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tv   Power Lunch  CNBC  August 23, 2021 2:00pm-3:00pm EDT

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jack, thanks for joining us to talk about it. jack altman of lattice don't go anywhere, "power lunch" starts right now indeed it does, kelly. welcome to "power lunch. we are tracking the rally today. here is what's ahead this hour the fda grants full approval to the pfizer biontech vaccine. a milestone that could usher in a new wave of mandates by business and bitcoin's bounce the cryptocurrency, in case you didn't notice, back above 50,000 now. now it face as surprising new test, an underground market in, of all places, afghanistan and shipping bottlenecks are huge right now volume at a record freight rates, new highs the head of the port authority in south carolina has a front row seat to the supply chain bottleneck
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and will tell us how it will all play out kelly? >> tyler, thank you very much. hi, everybody. the dow is hanging on to a 260-point gain this afternoon. a pretty nice rebound. the s&p up nearly 1% the nasdaq up 1.5% the small cap russell 2000 up nearly 2% today. commodities also on the rebound. lumber, copper, gasoline, crude all moving higher. lumber up 3.5% crude up nearly 6% and the chips are moving higher as well. everything that's economically sensitive seems to be having a strong session today you can say the vaneck 2.5%. nvidia, travel and entertainment. the airlines, names of 3% to 4%. wynn resorts, live nation up 3.5% today 95% of companies in the s&p 500 have now reported their second quarter results. talk about an increase, 95% higher versus a year ago quarter, the pandemic lows, and an increase of about 25% in
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revenues now that we're seeing a rise in cases of the delta variant of covid, can this continue our next guest expects growth in 2022 to broadly exceed 10% global head of investments and chief investment officer with citi global wealth good to have you talk through s&p 500 where are we post pandemic, how do we get to 10% growth in 2022? >> if you think about the conversation you were just having, in terms of its adaptability, using technology in order to replace labor or substitute for it and what we're seeing now is a rapid recovery in spite of the fact covid has had another wave within the united states and globally what we're looking at is an extraordinary earnings growth and we believe it will continue with some head winds, back-to-school head winds, reopening head winds and head winds associated with labor as people are forced to stay at
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home to take care of their kids. we have 1.3 jobs being asked for for every one that people are available. so we have a lot of supply to come, a lot of economic growth for 2022 that's why we're highly confident in this next year of recovery we will see overall growth in earnings well above 10% in 2022. >> where does that get us in valuation in the s&p 500 does that justify the multiples? >> absolutely. we have to look at the mul multiples. we expect rates to be between 1.5% next year and if that meant the s&p was at a 17 or 18 multiple next year that would be acceptable to us you can imagine the markets being 10% higher than where they are now in 2022 for sure on that basis. >> 10% higher. so we're around 4400, almost
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4500 on the s&p. it tells you no matter what is going on with the fed at jackson hole, maybe some stimulus packages that may or may not be happening. it's hard to get the read on infrastructure and the rest of it the fundamentals can carry their weight themselves. >> they can. there are likely to be higher taxes. you can deal with the fact disruptions because of covid let's take a look at the data. $2 trillion of savings yet unspent. two bills coming up, one for pure infrastructure and one for human infrastructure while they won't impact 2022 there will be positive news and while everyone won't go back five days a week they will get more involved in business. from these levels we can expect both services and manufacturing to be materially higher than they are now next year and that
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is a strong recovery relative to what this pandemic could have cost us. >> you mentioned taxes what's happened to the prospect of higher taxes, higher corporate taxes? it doesn't seem like that's going anywhere and if you get into 2022 it's not going anywhere because that's a midterm election year. >> i think it's highly likely the second bill president biden and the democrats have put forth will get passed. they're doing that through the budget reconciliation process. a requirement is taxes be raised to pay for the reconciliation. we estimate the tax rate will go 21% to 25% for corporations but, again, that wouldn't be high enough to forestall what we talked about and to grow into earnings next year >> do you think they'll be able to hold the democrats in the senate they can't lose any.
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they can't lose manchin, sinema in arizona, any of them. >> i think it's more likely than not this is part of the plan to match what some of the progressives want with the more moderates. the probability that the democrats will lose this opportunity to really set down a new agenda is small in our view. >> all right interesting. >> david, thanks >> we're just sitting here in stunned disbelief. >> soaking it in >> why are you in disbelief? the fact is that the democrats really will never again have a chance, at least certainly they haven't for the last 20 years, to pass a bill that deals with things like early childhood education, that deals with tax breaks for technology development this is big stuff. and i think maybe we've forgotten it with all the news today. we expect two bills will get passed and the reason president
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biden separated them was to allow both go ahead. >> i guess my skepticism is the idea that no one in congress really likes to vote for a tax increase and, as you point out, it is participate of the reconciliation process that goes there. but i just worry that the -- not worry, that's not the right word, but you really have to thread the needle and you can't lose one vote. >> listen, i have no doubt that it is a difficult thing to do. but when you read the details, it's impressive. something that deals with pre-k to free education for community colleges, it deals with stimulus for technology and biotechnology development this is a bill to address american competitiveness in a very direct way and there hasn't been anything like it in the last 20 years. i understand your skepticism many people probably feel like you do we associate a high probability with the passage because what the democrats have done is set
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the ceiling in the passage of the legislation so they can spend up to $3 trillion and figured out more or less how to pay for it without going craze qui with corporate taxes not to an uncompetitive rate >> and very few corporations pay that full marginal 25% on their last earnings. david, to be continued i appreciate your explanations and thank you. >> you're very welcome have a great afternoon more companies are asked to step up vaccine requirements meg terrell has the details. what's happening and what does this mean for people like me who got moderna? >> reporter: the president just wrapping up his remarks and making clear he is calling on the private sector to step up now and with this full approval of the pfizer vaccine require that employees get vaccinated or
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face strict requirements this came in remarks he just wrapped up and said if they were waiting for full fda approval, now is their moment. the news is pfizer's vaccine, which has a brand name, got the full fda approval for people ages 16 plus for people between the ages of 12 and 15 it's still available under emergency use authorization until more data submitted for the fda to evaluate the vaccine for them. it is not cleared yet for anybody under the age of 12. now 73% of u.s. adults 18 plus have had at least one dose but that still leaves a lot of folks who have not yet been vaccinated and according to a kaiser family foundation poll conducted in june about a third of people not yet vaccinated said that full fda approval would tip them over the edge to getting a vaccine. president biden speaking directly to those individuals in remarks just now saying now you have full approval of the vaccine. now is your opportunity to go get vaccinated tyler, it's a good question for
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folks who got moderna or johnson and johnson. we expect moderna will finalize that application and could follow shortly hearing from the fda on full approval for that vaccine. it may be longer for j&j because they wrapped up their trials and got the emergency use authorization later. but all of this following through. and really an interesting call for the private sector to step up here. guys >> meg, thank you very much. we appreciate it >> comernity meg, thank you as bitcoin bounces back, cryptocurrencies face a new test, this one in afghanistan. the fascinating details straight ahead. plus, cloud companies report earnings this week which will blow past expectations our traders will weigh in. here are some of the energy companies that are the top s&p performers including diamondback, oidtaccenl.
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welcome back to "power lunch. i'm kristina partsinevelos we want to get a check on the crypto space with bitcoin at one point topping 50,000 both are off their session highs at the moment but still firmly in the green for the day as we take a look at some of the stocks in the crypto arena, it's a mixed picture hovering between
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positive and negative territory while robinhood and square remain high. >> kristina, thank you very much along with the rally in bitcoin price, the overall crypto market broke $2 trillion this month for the first time since may will bitcoin and other currencies dip back down or reach for new record highs joining us is coin share's chief strategy officer good to have you with us bitcoin is on the way back why has it picked up here over the last month or so going from where it was in the high 20s to now close to 50? >> that's a great question i wish i could give you absolutes. but we manage $5 billion in assets under management in our crypto-related etps and have an
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active trading business and an investing business we like to look at data and trend flows. there's over $50 billion in assets in crypto-related products around the world. what we saw throughout the summer after may coming off those highs we saw con second tem weeks of outflows. this last stretch we had six weeks of outflows. this marks the first week of net inflows in size. i think what we saw is a lot of institutions entered the bitcoin trades in early 2021 they wanted to take some risk off the table. so we did see some profit taking sentiment has definitely shifted. we saw some data around 17% of americans now owning bitcoin
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crypto is a huge part of the discussion around the infrastructure bill. we're seeing a sentiment shift and increased allocation back into bitcoin >> 17% of americans own cryptocurrency, did i hear that right? >> they own bitcoin. >> that's amazing to me. it's only about maybe 50% of americans who own stocks, right, or mutual funds. >> if we look at robinhood's q2 earning results, robinhood is a crypto app 60% of funded accounts traded cryptocurrency in the second quarter. that's an amazing number >> it is no fooling >> the amount of crypto on its own balance sheet perhaps for liquidity purposes but the accumulation of plans over time. >> absolutely.
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that's a really great point and coin base is not the first i frankly think it's a no-brainer for coin base and i'm surprised they don't have a larger balance on their own balance sheet. we're publicly listed. and i think it will be more common for firms to do so. the challenge to date has been many of the accounting standards are very difficult when it comes to krip so hopefully we'll see resolution as well. >> the point you're getting at, you can look at the coin base and say liquidity provisions but if it's a bigger trend, and that's a big if -- it's not like ibm is doing this. you can see a huge bull case i'm not sure broadly speaking they are comfortable with that
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during highly volatile times you could have a pretty unhappy shareholder base >> what we talk about often is bitcoin and cryptocurrencies are cyclical in nature but if we zoom out there's there's a high degree of conviction in the secular long-term trend. it is sizable but not so material that it could have a devastating effect on the business it felt measured, balanced and, again, if you're building in this asset class in this industry, i think it's important to be net long and have some degree of conviction i think it will become more common and interesting to see as we go into q3 earnings who else has put crypto on their balance sheets >> it's like we all hold hands and jump in together
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>> one day one day it will happen i'll close with this i think every company is a crypto company it's just that some don't know it yet >> that is a twitter bioif i've ever heard one meltem demirors, appreciate it to the turmoil in afghanistan, rapid inflation and plunging security. the situation in the country could prove to be a perfect test case for the use of cryptos. >> the last week has laid bare the worst case scenario on people running out of cash western union suspended all services and that's part of why some afghans i spoke to are turning to bitcoin some people are leaving the country and using their crypto wallets to bring their money with them. others see it as a way to stay put.
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i spoke with a person who lives in a village called zabul and up until the last week one way he would make money is by day trading dogecoin another person says he can make more money in crypto in a month than in construction in a year and beyond the fact it's easier to make money in crypto some consider bitcoin safer >> let me ask you this -- i love your name because it's my son's name, it's great is bitcoin, for those people who are there, are they safe holding bitcoin? what if the taliban showed up at their door after this story and knock, knock, knock and said i hear you've got a lot of bitcoin. give me your password or i'll shoot you? >> so unlike the rest of the
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crypto sphere, a lot of people aren't talking about it and that has to do with the uncertainty of how well that will be received but the use kate is still limited. afghanistan is very much a cash economy. people need physical bills in hand to buy food so bitcoin isn't putting bread on the table tonight but there are increasing indications of adoption across the country. new research shows that in terms of global crypto adoption afghanistan ranks number 20. when you isolate just for their peer-to-peer transactions it jumps up the ranking to seventh place. and last year in 2020 afghanistan didn't even make the list >> that's amazing. they rank number 20, of all the countries in the world they are number 20 in terms of penetration in the population? >> yes they do -- we should note this ranking adjusts for individual
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wealth and so that's why you don't see a country like the u.s. ranking higher. they want to understand what the individual case is within the given country. >> fascinating >> so would the people you spoke to, would they be in any kind of danger because the taliban or other renegade outfits would come to them and say give me your bitcoin because i want it >> so that was less of a concern that came up in the conversations i had. the bigger barrier to entry was the fact the on ramp is so tough in afghanistan there is limited internet penetration. there are widespread power outages. a lot of people are unbanked they don't have access to the international banking system
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the credit card they're using isn't recognized by banks outside of the country so those are more of the issues that came up with regard to the limitations of crypto. >> and you would never know who is listening in on your internet connection, i suppose. thanks >> thank you >> further ahead on the show, it is the crypto caper we've been following, the hacker who stole millions in crypto and then gave it back. the story keeps getting weirder. plus, a new report shows global corporate payouts could hit $1.4 trillion this year we'll run you through which names are paying out the biggest dividend ylds eaonpor ieahd "we lunch.
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welcome back to "power lunch. i'm rahel solomon and here is your cnbc business update. vaccine mandates now that the pfizer shots have received full approval louisiana state university is requiring all students to get vaccinated the order affects more than 30,000 people, only about 39% of louisiana residents are vaccinated it's one of the lowest rates in the country. new jersey governor phil murphy announcing teachers and state workers will have to get their covid shots or undergo
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regular testing. new jersey the fourth state to require teachers to get vaccinated and mayim bialik will fill in on the "jeopardy" shows taped this week, a total of 15 episodes the first guest host after mike richards stepped down over offensive remarks that he made in the past. i'll send it back to you >> and let's take a check on the markets. we are off the highs of the day. the dow as you see right there up 268 points. the s&p and nasdaq hit an interday high earlier. still up 1% and almost 1.66. trillium surging nearly 200 points duolingo shares higher, getting multiple wall street initiations
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today. most neutral or equal rate william blair, jmp and piper sandler are some of the few setting overweight ratings on that one and finally bank of america reiterating its buy rating saying it likes more defensive names and highlights conoco phillips and eog resources among others and you can see all of those stocks are higher. for more on this call and others go to and ahead, supply chain struggles. companies across every industry are struggling to stock shelves and racks. are there more issues ahead? the head of the south carolina ports authority. plus, trending traders nextgen investors are more likely to turn to social media for stock recommendations.
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that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. welcome back to "power lunch. i'm kristina partsinevelos a look at shares of companies involved in lasers and sensors technology that goes into self-driving vehicles. solidly in positive territory
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today. that's an understatement look at that 16% higher velodyne in particular surging as the largest shareholder david hall calls for chairman michael dee's resignation. kelly? >> kristina, thank you kristina partsinevelos the oil market is closing, really strong rebound session. pippa stevens has the latest >> reporter: kelly, yes, really strong is right. finally following seven straight days of losses crude is bouncing back after sinking to its lowest level since may. a weaker dollar is supporting prices and betting last week's sell-off was overdone. wti is up 5.6% at $65.61 brent crude at $68.72 for a gain of 5.5%. gold mran sachs calling for brent to hit $80 by the end of the year
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that macro head winds are clouding the market. the trend is not your friend right now, they said that steadily tightening fundamentals will push prices higher into autumn, kelly. back to you. pippa, thank you rick santelli tracking the action out of the cme. rick >> reporter: if you look at an intraday of 10s, you really see the truth here last week we held 1.22% area and we had some lift we are moving sideways here. but as you look at other sectors particularly barclays high yield chart going year to date, the spreads have widened as of late. when you look at interest rates and the spreads, then take into account the dollar index this is a one-week chart four sessions. the dollar index ran up. of course what's going on with
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jackson hole going virtual took some of the steam out of the dollar index all the trades seem to be moving in tandem with the notion the taper is coming. it's more a question of when and on the reports you are discussing, lots of talk today about whether you look at the port of los angeles and long beach together they have 40 ships waiting to unload. that is a post-covid tie for the all-time high which was set back in february. so really a lot of moving parts here but the taper is still the number one issue in the fixed income space tyler, back to you and speaking of those container ships, we'll shift gears to that supply chain crunch cyrus setbacks, demand and a shortage pushing shipping rates very, very high, sky high. the latest world freight index shows the cost to ship a standard 40-foot container hit a record of more than $9,600
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that is up 360%. more than quadrupling from the same time last year. our next guest runs one of america's top ten largest points and says don't expect bottlenecks to disappear with the holiday shopping season around the corner. the ceo of the south carolina ports authority. good to have you with us why does the industry suddenly find itself short of containers? >> we have a record disparity between imports and exports in the united states starting mid last year people began buying a lot of goods because they couldn't buy is your vservices and i think now because of reliability concerns you see they are advancing shipments ahead of the christmasseason t get ahead of the fear of
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uncertainty. it's a domino effect >> most goods that come in from foreign ports come in via container ships. i was out on long/land and was watching the ships sitting off long beach trying to come -- i guess they were trying to come into the port of new york. is port capacity a problem as well as container shortage >> well, what we've learned is it is fairly rigid across the board. 50% is through the three major ports so you have waiting time in a few major ports the top four ports have significant waiting time and then there's not a lot of newport capacity it takes a long time to build newport capacity we built the first new terminal since 2009 the next new terminal propping is in 2030 so not enough
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distribution center capacity there's a domino effect. also truck capacity is limited to move containers >> it shows you just how fragile it can be, number one. number two, i guess a perfect time to make an ad for the ports in south carolina if you don't have backlogs, send those ships down your way. but then you point out that, well, there aren't the trucks there to take the goods maybe. >> right imports go to where people live as well. we have capacity but it's a whole network and the reality is the velocity is slowing down times for imports is up three days across the board it has a significant impact on the reliability of the supply chain. >> what does that mean, dwell times? did i hear you correctly what is that >> a typical import container
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would sit four days on the terminal prior to its being picked up. it's now sitting seven days on a terminal >> i see >> when that's an average, that means some containers are staying too long and affecting subsequent arrivals of ships and things of that nature. >> a quick final question, what is this telling you about what will happen coming holiday season into christmas? >> well, all forecasts are the supply chain is going to be very challenged through christmas or through chinese new year, kelly, at the beginning of february of next year. beyond that we have to see i don't think this goods procurement cycle will continue forever. we have some challenges that str got to be addressed long term. this isn't a short-term issue. the structure is different today than a few years back. >> like so many other things, remaking -- like your question, tyler, about just in time productions, a lot of people
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wondering what the future is thank you for your time, jim newsome. clouds on the horizon. is now the time to buy our traders will discuss that next on "power lunch." stay with us do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had
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welcome back to "power lunch. i'm seema mody a flurry of cloud earnings on deck this week salesforce, snowflake and others gearing up for their quarterly reports. but this is a group of stocks that have been underperforming as of late trailing the gains in the broader tech sector. so where does this leave investors? let's dive in with the trading nation team today. john, i'll start with you. nearly every tech executive talks about the benefits of investing in the cloud why do you think these group of stocks have sold off in recent weeks? >> yeah, i think there's three main reasons one, 2020, you saw a spectacular stock price performance of this entire group
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in conjunction with that, that pushed the valuations on attractive levels at the time and then finally we saw november of 2020 there was a rally out of growth and into value. so you had tough comps year over year you have the rotation in the value and you obviously have tough valuation. this group is benefited from the trifecta they have a great growth, top-line growth, very strong balance sheets they have more cash than debt, and they arecapex light which means they generate a lot of free cash flow a very long runway in terms of growth i like the cloud space here particularly from a long-term perspective. >> we've seen a lot of activity. salesforce acquiring slack was a major deal in the cloud space and this is one of your top holdings tell us why. >> i love sales force and had
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that huge ascent and it's very much underperformed since then there's a technical pattern which gets me excited. the growth rate of revenue the last ten years is nearly 30% and i don't think any of their years of revenue growth has been under 20% at that point. so they're making money and doing things to continue to make money. and it underwhelmed the markets. i think we're working through that there's a pat earp we've now seen this wake up from and break out from i was adding to it i think it's holding really well i think another good earnings report like we saw from quarter one back in may will take this back up to its record high and potentially breaking out from there. >> bill and john, thank you. back to kelly and ty >> seema, thank you very much. seema mody for more "trading nation" you
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can follow along on twitter. more and more companies are reissuing dividends as the effects of the pandemic and shutdown wear off. we'll lay out the nation next. and now the latest from and a word from our sponsor. volatility spikes are notoriously difficult to forecast but when they do occur they tend to be short-lived. consider positioning your portfolio for when volatility comes back down.
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welcome back to "power lunch. a slew of wall street analysts initiating coverage on robinhood and its lukewarm reception with several notable firms handing the stock a neutral rating jpmorgan rates hood as underweight seeing head winds like regulation, pricing and market saturation, also finding concern in the focus on smaller dollar accounts. there was an outlier in citi where analysts rate it a buy setting future expansion opportunities.
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the stock is higher but down 45% from its high earlier this month. look at that tyler? >> all right, kristina, thank you very much. a hack back track, the person behind a $600 million crypto theft gave it all back. the story doesn't end there. the details next i see one element securing portfolios, time after time. gold. your strategic advantage. 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! only at t-mobile.
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welcome back, everybody. corporations are paying back shareholders $1.4 thrilrillion this year.
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dom has some names >> if you look at the dividend payer in the s&p 500, this etf tracks the so-called dividend aristocrats, those companies that have raised dividends for at least 20 straight years it has a yield of 1.9% the overall s&p has about 1.3% treasury note yields are about 1.25%. so we know you love screens here we decided to screen the s&p 500 for stocks that have high dividend yield, but not because of a falling stock price s&p 500 stocks, they had to have positive 3, 6 and 12-month price returns. they had to go up in value and have a decent-sized dividend yield. here are the top five stocks you can see here, iron mountain, right?
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5.5% dividend yield. philip more is international simon property group, a big retail real estate investment. devon, energy, believer it or not. even though that is been a rebound that big, still a 4.6% year old edison international so when we talk about this notion, guys, dividend yields that have outsized the markets, certainly over treasuries, then you talk about if it's a market of a falling stock price, but these seem to buck the trend >> those -- that's nice income on those stocks. i notice one thing, though. >> what's that >> i wonder how many of those stocks would pass an esg screen. >> oh, now you're getting
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complicated. >> i was thinking the two. iron mountain, data storage, and simon probably would, but not tobacco. >> probably wouldn't, i don't know did devon, i guess edison could, i would think. >> here's what i want to point out. i know kellry wants to see more complete lists i put the rest of the top 20 that fit those screens up on my f feed. the hacker has returned all of the stolen fund, maybe bay it was praised by the victim. eamon javers closes the book on this saga. >> flattery gets you everywhere. remember this hack from earlier in the month the form allows cryptocurrency
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to be trade without -- they were hit by a mysterious hacker well, now they say that the hacker who they have been praising as, quote, mr. white hat, has given the money back. poly network has regained control of the assets. once again, we would like to thank mr. white hat for keeping his promise, as well as the company, partners, and multiple security agencies for their assistance this raises a whole host of questions, including whether or not the multiple law enforcement agencies around the world will stop investigating this now that the hacker has simply one the money or if this person has legal liability or exposure that continues, even though the company that he stole from is thanking him and praising him as mr. white hat. a very unusual resolution to a very unusual crime here, kelly >> someone robs a bank, they
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steal $100 million return it they still break the law >> yes, right. >> yeah, but we know in practice it doesn't always work that time. >> i would give them time off for good behavior, under those circumstances, you know? i don't know they still had the motivation to do it, whatever it was, they still did the crime. do the time, but maybe you give them a credit for whatever but if they're all forgiven, they're all forgiven, right? >> are there any larger lessons learned as a result of all of this one is praise the bad guys the other question is all of this is all on public ledger, so they know when wallets they were the addresses are public the trick for law enforcement is figuring out who was the actual human being with his hands on
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the keyboard that stole this money and what can they do about it there was me speculation that they may bring this person on board as a security consultant, because they were so clever to have found the weakness in the first place that might be the catch me if you can outcome. >> eamon javers, thank you robinhood may be the platform of choice for new investors, but where are they getting their advice from? the answer can be found in a new cnbc momentum poll kate rooney has the results. it turns out social media is have an impact, according to investing next-gen surveying out.
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more than a third said they used social media to research the trades and double the level for those before last year when you break it down by age, guys, social media is, by far, the most popular way by traders younger than 34 to do that are die dull gens. oldest investors rely on their financial advisers and discussions. that group is three times more likely to say that they buy and sell investments from their phone. finally, they're more than twice as likely to say they invest because it, quote, feels like a game this new group of investors now makes up a pretty sizable portion of the entire investing class in the u.s according to the survey, about a quarter of all american in investors made their first trade
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or investment in the last year or later guys >> it feels like a game, kate, until it's a bear market, right? i mean, i don't know. >> that is true. >> what do you think of this as the old guy asks. >> i mentioned robinhood in the intrusion, with some of these retail trading forms, even some banks have gotten into the trading side of things, they have been around, for some of they traders, really only a year so far will they stick around if things do go south? but it is worth paying attention to for some banks and brokerage firms, that it's all about mobile now >> getting your advice from tiktok on investing, i don't know -- >> it's pretty savvy there's a lot of cnbc there.
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>> a lot the wisdom. kate, thank you. we should know that nbc university and comcast ventures are investors in acorns. to read more about this on invest in you, go to, forward slash, invest new. >> that does it to kick off the week thanks for watching "power lunch," everything "closing bell" starts now. >> see you tomorrow. welcome to "closing bell." i'm sara eisen, a very strong start to the week, to kelly's point. the nasdaq up 1.7%. the fda officially approved


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