it $100 million. church and dwight is heading lowetoy,ho sredo 4%.a tsehas wn when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only about 80% of your part b medical

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welcome back. i'm courtney reagan. here is your cnbc news update. at least 18 migrants were killed early morning in a bus crash in southern mexico. most were grog vcoming from ven or haiti. nearly 60 were on the bus when it rolled over. another 27 were reported injured. president biden said [']he could potentially meet with china's president xi jinping on the sidelines of the asia pacific economic cooperation summit next month. the president said no meeting has been set up though. the two world leaders have not

spoken since a meeting last november at the g-20 summit in indonesia. chris rock and steven spielberg are collaborating on a movie about the life of martin luther king jr. rock is in final talks to direct and produce the project with spielberg on as executive producer. universal pictures is being bag the drama after optioning the mlk biography "king a life." ahead on "power lunch," citi says it is time to buy shares of liberty media's formula 1. all despite what appears to be growing pessimism around the las vegas grand pre-andix and media costs. and we're still watching comments from the uaw president shawn fain. we'll bring you the headlines eryo we have them. the u see him and his t-shirt slogan.

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don't delay the game with verizon or t-mobile 5g home internet. catch it on the xfinity 10g network. welcome back. stocks opened lower after the jobs report before taking a huge swing higher. the s&p in fact turning positive on the week which would make its first weekly gain in the past five. let's get to bob pisani for hugh we're setting up into the close. >> you know, this has been a

great day to be a markets reporter. a little rough emotionally september and into october. i want to put that s&p chart up. this is a very unusual day. we have swung more than 90 points from the high to the low. we were 4220 half an hour into the open. 90 points. is that unusual? typical day, the s&p will swing about 45 points. so this is twice as much as normal. so yes, very unusual day. and look, essentially it has been straight up after the first half hour or so. so look at what is weak today. and it has been not really rallying at all. well, rates move up and you see not moving too much real estate. utilities are starting to catch a bit of a bid. that is interesting. staples had been weak though. look at the leadership though. number one, china has been strong. metals and mining stocks have been strong. and industrials have been strong. these are cyclicals. china is associated with came a modities too. tech also a leadership group here. and so it is interesting to look

at some of the big names that are in the s&p that are moving. freeport mcmaron, copper and growth essentially, big oil company hess. copper and oil was moving earlier. the whole complex was moving throughout the day. and other materials like vulcan are notably strong. and so look what the market is doing and try to interpret what it is telling you. staples weak though. this is kind of curious. lamb weston not doing anything. walmart talked about those weight loss drugs recently, it hasn't really moved. church and dwight is down. that is a little strange. costco. hard to figure out on the consume are staples side. but here is the most important thing about the jobs report. it is about inflation. average hourly movement, the wages were below expectations. and that means wage growth is

moderating. at the same time we had job growth strong. much stronger than we all thought, but still strong. so what is the bottom line? consumers still have jobs. but inflation is declining and once people start seriously look at that, you saw the market turn around. i know it is a bit of a shock to everybody, it was to me on those jobs number, but this is not necessarily bad news for the consumer. next week we'll talk about earnings which by the way have held up very well for the third and fourth quarter. >> thank you very much, bob. bond yields easing back off this morning's surge but the yield on the ten year note still hovering near 4.8%. rick santelli is in chicago with the latest hey, rick. >> yes, a couple things we've learn this had week. i call it relinking. even when interest rates are moving up and equity traders are biting their firn fingernails, you get a slight reprieve, amazing how that becomes a positive and equity marketing reeling to a different level and

can still be bullish just like today. another thing we learned, you can avoid a shutdown but you can't avoid the bond vigilantes. and that is the story. it is about debt and it is about how we are dealing with it or not dealing with it, how the markets have taken the job as their own. look at a week to date of tens. yes, a wild week, but when i add in twos, you can see why. the least inverted yield curve in a year. if you look back to 2007, we'll be comping for 16 years, tyler, for a long time because the high in the summer of 07 '07 was jus shy of 5.03%. and if you look at our rates versus eu, the distance between them, 188 basis points. that is the widest in one year. now, one other thing that we want to point out, the dollar didn't really change much on the week, but hovering at lofty levels. kelly, back to you. >> i'll pick it up. rick, thanks very much. uaw president wrapping up the

speech and dom is here to wrap the headlines. >> main take away as shane fain wrapped up his facebook live address to uaw members is that shawn fain and the uaw have not announced any further strike targets today. that is the key takeaway here. what we have seen is each of these big three automakers shares rise to session highs after a little bit of volatility between the 2:00 and 2:30 p.m. eastern time hour when this was happening. i will also point out that shawn fain did say that they are making significant progress, but there is no deal to announce yet. the uaw also says that gm has agreed in writing to place their electric battery manufacturing under the uaw's national master agreement. uaw president shawn fain also says it will not strike at gm's arlington, texas plant. also saying that general motors, quote/unquote, leapfrogged the

pack in negotiations with regard to that aspect of things. and also that stellantis has agreed to reinstate cost of living allowances. again, this is very much about perspective during a negotiating process. these are the formal comments coming out of uaw and shawn fain the president. we have not yet heard any kind of a formal on the record response from any of the big three automakers. we're in the process right now of reaching out to ford, gm and stellantis to see if they have anything to say with regard to hearing uaw president shawn fain's comments just now. we will bring you those comments if we hear back from them, but those are the key headlines. and as you see in the chart, a little bit of volatility between 2:15 and 2:30 eastern time and now session highs for the stocks. back over to you. >> and we're at session highs for those stocks on word that the strikes might not be expanding and also the market

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now the mic is open. i had a wonderful little speech going there. the dow up 431 points right now, 1.3% to finish the busy week on what appears to be a very high note. shares of liberty media meantime formula 1 getting a boost following an upgrade to buy from neutral over at citigroup. investors seemingly growing more bearish on sports rights in general recently. but citi says any concerns over the industry or las vegas grand prix are overblown. let's welcome in the analyst behind the call. jason, good to see you. let's take the concerns about the las vegas grand prix first. what are the worries there? i don't even know what the concerns are. >> well, i think the primary concern is that liberty raised its capex to in the vegas property by meaningful amount about a quarter ago that put a

real crimp on free cash flow. and that cast a long shadow over sort of the intelligence of making that large investment. so that was sort of the first knock on the stock. >> and then worry number two is that the sponsor of the events will not collect ultimately the kind of rights or tv rights money that has been piling into sports properties for decades now. >> yeah, that really emanates from your parent company. they signed a deal with wwe for linear television rights that really disappointed the street. and it rattled investors' cages because they viewed sports as sort of the safe harbor in a tur would you lent media ecosystem and it last a long shadow over overall sports rights. we don't think that the disappointing wwe tv rights renewal of is applicable to

formula 1 and the reason is very simple. about two-thirds of wwe tv rights come from the u.s. market and it is only about 3% for formula 1. it is a much more global property. >> formula 1 is hugely popular globally. i can't remember where it falls in the ranking of sporting events, but it is up in the top five i believe. is there room for in your view significant growth of viewer ship in the united states or is that just a long shot? >> no, i mean, you know, the u.s. is the largest sort of media market in the world. and formula 1 had been notably an set in the u.s. in terms of having a real following. leb leb liberty's management steam is making inroads. they are now up to three races in the united states. austin, miami and now vegas. and that is causing the u.s. audience to grow. and they are certainly not

getting paid for the u.s. audience yet. but that is the long term journey that we're on. >> i have a neighbor who is an australian who gets up at odd hours to watch these events. he will watch the saudi grand prix or whatever if happens fto be. so i don't under estimate the possible popularity. you like the stock? >> we do like the stock. there are press reports that apple might come in and secure the global rights for formula 1 and pay $2 billion for those, that would be about double what formula 1 is collecting on a global basis today. by our math, if true you'd see a quick 10% lift in the share price. if it ends up not being true, i think that is totally fine. our expectation is value of sports rights will continue to rise about 8% a year. so either we'll get some very, very positive news in the short term or we just sort of grind

higher. one last thing that caused me to upgrade the stock is so much of the company's revenues are contractual that you really don't face any sort of macro slowdown in terms of cash flows. >> interesting. >> before we let you go, not to harp on it, but i wasn't aware of what happened with the wwe. so just give us 30 seconds on why that set off alarm bells. it remind hs me of was it the premier league where we thought the renewal didn't go as we thought? does it tell you more about wwe especially given everything that is going on with that ownership? just encapsulate that for us. >> yeah, so they had two properties that they were re renewing. one is raw, one is smackdown. the market had expectations that the rights would go up relative to the last contract which is five years ago by 1.4% to 1.6%. 1.4 x to 1.6 x. that was the market expectation. and the market interpreted what

actually happened is almost close to flat. and so that put a lot of pressure on tko stock. now, it gets a little too tech. >> caller: i-- technical in ters of whether it was a step up or flat, but -- >> is that the interest in the sport has flat lined or no? >> ratings have come under a little bit of pressure but it outperformed the broader linear ratings. and so sort of probably performing well on a relative basis, not an absolute basis. i think that the root issue is media companies are just not as certain about how much capital they should be committing on a long term basis when cord cutting is running as high as it is. >> that is fascinating. appreciate you bringing us up to speed 00 on that. jason, thanks for your time. still to come, tesla cutting prices for model 3 and model y irqute u.s. after disappointing thd arr delivers. we'll trade it next.

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strikes. certainly shares of the big three higher on the news as well. the three stock lunch. we will start with disney, up a little after 2% after bernstein said it was the only credible challenger to netflix in major media players. we will talk to ava, welcome. disney is the name that has traded very poorly. is now the start of a turn-around? what would you do here? >> the last time we spoke about it, we were very quiet, but now we have looked at the reached that are valuations that are much more compelling. last year, there was a huge pr, i mean it is a pr of situation that will now change we believe, with a ceo who is well known in the community and we think there is a good chance for things to turn around. many people don't know that the media trading, we need to

remember their margin is one-third above its peers and it may double its peers and i think to buy it with this valuation right here. >> let's move on to the stock we have to mention every hour, tesla, the ev maker, slashing the price on some of the u.s. versions, and the model 3 and model y car after a drop in third quarter delivery. cathie woods, arcetf going down by 25 million. >> what say you? >> in their position is 725 million, it is really insignificant, and it probably reflects the liquidation of units. and i'm not concerned about that. we actually have it as an underweight, but we do own it. and i'm discouraged with the current valuation, which is why, but i'm encouraged by the fact that it is a very unique mega cap, which is equal to, or more,

so to other competitors. and it is growth 4%, compared to 10% for other well-known mega caps. it is a unique story. i think it is a hold. >> a hold. >> what about exxon whose shares are slightly over and david faber confirms the company is nearing a deal to buy pioneer? do you like it? would you buy the shares here? >> no. that's a sell for us. we are not looking at the acquisition, the acquisition, we don't like it for two reasons, they are two completely different companies in terms of management structure, and in terms of profile and margins, and pioneer is a company -- when a bureaucratic company like exxon, based on our research, buys this type of company like pioneer, then there is a cultural clash. and so we are concerned that

this is going to happen in this case. we also don't like the value, the prices that they are paying, we knee to know that exxon is at a certain market cap, at one and the rest of the sector is below one. and i don't think the market will like the price that they're paying. it's a sell. >> all right. ava, for now, thank you very much. we appreciate it. have a great weekend. so many stories to get to. but so little time left. the weekend is coming. we'll get to as nyma as we can. in closing time. changing world. powering financial solutions that transform industries. powering innovation with access to capital. powering critical decisions with precise data and insights. powering seamless execution in evolving markets. we deliver our entire global bank to power new possibilities for you. barclays corporate and investment bank. powering possible.

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two minutes left, everybody. and several stories to run through. starting with a new study oust u.k., finding that long colds could be just as common as long covid. in the lan set concluding that like long covid, other respiratory illnesses can present more than four weeks after the initial infection. >> i think we have all had a long cold that stuck around. why isn't this going away? my head is stuffed. i don't feel like myself. and certainly covid can do that to you as well. >> yes. a new trend emerging in the back to office push. and that is coffee badging. the act of going into the office for a morning coffee, getting credit for showing up in person, but then leaving early. and working the rest of the day from home. our survey from owl labs found that 58% of hybrid workers admit to coffee badging. >> i'm so anti-all of this, like

all of this, either you do it, you're good at your job and stay employed, i don't care what time you leave, come when you want it. drives me crazy. do whatever you want. if your employer likes you. >> take the coffee, leave the canoli. millions of dollars to use their likeness for ai chat bots, including snoop dog, paris hilton and tom brady, this is according to the information and in many cases, the stars paid a million or more for a few hours of work. this is my life goal. this is my life goal. >> i would like to be snoop dog. he has a pretty good life. i mean i'm not sure -- maybe he's not doing things that are good for his body, but at any rate, i can't think of a guy who has managed his career more astutely than he has. >> this ai stuff for some of these celebrities, it is going to be a whole new revenue stream. >> and give a whole new meaning to name, image and likeness,

virtual likeness, because -- anyhow, it has been a very interesting week and a very interesting day. right now the dow as we hand it off to scott is higher by 406 points and that, after a beginning of a week that was anything but positive. thanks for watching "power lunch." have a great weekend, everybody. "closing bell" starts right now. what a reversal. welcome to closing bell. i'm scott wapner. it is a reversal of fortune for stocks after the hotter-than-expected jobs report sends the s&p sliding only to stage a comeback as interest rates hop off the hot burner. here's your score card, with 60 minutes to go now in regulation. well, there is your intra-day s&p 500, the entire story is right on your screen right there. that's where the mid-day turn-around happened. just as the 10-year note yield retreats from its new cycle high. not hard to see what's happening. rates down. stobs up. every sector green. except for consumer staples. they have had