robert frank, we appreciate it. >>> sounds good. >>> closing out a rocky may.drew silverman may be showing calmer waters ahead. apple. nikkei reporting that the tech giant is moving ipad production from china to vietnam after lockdowns led to months of supply chain disruptions apple has multiple component suppliers to build up the inventory. "worldwide exchange" will be right back ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪ cvs. healthier happens together. (heartbeats) introducing icy hot pro. ♪ ♪ ice works fast... to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. >>> very busy day on deck. 9:45 we get the final reading for may for the manufacturers purchasing index, pmi and job openings and labor turnover survey also known as the jolts, big friday jobs report at 2 p.m. the fed releases the latest

insider buying ramped up in may hitting the highest level in two years and robert frank is here withtocks robert >> insiders sold a record $170 billion worth of stock, but the tide may have turned in may. they actually bought $1 billion in stock and nearly 1300 insiders were buyers and that was the highest number since march 2020 the number of buyer and sellers now roughly one to one normally, there are four times as many sellers as buyers. analysts at j.p. morgan saying, quote, corporate insiders are holding a non-consensus view across all sectors and are actively buying the dip. a lot of the buying has been in tech and telecoms. coinbase co-founder director frederick ersom bought $77 million of coinbase stock and that's up 7% from the may lows daniel eck bought $50 million of his own stock and shopify getting a vote of confidence from its own ceo who bought $10 million worth of that stock. best buy chairman amer ity us richard schulze buying bbb stock up 20% from its may lows on the buying basis, it is half the loss of 2020, but insiders tend to be a good signal of where the market

of millionaires think inflation will last at least two years according to a recent cnbc survey robert franknd how these folks are positioning their portfolios in response, robert. >> well kelly, this group owns more than 85% of individually held stocks so they could really impact markets and for the first time they cite inflation as the number one threat to the economy. they also say in flation is the top risk to their personal wealth ahead of the stock market now a majority say the economy is headed into a recession this year or it is already in one. most also say in flation will last at least a year or two with one in five saying it will last more than two years. now they still have some faith in the fed, most are somewhat or very confident that the fed is going to be able to manage inflation here but this is political here democratic millionaires nearly twice as confident in the fed than republican millionaires about half say the s&p will end the year down double-digits and for their portfolios, it is all about cash and fixed income right now. nearly half say they have kept more money in

robert frank has been tracking that money flight. wealthy have been leaving high-tech states for years. the pandemic effectively doubled this migration of wealth you look at new york, they lost nearly $20 billion in taxpayer income in 2020 that's more than twice the losses in 2019 california also nearly doubling its losses to $18 billion. you look at connecticut, new jersey, and illinois, all losing a combined $11 billion you look at where most of the winners were, mainly low-tech states, especially florida florida adding a net $24 billion in personal income texas adding over $12 billion. arizona and nevada also seeing strong gains when you drill down to the state-by-state level, you see the taxes are not the only driver new yorkers did go to florida, that was their top pick, but the second most common destination was new jersey, which gains $5.3 billion from new yorkers who moved there. even california gained $3 billion from new york, but california ended up losing more than twice that to texas and arizona. now, the average income o

shares are down today, but robert frank is here with the details. robert >> kelly, revlon shares still trading way above that dollar a share range when it announced the bankruptcy on june 16th. retail investors betting that this is the next hertz rental car. hertz of course generated that big windfall for investors who bought it right after a bankruptcy, yet revlon is a very different story. hertz was hit with a one-time pandemic shock revlon has suffered from rising losses and debt for years. that debt now over $3.5 billion. that's more than ten times its current market cap take a look at the bonds those are trading well below par. the senior notes $0.64 on the dollar, other tranches of debt around $0.13 on the dollar bond investors think there is very little chance of getting paid in full they have to be made whole before shareholders get anything billionaire ronald pearlman controls 85% of the stock, so there isn't a lot of stock out there to trade the meme crowd has added $250 million to his net worth with this share increase, but bankruptcy expe

robert frank has more. eryday investors, because investors in total have lost more than $10 trillion in the stock market so far this year. that's bigger than the pandemic crash or the financial crisis in dollar terms, of course smaller on a percentage basis. look at the big tech companies among the hardest hit are apple. $100 billion this week microsoft, of $0 billion this week, google, 65 tesla and amazon both losing $65 billion year to date year to date, the top ten billionaires have lost musk and bezos and zuckerberg down 66 or $67 billion other big tech losers include larry and sergei of alphabet mackenzie scott down $32 billion after she gave away $12 billion and doesn't add in crypt losses. you look at a market cap bases we are down about $2 trillion in crypto loose losses. a lot of losses, at the top, at the middle, at the bottom. all across the board. >> it was a very tiny violin, by way, playing a very sad tune for those. the numbers themselves are extraordinary. we are out of time it shows you loss

vineyard it's ever purchased robert franks spoke with the ceo and joins us with the details and a checkand we're still seeing in the high end, robert. >> indeed. moet hennessy announcing a deal to buy celts that's the legendary name in napa and sonoma valley they're fames for the insignia brand that retail said over $300 a bottle i just spoke with with their chairman and ceo they have about 25 brands including cloudy bay he says sales in europe are especially strong. that's surprising given all that's going on in europe. he said european demand is on fire same for japan in u.s., they are seeing a slight slowdown in the lower priced products but medium and high end, revenue growth of 8% in the first quarter they did have supply chain issues he said those are largely resolved they do expect a, quote very strong second quarter. so, that's going to be good news for shareholders but sham spain shortage. they can't just make more of it. the demand balance will continue at least a year or so. the champagne they co own with jay-z, that is, quote, exceeding our expectations and in japan and the

ed ellington: first question, frank? robert f. kennedy: if you say it, then we can repeat the question. frank thackston: mr. kennedy, who, in your opinion, is the person primarily responsible for the ole miss riots, and why? ed ellington: the question was, in your opion, who was the person primarily responsible for the ole miss riots and why? [laughter] robert f. kennedy: tt was an interting queion. [music playing] [film reel] speaker 6: oxford is a town with a population of 5,200, spread in the rolling fir- and pine-covered hills onorth mississippi. olmiss haseen at oxford for 114 years and is more notefor e beauty of its women and the strength of its football tms rather than for high academic standards. but 29-year-old james meredith married the father of a little girl who wanted tattend ole miss. speaker 7: studio. hagan thompson: this is gan ompson athe state fice building in jackson. james meredith has just arrived and is apparently making his way up to the 10th floor to register. [jeering] and the national press view this as

that's robert frank. see you next week. tecumseh starts now. >>> good friday morning, welcome to tecumseh. i'm deirdre bosa, coming to you from the home the winning warriors we have got an argued for a near term rally, perhaps some opportunity, then adobe shares cloud surge. more on what a report means for the rest of technology speaking of storm clouds, specific warnings for the ad market we will look at media entertainment internet stocks. first, it is the broader market and tech's underperformance. mike santoli is looking at all of it. mike >> yeah, this is pretty dramatic and really pretty protracted at this point payback phase for the multiyear strength you had concentrated in growth stocks coming up to the peak in january, actually, november for the nasdaq. look at the forward valuation, the price earnings multiple for the nasdaq 100 stocks. of course this is heavily, heavily skewed to the top five biggest most profitable firms. you see just complete kind of unwind of that huge surge of excitement embedded in the valu

thanks, robert frank. >>> with the firm sinking thoday that's ahead on "power lunch" which begins right now ♪ ♪ >>> and kelly, we'll see you in just a moment. meanwhile, welcome, everybody, to "power lunch. i'm tyler matheson here's what's ahead, an economic hurricane. that's what jamie dimon says that's ahead and investors should brace themselves. his two big concerns is the fed and the ukraine war. plus short energy, it is a bold, bold call on this year's best performing sector so far we've got the technician behind the report with us this hour lots to discuss, busy hour ahead upon kelly >> and he is no slouch we're looking forward to that, tyler. thank you very much. hi, everybody. growth concerns are weighing on the major averages and so are rising rates a few strong economic reports saying activity hasn't slowed down enough to tamp inflation. the dow was down 405 at the lows this afternoon and we're down 181 or half a percent, two-thirds percent declines for the nasdaq the nasdaq, by the way, 4105 the yield assesses the path of interest rates 294 you can see this decisive jump here

robert frank joins us now with a look at where they're going and what they're leaving behind. >> contessa, the move from the high-tech states to the low tech states, it's been happening for years, but it actually doubled in the first year of the pandemic new york losing nearly $20 billion in taxpayer income from out migration, that's in 2020, more than twice the losses in 2019. california also nearly doubling its losses to $18 billion. if you look at connecticut, new jersey, illinois all losing a combined $11 billion in income as you might expect, most of the winners were the low tech states, especially florida florida adding a net $24 billion in personal income in 2020 texas adding over 12 billion with arizona and nevada also seeing strong gains, but when you drill down, you look at the state to state moves, taxes are not the only driver. new yorkers did go to florida, of course, but their second most common destination was new jersey, which gained $5.3 billion from new yorkers who moved there. even california gained $3 billion from the new yorkers. but in the end, california

robert frank looking sharp in the summer suit, i should add nice to see you.. >>> they never learn legislation spending this money as if this is the new normal and they he keep the money and it wl never go back down we have seen this movie before. >>> when we come back, how to navigate a tricky travel landscape.% the points guy will join us for advice for handling legislations and your rewards points. good luck with that. we're back after this. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. i could've waited to tell my doctor my heart was racing just making spaghetti... but i didn't wait. i could've delayed telling my doctor i was short of breath just reading a book... but i didn't wait. they told their doctors. and found out they had... atrial fibrilla

it's cash flow neutral and that's with poor people on step. >> i'll get robert frank to make sure wehts we have the "gilligan's island" thing going.wasn't mary ann called mary ann? everyone had a nickname. >> was gilligan his actual name? >> just got left out. >> that's important. hey, janet yellen, fall guy, huh? how do you like that whenever you make a wrong, s secretary gensler? >> listen, if the eagles' coach starts saying he supports his assistants, you know what's coming why support my quarterbacks coach when no one asked you if you did. >> joe girardi maybe stranger things. >> jim, we will see you in a few minutes. >> most definitely >> we want to remind you that the cnbc investing club u you can find out more at cnbc.com/investing club or point your phone at the qr code on your screen. "squawk box" will be right back. . we all know this equation, right? he'd crunched numbers day and night. that's it. to maximize profitability. morning. i have quarterly numbers that are beautiful. and forecast revenue from every corner of your organization. is that important? or you could use

retail investors piling in and selling off what some are calling the next hertz robert frank giantjoins us to explain. >> they're still way above the $1 trading range when the company announce chapter 11 bankruptcy on june 16th. retail investors are betting this is the next hertz, that was sold out of bankruptcy last year, generating a huge windfall for many retail investors. revlon is very different the business han declining for years, as it missed the entire social media makeup trend. its debt has grown to over $3.5 billion, more than ten times the current market cap you look at the bonds, they're trading way below par. other trading around 13 krechbts on the dollar. that all means that bond vettors think there's reference chance of being paid in full. retail visitors have succeeding, though, in boosting ronald pearlman's wealth. his net worth growing about $250 million with this share increase, but bankruptcy experts say he's likely to get wiped out in any bankruptcy, just because of the size of the bet they're still calling on investors to squeeze the shorts and buy more this stock

our robert frank has that story for us robert >> good morning, davis insider buyer was close to a billiony, nearly 1300 company insiders bought their own stock for the month. the highest number since march of 2020. analysts like to look at the ratio of sellers to buyers, that's 4 to 1 usually more buyers to sellers, but in may it was 1 to 1 analysts at jpmorgan saying corporate insiders are holding a non-consensus view across all sectors, and actively buying the diplomat who were the top buyers? that's james difranco, he baough 24 million of dish stock tom frist, buying, and howard shultz it shows insiders do tend to buy near the bottom. they did seem to call that march 2020 low, but the buys still in may about less than half of that march 2020 number, so certainly a change in direction, guys. not quite the conviction we had back in march of 2020. >> yeah. interesting, though. robert, i mean, i want to ask you about this also. that story from a few days ago about the fbi and the -- >> yeah. >> i know i'm changing the subject here entirely. o our producers are not -- all these guys with cr

through four pitchers, the cubs said "screw it," and put in first baseman frank schwindel, who threw this 35 m.p.h. pitch. >> robertsed to bring in position player-- high fly ball of the bat of higashioka. did he get it? oh, he got it. >> stephen: now, i'm no baseball player... and neither, apparently, is frank schwindel. ( laughter ) ( applause ) meanwhile, there's news from the world of british sport, because "a man has won the powys race," "a race that pits man against horse over a 22.5-mile course in li-nerd-id wells, powys, wales." it is spelled that way. it is spelled that way up there, because the very first event was won by the horse, and its prize was naming the town. ( laughter ) ( applause ) meanwhile, to cut down on public urination, the boston subway system is placing urine detection sensors in four downtown elevators. wow! the boston subway has elevators? here in new york we just have these porta potties that move up and down and they're what? oh, my god! ( laughter ) apparently, the elevators were selected based on how often people were peaking in the cabs. in boston they call elevators cabs. which ca

frank murphy the next year. robert jackson and james burns the next year. these eight roosevelt appointees just one after another in the wings, starting in the summer of 37. >> there were so many opportunities for him to compromise. not so much cummings, who was a true believer as his attorney general, but others came to him, repeatedly, with offers. wheeler, montana -- with offers to compromise. he just wouldn't have it! he was dead set on moving ahead. he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories about what's going on out there. how he was losing, you know, support -- constituencies. he was very bull headed in that. it is extraordinary. the sense of timing that we credit him with, the exquisite sensitivity to political wins. he just was dead set on this. >> there is a little colonel in this that i think is maybe an explanation of that. home are cummings, the attorney general, was really the harassment and the proponent in this. part of the problem on the supreme court was justice james make r

douglas, frank murphy the next year, robert jackson and james burns the next year, and those eight roosevelt a appointees are just, you know, one after another in the wings starting in the summer of '37. >> and there were so many opportunities for him to compromise, and they came to him -- not so much cummings he was a true believer, his attorney general, but others came to him repeatedly with -- [inaudible] wheeler from montana, with offers to compromise, and he just wouldn't have it. i mean, he was dead set on moving ahead. you wouldn't even recognize the reality -- he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories of what was going on out there and how he was losing, you know, support in his constituencies. but he was very bullheaded in that, and it is extraordinary, again, with his sense of timing we created him with and his exquisite sensitivity to political winds, he just was dead set on this. >> there's a little kernel in in that i think is maybe an explanation of this. homer cummings, the attorney general, was really the draf

frank food, hot, international gateway to the best connections alpha, road and radio. located in the out of you, robert, you are connected to the whole world experience outstanding shopping and dining offers and dry alice services all be our guest at frankfurt. airport city, managed by frappe, bought lou lou . this is dw news, and these are our top stories. more than $100.00 days after russia invaded ukraine, fighting is confined to the countries east and south ukrainian president volunteered to landscape.

robert kennedy was watching this speech. and he explained with evident exasperation. that's it. he's done. he's not going to do anything for the cities. frank mankiewicz was with kennedy that night said well, what would you if you were president? he said he would persuade the major tv networks three of them to cooperate and producing a documentary again showing people depicting life in a poor black urban community. let them show the sound the feel the hopelessness what it's like to think you'll never get out. show a black teenager told by radio jingle this day at school looking at his older brother who stayed in school and is out of a job. put a candid camera and it get our school and watch what a rotten system of education it really is. film a mother staying up at night to protect her baby from rats. they're not ask people to watch and experience what it means to live in the most effluent society and history without hope make was later reflected that the detroit riots and the terrible feeling bobby had that night as he watched johnson had shifted the senators thinking about running for president. kennedy describe this rachel turmoil as the