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tv   Power Lunch  CNBC  July 30, 2021 2:00pm-3:01pm EDT

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is between the people who believe china is still investable, particularly the chinese consumer is an investable asset class and those who say essentially no matter whether you're a private enterprise or a state-owned enterprise, they're all government owned enterprises at this point and there is really big, big risks in owning them kelly? >> that's a potentially massive change that does it for "the exchange." "power lunch" with frank holland in for tyler the delta variant changing the war against the virus according to cdc internal documents. we're going to break down what could be a real game changer for businesses if they try to bring workers back to the office upwork weighs in the future of banking. the banks 20-somethings trust with their money it may not be what you expect. disney fires back at scarlett johansson calling her lawsuit
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against the company sad and distressing. is this the beginning of a new wave of financial battles in the streaming era? "power lunch" starts right now >> thank you, frank. hi, everybody. here is where stocks stand this hour, dell is down, the nasdaq is down more than that, about two-thirds of a percent. we are on track to notch our sixth straight positive month for the nasdaq what's today, the 30th looking to close out july. shares of amazon reported their first miss since october of 2018 off the lows down just under 7% right now. 3352 this is the highest profile team so far this season commodity costs are a theme in this morning's earnings. p&g with freight costs, newell brands and colgate-palmolive said the current cost is difficult. newell down 8% pg pg hanging on to a 2.5% gain.
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investors are looking for ways to what the next big investment will be. the third annual survey of 350 interns and what's trending. the current and future worlds of banking. joining us now is morgan stanley's global head of banks and diversified research . it's great to have you here. what's new and what's old about these interns this year? >> i guess you could say it's old but important, what jamie dimon has been putting in. fintech is on the rise we could see that coming through in the survey. a couple key things, number one,
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let's just look at investing the number of interns actively investing is up three times from the 2019 survey. interestingly a third of them are investing in crypto and another third are interested in exploring that potential when we look at payments, look, one of the things that's been the case, my colleague covers paypal, square, paypal is the leader in the digital wal et and venmo, paypal is the leader. look, that is the same as last year but the expansion versus peers is widening. i think what you're hearing from paypal, they have an aspiration of expanding that lead into other products and services, to leverage what they've created with consumers >> so, betsy, we're looking at a chart showing venmo is the most
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popular peer-to-peer app venmo and cash app are similar zell is different and is privately owned by a number of big banks. what does the popularity of zell say about big banks and the future of fintech? >> great question, frank to me, i think banks need to invest more in the architecture of zell, make it easy to use, simple and quick, lots of pictures people can read but they like pictures better. let's give them pictures i think that interoperability with other apps that you have is so critical and, frankly, one thing finteches have done better than the banks >> one other thing i noticed was crypto about two-thirds of your interns said they either hold crypto or have an interest in holding crypto crypto, in my mind, is something a lot of younger people are more into i was surprised that it wasn't even higher than that. just looking forward, how will
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crypto play a role in, at this guess, the shaping of fintech companies and also more of the legacy payment companies they have their own crypto link cars visa lets you spend crypto mastercard has one where you have crypto rewards. how will it change the future of payments when it comes to these young people >> this is an unfair question with a two and a half or three minute segment >> true. >> so happy to come back with more on that on the one part, to your point, you were surprised only two-thirds i would say we were surprised on a more positive side on that why? because when we speak with institutional investors, not just me but my colleague and working on the crypto work we've been doing for the past several years, institutional investors maybe half or 40%. so it seems like this age bracket, this intern group is even more interested in crypto
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than our institutional investors and interestingly enough bitcoin, 70% of them hold -- of the ones that hold it. and ethereum 60%. interns in the office at meetups, coffee breaks, what i was interested in hearing from them, look, you want to have a diversified portfolio. let's have some diversification here is this going to be the biggest slice of my investment pie no let's put something in here because if it does increase in viability and in value then i want to have some of it. so it was interesting. in the sidebar conversations there was a lot of passion around crypto. >> so, betsy, i guess my final question is to go back to your coverage universe. you survey these interns, a lot of them have traditional deposits at traditional banks. what would your takeaways be in
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terms of coverage space? >> i really want my companies that i cover -- u.s. large cap banks and consumer finance stocks i cover branch based organizations as well as online financial institutions and i want to say, look, you have to think like a software company. you have to have not only great value because price and rewards were two of the top most important things, but you have to also have great customer service and fantastic app features, functionality, ease of use. i think that's table stakes. so you really have to think like a software company and be a partner because i think it's going to be hard in this environment to do it all you've got to integrate with others in your customer payment supply chain that's how i would think about it >> seems like a huge space for fintech.
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betsy, thank you for joining us. it was fun, too. >> a pleasure. anytime. well, we are halfway through the earnings season with a number of big names on deck. 28% of the s&p 3500 reporting bu only one reopening, norwegian cruise lines, uber and then we have consumer product giants, clorox, kraft, hines for more is stephanie link, portfolio manager with hightower and, of course, a cnbc contributor. okay, stephanie, it's time >> hi, frank >> i calls call you stephanie, never steph. it's great to have you on. we named all the companies reporting next week. any company you're watching closely not only for its report but the impact on the broader industry it's in >> yeah, i am watching the semiconductor space and one that
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reports next year. it's up 28% year to date, but they're in the sweet spot in terms of their end markets 70% of their end markets and their sales are in growth markets. what does that mean? 40% is in auto, ev 14% contactless payments and then the higher margin pieces of their business iot, 5g and industrial automation. and so since they touch so many different end markets, i think we're going to learn a lot in terms of supply constraints and also demand. they're doing a great job on their own gaining market share as they are really excellent in terms of execution we'll learn more about the growth and demand for these various different industries and that will be important for the entire space >> we look at the smh flat over the last month up fractionally higher a really good report and good guidance what would that mean for the chips overall? >> i think it's all about guidance in the first quarter they said the second half of the year they
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expect to grow 20% above normalized levels. so want to hear what they have to say about that and giving us an update, because we obviously are in the second half of the year, what kind of market share they're getting, who they're taking market share from, by the way. i do think this will be positive especially when you add on very solid report from amd this week, a very solid report from qualcomm as well i think it could reignite the group after being flattish since mid-may. >> interesting, interesting. we talked about a lot of names tied to the opening reporting next week, talking about marriott, about expedia, bookings holdings. what's more important, their earnings or their guidance >> yeah, i do think it is their guidance, their visibility, anything with regards to covid, delta variants anything like that i do think we are seeing travel -- it is recovering maybe it pauses because of delta
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but in the bick pi big picture s on the rise. in terms of companies i want to own it's not only this team because all the names you mentioned will benefit from travel and will reopen but i want to have internal companies, things are going on that the companies are doing. so expedia, for one, i own it's up 23%. it's had a nice run. i think there's more to go they do have a cost cutting program. that should help margins margins can go from the upper teens to 24% to 26% that will create operating leverage. when you have higher margins and lower costs you get free cash flow they could generate something like $2.5 billion to $3 billion in free cash flow and might increase the dividend, even a buyback. so i'm really excited to hear what they have to say both macro and micro. >> steph, i'm going to start calling you steph now, by the way. stephanie link -- >> you can call me steph that's fine. >> delta variant on all of our
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minds, earlier this week we saw pfizer reports, strong earnings, more biotech and pharma names, eli lilly, regeneron, amgen. what are you expecting from them >> it's a group that all of a sudden has perked up, frank. it will be interesting to see the reactions based on good results. i think they'll have very good results. i think the valuations are very attractive you get a nice dividend yield with eli lilly i was surprised by pfizer's reaction i was happy to see it, obviously. up 3.5% on the day and a 3.7% dividend yield and they're doing well ex-covid. their pipeline is working. that's what i really want to focus in on. pipeline, are they executing ex-covid and what they're doing with their free cash flow. >> stephanie link, we appreciate the insight as always. have a great day >> thank you, frank. mandating vaccinations the ceo of a hiring firm what
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workers are telling her. and hollywood is used to superhero fights but this is a new one. the one between disney and scarlett johansson, will it change the way they do business. big profits and big oil. we'll trade the super oil super majors straight ahead. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks!
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among the worst performers today, you have travel and among those the cruise lines royal caribbean says they have tested positive for covid-19 or whom were vaccinated while the other two were unvaccinated. today caps off a tough month, norwegian and their worst monthly decline. frank, back to you >> thanks a lot, kristina. more and more countries are reversing or modifying the return to work policies as worries continue to grow cnbc reviewed documents from the cnbc that show the agency is now warning house lawmakers the new strain is as contagious as the chicken pox as a longer transmission window and can make people sicker. it also warns vaccinated people might be able to transmit the virus. our meg tirrell has the details. >> reporter: hey, frank, this is a concerning set of slides that
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we saw last night. "the washington post" first reported it's an internal presentation from the cdc. and in it they say the war has changed largely because of new understandings just how dangerous the delta variant is it's highly contagious, likely more severe. that is a new declaration from the cdc and breakthrough infections may be as transmissible as unvaccinated cases. in terms of the contagiousness of this virus, they look at other viruses and compare it with ebola, the common cold, the seasonal flu and smallpox saying it's more contagious than all of those as transmissible as chicken pox. this might make you worry, okay, we have the vaccine. what does it do for me it still protects. you are threefold of getting infected 10 to 25 fold reduction in
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hospitalization or death people who are fully vaccinated having breakthrough infections carrying the high viral load and perhaps being contagious when people who are vaccinated get infected and as more and more people get vaccinated the numbers will go up because more people are vaccinated. at the same time the cdc is putting out a case study of this outbreak we've been seeing in provincetown, massachusetts, basically doing all this contact tracing and figuring out the dynamics there almost 500 cases they found in massachusetts residents. 74% were among fully vaccinated people and conclude even jurisdictions without substantial transmissions might want to go back to masking guys >> meg, thank you. meg tirrell with the latest for us you have the fierce battle for talent, higher wages, the
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ever-changing return to work plans and how does everybody feel and deal with that? our next guest runs the world's largest work marketplace up work, stock lower by about 10% after raising guidance it's been on a run of 42%. the president and ceo of up work do you know why investors are expressing concern >> we're focused on long term, going after a trillion dollar market opportunity and focused on giving custers in all the ways to work with freelance talent, so we couldn't be more excited about the prospects having delivered our fourth quarter. >> we know also your stock is one of the best performers in the pandemic, more than tripled or something like that you could look at the decline and say maybe it's a sign delta
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will not be the end of the world. you're there in real time. how is this new variant affecting the workforce right now? >> i think the major lessons have been learned having come through the last 16 months, the lesson is remote work is working. so many companies have figured out across the landscape that they can engage remote talent regardless whether they're back in their offices or back working from home, and that is critical. companies have been facing age-old problems around access to skills, needing more agility with their workforce and more efficiency and they've discovered they can tap into freelance talent all over the world to give them those benefits coming through to where we are now and whether the delta aspect of the pandemic changes things that lesson around access to these folks they can carry through to whether they're working in their office or not and that's the critical thing that will get us through the next couple quarters, whether
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there's more noise from delta. >> labor force participation and this goes back to the fed and all of that kind of thing. a lot of people thought of the pandemic and i wonder if it accelerated like it with so much else if there's actually sort of a pressure point especially with two parents if both are working, things like upwork or freelance work offer a different path. could you sort of tell us the kinds of people you think are mostly involved in freelancing and in gig type of work? is it younger people, those marginally attached to the workforce? people who might have been part of the labor force what do you know >> all types of workers who are realizing freelancing can serve them in a different way. workers were engaging in freelancing and that was their full-time job. then through the pandemic more
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workers decided to participate in this because they were nervous about their full-time work prospects or decided to moonlight on the side and that drove more demand. 60% of workers who gave freelancing a try over the last year plus said there was no amount of money to go back and that is a huge stat when you think about it what we are seeing is freelancing is working so well for people because it gives them the flexibility, the control, so many aspects of what they're craving. you mentioned caregivers, parents, people who have so many responsibilities in their lives who are making freelancing actually work so well for them int i think that is where holistically as humans it is giving them economic choices as well as everything else they want in their lives and will endure well beyond the pandemic and anything else that's going on at this moment. >> hayden, speaking of economic choices, my real question to you is the uncertainty of the delta
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variant, is that increasing the desire for freelancers you don't have to give them the same benefits, or is it reducing the need or demand because of that uncertainty, and does vaccinated status matter to companies when it comes to freelancers? >> vaccinated status definitely doesn't matter when it comes to freelance terse. what companies really care about is does the person have the skills i need? studies for going back for years have said the number one thing executives have been constrained by when they look at their workforce is can i get access to the people with the skills i need and they have been running out of those talented individuals with staffing firms and things like that. now here we come with solutions like upwork that give them access to a whole world of highly skilled talent that solves that age-old challenge for them as we're moving through the pandemic, what we're hearing from companies they don't care where the people are and they
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don't care about things like vaccination status they can work with these workers regardless of where they are or where the workers are and they just want these people to close those skill gaps for them. >> hayden brown, ceo of upwork thanks for being here. a tinseltown tip scarlett johansson suing disney over her contract. that story when "power lunch" returns. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein. find our coupons in sunday's paper.
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welcome back to "power lunch. let's get a check on the markets. the dow and s&p are at session lows, down 170 points. right now the nasdaq also down just about half a percent. the worst performer right now off three indices will end july in the green looking at health care, real estate and utilities energy deep in the red off more than 8%. let's drill down on a lawsuit roiling hollywood. black widow star scarlett johansson suing disney saying her contract was breached when they released on the disney platform she said that violates her contract here disney's response and it's scathing they say there's no merit
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whatsoever to this filing. the lawsuit is especially sad and distressing in its callous disregard for the horrific and prolonged global effects of the covid-19 pandemic. johansson's agent has reacted saying, quote, disney's direct attack on her character and all else they implied is beneath the company. joining us is the executive editor of film and editor for "variety." this one has everybody going how did something like this erupt into full public view with the language that they're using? have you learned anything about how this all happened? >> i mean, you're absolutely right this is total scorched earth on both sides and it's amazing for a conflict like this to play out in the public square it's not that actors don't feel they've been cheated out of salary or bonuses but usually these kinds of negotiations take place behind closed doors. and i think the reason that
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disney was so passionate in its response is because the stakes are so very high really nothing short of how actors are paid for their work is at stake here and it comes at a time of disruption in the media landscape and with a lot of new movies that are opening simultaneously on platforms like disney plus and in theaters that's scrambling how the actors are compensated. >> disney's basically implying or outright saying you're greedy you got $20 million and you want more during a pandemic but according to "the wall street journal," she reportedly could have missed out on something like $50 million, so a huge amount of underpayment relative to the contract from what i'm reading she was promised, i guess, they wouldn't do something like this and then they did it. again, i'm not sure how this could have happened. i assume her people must have seen at some point they were going to release it on streaming
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and flagged disney this is a major contract violation do you believe disney would have just gone ahead and done it anyway what did they think she was going to do? >> i think what happened they will counter they released the film wide, released it in thousands of theaters so they actually met her contract requirements and what they also tried to do was add the rental revenue to the box office gross so that the aggregate of that was how bonuses would be calculated. now she is saying because they did this simultaneous release they cannibalized the overall box office and cost her tens of millions sources say unlikely she would have gotten that full $50 million. it would have had to have been a real runaway hit, but she probably would have gotten about $25 million in box office based bonuses, which is no small amount of money.
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>> you said $25 million like that wasn't a lot of money, it is quite a lot of money. >> i'll take it. >> whether or not she is greedy or has a right to the money, the movie was shot between may and october of 2019, well before the pandemic, isn't it a contract violation because i don't think disney had any plans to release it on the platform when they filmed the movie >> they'll probably try to argue there was an act of god given the pandemic the 2021 slate and what warner brothers did they were much more pro-active in making their talent fold, we'll pay your full bonus. people like denzel washington and will smith, they make like $40 million. they doubled their salary. and that was done because warner brothers felt they needed to
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appease talent disney seems to feel they have more leverage, the hottest brands they have marvel they have pixar. >> the question i think long term, will this lead to more big-time stars going to netflix where you get all your money up front? brent lang, we appreciate your time >> that's a great point. two major oil names reporting oils both crushing estimates. we're going to bring you exclusive comments from chevron ceo up next. plus, the next frontier in tech. how companies are revolutionizing the recruiting process. we'll be right back. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee...
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♪ ♪ ♪ ♪ ♪ ♪ welcome back the oil market is closing for the day and the week let's go to pippa stevens who has the latest oil finishing out the day, week and month in the green despite some concerns about what the delta variant could mean for demand let's get a check on prices. wti is at $73.79 for a gain of a quarter of a percent it is the contract's second straight week of gains and fourth straight month of gains brent crude is at $76.33 for a gain of 0.4%
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also finishing out the week and the month higher traders seem to be betting here that ongoing vaccination rollouts mean economies won't go into lockdown again. this week's bullish inventory data supporting prices while analysts noted that big oil is not ramping up spending. therefore keeping the supply side of the equation in check. back to you. >> pippa, we appreciate it chevron and exxon reporting billions in earnings and strong revenue growth cnbc's brian sullivan spoke with chevron ceo in the last hour >> we've seen really strong demand recovery over this year, and that really continues. it's a global phenomenon, stronger in some markets than in others the softness is in international air travel but domestic air travel within the united states, is back before prepandemic levels, the roads are full of cars demand has been very strong.
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>> he may be bullish but this month energy is the worst performing sector down 8%. how do you trade it? oil analyst at scotiabank. lots to break down here is the real question. are oil stocks a buy right now for you? >> yes we are bullish on the oil market we think that the group has been under owned by the investor. >> so you may be bullish but it seems a lot of other investors are not. i'm looking at the xes and the oih, both etfs down 3% following those very strong reports from chevron and exxon. did you see or hear something that would make other investors more bearish on oil? >> not really. i think the first time for most all the companies including the big oil such as exxon or bp and shell or that you're looking at the large cap companies i think
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the day or the year has been capital discipline and that will go a long way in the cash return for an investor as well keeping supplies in check. >> paul, let's talk about capital discipline these are huge capital investors for the whole u.s. economy, chevron and exxon, but they don't have huge spending plans there's a lot of different reasons potentially why. mike wirth i asked if it was the transition away from oil and he said not directly. they were looking for the best value for their investment dollars. what do you think is really going on >> it's a good question. to be fair to say it has been a major disappointment to the investor for the last several years and, indeed, for the last several decades. why? because of the discipline. the industry has been
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overcapitalized and that the company has been chasing barrels along the way. a lot of the culture and honest y and the investor saying no to all companies, this is not what we want. and on top of that in the last cycle year the concern where peak oil may be or everyone has a different maybe idea and different debate but i think most people, the consensus today is that peak oil probably will be here and if that's the case why and increasing your production nonstop >> right so let me sort of put it together like this then, paul. if there's been too much capital, presumably that means the oil price has been too low if it's rationalizing does it mean a slightly higher oil price?
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>> we think at least for the next several years that will be the case when we think the industry has been missing too much, not talking about the last three or four years the last three or four years it has come down. we are talking maybe 20 years. >> so maybe that discipline has already started but, again, wti crude at $73 and people think it's going higher. paul, thanks very much for joining us paul cheng with scotiabank let's turn to a news update this hour. kristina partsinevelos with that thank you, kelly in a reversal from two years ago the justice department now says that under federal law the treasury department must give eight years of former president trump's tax returns to congressional committees that's demanding them house speaker nancy pelosi is applauding the decision saying access to tax returns is about security
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a memo obtained by cnbc shows walmart expects to have many headquarter employees back in the office by september, but those plans could change if needed and regeneron says the use of an antibody cocktail to prevent diseases in people who have been exposed to the covid virus but aren't vaccinated or have a compromised immune system. and at the olympics history on a trampoline. 23-year-old nicole ossinger didn't win a medal but placed in sixth. >> kristina, thank you very much kristina partsinevelos that looks fun, doesn't it the trampoline one s&p 500 sector seeing a surprise breakout on pace for its hottest daily streak in more than a year. which sector and how to play it next on "power lunch."
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welcome back to "power lunch. materi materials, the best s&p, on track for its longest win streak in more than a year. plus nearly half of the etf reporting earnings next week let's take a look at what's behind the move. your "trading nation team" craig johnson of piper sandler thank you both for being here. all right, don't want to say hi back, don't worry about it big infrastructure bill, style being figured out. senate moving it forward today is that what is moving materials
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higher or is that long-term benefit already priced in? >> first, frank, it's great to see you. no, i think that you definitely do have the infrastructure bill as a development here. the companies so far earnings in excess of 100% in a year on year basis and inflation. materials companies are selling the goods and commodities where you see price inflation, not using those as inputs by and large. we think it's really kind of four stories, those three, infrastructure, earnings, the sensitivity to inflation and then the fourth is they're cyclical we went overweight the sector last august. we think it's a good place to be in the market. >> you're looking at the technicals here. the xlb most of the day has been up fractionally. what does it mean about the xlb and these stocks in particular going forward? >> frank, first off, good afternoon and thanks for having
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us back on the show. i would point out in terms of the xlb what we see with this is and, again, we're overweight this sector as we do see inside of our work at piper sandler a meaningful improvement in the overall relative strength rankings inside of our work. and as i look at the xlb we are just at the process of above this $83 level if we close back above this 50-day moving average, we could see a move back up to $89. if you start dissecting and looking inside of it, steel stocks are making new highs, aluminum companies a lot of things that look quite strong and then, frank, we need to keep into consideration what the dollar is doing. there's been a negative correlation between the xlb and the dollar and if the dollar continues to weaken that will only further underpin the strength of the xlb. >> craig and steve, great stuff as always. i'm glad we're back on speaking terms. for more "trading nation" -- >> have a great weekend. >> you, too.
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head to our website or follow us on twitter >> they're just not used to that -- usually trading nation is boom, boom, boom. i love it. thank you very much, frank the next tech frontier is hiring tools more platforms are looking to disrupt companies like linkedin and to help job seekers. we will break down the next frontier next. unlike regular buy stocks, buy stop limits when it's triggered. if a stock closes below the stock price one day and far above the limit price the next a trader will not buy the stock.
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there are currently more job openings than people unemployed. we sauce how linkedin gets $10 billion in annual revenue, but it's not just this company benefiting jewelia boorstin is here with a look at the next frontier of
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hiring trends. julia? >> well, kelly, the nest frontier for companies and applicants is increasingly niche, as new startups hone if on areas of expertise. so far this year, 1.6 billion has been invested in companies focused on hiring. and 1.07 billion in 102019 bravado is for salespeople cluster is for meckel and electrical engineers creatively and stage 32 are specifically for creative roles, such as graphic designers and cinema to graphers now, job and talent, that's a
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gig workers. this year it grew $120 million investment from softbank to fuel its expansion into the u.s it's raised by half a billion total. i'm told that he invested in this company because it offers big companies an easy way to use technology to hire diverse types of employees with specific skill sets many of these new platforms use ai to better match employees and employers, and a lot of them are also turning to skill-based tests to help remove unconscious bias that could impact how people evaluate resumes. guys >> julia, obviously these are job-matching sites, but some are more than that what other kinds of tools do they offer >> the key thing is you want to find the best match for the job. a lot of these companies are doing things like skills-matches tests to make sure this isn't some been you can hire quickly and efficiently, but that this
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is someone who will be such a good fit for your company and able to grow with the company long term, maybe the company will perform better, because you've done a better job hiring, maybe you'll have less turn. so the whole idea is not just to hire faster and more efficiently, but really hire better, find the perfect match for the job. >> all right julia, thank you very much julia boorstin much more "power lunch" straight ahead stay with us sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities,
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welcome back, everybody. pinterest posted earnings, showing a drop in users and a big miss in monthly active users as well. it did post strong revenue growth, but if you look at the survey that we mentioned earlier in the show, when asked which platforms they use the most, pinterest is listed as the least. thank goodness, core facebook was only about 15%, so i'm sure they're thanking their lucky stars they got their hands on instagram. tiktok really replacing things like snap, i believe in that survey it seems to be a phenomenon.
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who quite get it what, tiktok >> instagram only. >> even though the trend slowed, they do seem to have a pretty good toehold, you know -- i think about my own life, weddings, baby showers, that kind of things, they increase revenue per users, so maybe they won't be that appealing to the younger age group. >> we're also not in lockdown. when we're stuck, a lot of us think we'll start a new hobby, nitting. >> did you have a pandemic hobby? >> working here. >> that's not the only thing making news. elon musk once demanded to become ceo of apple, according to a new book. in that book, he says he's references a conversation from 2016, where tim cook called musk
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about prospects of acquire tesla. both apple and elon musk are denying the conversation they say they have never spoken, and musk tweeted about this as well, basically saying cook and i have never spoken or written to each other. there was a point i asked to meet, he refused to eat. tim higgins has since responded by saying, he heard this from people who heard it from elone musk himself firsthand >> the humble brag at the end that tesla was only worth about 6% of today's value, at this point he thought they might be just be peers. >> and apple continue to say dabble in the car space. it's obviously been looking at this trying to figure out the hardware, now the software, but what that o.s. will look like. >> i believe that partnership is reportedly with hyundai.
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>> potentially i think you and i would great the skirmish story of the day is scarlett johansson and disney. >> just wow. i think disney's response was over the top who doesn't want to get paid up front? >> and maybe avoid these issues in the future. thank you, frank and thank you, everybody, for watching "closing bell" starts right now. >> thank you, kelly and frank. happy friday, i'm sara eisen here at the new york stock exchange, with mike santoli. wilfred is out today, will be back on monday amazon in its wearer outlook, setting the tone earlier. growth underperforming value overall, how that will affect the u.s. economy, and we're looking at weekly declines, but
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