david: host marriott that was the real estate arm of marriott.hey had split the company into two parts. one was the brand that operates and manages the hotels, the other part owned the real estate. is that right? chris: i came in as the coo and i became the ceo within four years. my partner, terry, was ceo. he retired and i took over. david: you are running host marriott. you did a good job, as i remember. chris: i think so. david: how did you come to hilton? chris: i mentioned in my private equity days i had gotten to know the blackstone guys really well. john gray, steve schwarzman, and when i got to host, as a result of that relationship, and given their interest in the hotel space, we did a bunch of transactions with them. i got to know them really well, and as a result of that relationship, i guess when they decided in july, early, late june, early july of 2007, that they were going to buy hilton, john gray called and said, i have got the perfect job for you. we know you. we like you. we trust you. we think you have sort of train your whole

and then got recruited, my partner and i, what was then to post marriott. -- to host marriott.avid: host marriott was the real estate arm. marriott had split the company. >> i came in as a coo and i became the ceo within four years. my partner in our private equity business was ceo. he retired in four years. david: you did a very good job as i remember. how did you come to helton? >>>> i mentioned in my private equity days i had gotten to know the blackstone guys. when i got to host as a result of the relationship and given their interest in the hotel space, we did a bunch of transactions. while i had known them, i got to know them really well and as a result of that relationship, when they decided in july, late june, early july of 2007, they decided they were going to buy helton, john gray called and said i have the perfect job for you. we know you. we like you. we think you have trained your whole career to run a company like this. we think there is a huge amount of upside and potential. this company has been grossly under managed and you should come do it. and i said, are yo

marriott ceo tony capuano this joining us with more.f course we will talk about your earnings in just a moment, but we have to keep in mind of just the remains of--of just 30 minutes ago house speaker nancy pelosi touching down in taiwan. marriott operates hotels in taipei in the region, and i wonder how you view escalating tensions over taiwan, between the u.s. and china, and how it could impact your business there. tony: good morning, thanks for having me. it is obvious the a day with her arrival in taipei. political stability is great for travel, inspires traveler confidence. the converse is political instability. it can have an impact on our business. obviously we have seen what has happened in russia-ukraine, although interestingly, the impact of that conflict has been largely limited to our hotels across russia. clearly we are going to be watching in real time, as i think most of the business world is, exactly what is happening in taiwan. guy: let's focus more on europe, then, and get an idea what is happening. actually, let's bro

you were recruited to go to marriott?: no, in between, i created an equity business, a tiny one, compared to the one you are part of. this was 1991, the early days of private equity, certainly real estate private equity. our view was that there was going to be a massive opportunity as a result of the displacement going on, so much inadvertent ownership of real estate, on the wrong people's balance sheets. we wanted to take advantage of that, so we did. for five years, my partner and i went out and had a fabulous private equity business. we did a lot of deals, probably it seems like small numbers today, but $500 million worth of deals across hotels, offices, tax-exempt multifamily in our fund, and header a lot of great partners. one of them was blackstone. then got recruited, my partner and i, to go to marriott after doing that for five years. david: that was the real estate arm of marriott. they had split the company into parts. when was the brand that operates and manages the hotels, the other part owned the real estate.

marriott is the largest by far they have a group component. in marriott's case, 20% of the room nights are group oriented most of which are corporately driven in hilton's case, it is a similar amount we look back at both companies, more than half room nights total are corporately driven rather than leisure driven that element of the business and let me be specific, sme market, has recovered in demand. larger corporate clients are reactivating travel now. when you put those two group and corporate together for the larger companies like hilton and marriott, our call has been their earnings and demand and profile is accelerating. there is one other i would throw in there we cover the real estate companies. host hotels. owns a lot of the larger big box group hotels that the brands will manage for them they are a beneficiary here as well. >> david katz, thank you very much see you soon. >>> coming up on the show. our next guest says she is getting her shopping list together and there are well known tech names that long-term investors shouldon cside

now, i have to tell you, no knock on marriott at all, marriott has done terrifically we miss arnie sorenson, but they've done a good job. >> a bunch of names that bring us back to the covid days. moderna today is going to be one of your s&p leaders. we were mentioning cvs a moment ago, jim that's going to be the highest price since basically may? >> well, moderna did a giant buyback. we've all been waiting for them to do something with their market cvs is such a great executioner versus walgreens we keep thinking when is walgreens going to get it together cvs, they're not going to necessarily take share, but when you go in there for a vaccine, you tend to come out with something. walgreens, you come in and you just get the vaccine and you go. of course the walgreens i've been into in san francisco, people go in, they come out with things, but they fail to pay and i have often had to say to the cash register, do you mind i'm thinking of paying and they nod as if, well, it's great you're going to participate in commerce. >> right you get something, you give something. pretty vocal >> i went t

cut marriott, uber, live, paramount, anc and more. for your consideration, the world's most innovative eyewear, turboflex. turboxflex frames are engineered with a 360 degree hinge disguised in the design. for maximum comfort, flexibility, and performance that stands the test of time. now, strength meets style. invest in the best, turboflex. find your retailer at turboflexeyewear.com >>> the u.s. reportedly considering a crackdown on memory chipmakers in china. source to sink this will bar he was shipments of chipmaking equipment to chinese memory chip manufacturers such a move would protect u.s. chipmunk makers. we will hear from the former later this week. you mentioned pelosi's strip which although not specific is expected to include a visit to taiwan which china said would raise their hackles. >> i do think there is somewhat related. ukraine, you have to make a stand if you are the biden administration. i also think this is very bad news. all of the big, everybody sends to china. except for a snl us which blocks from the netherland

>> marriott vacations. the consumer is one big component driving this rally.ke. charles: what do you like? >> i don't have any money. i have to sell something to buy something. my last buy was disney after the quarter. i thought it would be extraordinary quarter. this is one of the few streaming companies that will be profitable that is the new metric to look for. >> want a certain level i was saying safety but not necessarily the safest stock in the world? >> no, it hasn't. other names. value is taking a back seat in the last six weeks off the rally, mostly a growth move. i have to upgrade the portfolio. charles: what i like you're both cautious, still doing things, right? you don't like, like you say you don't want to miss this completely. so i appreciate it. keep rocking. erin, david, thank you both very much. hey, folks, coming up my take away the dumb money doing it again. they are beating the smart money. i don't know how the hell they keep doing that but i can't wait to talk about it. i can't wait to dig into earnings but which retailers are really the

marriott beats revenue 180. >> the goods are the ones that increase in price.ded. you don't have to go away. which is why i think there could have been a big blipup after we were free from covid. then it comes down. we'll have air bnb tonight. and that will be the secret to the puzzle. because a lot of people have gotten away from true brick and mortar, traditional hotel. but at the same time, we have uber, which seems to indicate the other side. so there's enough mix. but again, brian has kept down inflation. we have to realize, some of these technologies have kept down inflation. that is anti-inflation company. but we all seem to forget that technology is working to cut inflation. i don't know. i'm a little down about this. because i can't seem to get it across that we should look at the facts. >> the bond market clearly agrees with you. why are you so upset? >> gotta take to it to 4 and it's intractable. but there were people who don't want the market down or have simply made up their minds that idiologically, we are facing inflation. >> all positions are of

we think at this price it's very attractive >> jetblue, you own disney, marriott we said 50 day tell is where we see roadblocks in loss is nvidia's game each consumer isn't hurt equally. wherever you travel, we've all been on planes has driven, has done something and it is off the charts busy everywhere you go. jetblue, kissdisney, none have returned to what we expect but are well on our way. disney to 10 bucks of earnings, 11 1/2 times jetblue we think $2 of earnings. that would put it at four times. the earnings growth is coming. all you need to do is hop on a flight to see it >> travel is crazy flights are packed year to date, i'm looking at it right now. jetblue down 42% if you can't get while the getting is good. >> you buy low and sell high you didn't want to buy it when we did at $15. we should have bought it here. you need to look forward and you need to be early jetblue's share price is kind of specific, too, to the spirit the spirit acquisition was so noisy and so cloudy and so emotional it distracted people from the fact estimates for 2024 really are about $2 a share. and

there is optimism, especially on the back of what we heard from netflix this quarter and hilton and marriott which reported earlier this week. travel seems to be coming back at a strong pace and that is good for the theme parks in the streaming direct to consumer business. i think the 110 level it failed to get above in early june could -- earnings could be the catalyst that we see the break up on that level. mike is using the credit spread, something i use often going into earnings because two out of the three possible scenarios, if disney goes higher or they go sideways, this is a strategy that will be profitable. the trade-off is the fact that you have negative wrist to reward ratio. i think that disney could move meaningfully higher on earnings and my preference would be to look at purchasing a debit spread and taking advantage of the upside. my preference is more so based on perhaps a different outlook than mike, not because i do not like his trade. >> i will give you the final word, mike. >> the real issue is whether or not you think that the market may be reaching some area of potenti

i think there's a holot of optimism also hilton and marriott which reported earlier this week travel seems to be coming back at quite a strong pace and that's good for the theme parks and the streaming business the earnings could be the catalyst that we see break above that level mike's using a strategy i use quite often. two out of possible snaer yoes, t would be profitable. you have negative risk-to-reward ratio. i happen to be in the camp that i think disney could move meaningfully higher on earnings. i would take advantage of the upside, but i think my preference is based more so on a different outlook than mike, not necessarily because i don't like his trade. >> mike, i'm going to give you the final word and the reaction there. >> i think the real issue is whether or not you think the market might be reaching some area of potential resistance doi i do feel that way. we have inflation numbers to worry about. i have a feeling we're at a different level. but both have their benefits >> okay. good explanation let's switch gears tony zhang likes to consume chips after the dip. >> the

openings on the number people quitting their jobs, plus earnings from caterpillar, dupont, jetblue, marriott and starbucks amazon is teaming up with select stores in local shopping malls to offer same-day prime deliveries. the service will only apply to orders from gnc, super dry and diesel and pacsun for now but they're working on delivery from others the coming months, and it is limited to certain cities which include atlanta, chicago, dallas, las vegas, miami, phoenix, scottsdale and washington, d.c. dallas, las vegas, miami, phoenix, scottsdale and washington, d.c. if you're in those areas you can browse through and ordered a select number of goods from local stores on the amazon website. stephen king will take the stand today in a federal antitrust trial in washington and he is a witness for the government as it tries to block a merger between two of the world's biggest publishers, penguin random house and simon & schuster. king expressed his displeasure with the deal, even though he may benefit. he has been published for years by simon & schuster. the king is worried the merger would h

there's a lo of optimism especially on th back of what we heard from netflix but also hilton an marriott which reported earlie this week, travel is coming back at a strong pace and that's good for both the theme park as wel as the streaming direct consumer business if you look at the chart, that 110 level it failed to get above in june earnings could be th catalyst we see that above tha level. so this is a type of strategy use quite often especially going into earnings because as h said, two out of the three possible scenarios if disney moves higher or swaes, the strategy is profitable the trade off is the fact that you have negative risk to reward ratio. i happen to be in the camp disney could move meaningfully higher so i think my preferenc is more so based on perhaps different outlook no necessarily because i don't like his trade. >> okay so mike i'm giving you the final word and reactio there. >> yeah, the real issue is whether or not you think tha the market might be reaching some area of potential resistance i-do feel that there's inflation numbers to worry about. i have a feeling

. >> reporter: the jw marriott a few blocks from the white house. during the worst days of the pandemic, guests filled only 5% of the rooms, forcing him to furlough and even lay off a chunk of the staff. now that guests are filling the rooms again, they have different priorities. >> i think what we're finding now is even your business travelers are blending their business travel with a little leisure, a bit of leisure travel. and so they're staying an extra night on either end. >> reporter: but not every hotel is adjusting to the changing market. the u.s. travel association says the broader leisure and hospitality sector still down 1.3 million jobs compared to before the pandemic. where is the biggest void? >> it was equal across the board between housekeeping, which continues to be a challenge, and always was, but even front desk. in the summer and in the hot resort locations, you know, pool staffing and outdoor roles can be hard to fill. >> reporter: experts fear the lack of staff could impact the quality of a guest's stay. so many hotels are boos

go marriott hungarian woman. -- go marry a hungarian woman. he wants the court the donald trump fan base because he's at cpac. donald trump is a criminal. if we are talking about upholding the laws of the united states, the full weight of the law for someone who tries to overthrow the government should be applied. i don't know why we are even making victor ormonde relevant. he does not emulate american ideals. we are a country of a multitude of people. guest: i agree. we should not be emulating him in this country. we our country of a multitude of people. we have different ethnic identities, different backgrounds. we are all immigrants from some part of the world. we have different views on family values. that is good. that is what has made america such a vibrant democracy for the last two plus centuries. we should be working to protect that. we are not going to agree on questions like cross-dressers. that is ok. we need to have that debate. we need to protect rights for all american citizens regardless of how they express themselves. victor o

and now i have a question for the ceo of marriott who was very disappointed to hear they're investing in travel. a great concern to tony the travel and hospitality industry is is experiencing did experience tremendous hardship during the pandemic. but the recovery now is experiencing uh is a very different experience. it's uh things look really up for your industry right now. and uh what would how would you describe the industry today and how do you see the path of demand through the end of the year? i know that's you can't know, nothing is guaranteed. but what's your sense? >> thank you, mr. president, for the invitation today. i think what we've learned over the last couple of quarters is really the resilience of travel and when we look at our forward booking data, we see real evidence of that resilience and what's interesting we think about our business through three demand segments, leisure, business travel and group. the recovery has clearly been led by leisure and in fact last year leisure demand got back to where we were pre pandemic. but what's encouraging is we're seeing real

and you know, once the marriott international multi lateral story multilateral national, a local and we were talking about how young people got them on the 3 levels. and we had great keys. we outcomes, which is a mean you think gauge meant and why we said for because a lot of young people feel that they are just a decoration and many parents. and this is something you don't want to because young people, how professional it's an impact, and have ideas on a beta they and they can actually solve the problem if people are really listened or supported. the 2nd thing was accessing to financing finances. a huge issue or everyone, even countries, but for young people specifically because the, the, and we cannot say volunteers wherever we have to actually have our lives and, and we're from need. and also at some point be to step up and grow bigger or work. and the 3rd one was 19, is running. yeah, capacity building, we're gonna, we're going to end it there because i have to show, i want a few things on my laptop, youth unstoppable. this is the web page for it. you can watch it for free online

and mohammad el arian will join "squawk box" comes right back after this >>> earnings out from marriott up. company reported $1.80 a share revenue came in at $5.34 billion. that was also well above expectations the company is also talking about third quarter of $1.59 to $1.69. and ha that is above where the street is. they're saying $1.59 to $1.69. they say some interesting things about rev par. flat up 3% for the third quarter year over year but system wide, it is still down from 2019 kind of interesting. everything else, obviously, the reopening, the added 17,000 rooms globally during the second quarter. they continue to build lodging all around the world lot in china as well the world's biggest now with all of its different subject divisis the company now sees at 633 to 659. and the estimate was 598 so that's also a nice boost there. we saw the third quarter raising the estimates by about 10 cents, and now for the full year by more than that so expecting a strong fourth quarter as well, andrew. >>> we got a lot more coming up. tom cotton's going to be joins us to talk tensions with c

they are expanding the oil production capacity from 12 million barrels to 13 marriott -- to 13 million a day by 2027. investment is going to be an increase but they should be on the low end of their forecasted capex for this year. looking at maybe $40 billion for the year and $10 billion for the quarter. they are increasing spending but not by as they could. francine: give me a sense of what investors are looking to hear from them in terms of future plans. >> potentially about the dividend. we are hearing from some analysts talking to bloomberg television earlier this morning that they expect a dividend increase later this year. aramco did give bonus shares out to investors but that was a small bump. some investors may be looking for more information about what the dividend policy is -- could aramco increase that? the fact that they have brought down debt, they are not going to be maxing out on what they could have done on investments so that may give them a little more room. we will see what aramco management says to investors and analysts in a call later on today. francine: thank you

by the waway, it is not just vacasa travel and booking stocks with a huge pick up marriott over the pastth the little weird lines on the right side of the screen they are all up. similar for airbnb and expedia and booking. there it is. booking.com. >>> let's step out of the markets and check on the other top headlines with frances rivera in new york with those. good morning >> good morning, brian former president trump spent four hours deposed inside the offices of the attorney general letitia j a letitia james as part of the trump organization he pleaded the fifth 440 times he did answer one question he gave investigators his name >>> there is growing pressure for attorney general merrick garland to explain why they searched mar-a-lago. one former justice department official says many officials within the doj believe garland should make a public statement for the search warrant. >>> a house exploded in evansville, indiana. it was captured on video the fire department is looking for more victims 39 other homes were damaged and so badly they were not safe to enter. no gasoline has been de

you never compare yourself to marriott.sting is rather than a pick the city i picked a thought. it is a way to figure out what you want to do rather than book and then figured out and i think that you bring in a lot of new, young people who say i don't want to just go to a city, i want to do something different. you know what the demographic is of people taking advantage of that. >> it is across the board. obviously, the bread and border had been meals. i started the company in my 20s and it has been very popular among older travelers, retirees and now among jens he. it turns out that while we used to be known as an app for younger people to save money. it is now going to all ages and demographics and geographies around the world and that is what we are seeing. the other thing you mentioned is that most travel apps people come and they already know what they want. so you become a looking at. it's not just for looking. you are in the inspiration business and people come to you for ideas. that is what people are now using and

mcdonald's is adding executives from marriott and johnson & johnson to the board. >>> a new record from zillow is showing the home prices are falling. .1%. the first month over month decline since 2012 that amounts to $366 with the typical u.s. hope price sitting at just over $357,000. that's the latest. brian, back to you. >> frank, good morning see you in a few minutes. >>> now to a developing story in the latest on the fbi search of trump's mar-a-lago estate. reportedly uncovered more than 300 classified documents from the former president nbc's brie jackson is here from washington with more >> reporter: good morning, brian. trump's legal team has filed its first filing since the fbi searched his florida home two weeks ago. in it, they called the search shockingly aggressive and say they want any materials not covered by the search warrant re returned former president trump is asking for a special master to review the documents seized from mar-a-lago >> not republican, not democrat. impartial special master to go in and take a look at what they seized >> reporter: the justice departm

first of all, on monday, sully said that my office here looked like i was a worker for marriott. listen, i thought one thing was interesting. it is really the complexion of the rally, not necessarily the levels. it is really the ark stocks that are ripping. it is palatine up 20% in two days. i don't necessarily view that is good or healthy. it is a lot of these parts of the market that are predicated upon low rates, the fed pivot, the peak inflation narrative. i don't know that is all sustainable. a couple weeks ago i mentioned this, too. try to think if we are reaching escape velocity. i talked about this 90% of stocks being above their 50 day moving average. not there. we are close, but you actually have to hit that 90% to trigger. for me, it would be very unusual to see the start of a bull market. i have a hard time getting on board with the fact that we have seen the lows. i tweeted at my own peril a week or so ago that the rally was running out of steam, but i actually think that it is now. >> you can say whatever you want over the last couple of days whether it is these gro

this is the same story we heard with airbnb and marriott. no longer buying pelotons and air friers. people are getting out in the world. tune in to sidewalk box tomorrow morning. you will have mr. fogel on to talk about the second quarter results. >> groundbreaking show every morning. >> i heard of it, it's good. >> 6:00 a.m. to 9:00 a.m. thank you, steve. >> would you sell a stock based on currency helped winds? if management doesn't hedge are they bad manager. >> fx headwinds are transitory. i can't establish a thesis on trading -- >> it's a real number. i would be concerned with the 79% they get from europe. forget about fx. what is going on in europe isn't great. that kept people from traveling. bookings are up. i don't know if that is getting better, worse, indifferent or if people are that tired of being home that they have to go anywhere. >> currency is cheap. >> that's the only tail wind. >> i agree with you on the fx. like, wow, nobody saw that coming? you can see where the dollar trades everyday. i don't know -- sometimes it feels like the market dismisses fx, doesn't matt

marriott, avis, airbnb, trip adviser, all seeing strong demand, but finding enough workers to keep up with that demand, that's a challenge kate rogers has more in today's "help wanted." >> even with today's job gains, we're still more than 1 million below the pandemic they're somehow limiting rooms, because they just can't service them. >> 97% said they had opens, 49% said they had severe staffing shortages that were impacting operations about half the hotels are being impacting in a way that is hitting operations >> in california, the staff are doing more with less some restaurants on the property are now open just five days a week, and they're also limiting hotel cleaning during stays. >> we limit the number of items on the menu. that helps in the back of the house. people are getting used to not a full service every day if someone is staying with us for three days, we're doing limited cleans between each night, and then we do a full service on checkout and check-in >> now, miller says inflation has cause ticker shock, but maintains the value is there and guests are getting used to

election officials committed to fair elections are re-signing are being pushed out in the state and marriott attacks. given that one third of americans still believe the big lie, it is unsurprising that some minority of election officials and some employees who support their work by into election conspiracy theories. moneys are being spent in campaigns with election the nihilism --denialism. what happens when people fall victim to these falsehoods? we are witnessing this in cop -- colorado p security risks are a norming but they can be mitigated. congress can work to combat docketing --doxxing. this costs money but congress should have -- help. it helps to garner a variety of threats and requiring audits and federal elections has received bipartisan support. our election infrastructure is strong but it is facing a growing anti-democracy threat. congress can invest in true election integrity measures. >> i think you miss roma chandra and i recognize mr. stamos to summarize his statement. >> it is all -- an honor to be here with these experts. my part today is to talk about election disinforma

marriott a few blocks from the white house.uring the worst days of the pandemic, guests filled only 5% of the rooms, forcing him to furlough and even lay off a chunk of his staff. now that guests are filling the rooms again, they have different priorities. >> i think what we're finding now is even your business travelers are blending their business travel with a little leisure travel and so they're staying an extra night on either end. >> reporter: not every hotel is adjusting to the changing market. the u.s. travel association says the broader leisure and hospitality sector is still down 1.3 million jobs compared to before the pandemic. where is the biggest void? >> it was equal across the board between housekeeping, which continues to be a challenge and always was, but even front desk, in the summer and in the hot resort locations, you know, pool staffing and outdoor roles can be hard to fill. >> reporter: experts fear the lack of staff could impact the quality of a guest's stay so many hotels are boosting wages and benefits

i think anderson cooper said a trump supporter seat at the olive garden and stay at the marriott to. the double standard, the rules don't apply to us, they are somehow better than us -- it's that arrogance that i think it's going to be their undoing on november 8th because american people have had a typical they have also had with politicians who say one thing and do another. joe biden says we're not going to raise your taxes but now this bill raise your taxes. we have a 41 year high in inflation they told us we weren't going to come for your guns but they are doing just that. americans are sick and tired of that as well. i think all of that is going to be y on november 8th it's going to be a good night for the republican party and more importantly a good night for the country. >> sean: i never thought all of this could happen in 18 months. the borders would be a disaster, we would have a 41 year high of inflation. we would have a record high gas prices, twice of what we had, twice the number under donald trump. the idea that they still cling to their religion climate cult religion i

cnn's randi kaye and sarah marriott are covering the very latest. this is such a huge night to think about what is going on right now. sarah, it's been an extraordinary development and they continue to come out what are you learning about this fbi search a mar-a-lago? >> absolutely. these are very wild circumstances, of course. we are talking about a former president as you say he broke the news and he released along statement saying that the fbi have even search a safe that he had. we've been told by multiple sources this is related to the presidential records act. this has to do with materials he took when he left the white house potentially classified documents that he took. we know from earlier reporting the national archive has recovered 16 boxes of material of the former president has talk with him. but what this is focusing on is where he was keeping costs five, or potential classified materials. whether anything was left behind. but it did seem like a bit of a shock. even to the trump people because they have had lawyers that were engaging w

significant losses despite outperforming the past four to five weeks and hotels, interestingly enough, marriotteld up better than the home rental stocks rushed back to big cities and that's where hotels have a bigger footprint than the rentals. >> people want more income and they're giving them more room and nights, so interesting, seema. >> one of the things that could outperform in the environment if we see more softening in the economy and people saying we have the second home, let's rerent out and other online, and the challenge is to beef up the inventory. >> maybe these homeowners will help seema, thank you very much for bringing that to us. our seema mody we'll trade the other vacation name that has analysts hiking their earnings outlooks coming up on "power lunch" which starts right now. ♪ ♪ >>> good day, everyone welcome to "power lunch," i'm tyler matheson kelly will be along. companies are raising prices at a rapid pace and once they go up they will take a long time to come down if they ever do, the

marriott hotel workers with the same union won raises and improved health care in 2019.r said they are working two or three jobs just to get by. we have reached out to sfo to get a response. part of building a better bay area is looking at our changing climate. a toxic algae bloom is spreading across the san francisco bay and it is impacting our ecosystem even if it is not officially harmful to humans. >> looking out across the san francisco bay, you may have noticed it is looking murky. experts say the reason is a potentially harmful algae bloom spreading in waters throughout the bay area. the algae is called hetero sigma and it is literally turning the bay brown. it is something that scientists are studying closely. this morning, we followed the team as they went out on the bay. a staff scientist says there has not been an algae bloom of this time since 2004. he says there are a lot of unknowns about why it is growing again now, but the nutrients polluting the bay are a major factor. ian: there are 40 wastewater treatment plants discharging a lot of phosphorus and nitr

caribbean going way down and not in trouble as a company, but troubled as a stock, and you have marriott's looking at it from the other side all right, steve, thanks a lot >> let's zoom in now on big tech many of the biggest companies reported the biggest results and they paint a picture of the economy and demand that wasn't that pretty. steve kovac joins us with more on that. >> hey, contessa not pretty indeed. we heard from apple, alphabet, microsoft, amazon and meta and all of the companies warning on weak spotses and jennifer elias reporting that alpha's ceo told employees to double down on productivity and that's echoing what we've heard from executives in meta and microsoft in recent weeks and i even asked tim cook about this last week and he told me he'll be deliberate in hiring due to inflation the message here, do more with what you already got microsoft told us about cost-cutting in small and medium businesses and assigned more tightening could be to come. also warning of, quote, deteriorating pc market that started in june, but apple told the opposite story saying demand is stil

830 points the broader consumer discretionary sector among the key laggards travel names, airbnb, marriottdown a similar amounti when prices thi fall are coming down a new survey from trip advisor also finding that inflation is cutting into travel budgets. americans prioritizing nearby destinations take a look at the cruise lines. on the week they are higher but trading down today these stocks tend to be sensitive to higher rates given the debt they are sitting on and the need to refinance. royal caribbean down 3.4%. carnival down 5%, tyler. >> it's interesting. i have been exploring a trip for the holiday season this week alone, the fares came down by several hundred dollars. >> finally. >> finally and from wednesday into yesterday, an additional $200 per person so what you just reported on i have experienced and you see it in the marketplace if you're thinking of booking, watch those fares. thanks for watching "power lunch, " everybody have a great weekend. >> "closing bell" begins right now. >>> stocks falling hard as fed chair powell's jackson hole speech sends a chill across wall stre

is that changing as travelers return to hotels we got very good numbers from hilton and marriott overrse of the last week. and both those stocks, the hotels are faring much better than the online travel platform so far this year that tells you something, right? >> absolutely. seema, thank you seema mody mike, seema raises the question peak travel demand is that what the market is telling us >> yeah, for the most part it is you look at the airline stocks, they really haven't even gotten much of a lift with the decline in fuel prices even hotels, which have been really strong within the group, have faltered a little bit here. so if you wanted to make the case, if somebody had a sense out there that in fact travel demand was going to be more consistent and travel on through the fall, it would seem the market would actually -- it would be an opportunity there. right now the message is nobody is willing to go out on a limb and say that the consumer is going to continue at this pace we've been on this summer. >> we've got to hit coinbase shares up sharply today. they're off the highs, but s

that will tell us, for example, if numbers from cvs, starbucks, ai airbnb, marriott, if they show weaknessinterest rate cycle, then we know it's going to be a much more difficult and potentially recessionary times. >> one thing we've seen is gas prices beginning to go down. at $4.21 today. still a lot higher than a year ago. same time we're seeing record profits from a lot of oil and gas companies on a quarterly basis. how do you see those dynamics playing out in terms of the people's perceptions of the pain they are feeling every day when they try to pay for things? >> it's horrible because you're going to see inflation continue to rise for the foreseeable future. it might slow down a bit but prices are going to continue to rise, for the foreseeable future. that's going to happen. oil and gas is designated and driven by external factors. you're going to be looking at ukraine. you're going to be looking at saudi. you're going to be looking at the ability of the -- of texas and north dakota, south dakota to generate more oil and gas. those are the factors. but we -- the medicine that the fe

and then it had to be a spotty and marriage at the marriott. yeah. any. turn it how they know a little harder yet for can and my love her to look good at being and you hone in. you know, for soon, wet venus, she'll walk in june. i do me in the midst of it. we think it will be fun. can we have one that's on the coming medic? if i can certainly do them in me can. can nicholas this is all. hi, this is who's in abilene high for norman. how would i get a copy of a lot of a lot of the, i'm part of mr. law. best way you can dial 0. heard that missouri. i've been here to better dot com, but it is for any sort of muscle, but it to me i'm pretty fit heck him in the fact that they took muslim harbor, cut probably a thought, i suppose. i don't get the barbara calling from mr. hate. then young man below mr. alada, who had some of them that i found out when i went, ask them to put some kind of pick up either way. we would do the the much. i mean this hedge and i went on matters in miss us. me, me matters in this matter, then to call me my name is mr. unit, so dean in n

. >> snipe >> marriott, the travel theme is still intact i like it here. >> joe t., the last word. >> valero is my final trade it's just a great edge against the growth strategy here >>> one last check in the markets before we get going, markets moving higher, remaining higher, s&p off of its highs, but still up almost 2%, the dow up 1.5%. that does it for halftime. "the exchange" begins right now. >> hi, everybody i'm kelly evans. ahead this hour, stocks are surging after a lighter than expected inflation report. that's the good news the bad news is we're seeing the weakest productivity report for any expansion in post-war history. what does it mean for the economy? we'll discuss. the discussion has already

cnn's randi kaye and sarah marriott are covering the very latest. night to think about what is going on right now. sarah, it's been an extraordinary development and they continue to come out what are you learning about this fbi search a mar-a-lago? >> absolutely. these are very wild circumstances, of course. we are talking about a former president as you say he broke the news and he released along statement saying that the fbi have even search a safe that he

we reached out to aloft and its parent company marriott, but have not heard back. kumasi: striking kaiser permanente mental health workers will be picketing in front of medical centers today. they first walked off yesterday demanding that kaiser hire more therapists. they will be picketing at medical centers in santa clara, oakland, and santa rosa. nearly 2000 workers are staging pickets from sacramento to fresno. kaiser said it is still the -- still able to meet the needs of patients. reggie: dublin residents are back in their home after a fire for some to evacuate. flames broke out before 5:00 last night. the fire burns dangerously close to some homes before firefighters got the upper hand. at last check it had burned 60 acres. here the reporter cashiers are reporter tim johns. tim: call a little bit closer to home. she showed us the charred exterior of her home after a brush fire broke out nearby. the fire line coming up to the edge of her property. >> i am kind of in shock, or i am terrified, but i'm ok. tim: the neighborhood, -- came under and in fact -- an ev

. >> so marriott called it a legal long shot.ented their evident to the state attorney pleaded for an arizona wiretap warrant. and they got it! >> the game was back on if they could make it work. >> we were going to try to set a trap for three people. and keep track of those three people and i wasn't sure if it was going to work. >> what if it didn't? >> in the back of my mind i gave it, probably a 30% chance of success. >> but you're giving yourself a 70% chance of being echoed at the end of the day. >> it had to be perfect. we were only going to get one try. >> so tom begin to comply a team of investigators even called there and why it. the first detective on the case to see if the pd wanted in. >> and i said let me fall at your feet and do what we can now [laughs] you know i felt like this was going to be good. >> the phoenix pd also provided scores of officers. so by game day dove had close to 100 cops working the case. >> i reminded them of that mouse trap game you played when you were a kid. >> in that this huge ball was go

. >>> welcome back companies from caterpillar to marriott citing china as a wild card in earnings thisnot everyone is negative, though seema mody is here to break it all down for us. >> so far the takeaway from this earnings season is companies are really struggling on the ground in china for starbucks, for example, china was the only international region that did not grow revenues by double digits in the third quarter. on western digital's conference call the ceo said expectations for smartphone units have come down in recent months, led primarily by the reduced demand in that country. and the challenge is not knowing when the economy will rebound. caterpillar's ceo said it's too early for us to predict what's going to happen on the ground there. tesla's ceo, elon musk, said the reason we sold a bunch of our bitcoin holdings was we were uncertain as to when the covid lockdowns in china would alleviate, so it was important for us to maximize our cash position there were some outliers here. apple was much more positive it did see iphone sales surge. ubs estimating a 25% year-over-year g

i'm very blessed have come from a wide marriott of libraries. i i worked in university libraries. i worked at the library congress. i worked for a prison library. i'm current a big data scientist and librarian in the government and i volunteer in other endeavor. so i've had a colorful library background and i think it's fair to say that amid the different libraries. i think there's is a kinship and as far as they're very they're varied and their differences they offer collaboration information simulation, there's data and information sharing. there's the need for learning education myriad of things and yet what is compelling to me is that there's this because of this big data and information explosion, and of course the knowledge exploration. i'm wondering what you might have to offer in the way of understanding for how libraries can work more cohesively to kind of spread awareness and to motivate those who are who are kinship and and determined to kind of stay on the computer and not visit their local community libraries where that information and that collaboration can really be

doubling of its revenue thanks to strong ride-sharing we had strong commentary from dupont, from marriott how does that fit into your negative view of the overall equity market? >> if we look at the earnings season overall, it's been a mixed bag on the demand side if you look at kimberly clark and some of the industrial companies, they're actually saying that we're seeing unit volume its fall on the higher prices so uber, i think, perhaps somewhat idiosyncratic, but mixed bag at best. a lot of companies have lowered their expectations coming into the earnings season. i think the next catalyst for equities lower, that is, will come from guidance as the quarter progresses and higher prices and their impact on demand starts to bleed through to unit volumes and that's going to force a lot of companies to guide considerably lower. >> so you're not convinced on the earnings story what about the new geopolitical risk, how should investors think about what's happening right now between the u.s. and china >> yeah, i mean the tensions between the u.s. and china, especially with respect to security

take a look at hotel stocks, marriott, hilton, hyatt, all three beat street estimates this earnings season, down about 1% to 2%. as are the rate sensitive hotel reits. the real estate investment trusts like pebblebrook and host hotels as they watch yields tick a bit higher we also see that the vacation rental names, expedia, airbnb and booking, jon, also caught up in today's sell-off. >> are these names benefiting at the same time over the last few weeks from energy prices easing off? i know at least on the margin side that might be good for some airlines >> yeah. absolutely among the groups within travel that benefit from lower gas prices, oil prices are of course the cruise lines they consume a lot of fuel to stay sailing across the sea. so certainly one group that benefits from lower oil prices as do the hotels those that have hotels and locations that are drive-to destinations for sure, jon so yes >> absolutely. yeah, i should have said oil but yeah, gas for driving. for sure seema, thank you >>> still ahead, amc's ape begins trading llnshbo max pouring biio into streaming we are divin