there are some things that go better... together. burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected. good afternoon. welcome to "power lunch." coming up, strong start to the week for stocks. markets are rallying as we begin the first full week of earnings

season. can the results wipe out all the negatives that seem to be hanging over the markets. >> the answer today seems to be yes. lululemon shares jumping on news that the stock would be added to the s&p 500 taking the place of activision blizzard. a lot of action in bitcoin. around 28,000 right now. 4.5% pop. hopes are rising not just for the approval of one but perhaps for several spot bitcoin etfs. >> and let's get right to this big market gain and what is driving the marketsby zansan bi. >> and what is important for most of the day, yields have been higher. it is not affecting stock prices. this is a very encouraging

trend. we've been waiting for this for a long time. the s&p 500 believe it or not, we're in a bit of an up trend. i don't want to make too much of it, but we're at the top end of the recent one month trading range that we've seen. so the 50 day moving average is 5402. dow strong as well. we've had strength with united health, mnike. vee st a strong as well. and there is great strength in the mega cap tech names as well. and you take a look at the sectors, kind of a reverse of what we've seen recently. banks are holding up a little better today. that is very encouraging because they have not recently. tech is underperforming just a little bit. and generally tech has been outperforming. metals and mining and industrials two cyclical groups generally stronger. that is a good sign. mega cap tech, the one you want to look at is mgk.

this is all the names you think of. apple, microsoft, soamazon, in-individuinnvidia all in one etf. it is rallying a bit after a terrible september. so that is why the market is holding up so well recently. what i'm more concerned about is banks. the response to what i thought were very good bank reports on friday, but citigroup started positive on friday and ended down on the day. that is not a good technical sign. and is down again today. jpmorgan was up and down today. we're waiting for goldman sachs and pchnc. but these have been terrible performers. we know that the deposits are going to be rather poor, particularly at the regional banks like pnc. we know people have been taking money out and putting them into short term bank cds. so we'll know all that. but there is no real buyer

interest and that disturbs me given how strong the reports were. >> bob, thank you very much. let's get to the other market puzzle piece and that is bonds. yields are rising and it hasn't baby too much of a headwind this time. let's go to kick sani rick sant more. i see we're off session highs. >> yes, listen, i can't tell you how the stocks are always going to react to rising or higher interest rates, but what i can tell you is that the future probably holds higher interest rates. let's look since may. we're up 130 basis points since may in the ten year from 330 to 470. and if you open the chart up to when we made our historic lows in 2020, you see that this all started with literally 50 basis points, half of 1% is where it began in august of 2020. add in 30 year bonds whichtoric

2020 at 1%. if you look at both, it has been a wild ride. but here is the thing. if you look at the notes to bonds, right now it is trading 16 basis points. that means from 10 to 30 years you are hardly getting compensated at all. if we go back, you can see that that was as wide as 160 basis point ngs 2010. many investors ultimately are going to demand more for holding longer. they call that term premium. and my point here is 60 versus 160, there could be a lot of room there. and if you look at fives to tens known as the fight, it is currently at zero. you get no extra money. see this flatter inverted yield curve has changed the dynamics. so five to ten years no extra compe compensation. back in 2011, the difference was 150 basis points. my point is that these term premiums could be what motivates

long term rates to not only move hire but to outdistance each other and we need to pay attention to that dynamic. >> rick, thank you very much. and while the market is rallying today, there are still many headwinds. from higher rates to go owe political concern, here to navigate it all is ken stern, welcoming him from the west coast, and lee munson. gentlemen, welcome. since rick just talked about bonds andthe fact that you are not compensated for going out longer in the bond area, how did you feel about bonds here, is now a time to buy in, have some, and if so, of what duration? >> absolutely have to have some. you are getting paid for liquidity. first time in how many decades that you actually get paid for liquidity. but do you go out of longer? no, i'm not a bull much longer. i actually think that we should stay in the shorter term periods, wait for it to come to

us. the market will come in one way or the other. you choose your entry point. >> lee, what kind of portfolio are you, 60/40, so fixed income in there? >> i do. that 40%, i'm about 35% but right now 75% of the bonds are short term. think six months to two year. but i started buy going in august when we saw the ten year hit last october's low to 4.4, so i put in 5%, 10% there. a couple weeks ago ss ago when it hit 4.8, i took a little more exposure there. when it hits 5, maybe 5.01, just to to rattle the nerves, i'm talking about backing up the truck with maybe 30 pr% to 35% bond duration.

>> and long duration is 10 years? >> ten. but i also like the tlt trade. but you have to know what you are doing. individual in-vaes investors ca burned had way. >> and so could banks by the way. >> we saw that last march. so i think if you have an appetite for risk and you want to make some real money in bonds over the next 1 to 2 years, if rates go higher your losses won't be as much as the gains you could make if we just get back to 4.2, 4.5. >> ken, sounds like you are also cautious about the economy. on stocks you are a little wary, maybe looking for defensive sectors, but they haven't been such great performer this is year. so maybe that is -- in other words, dividends yeerlds have been under pressure. utility, health care not trarding great. consumer staples, forget about it. >> that is true, but the consumer is tired and at some

point there will be a catchup. i don't think that we'll have a very exciting holiday season. i think there will be disa pointment and it is time to keep powder dry and i agree on the 5%, but if we hit a 5% quickly, the market will be cheaper and i'll be a much bigger bull. >> you are very positive long term. >> oh, my gosh, yes. think about it. inflation was caused because of supply issues. we didn't have nearly the supply issues that we did. and in fact demand is coming in. we'll see the sun and moon and stars get together. the market just needs to be a little cheaper. so either because earnings start to get accelerated, which they are not quite yet, and market is a little expensive. i love the macro trend. i love trends in finance, in

health care, in tech. we're in a macro bull. >> it is funny because we are talking about the market multiple and this is a big point of debate as to whether we were around 18 times again. should that be the new normal. but last tink i think multiple washington 1 or 15 times early 2000s. so do we need to go back there or not. >> i think you split the difference. there is a lot more money around. and for me, i can only buy price. early on october, we priced in what i consider my opinion a soft landing scenario. so i bought that. because i don't know. i have mine opinion. i think that we'll have a recession next year, but i said that year ago and the job markets proved me wrong. w what i'm looking for, maybe a little rate hike. earnings will be good. banks say it won't be so great. side like to see --

>> basically a policy error. >> just have the fed governor say the wrong thing at the wrong time. i'll buy hard landing pricing, i think that can happen between now and the end of the year. and again -- >> so you are not in the year end rally camp. you think that it could become a period where we hit a much softer patch pricing in a harder landing. >> i think so. and i think that it will happen quicker. but again, it doesn't matter because 19 of the last 13 recessions, but again -- >> but when the actual one hits, if u it usually still has 30% to drop before the bear market bottom. >> i don't think that it will be as bad as people think, but i think that with the fed too many investors just do not believe that they are going for keep rates hire and i don't know why they don't -- when has the fed lied to us in the last several

years? you got to believe what they say and they will say that there will be more pain. >> so let's tie it off with the events of the last week and 18 months and so referring to ukraine and the tension in south china sea and taiwan. allow do you factor this in, did you do anything differently last would he be because of what went on in the israel/hamas war? >> when we think about the economics and the finance sird, protection of the asset is the first and foremost rule if making money. don't lose money to make money. and so good time to hedge and be in six month treasuries and to be a little bit on the risk off trade. and then when the markets come to you, we don't time the markets, but entry matters. and you've got to go in at the right point. so yeah, a time to pull it in. >> and a quick final question. right now you have people like howard martz saying corporate credit is the place to be.

that the 60/40 portfolio is dead and you should be diversifying into commodities. you've heard some of this. a so that enough or should people be throwing out the playbook? >> i'm not a fan of just having a certain percentage in a stock or bond and i do love private credit right now. banks are tight and private credit is finally giving us the yield for that risk. it is a good time for private credit. >> gentlemen, thank you. have a great thesis. coming up, when is is it not earnings season. >> big banks beat big expectations. what about big tech? we'll discuss it. plus piper sandler causing microsoft the highest conviction. and star board reportedly seeking changes at news corp.

those details when "poweluh" tus.r nc at ameriprise financial, our advice is personalized, based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work.

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through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. an act tivist firm is on it way in and plans to push for strategic and governance changes

including urging news corp to collapse its dual care structure. and for more, let's bring in julia boorstin. and also alex sherman. welcome to you both. not just because i used to work there. i said wow, this is big. do you think that they can push for change here? >> there is very little incentive for a family that controls the voting shares or a large purge of those voting shares to give that up. i think what it might lead to is a push to 13split up the compan that owns parent company to realtor realtor.com and also to split that up from the news. so i think what it comes down to is address vow indicating for a division of the assets into the real estate and new piece separately.indicating for a division of the assets into the real estate and new piece separately.

>> and there is obviously this other part of the murdoch empire and that is called fox. how does that if in any way affect this? >> it strikes me as a strange time for star board to be doing this. the plan to split up the news from the reereal estate state dt playbook has already been run. news corp's value was significantly lower. so for me the odd thing is the timing. if you just look at news corp stock, in the past year or so, it is up several billion in market cap. so you wonder why they choose now do this. >> i think rupert murdoch has said that he is stepping gown

fro down from the role as chairman. of course not a surprise, is he in his 90s. so i think that it could note not just transition of full power from him, but also opportunity for more change. so i would point to that as somebody that is kicking off -- >> also, just to add to what julia said, if you remember furnishing back the clock a year ago, at that point the murdoch family was toying with the idea of bringing together the family. and that idea has been tossed out the window. so we may be rerunning the play book again because plan a didn't work. so now it is plan b. the point about how to get a family controlled company to do anything is i think very much in question. we've seen it a few times recently, we saw third point try to do it with campbell's soup.

value act which took a stake in maybe the closest comparison to news corp. and so it has been done where activists junch iin jump in. but the question he remains that they are a thcan only do so muc. >> and so it feels likes first fast ball lachlan murdoch will face. so let's see how you respond. his father may be stepping back, but he is innot gone. isn't it true that lot of media companies have that maybe including our own have dual class share holdings? >> yes, absolutely if you look at paramount, the company that is effectively controlled by the sherry redstone, her company

gets to decide what happens. and we talk about paramount being up for the m&a. but the reality is she gets to decide whether that happens or not. i would say lachlan murdoch will face a lot of challenges. you've already seen the transformation of the business. news corp for the first time showed over 50% of its revenue coming from digital. so that was a momentous tipping point. and he also has to continue the digital transformation of the news business and figure out whether it makes sense. >> alex, can we put up a chart of fox and compare it over the last year? my skense is is that fox hasn't done nearly as well. >> i think this gets to your question earlier about how does fox brand this. largely speaking there is no

major transformative news with either of these companies i think until rupert murdoch passes away. that will be the real catalyst in terms of running these companies. there could be a split, but in terms of what is fox news going to be in the future, who is going to run it, are they going to sell it, will they sell the "wall street journal," all those questions it strikes me is more of a post-rupert murdoch question. while he is still here, yes, he is not chairman anymore, but he is still alive and he is still -- he is not going anywhere he said. so it strikes me that more likely the catalyst rather than the star board. >> that is certainly the succession moment. julia, alex, thank you both. and a quick and important programming note. don't miss david faber's interview with jeff smith

tomorrow morning around 9:45. and the house speaker fiasco continues, and we'll bring you the latest on that because i think that some votes are like loifr ly the next 24 hours or so. ly the next 24 hours or so. ai has the power to automate, but if it's using untrusted data can you trust the results? your business doesn't just need ai,

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shares of pfizer are now higher by about 3% at 33.05. let's get a market flash. >> that move coming thanks to analyst at jeffries upgrading pfizer to buy despite the company slashing its full year adjusted earnings and sales guidance on lower demand for its covid products. pfizer says it expects revenue to come $9 billion below previous forecast but jeffries pointing out that is largely due to a big drop in sales for its paxlovid. and pfizer also trimmed its covid vaccine forecast by about 2 billion, but jeffries says that implies that sales will still come ahead of what wall street was expecting for this

fall. jeffries is also calling out their experimental obesity pill and also rsv vaccine as potential bright spots. pfizer executives are saying they only expect about 17% of americans to get covid vaccine this fall and that dragging down novavax. and pfizer shares are down about 35% this year. >> thank you very much. appreciate the report there. and washington meanwhile remaining unsettled still no speaker of thouse, but there are plans for a vote. emily wilkins has the latest. >> well, it is do or dietime at noon tomorrow. the house will gather to see if jim jordan has enough votes to become speaker. he has to get to that number of 217. and it is not clear that he has it. remember, on friday republicans took a vote behind closed doors and 55 republicans said that they would not vote for jordan on the floor. jordan of course has been

working all weekend to try to change the minds of his colleagues and he's had some success. ann wagner told reporters that she was a very strong no for jordan but after talking with him over the weekend and speaking with him again today, she put out a statement saying that he has really addressed her concerns that she had about keeping the government open, about making sure that they are addressing the southern border, that they are addressing international support for ukraine, for israel. and she said that she wants to be a team player here in making sure that the house can get a speaker so that they can get back to passing legislation. and ann wagner is not the only one. numerous other lawmakers are coming out today, lawmakers who they have swayed. like mike rogers, vern buchanan, they have said that they would back jordan after initially opposing him. of course 55 is a high number. that is only four. we didn't know exactly how many

lawmakers have changed their minds. but another thing to note here is that the pressure on the house to be able to move legislation is really about to ratchet up. biden said that he would request funding and support for israel this week. and remember the senate is also back in session. the race for the speaker could be all over as soon as tomorrow, but just as likely we could see it drag on for another week. >> if not jordan, then who? >> that is the million dollar question. certainly we have seen a couple other lawmakers indicate that if jordan can't get to 217, they would like to try. you have tom emmer who is mccarthy's number three republican. you heard mike johnson who is also a member of leadership. kevin hern. but the longer that this drags out the more republicans are thinking that they might just have to give temporary powers to the acting speaker patrick mchenry because they know there are these deadlines coming up to

move funding for the government, to move aid for israel and they know that they cannot just continue trying all different republicans to see if they can get to 217. eventually they are going to actually have to start acting. >> emily, appreciate the reporting. courtney reagan newow with an update. >> european union is taking steps to make it easier on deliver aid to gaza. they will launch a corridor through egypt. flights expected to start later this week. israel has put gaza under a total blockade since hamas launched the surprise attack just over a week ago resulting in lost power and low clean water and food supplies. the suspect in natalie hole warn's disappearance is expected to reveal how the teen died. her family's attorneys say the details are part of a plea agreement for van der sloot.

and linkedin is cutting employees. the reductions come as the business oriented social network has seen a slow for eight consecutive quarters. back to you. and ahead on bowy"power lun lululemon working weigits way i the s&p. ndth trade that a oer movers of the day.

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time for the three stock lunch. and we really should have had lunch, but anyway -- first up, microsoft which is among the top gainers after pirp sper sandler named it higher conviction. and they purchased activision last week. and so lee munson is back with

us. microsoft, what do you do? >> nobody has more hesitancy about buying the magnificent seven than me. but this is a game changer. i think that ai is where they will monetize the next couple years. but a lot of people are saying that they are losing money $20 to $80 per person because it costs so much do this ai stuff. so i think -- next tuesday we'll see earnings. i think that they will be much more -- put it any this way, i think that they have the kid gloves on. because who cares about the metaverse. i want someone that will make me a better writer so my wife doesn't have to he hadedit all notes. so how about investors react to

azure which is slowing down. and are they going to focus on what keco-pilot can do and will they give it a pass card on the losses. so i'm not saying go by it today, but i would love to consider lee munson buying one of the magnificent seven after we see next earnings and see if they say hey listen, we see the future and this is an actual ai thing that can make money and i could care less about what openai is wofrth. they will add on a -- you know, 100 billion or -- that is not the point. >> let's move on to charles schwab. one of the top performers in the s&p 500 after posting third quarter earnings that beat estimates. net income did fall year over year. falling income that beats estimates is always kind of a squirrelly recipe to me. >> yeah, here is i think how you

have to look at it. as far as the banking situation, it will have more pain going forward until interest rates change. but i don't think that that is what the story about schwab is. it is down 35% for the year. they also a lot of traders got spooked last month because their net new assets went native. that is because of the merger with ameritrade. what people don't get, with that merger they got the thing called sink or swim. and so now schwab has the category killer for both retail trading and let's be honest, they have got a big, big pocket where they can put a lot of money into rchlt and d. and the other thing is, not a lot of retail investors know about people like me use a program called i rebow. and a lot of people specifically got that software. and that that is at schwab and you want to do thousands of trades at the same time, that is

the only place in time. >> so that is the platform. and a lot of custody arrangements with people like you. >> and they did not get the fallout that some thought when they had the big merger. for full disclosure, i was with td, now i'm with schwab, the transition was very smooth. it is great. and all the kinks got out quickly. so i think that we'll go back for net new assets going upward. it is the category killer. >> and speaking of category killers, lulu lelemon shares up% on news that it will be added to the s&p. there is a lot of valueplayers like to buy the stuff that is leaving the s&p when others want to sell it. so putting aside whether or not it will keep rising because of index inclusion, do you think that this represents fair value once you buy the stock here? >> it is up lkike 9%, 10%.

so just give it a week or two. i understand if you look at the pe compared to other firms. it is very high. but when you look at the cash flow, it is not as pricey assay -- or it is as pricey as a nike. what i love about lulu and sometimes i just hold your nose and buy, when we go into a recession next year, there would be certain things that people will retain for their premium thing. they may trade down in other way, but two ways they won't trade down are therioir yoga clothes and nike. my daughter loves this stuff, she's 15, and she is not put off by the fact that her father also likes lululemon. she doesn't care. it is not a big deal. so what you want to own going into a recession, multiples aside, you have to decide what are people going to continue to pay a premium on and i think that the lulus of the word, i think the starbucks and nikes of

the world, that is where you do it. so just wait for a bad street and hold your nose and buy. like when starbucks hit the skids, you buy a bit. >> do you remember malls? >> i still go to the mall. my 11-year-old son just discovered malls. he loves them. >> there are two stores always crowded. one is lululemon and the other is apple store. i'm there. lee, thank you. coming up, today's surge is not enough to move defending champ ryan reynolds up in their standards. but wwe charlotte flare remains in first place by a mile up more than 50% this season thanks to her nvidia and meta. they are the best two stock performers in the whole thing. and she picked both. >> and she is team wooooo. is that the -- >> her dad, yeah.

>> okay. and coming up, stone cold reality, concrete is one of the most common substances on earth used in nearly every structure on the planet. but also one of the biggest 'llprits for carbon emissions. wel highlight? st some startups looking to change that. the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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if you are sitting in-goors, the building you are this is likely supported by concrete. second most used substance on earth after water. the problem, it emits nearly as much carbon dioxide as automobiles do. so what is the fix? diana olick is joining us. >> yeah, look, it is all about the cement which concrete is made of and which is the big climate offender. cement is made of lime steen which s stone which is about 50% of co2. what if you could reinvent it

with a different rock? >> that is called a silicate rock. because there is no co2 in the rock, there is none in the production process. >> reporter: and brimstone is one of several companies trying to reduce the carbon emissions from the production of cement which accounts for about 8% of global carbon emissions. brimstone is using a different rock but producing standard so-called portland cement. it received certification of that last july. >> people already know how to build with it, so construction won't be delayed. people already know how for specify it, that way there are no safety concerns. >> reporter: it is still in the early stages with a pilot plant now in the works. but once scaled, the cement will be cheaper to produce than what is out there now. >> we think that that is essential to decarbonization because we don't think that we can convince everyone in the world to spend more on something that they could otherwise spend

less on. it has to be lower cost in order to efficiently deoscar onize. >> reporter: and that goal is especially attractive to investors. >> when you think about the potential for say the 3,000 or so cement plants on the planet today and the ability to start displacing those with another process, that represents a multitrillion dollar investment opportunity. all driven by a profit incentive. >> reporter: and in addition, brimstone beackers include dcvc and total funding to date is $60 million. and one more note, the rock brimstone uses does not emit carbon like limestone, but it does absorb carbon making it carbon negative. >> and maybe you said this, where does this rock come from? >> the earth. it comes from the earth.

it is much more abundant even than the limestone which makes up the 20% of the earth's crust. this rock makes up 80%. >> so why hasn't it been used before now? >> one of those light bulb ideas out there. now they thought of it and of course brimstone has a couple patents on the process. but they expect it to broaden out. >> and apart from the environmental benefits alleged here or truthful here, no reason to believe they are not, what about the construction qua qualities? >> exactly the same in that about is what they tested in july, the portland cement that is just as durable, just as strong. exactly the same as cement made out of limestone. >> fantastic. and not just the banks reporting earnings this week. netflix and tesla are also on deck. we'll look ahead to some key tech earnings on the docket and what those results could mean for the oar rkbrdemaet. ture, a prime target for cyberattacks.

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storm of welcome back, we're working our way through banks earnings season but will make a cap tech have a bigger impact

on the market? that's the focus of tech check today, we already heard daniel shea hinting at that, but at least we know the banks so far haven't been a landmine, >> here's for hoping. banks say may regulatory policy, tech is going to have a far more outsized impact on the broader markets. nvidia loan could be responsible for a percentage point and a half contribution to the smp over expected earnings growth in the quota, meta-, nearly 1%. the b of a desk had a unique way of characterizing the mega caps as we head into earnings, what it calls the spicy three and let me explain. tesla, nvidia, amazon, they make up the spicy three, the green line in the chart. they're more controversial and they have unconventional evaluations. have spent years being questioned and outed by wall street. meanwhile, the garpy four, there characterized by more reasonable p/e ratios, still elevated compared to everyone else, they're the orange line

and everyone else is the blue line at the bottom. these are p/e ratios, that stands for growth at reasonable cost, the names in the group have earnings revenue that are relatively solid, compared to the other group, and something i'm looking for in this quarter is that a lot of these companies, not netflix but maybe everyone else, magnificent seven, they've all been driven by a.i. hyped, so does a.i. actually start hurting stocks this quarter instead of helping them? that could happen if all of this investment in new tech and i.t. expense starts hurting margins, which is something that the street will be looking for as well. there's a lot of hopes going into 2020 for that i.t. spend would pick back up, maybe a lot of these committees spending on a.i. would even out, there's doubt being thrown on that now. >> i can't wait to see what we come up with next after spicy end garpy. and it goes back to what we were getting a moment ago, but these companies need to be a sure thing right now. >> you have even one of them,

we broke down in the s&p 500, that could throw the whole market off, there's a saying as apple goes so goes the market, but you could say that about any of those names, because they have such an outsized impact. >> deirdre, thank yo wu,e appreciate it. you're one of america's biggest drugstore chains finally, we will get the key details when power lunch returns. >> tech check is sponsored by comcast business. powering possibilities. ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. ever since she was a little ki, all maría wanted to do was bak.

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about four minutes left in the show and several more stories to run through, but start with right aid filing for bankruptcy protection. the company say they need to please come significantly reduce their debt. going forward, cnbc reporter you can walk us what are some of the idiosyncrasies, everyone wants to know as the rite aid near them closing? >> that's going to be part of this, right now rite aid has about 2100 scores across 17 states, they're in a lot of expensive long-term leases that the bank of the process will allow them to get out of. we don't know how many scores are going to close just yet, but we know the underperforming locations will be on the chopping block and we've seen that. like you mentioned, the debt, they have 3.3 billion in long- term debt, and with rising interest rates those payments are getting harder and harder

to pay. we will see this with other retailers. >> how have they can become uncompetitive? how did they get themselves in this pickle? >> over the last couple of years, do you buy your shampoo and your toothpaste at rite aid, walgreens, or cds? probably not, you're probably buying it online at amazon, walmart, target, these other retailers. the retail experience at drugstores has become untenable. you have to wait 10 minutes for someone to unlock something for you, now you can order it from the convenience of your home, so what we've seen right is bigger competitors do, walgreens and cvs, they've been leaning into a healthcare model. they want to be your neighborhood primary care, because they're seeing the writing on the wall that retail is dead for drugstores. >> those stocks haven't been doing that great. >> so rite aid is still stuck in the past, they're still all about the pharmacy all about the retail, they haven't been able to compete. >> the other companies have gotten into pharmacy management management, providing healthcare clinics, giving

shots and so forth, rite aid has been slow to catch up. >> exactly, we had walgreens, they're going to be setting up primary care clinics, it'll be like the urgent care, cvs, there's been major acquisitions on this space and that's allow them to compete and stay ahead of the time. >> i was just there for the flu shot, thank you very much. let's switch and talk about sales of apple's iphone 15, reportedly off to a disappointing start in china, according to bloomberg, one analysis estimates sales are down 4 1/2% compared with the previous iphone 14, while jeffries says they may be down double digits. if accurate, these estimates would represent the iphones worst china debut in five years. i suppose there's little surprise here, in a way, huawei has taken more of that domestic market, and the chinese government has cracked down on the use of iphones by government employees. >> it may be old news, i think

it's a space to watch absolutely, as this becomes a competitive threat to what was such a sure thing for so long. you can pay for a ferrari using crypto now in the united states, the luxury sports car maker said that decision came due to overwhelming request from dealers and clients with plans to extend the same option to europe according to writers. let me just say, they've got to be careful where this crypto is coming from. i'm not saying it's aboveboard, there are people who have done well with crypto and want a ferrari, but there's also a lot of nefarious actions. >> i file this under problems i needn't worry about. >> nor i. we'll move on to one peer >> let's talk about taylor swift, come on, everybody! eris tour movie raked in $96 million domestic box office this weekend, highest grossing concert film ever, also made another $32 million in international sales, she also, was she on saturday night live? i think they were.

she went out to dinner in new york, it's nice, isn't that nice? she's a crafty one peer >> i'm thinking if you made 130 million, she gets to keep half of that, i think that was the deal. or is it more, even. >> thanks, taylor, thanks, travis, thanks for watching power lunch. >> closing bell starts right now. welcome to closing bell, live in beverly hills at the case alternative investment summit, we have a big exclusive interview coming up. billionaire investor todd boley of eldridge industries will join us in a little bit to talk about his portfolio and outlook for the markets, and the economy, we can't wait for that. in the meantime your scorecard with 60 minutes to go in regulation looks like that. green across the board, stocks strong all day with the smp looking to build on its two week winning streak, nasdaq is the upper former today, it's interesting