the chairman sold his personal sake in the company world more than $100 million moon while, the cnbc space territory for the year after a very rough week and listly picker has the details for us. >> a rough couple weeks in fact that basket of 50 spacs that have yet to announce a deal has seen volatility, especially today, now in positive territory. the biggest decliners were led by some of the more well-known names in finance whose star power garnered action. but cnbc's post deal index has been hit harder recently this is comprised of the largest spacs that have already announced their mergers. some of the biggest decliners, star peak energy, very wello dine, and lordstown motors facing significant selloffs, guys >> leslie thanks for that. gina, what is your take on some of these spacs are you optimistic and going the use the pullback as a buying opportunity? >> not at all. spacs have been one of many elements that say there is too much money in the system right now. we have seen money supply growing and absolutely no inpolice station and all of that money has been finding its way into as

keep an eye on those joe, we'll send it back over to you. >> there is a cnbc spac, dom yeah, i mean, ht that's different than the "squawk" stack. >> you'll give your allegiance to the "squawk" spac >> i'm all in. take my paycheck right now >> all right coming up -- all right we've got me, you, tom so far and andrew, i guess. state taxes, corporate taxes, and the economic recovery. josh gottheimer and french hill. frenchill ll hwi join us to debate we'll be right back. where you learn, work, and fly we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. ♪ ♪ (upbeat music) spaces are more efficient, healthie♪ ♪nd safer. ♪ ♪ ♪ ♪ ♪ ♪ oh, that's wrong. what's wrong? your swing. that's terrible... you gotta put your knees into it, put your knees into it. that's too smooth. too smooth? watch this. ♪♪ you try it. ♪♪ better. ♪♪ oh, you

cnbc spac 50 down. there's a note of caution about this spac-tivity. >> it was crazy. it is crazy.is settling down and will be dumb deals done, unbelievably stupid investments will come your way and will see -- what will shut the door is when the cash in trust redeems and get the $10 back and people feel it's not just a free lunch. >> he mentioned churchill and open door as two he thought investors jumped into without knowing what the companies were actually doing and i guess this is part of that momentum in the markets right now where you want do get in on something that's hot. >> yep. >> with momentum and be part of it. >> the match was lit and now investors are lit about -- >> apparently -- >> may get lit up! >> many are trading below $10. unit prices so that's of concern. >>> energy, the best performing sector right now today bouncing back from a recent selloff with a boost from the trouble in the suez a giant cargo ship is stuck in the canal blocking everything and helping send oil higher by more than 5% much me oron the impact on energy shares when "power lunch" continues. go

two other topics that are getting attention on cnbc. spacs and bitcoin. hing that blew my mind the fed has oversight over spac and bitcoin. just not directly. explain explain. >> that is right in addition to the monetary policy with the fed and fmoc, there is regulatory authority. the fed needs to look and is continuously looking at the development of acid bubbles of particular speculation of activity the fed keeps an eye on that when the fed sees something that is concerning, it has choices. it says to it self, are we so concerned we want to tighten monetary policy? flatten everything out in order to pierce thebubble of the speculation? or use other regulatory tools we have particularly as they relate to the lenders that are financing and fuelling some of the speculative activity you mentioned, frank, not saying it is speculation necessarily, but something to keep an eye on, which of course, the development of spacs and the bitcoin activity i'm almost certain the fed is keeping an eye on the prices of both of those assets >> certainly keeping an eye on it

discussing, the markets have been turning against the stocks and groups that had been the hottest, the cnbc spac 50 index is down this week, lower for the year, just turned fractionally higher in trade. for more, we turn to leslie picker hey, leslie. >> hey, morgan, it's been very volatile today, especially for an index now, a basketof 50 such spacs has recouped some of the losses it saw earlier today, still down 17%, though, over the last two weeks the biggest decline here, whose star power had previously garnered momentum for their spacs, including two of the spacssh two of brad gerstner altimeter spacs, all trading significantly lower, but the post-deal index has been hit perhaps even harder. this is comprised of the largest spacs that have announced merger. the sent mess was pry sip dated by a merger that was highly anticipated, but one that really fell short of investor expectations >> i think that's such a key point, leslie. you have the world awash, it seems like, in spacs right now it does seem like some of the vehicles out there are getting increasingly more creative in terms of the typ

. >>> and a four-letter word we rarely say in this news hour on cnbc spac every day seems like a new celebrity gets a spac. so what is a spac, and what does a spac do? and why is hollywood obsessed? s spac's next. ♪ gimme, gimme ♪ did you know prilosec otc can stop frequent heartburn before it begins? heartburn happens when stomach acid refluxes into the esophagus. prilosec otc uses a unique delayed-release formula that helps it pass through the tough stomach acid. it then works to turn down acid production, blocking heartburn at the source. with just one pill a day, you get 24-hour heartburn protection. prilosec otc. one pill a day, 24 hours, zero heartburn. we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand-new way for you to sell your car. whether it's a year old or a few years old. we wanna buy your car. so go to carvana and enter your license plate answer a few questions. and our techno wizardry calculates your car's value and gives you a real offer in seconds. when you're ready, we'll come to you, pay you on the

. >>> and a four-letter word we rarely say in this news hour on cnbc spac every day seems like a new celebrity gets a spac. so what is a spac, and what does a spac do? and why is hollywood obsessed? >>> full disclosure, i'm not a finance guy. i haven't studied it, don't much understand it. but everyone else hero at first in business worldwide is a markets and money genius they speak their own language, and today i got a vocabulary word -- spac what is that i mean i know it's a celebrity status symbol. everyone you see here is involved in a spac jay-z, serena will yiams, even astronaut scott kelly, but what are they what do they do? proving smart ones can dumb it down for the rest of us, here's cnbc's leslie picker. >> reporter: if you've been watching cnbc lately, you've probably heard the word "spac". >> spac, spac, spac, spac. >> everybody needs to have a spac. >> reporter: out of nowhere, spacs are everywhere. ♪ if you win the spac game, you know what i'm talking about ♪ >> reporter: so mainstream, they've even got a rap spacs have raised $70 billion in just the first two months o

. >>> and a four-letter word we rarely say in this news hour on cnbc spac every day seems like a new celebrity gets a spac. so what is a spac, and what does a spac do? and why is hollywood obsessed? is skincare from around the world better than olay? olay regenerist faced 131 premium products, from 12 countries, over 10 years. olay's hydration was unbeaten every time. face anything. find out more at olay.com dealdash.com, the fair and honest bidding site. an ipad was sold for less than $24; a playstation for less than $16; and a 4k television for less than $2. go to dealdash.com right now and see how much you can save. remember, shipping is always free. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstati

we are showing the cnbc spac 50.ortant new question surrounding astrazeneca's vaccine amid the push to get that treatment into america's arm. where we stand right now with the variants >>> if you haven't already subscribed to our podcast, go ahead. it's called "worldwide exchange." we're back after this. these folks, they don't have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the services of the post office plus ups only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/now and never go to the post office again. don't settle for products that give you a sort of white smile. try new crest whitening emulsions a 4-week trial plus postage and a digital scale for 100% whiter teeth. its highly active peroxide droplets swipe on in seconds. better. faster. 100% whiter teeth. crestwhitesmile.com >>> welcome back t

we want to turn things over to tyler >> as the momentum trade picks up steam, at least today, the cnbc spacwhich tracks that group is higher about 1%. of course, it's sold off over the past month the spac wave continuing its record setting year according to data from refinitive blank check deal, passed $170 billion this year already outpacing the $157 billion total volume last year our next guest is getting in on the spac wave but joining the fray as one of the only women-backed and women-funded spacs. dana settle is a co-founder and partner at greycroft, recently announced a spac deal with the entrepreneur katherine power focused on acquiring $800 million to $1.5 billion in assets in the beauty industry. dana settle, welcome good to see you. >> great, thank you, tyler nice to see you. >> delighted to have you with uus and want to get spac in the beauty industry and so forth but spacs have been controversial. i suppose. they have taken their share of hits in the press, but tell me why spacs are a good thing why do they benefit the market, individual investor, whom do they disintermediate an

your unusual activity we do want to talk about spacs and another index going earlier and our own cnbc spacis down 17% last week alone. leslie picker following the money and the big names are among the most hardest hit and you have the spac ipo last night and the beat goes on there's a little more pain, though >> i love how we say 12 spac ipo like it's a norm and like it's nothing, but it is this year alone we've had an average of five spacs every single day go public raising $70 billion and that would be five times last year's record level and that's tremendous, but lately as you mentioned, scott, we've seen the spacs sell off especially when you look at the index that you just mentioned down almost 18% in just the last two weeks alone as this spac reckoning comes to the investors, and it shows deals that have been inked at this point and that one down 4.5% today. these are deals that have already been announced and the information is out there, but investors are really taking some money off the table just in an overall kind of anti-spac mindset over the last two weeks. >> yeah. i mean, it

i'm sorry the pre-deal and after announced deal there's the spac cnbc 50 we got the other one as well then i want to get to some of the names overall. when they announced the deal but haven't de-spacced then the five families of spac i went with five families. there are some of the happens. so virgin galactic, been very strong he sold $250 million worth of stock last night open door has been good. clover, not good at all. then the other two, still well above ten. let's move on the michael klein and his various spacs. the churchill spacs. right? there they are not as good. mu multiplan has been disastrous. there's cciv lucid deal is the one they announced. the two haven't been announced but issued both trading above 10. gore we can take a look at and then foley just to get a sense as to some of the big families here, right? look at that wow. 885, 1015, then foley. you get the point, guys, other than a handful yeah bft, still doing well. betsy cohen as well. a lot of stuff trading near 10 it will be interesting some even falling below that i have a smart windows company, cfii, 9 bucks.

the number -- josh just talks about the number of spacs that are under $10. 34 of the 50 in the cnbc spac 50 are currently below $10. so, right, it is not just a few, it is 34 now of 50 the well-documented pull back in the ark funds have been crushed lately the momentum hit, those stocks have been crushed. what about the russell we've been talking about small caps lead on the way up. the russell 2000 stocks are selling off, names like cesar's and pen national, down 12% and 11% respectively month to today. i have wingstop in there, amc, cinemark, the real reel, names like that, and some of the recovery stocks are pulling back of late. boeing this week alone is down 8.5% airlines are down in most cases double digits. i have cruise lines down double digits i have casinos down this week, 9% or so a piece i have hotel stocks down as well this week. that tells perhaps of a more broadening shakeout of stocks, pete. >> yeah, i think to some degree, scott. i mean we have watched this transition each and every day, not just every week, but how about the fact each and every day we see, well, today i

. >> maybe we should launch a cnbc spac. that's a good idea >> just about everyone else has one.right now, gm and apple is also up. how are you playing this space, if at all? >> i had not been investing in gm, to my chagrin, and i think they are going to be a major player they're doing all the right thingsl not in tesla i still find it tough valuationwise. but i think that ev space will continue to expand there are so many players coming in, and with chargepoint, they have to. they want to get to 2.5 million charging stations and they'll need the funds to do t. it will be chicken and egg their success will be driven by auto penpenetration, and auto penetration is given by availability ev is still a safe way to play and you still have substantial growth ahead >>> two more space cos -- commercial space rocket lab will go public in a $4.1 billion deal. it's up about 37% right now. rocket lab is among the elite few to already be launching payloads to orbit, having completed 16 missions so far with its small and inexpensiveie ele electron rocket. they have a deal to produce a smaller

but jim, i also want to take a look at, as we take a look at cnbc spac 50, there is now piling up, a pacs that have filed to go public, but have not yet done so and that window is closing because things, you got ten trading below 10 bucks a share and again, these have gone public, but they haven't yet announced their deal, remember 289 smpac ipos, looking for deal and then you've got a bunch that have filed, jim, that have yet to go public, and that's where i think we need to focus, because you're not going to see 10, 12 price in a day that is over because these things are not moving up anymore at all, and in fact, some of them are trading below ten right away. >> barry, that was a great interview, and barry went on and on and talked about the customers who are disciplined and i urge people, i don't know if you can get a copy of the interview but the point that he made, there are good and bad and i follow barry really closely. when starwood property trust was down big, what did he do he came on "mad money" and he said not to worry, things are fine, and he was exactly right, the stock

saying with regard to the presentation and the future prospects now >> you know, when we look at the cnbc spac >> yeah. >> there's a considerable amount of conversation now as to whether this is all starting to maybe teeter if not tip. so the timing of this one is certainly interesting. you've got more celebrities getting into the spaces as well. jim and i were talking about odell beckham junior, nfl star who is an adviser to one of the spacs. shaq is in a lot of other stars from sports and elsewhere are in this timing is interesting >> it's a curious situation. if you look at any kind of spac below $10, you scratch your heads and say why. you can get your money back at $10. if they're trading below that level, it incorporates time value of money people are concerned a deal won't be consummated any time soon, and that's a reflection of the massive supply glut that we've been seeing with regard to spacs and concerns over whether they will ultimately find a partner to acquire and what that might mean from a valuation standpoint >> yeah. the pipe here is interesting, too. for a number of reasons.

2026 revenues those have been doing incredibly well, until recently you see what happened to our cnbc spacon is after the deal announcement, but prior to the vote and prior to the so-called despaccing we look at cciv, which announced a merger with lucid and is town 60 bucks a chair to a current value of $22 and there it is we can look at acic. we talked about that one that's flying cars or actually electric flying taxis, archer is the number of the company there, atlas crest is the spac. what happens is one question, if, in fact, you see some spacs fall below $10 a share remember you can get redeemed. in fact, the deal itself may not happen as a result you do have the pipe that can fill in some of the holes if a lot of shareholders do choose not to go forward with the deal or redeem. but it's something that may start to come into play here, carl, as we watch a great deal of weakness in the sector broadly, both those that announced and de-spacced, quantumscape, on and on from there. but you also want to keep a closer eye on those that have announced the deal and have yet to actually have th

welcome back after thursday's decline, the cnbc spac 50 index is negative for the year and down moree biggest hit on this. leslie, this is something to see. what's up. >> reporter: yeah. that's right, becky. it's kind of a reckoning here. the cnbc 50 index holds the largest 50 spacs to announce a deal they're kind of in that wait and see period among the biggest decliners are those with the biggest market star power chamath palihapitiya's spac. gary cohn's specific trading back around its ipo price. some of the skittishness surrounds from the fact there's so much capital chasing so much deals which can lead to higher prices paid and shoddy due diligence. in the first two months. year alone nearly $70 billion has been raised to over 200 spacs. that equates to more than five spacs a day. if that pace were to continue for the rest of the year, it would be five times the level of last year's way record-breaking year perhaps the breaking point from the market standpoint and sentiment may have been ten days ago when a spac managed by banker michael klein had an electric vehicle maker tieup

personal stake this week, and he still owns indirectly some shares though through his spac, and the statement to cnbcs to put the proceeds towards a large invest to fight climate change, and there you go. so the crown castle, and the agree realty, and watch this segment next friday asly be back there with a big cup of coffeet that hour. now, to a big interview in the natural gas and lng world and a perfect one following a huge texas power outage and grid, and we are joined by the executive chairman of telurian and a man whose name you will see on the name of a lot of things in the houston grid, and so thank you for joining us what did we learn or should we have learned from that insane and impossible to conceive power outage two weeks ago >> brian, thank you very much for having me today. i think if you put it in context, we now have the two largest states in the country having this dysfunctional grids and california with the blackouts for the summer, and now i was watching on one of the cnbc shows this week the governor of texas, governor abbott who regrets that they did not recommend a blackout to

cnbc take care. >> thank you >> i was looking to see if anybody else was in the office. >>> ahead, spac-ulation. s.e.c. is looking at the growing craze. >>> and pressure on the social media companies on anti-vaxxers? what to do about the outright lies on facebook and twitter is it a lot of noise >>> and if you have not already subs subscribed, it is called "worldwide exchange" on apple and stither and spotify. dow futures up 72. we're back after this. with a bang, energy and change came to every part of our universe. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. >>> astrazeneca changing its vaccine results. the headlines may not be all they appear. we'll give you the real news and what matters to you. >>> stuck in the suez. the container ship snarling traffic in the heavily traveled waterway what happens to the stuff you're waiting on and oil >>> and the shrimp scandal the ceo of general mills addressing the social media post that made headlines of shrimp inside of cereal shrimp-gate. thursday, ma

. >>> 5:00 at cnbc global headquarters here is the top five at 5:00 the fed kicking off today. why spacs is on the agenda >>> rollout ususpended. europe's top vaccine regulator is meeting today to discuss. >>> turning our attentio

spacs >> we're going to leave it there. thank you for speaking with us today on the show. graham elton, chairman of bain & co. >>> european securities steven major has told cnbc that eu watch dog is focused on growing the size of capital markets. saying the issuance of bonds and repeat issuance of equities is strong but the lack of ipos is a worrying sign. >> where there's some areas where it continues to be concerns is around the equity issuance, ipos, which is problematic, at the same time, it's not only a financial market issue, it can be related to issues outside, for example, taxation issues or broader economic conditions to go public but we need to continue working on more convergence supervision, more convergence in the rule book. >>> koomg up on the show, zoom reports its full-year results later today, but is the stock at risk as investors rotate away from the so-called lockdown stocks toward value names. we'll discuss next dealdash.com, the fair and honest bidding site. an ipad was sold for less than $24; a playstation for less than $16; and a 4k television for less than $2. go to dealdash.com right now and see how much you can save. remember, shippi

the ceos of today's ipos who will join us on cnbc in a few hours, guys >> leslie, that ipo chart, the ipo etf chart you showed looked an awful lot like the spac the way around. people are more cautious across all fronts >> the two are inextricably linked those are the ones who would be buying shares of new issues like ipos of operating companies as well if you are facing a bit of pain and a similar type of investment, new stock being issued into the market, you may be a little more hesitant to put money to work in ipos of operating companies. >> thanks, leslie. good to see you. >>> we've got a bit of data crossing rick santelli has it for us. hey, rick. >> hi, wilf. indeed last walk around the block on fourth quarter gdps. we end up close to the first quarter. that number actually ramped up pretty good, wilf. expecting it to stay around the originally released 4.1 on the second look. it jumps up to 4.3 let's go back to the initial jobless claim. we have good news here we finally breach the 700,000 mark 711,000. the lowest level was early november and we all remember 695,000, sort of where we were prior, you know, to the covid experience so we

cnbc headquarters jim cramer joins us now. jim, i was actually kind of interested in some of your comments overnight about -- about the spac worldpacs. and like anything else, it's not monolithic you're not saying spacs are bad. you're just saying that there's a wide continuum of spacs. but it is bringing a lot of stocks to the market and increasing the supply. that's something -- and you can't possibly know about every one of them. maybe you can. >> i can't >> you just need to look closely at each one. >> well, look, i think it is case by case i think barry sternlicht came on "mad money" when starwood, his stock was down a lot he had no mhesitation i've always thought that barry's money good he did use the term bucket shop for some of the others he was very critical i think barry is probably one of the most rigorous players in the game and i have found that if he puts his impropermada on something, it's probably pretty good. but i think the fact that he said that shows how genuine he really is. why not just say, listen, spacs are better than ipos, but he was very critical? if he's critical, i'm critical i just find that he'sen

cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at equity futures at this hour and we'll also show you the "squawk" spac right now.e stocks gamestop, $270 tesla. and the ten-year which mr. tepper will be focused on this morning, 1.559. >>> meantime, other news for you as well, house democrats planning to pass that $1.9 trillion covid relief bill so president biden can sign it before several aid programs expire on sunday steny hoyer saying they're trying to take steps for that approval this morning will likely pass without any republican votes at all. the bill extending a $300 per week jobless benefit boost direct payments to individuals and also expands the child credit tax credit includes relief for state and local governments. and provides money for vaccine distribution and testing joe. >> thanks, andrew. breaking news from eli lilly on its antibody cocktail. meg tirrell joins us more. let's hear it, meg >> hey, joe, more news supporting the benefits of these drugs. this combination cocktail from eli lilly, antibodies shown in a late-stage trial to reduce the risk of hospitalizations and deaths by 87%. it was gi

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