welcome to president power

lunch, everybody. coming up, a tumultuous week for the world and for the markets, looking like it is going to end with stocks sliding throughout the day. down more than 1% for the n nasdaq. the dow relatively holding better. all issues, we've got it all covered for you, all the issues investors like you need to know about. that includes bank earnings. banks mostly strong. netflix on deck for next week. we'll talk to an analyst that's downgraded that stock ahead of results. >> slippery patch of late. let's check on the markets. speaking of slippery watches the dow gaining on to a 29-point gain. the s&p down 23 point or half a percent. like tyler said, the nasdaq down 1.25% for the day and in the red on the week. the s&p, dow, slightly in the green for the whole week. let's get to the banks reporting. jpm, citi group, wells fargo.

j.p. morgan up 5% at one point. now citi, half a percent gain. jamie diamond had cautionary comments we'll get to in a moment. we want to check on novo nordisk which raised because of high demand for ozempic. >> kelly, thank you very much. we start with the latest in the israel-hamas war as we enter day six of the conflict, 1,300 israelis are dead as well as 1,800 palestinians. israel ordering the evacuation of more than a million residents of north gaza overnight. this as secretary of state antony blinken met with the palestinian president mahmoud abbas in jordan today to discuss the fallout from the hamas attack on israel. blinken also met with israel's prime minster benjamin netanyahu yesterday to pledge the support of the united states. for more insight, let's bring in

daniel kurtser, former ambassador to real and egypt and currently a professor of middle east studies at princeton. ambassador, welcome. good to have you with us. >> thank you so much. i watched secretary blinken not only speak this morning to abbas, but also to the amir of qatar, and he was very direct, right in the backyard of hamas, where they get a lot of their money. but i wonder how the united states threads the needle between its support of israel and its right to defend itself and its interest and its people and what could turn out to be a major humanitarian crisis in gaza over the next weeks. >> i think that's exactly the diplomatic challenge that the secretary's facing on this trip in the region. on the one hand, to show the israeli people, the israeli government that

president biden's speech of the other day was meaningful, there's no daylight between us, we have your back, we support what you're doing. but i think the private messages are likely to be tougher. you need to avoid exacerbating the humanitarian situation in gaza. you noeed to create a situation in which civilians are not the targets, unintended targets of your actions. in other words, you need to find a way to meet your goals without making the situation worse. >> he was, if i heard him correctly, secretary blinken that is, a little bit vague, i think, i would say, on the question of, does the united states support the idea of evacuating 1.1 million people from north gaza? could you talk a little bit about that? >> i think it's fair to say it's

an impossible mission to evacuate 1.1 million people from one of the most heavily populated areas of the world. there's not enough room in south gaza. the highways and roads are not passable, and there's no fuel to have a convoy of trucks. nonetheless, it's important for civilians to get out of the way. israel, i think, is trying to figure out how to avoid civilian casualties, but it's very hard when hamas is using those civilians as kind of hostages in their own right. >> daniel, what other options does israel have given what happened over the weekend? what should be the course of action for dealing with hamas going forward? what role can the palestinian authority, if any, play? who governs gaza at this point? >> i think israel has to believe that it can at least decapitate

hamas' leadership. it probably can't destroy the movement. but it needs to send a lesson that the horrific events of last weekend were just unacceptable. the palestinian authority has been silent. the secretary of state met with mahmoud abbas today in iman, but they're caught in a bind. they don't like hamas more than anybody elsing but they have to stand in solidarity with the people of gaza. this is a complex situation which is only going to get worse as the conflict persists. >> it is such a difficult situation with with mischief makers, russia, eastern, and we don't know what the roles are of eaching but i'm wondering what your worry is about the possibility of a wider war. so far, hezbollah in the north

has done, but i'm wondering wha your worry is about the possibility of a wider war. so far, hezbollah in the north has done what what it typically does, lobbed missiles into syria. not a full scale provocation on the northern border. what's your view on the possibility that this war expands? >> the national security council spokesperson just addressed this situation and said we have not seen evidence that hezbollah is preparing to intervene. that doesn't mean it won't. doesn't mean there's conditions under which they'll feel compelled. but they're also caught in their own bind. political force in lebanon, and lebanon as you know well is pretty much a basket case economically right now. so to consider an israeli strike in lebanon should hezbollah launch attacks on israel means that the situation in lebanon will get worse and hezbollah will be held accountable for it.

so we haven't heard from the secretary general of hezbollah for good reason. i think he is biding his time, hoping that the conflict in gaza does not, in a sense, compel hezbollah to come to the assistance of hamas. and therefore everybody's holding their breath. the other point of possible escalation is the west bank, of course. relatively quiet. there's been some violence back and forth. jerusalem was relatively quiet today. but the question is how long the people of the west bank can sit quietly when they see the suffering among their brothers and sisters in gaza. >> let me just very quickly, since you were the ambassador as well to egypt, i wonder as you move south from gaza, there is the sinai peninsula. is egypt in any way able to hand it will refugees that might come there? >> well, the secretary of state is probably pursuing that, and the egyptians hope that it

doesn't come to that. they have their own insurgency which has been going on for about a decade in sinai. the last thing they want is the introduction of a large population that would probably include hamas fighters among the refugees. housing and feeds and provide for them over the long-term is a scenario that i think the egyptians want to avoid. but it may be unavoidable to prevent humanitarian disaster in gaza. >> all right. daniel kerrcher, we thank you so much for your insights. we appreciate that. >> sure, thank you, tyler. over to u.s. politics now, let's get an update on the race to replace kevin mccarthy as speaker of the house. steve scalise took himself out of the running last night, where we have had a new entrant in this afternoon. where do things stand now? emily wilkins joins us from capitol hill. hi again, emily. >> hey, kelly. that meeting is still going on.

lawmakers are holding yet another candidate forum, similar to what they did earlier this week. except this time they're hearing again from jim jordan as well as congressman austin scott. scott's name was not thrown around, and scott himself told me he did not think when he woke up this morning he was going to run for speaker. but he says he's very frustrated with how things have gone. he's upset at the eight member who is voted to oust mccarthy. he said this is not how republicans should be conducting themselves in the majority, and that's part of the reason he's running today. he's runnings an opposition candidate, but the momentum is still behind jim jordan. former speaker kevin mccarthy actually just came out and told reporters he will be backing jordan. and you have heard a lot of support from him cross the conference. that includes from moderate members as well as hard right members. they say, hey, he's a good communicator. he's really led a lot of the republicans' opposition to the biden administration. and while there are some concerns with jordan's very

conservative background, a lot of members just really want to unite at this point. of course there are some concerns. congressman mario came out and talked with reporters earlier this morning and said, look, he liked jordan. jordan had never lied to him, he'd always been straight with him, but he noted over the last couple days, jordan did support scalise, and he was trying to get his supporters to go with scalise, and yet it was many of those who are affiliated and associated with jordan who held off voting from scalise and basically have left republicans in this spot where they are continuing without a speaker. and diaz ballart's comment to me was, if he can't bring them along on speaker how can he bring them together on other things? we are expecting an internal vote today from house republicans to see how much support jordan has now that

scalise is out of the race. the there's a lot, it might mean that jordan also can't get to 217, and he's going to have to step aside. there's a question -- there's a lot of folks who have shown a bit of interest in running for speaker at this point. but there's also a sense that no one has the 217, and there are just a lot of questions about where to go forward. it's an unprecedented moment in unprecedented times, guys. >> emily, thank you for now. emily wilkins continuing to track that for us. the uncertainty here and broad already being addressed in earnings. jamie dimon warning that might be the most dangerous time the world has seen in decades. joining us to talk about earning, risks to the market, and more, chief strategist with dynasty financial partners and a cnbc contributor. and victoria green, also a contributor and here in the flesh, i should add. welcome to you. >> absolutely. thanks, kelly. >> what a day or a week. what's top of your mind?

when you look at the market broadly speaking, do you see it trying to break out to the highs or worry it's trying to test lows? >> i think the it's trying to test water now. earnings were generally pretty positive. jamie dimon,every time he is company reports earnings he says something dire about how engulf is terrible and yet his company continuing to outperform. i think that's an interesting dichotomy. uptrend has held, so for now there's potential we could see this rally out if earnings continue to come in stronger. like we said, hey, we have been climbing this wall of worry, but this wall keeps getting higher and harder to climb, and i think stocks are facing head winds. they may get a leg up, though, with the fed looking today, and what harper said today was impressive. he said, look, by doing nothing, we are doing something. to me, he's a voting member. bullard came out saying 6.5, but he's been saying 6.5 a while.

you might get the fed if they come to a pausing but for now yes, fundamentals, earnings -- >> i forget where i read it, but we've seen the -- and the 30-ier action yesterday pretty ugly. these rising rates are having an effect. >> absolutely, and i think they're peaking out and i think the fed's done to, your prior points. listen, i'd top listening to jim bullard. he's not on the federal reserve anymore. he's now at a university. he was generally wrong for much of the time he was at the st. louis fed, so i kind of discount him. with respect to what jamie dimon said, i'd agree this is a risky period. although in 1962, much more risky. we had the cuban mitchel crisis, accidental nuclear launch in the early 1980s by the russians and certainly 1973, we had the arab oil embargo. this may turn into something wider that it invites no

superpowers and could become a regional conflict that it has dramatic consequences, but i think that remains to be seen. this is tragic. it is horrendous. it's hard to say, however, what the long-term impact on the economy and markets would be, unless this were to spiral out of control. on the one hand i think rates are peaking. i think the stock market's going to chop around until it has a good reason to rally fully, but not much has changed in my point of view. i think the fed is done at this juncture. >> it would seem this international tension would probably hold still their hand for a while. i'm going to ask both of you the question that is -- in light of what's going on around the world, totally trivial, but i'm going to ask it nonetheless. what is the investor to do right now? >> number one is not panic. that's the biggest thing investors like to do, read a bad day or bad move like yesterday happened to the treasury and panic and say, vi to rip up my

strategy. sometimes a bad data drop, a hot inflation print doesn't have the effect investors think it will have. not to be tragic and cold. this is a tragic period. but unless the market sees oil above 100 for an extended period of time, right now it remains a regional conflict. the market has shown the ability to look beyond geopolitical conflicts. look at russia and ukraine. there have been periods in time, where you look back and say, this is what happened in history. often the market cares less about what's going on geopolitically and more about earnings, the fed, inflation, and what's happening in the united states. so for now, investors should stay the course, should be looking for quality, should understand their cash flow and liquidity needs. panic is a horrible investment strategy. >> ron, any thoughts? >> withwe agree wholeheartedly. with respect to the price of oil, above $100 is not what we

saw in 1973 with the arab oil embargo. going to 180. in 1973, average mais per gallon, 9. today, 32. the impact of energy, given the difference in energy intensity, the -- is vast. i worry less about oil spiking to $80 or -- $90 to $100 as you have in other periods. at the end of the day i would agree markets tend to look through geopolitical risk unless or until it becomes an all consuming event and, that's something, one, we can't forecast, and two, are hoping doesn't come to pass. >> folks, thank you very much. victoria, we're going to keep you here throughout the hour. we're not letting you go. coming up, the stream or d dream or nightmare?

we'll research downgrading netflix, saying the drives look risky. is the former king of streaming falling behind? plus, three strikes. the latest in the negotiations with health-care workers out west, autoworkers everywhere, and hollywood's actors. details when "power lunch" returns.

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welcome back, everybody. shares of netflix down today after wolf research downgraded the stock from outperform to peer perform, saying its

valuation seems to high amid rising growth concerns. the stock is down 14% over just the past month. joining us now the analyst behind that call, peter sopino and victoria greene also back for another helping of "power lunch." peter thank you for joining us. explain the reasoning behind your downgrade of netflix. what are you concerned about here? >> netflix is the best company in streaming but that doesn't mean it's a great stock, and we're concerned that the two biggest drivers of netflix share price performance historically -- and for good reason. net additions of subscribers in particular in north america and the price they get per subscriber, they call it arm, both look risky relative to forecasts. they'll keep growing, but we're concerned forecasts are too optimistic. >> are they spending too much on programming still, or have they

wrestled that one more to the ground. that was always a worry there. >> it's amazing what time cures. the bulls on netflix always said over time, the reporting of program expense could eventually align with the cash expense for programming, and that is where we are. netflix will spend about $17 billion this year in cash on progr programming, and they'll advertise a similar amount on their income statement. so that's no longer a big controversy, and yet it stands as a powerful signal of netflix's market power, because that's more than anybody will spend, especially general entertainment x sports and they're making more money. >> let's bring victoria into the conversation. i think she sees netflix differently. i'm going to let her ask you a question or bring her point of view. >> i know 300-bit margin

expansion, not going forward, but targeting a 280 bip ex expansion going forward. as we're seeing linear tv decline, do you not see that as a potential catalyst for continued growth? >> i agree wholeheartedly with the fact that more than 50% of viewing and much more than 50% of spending on video continues to be paid tv. that's a huge opportunity for netflix to continue to attack. i think the debate about netflix as a stock is if the company's going to grow 8% compounded for many years or 13% compounded many years. and right now the street's on the higher end of the forecast. what we've seen historically is when netflix increases their prices, subscribers tend to decelerate. in fact, they might not grow in north america, specifically, and the share price tends to appreciate at a lower rate after price increases, and that's what's coming in the next six

months is a big price increase. >> i understand that. i think they had one january 2022 was the there's time they did a price increase. but at the same time they're breaking into asia, have a merging markets and the password sharing crackdown and advertisers, they still have areas they're ramping back up. i believe they have been a bit of a soft touch on how much they've cracked down on passwords, trying to get everybody warmed into it and they haven't sewn a higher turn. one of the reasons i'm more bullish is because they are cracking down on passwords and have different revenue opportunities if you're a member, do ad-based tier, ramping up in '24 and '25, i'm wondering if that offsets the historical growing of user growth you would have seen because you didn't have as many options or you went to the free version. suddenly you were hitting up friends and roommates for log-ins, and now that's harder. so i wonder if there's more growth than we've seen historically because of the actions we've seen in the past

few months. >> yes, password sharing and ads were a great way to respond to the deceleration of the business that you alluded to, and wall street has come all the way with the company and fully behind these initiatives. our concern is not that they're not good ideas but that the net add of password sharing -- but because they will have stopped upmost of the excess demand out there from former password sharers, and then we're somewhat concerned that that same advertising positive does not amount to enough to offset the deceleration of subscriber growth. >> thank you both. we appreciate it. peter, thank you for joining us today. coming up, the u.s. tightening sanctions on russian crude, with oil climbing more than %, almost 6% now in response. we'll discuss the platns imicio next with wti back up towards

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. welcome back. oil popping almost 6% now after the u.s. tightened sanctions on russia. pippa is here with victoria

greene interesting time to crack down here, and big response in crude. >> exactly. it is ending the week crude up almost 6%, wrapping up a volatile week here. still important to note, wti still under $90 despite the week we've seen. the latest development is sanction on russian oil. it the first time the g7 enforced that price gap. u.s. sanctioned two shipping firms they said were transporting russian oil above $60. the intent was never to take a meaningful amount of supply offline, but rather reduce the revenue russia is getting from the sale of their oil. and so this action by treasury doesn't really impact the market all that much. what it does do is sends a signal to the market that they could start cracking down at any time. and to your point, kelly, the timing of course is notable with all eyes on iran especially with those unconfirmed reports hezbollah may become involved, so timing is key here. >> tell me how these sanctions against russia work. you mentioned a $60 price

ceiling that russia is allowed to sell, what, as much oil as it wants at $60 a level? >> up to that level. the firms that are transport oil that was purchased for more than that $60 level -- >> they are the ones being sanctioned or -- >> exactly. it is hard to track -- >> what happens to them, then? who finds them? how do they collect the money? do they take the ship? >> if you can't get insurance from a u.s. or western-based company, you're not going to be able to transport the oil because nobody wants to take that risk. we have seen a huge uptick in russian and iranian crude. but the u.s. is coming out saying, we're no longer going to turn a blind eye. nobody wants to be shortcoming into this weekend. there's so much uncertainty. why would you want to hold a short position? >> much of what dan said was the same. i don't know how you feel about

the oil or energy stocks here? >> i'm pretty bullish. we don't have an ser to help us out, put together to help with the volatility. never got around to refilling it after we brought prices down last year when prices spiked over $100 some we don't have as much of a crush to fall on. we're not going to pivot to iran, and iran is one of the only places that have floating storage that can bring -- to the market. saudi arabia has voluntary cuts. but you say, who's going to help out the physical market shortage? some people said, we're trying to maybe normalize with venezuela, but venezuela is a year or two from producing. the infrastructure they would have to put back in place to get significant barrels to the market is key. if the middle east crisis does widen, my concern is we do not have a lot of fallback that can help us out. >> would that make you bullish on energy stocks because this? i think it was peter, again, who said, an ill and gold, that's

the new safety trade, replacing what people used to do with long-term treasuries. >> we were bullish to begin with because they were printing money. they had vastly increased their dividends, share buybacks and shareable dividends them puts more emphasis on what they're going to be able to produce. so yes, i am bullish on the energy sector. i think chevron is the on ones that has fields in israel. every else has indebiting exposure to the areas being fought over currently. a lot of integrated oils they can benefit from higher prices. our production continued to grow. >> absolutely as pippa highlighted. >> one note on the chevron point, european natural gas futures up 40% this week. they did take that platform offline. it's a very small portion of overall demand for gnat gas, but it does show sensitivities in this market, particularly since

it's transported out of egypt. >> let's get to bertha coomes now for a cnbc news update. the israeli defense forces released a statement this afternoon saying they have been conducting raids inside gaza over the past 24 hours. the idf says the goal is to find evidence leading to hostages and added that its soldiers also thwarted terrorist cells and infrastructure. fighting along the lebanese/israeli border escalating today, the israeli military says it's using drones to strike hezbollah targets inside lebanon. hezbollah supports hamas. the operation comes amid clashes at israel's northern border after israel says hezbollah opened fire on a number of military positions. and senate majority leader chuck schumer heading to israel this weekend. the new york democrat says he's

leading a bipartisan group of senators to show the unwavering support of the u.s. government. the senate is to reconvene on tuesday to debate how much money and equipment will go to israel and whether to link that funding with an aid package to ukraine. tyler, of course, the house remains up in the air. back to you. >> absolutely. thank you very much. bertha coombes reporting. we've got airlines, stocks and more, we'll trade osthe as well as key movers of the day. that's next. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures.

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welcome back. it's time for our three-stock lunch. trading some of the movers of the day. one of the biggest is dollar general. shares up 9% after they have been updated the a buy at gordon has ket saying the leadership change could stabilize the business. victoria greene is back. this is the real news. how many companies at this point are turning to an old ceo to tray to save it or bail them out of new problems they're having? do you like the stock? >> i don't. i'm a seller on this stock. he already was on the board. he's the old ceo.

he knows there are substantial problems. what is he going to do about inventory. already had a really nasty last quarter where they had to downgrade. i'd be more selling than i am -- because i think it's going to be a slower turnaround, and his consumer base is what i'm worried about. they're showing a lot of stress, the under $500,000. a lot of stress. hard for a ceo to change that. delta airlines stock down today. profits up 60%, record third quarter. that's because of strong summer travel. also trimmed its free cash flow estimate of year fdown to $2 billion. don't like to see that forecast. >> no, that for me is a sell again. they had a pretty bad run of

maintenance taking longer. that didn't surprise me the earnings. if you look in the stocks charlotte, they're in a horrible downtrend. all their summer travel, a lot of that margin was built on european travel. and you typically see less of that in the seasonal travel here because americans travel for domestically. >> put that chart back up with the three months, maybe. that was a telling chart. down a lot. >> almost straight down. fairly not a good chart. >> it had been straight up. if we expanded that another three months, i remember back in the spring delta had been on a 16-day win streak. what was going on with the psyche of the market where it takes delta on its longest win streak ever and sends it back the other way? >> they messed with the skiel m sky miles. >> ain't just them. airlines trade less as a group. >> they have. investors have been burned so many times by airlines.

no one continues them to do profitability. have a great quarter. great. what are you going to do for me now? investors are saying, okay maybe this isn't sustainable. maybe this 13%, 14% margin isn't sustainable with rising fuel cost, so they look but say, thank you, no. >> i do feel bad. nobody could have seen jet fuel piked the way it was. >> i think it was warren buffet, if not i apologize. he said more money has been lost in airlines than has ever been made in airlines. >> was it munger who said if he had been at kittyhawk he would have shot the plane out of the sky? him or warren. final is united health, raising full-year guidance as they say medical costs are beginning to stabilize here. >> this is a buy for me. united health is one of my favorite stocks right now. quality company. q-3 has always been the best quarter. in a few months they'll announce their q 4 guidance.

so many worried. beat it by 84 bips. they've got good medicare, good corporate penetration in there. and so they're eps outlook is looking stronger. for us, we look at the stock and say, i think it's a stick on the rises. they always have a political risk, but right now, gridlock, so for now it look light quid pro quo on any medicare or medicaid update. >> we were talking about how nothing in this market is working the way you would expect. defensive trades have been terrible. gerald holtz said health care equities never traded this terribly. ironic the weight loss drugs are a big part of why. strategists come on and tell us all the time how they want to be in health care, be the equities need to act better and unh can be a part of that. >> hopefully. diagnostics struggle.

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protest at baruch college. netanyahu says the weeks' long retaliation is only the beginning. we will continue to monitor the situation as new york is one of many cities on high alert. many college campuses and even many schools across the country on alert today. >> all right, treasury yields pull back after the big spikes we saw yesterday. let's get to rick san telly in chicago for the latest. rick, explain the action this week in u.s. treasuries. >> you know, i think the one issue that makes traders the most nervous, tyler, are geopolitical issues when they're fresh and still very much moving with a lot of moving parts, as horrible assist what's going on in the middle east of course, and how you are supposed to position yourself. and you contrast that against the data we've seen this week. geopolitics, flight to safety in front of the weekend, is always

a big issue, and that's one of the main reasons in my opinion listening to sources, we are going into the weekend with interest rates on the ten year side down 17 basis points in a week. ppi up .3%. cpi corps up .3, hot. university of michigan, both inflation reads, hot. the actual university of michigan number was muching with aer than anticipated. all those data points are for higher rates but geopolitics and what's going on middle east has everyone's attention. look at the chart. made the yield after the afore mentions university of michigan data, but now it's going sideways. don't forget, we had 100 billion of treasury supplied threes, tens, and 30s, the amount of demand by investors was tepid to say the least. i expect sunday night, hopefully the middle east doesn't get much worse and if it doesn't you'll

see yields move higher. made our low for the year on the 6th of april, around 331. it's pretty much been a 45-degree line upwards since. if you lack at what's going on since 2006, on the left side, yields around 530. many expect that's what we're going to test in the long end. and the dollar index, what a stunning reversal. that close that day was a ten-month high close. look how we've u-turned. we're not very far from those levels. kelly, tyler, back to you. >> indeed we have. rick, thank you. coming up, deal or no deal? kaiser permanente reaching a tentative deal with health care workers. same can't be said for other key disputs. the dow turned negative once again.

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employees bringing the total number to more than 1,300. the move follows uaw president shawn fain saying they could expand at a moment's notice but not announcing any new walkouts in the weekly address. that came on the heels of ford saying they've reached the limit how much they can offer in wage increases. a different story for kaiser permanente where 75,000 health care workers may be heading back to work after a tentative deal was reached with the kaiser unions. wages will go up by 21% over four years. which they hope will retain to alleviate staffing shortages. no progress in hollywood as talks between studios and the actors surprisingly broke off with studios suspending negotiations saying the two sides, guys, are too far apart. victoria, what's your read on this all? >> it's tough. right now there is a lot of power in the labor end. there was this pendulum for a while, you couldn't get a job and it was so hard and now j.o.l.t.s. is a little bit but the unions are flexing their muscles.

we have to be wary on that. number one, there's a trickle down from this. if we see autoworkers and layoffs continue, the amount that affects the overall economy is not insignificant. number two, what it will do to margins. a 22% increase, the last offer. those are some fairly significantly numbers for a large workforce. as an investor you need to be aware what this does to margins and labor costs. for the autoworkers and all the surrounding industries that t automotive production it could be a disastrous next couple of months and then that doesn't just start back up with the snap of your fingers. there's a lag effect that may come back into play with the autoworkers. i do think there's more fallback content that they can use. i see the more insulated netflix considered one of the most insulated media companies because of its broad content. >> libraries they can run off. i watch "seinfeld."

>> i'm watching "gilmore girls." >> "homeland." >> everything. they have reruns, so it's not like they have to shut down their systems if they don't get new content. i do see media, there is going to be an eventual effect. we'll watch reruns because we'll have something to watch and their algorithm will suggest some random movie we forgot existed. >> we're going to take a quick break, victoria, because i'm tired. >> go to watch "seinfeld." >> lunch has hit.

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welcome back, everybody. about three minutes left in the show. several more stories to run through. let's get right to it, wasting no time, and starting with microsoft closing that activision deal. they could be forced to unwind it, but that possibility is seen as unlikely. >> what do you think, victoria? >> it's great for microsoft. this has been an overhang. casinos are a big hurdle for them. if they can check the boxes and put it away, it would be fantastic. >> paid a lot of money for it. netflix reportedly plans to open brick and mortar retail destination. they'll not only offer merchandise but food options and other netflix-themed experiences. no word specifically just yet on what's going to be there.

the first locations are expected to launch in the u.s. in 2025. this seems so retro for the vemer. it's not the theater business, per se. >> everything old is new again, right? i was waiting on this, the squid games theme park. that show was so large. i hear they will potentially. i see them diversifying -- >> "stranger things." >> dave and busters/disney could work for them. >> i do think it's a natural fit. live events and all that sort of thing, taylor swift's "eras tour" movie taking in $2.8 million in early previews last night. and the projections are it could do another $100 over the weekend. she released directly to amc bypassing distribution from hollywood studios thanks to a trump-era moves that allowed

this to happen because it unwound the previous antitrust laws from the 1920s. >> can we admit it's taylor swift's world. we're just living in it. it's the year of taylor swift. >> this helps the theaters, doesn't it? >> it helps amc only, but it helps them. >> let's stick with taylor. she was at the game last night. nonalcoholic beer thanks to better taste and a rise in sobriety and health priorities in younger americans, sales of nonalcoholic beers are up 32% year over year and averaging 31% growth the past four years. sales of hard beer, seltzers and ciders stagnated since the early pandemic surge. what do you think? >> i do my best to help with beer sales. the focus on carbs and sugars has been tough. george clooney's tequila, everyone is doing mixed drinks

and mocktails and the growth of that. the younger generation -- >> i haven't tried it yet. i don't get the appeal other than if i'm trying to blend in at the party. am i drinking it for the taste? i don't understand. it could be pharmacy staff walking out amid a rally. our labor unrest ain't over, vic victoria. thanks for being here. "closing bell" starts right now. kelly, thanks. i'm scott wapner on this friday live from post 9 at the new york stock exchange. this make-or-break hour with the final stretch of a volatile week. earnings under way about to get busier. new questions about the state of the u.s. economy, the war in the middle east impacting gold and oil markets. your money being pulled in multiple directions as we track every move today as always. here is your scorecard with 60 minutes to go in regulation. stocks were doing well, well, until late in the morning when consumer confidence number came inel