Transcripts For CNBC Power Lunch 20240712

The fda approving a 5 15minute rapid test the ceo will join us thats a biggie as power lunch starts right now thanks as august comes to a close, its been a stunning summer rally the dow up 13 the s p up 15 and the nasdaq up 25 . Bob has more for us. Bob. August is usually a nothing month. Not this much. Usually august is typically flat to down. Were up 6. 8 so far best august since 1980s. April, may, june and july have been pretty good monthly gains five months in a row. Why is it happening . Everybody wants to think its apple because apple is up 18 . The s p would be up 4 rather than 6 . Its a lot more going on than apple. The pricing are pricing at some economic rebound could see the returns. The dow transports are up. Thats a cyclical group. The russell 2000 is up high yield is the best performing bond asset. This wouldnt be happening if they were projeking iproprotecn economic downturn. The better argument is theres a bull argument thats winning the argument so far. This is the argument the argument is its not just an economic rebound its earning analysts are underestimating the earnings rebound were going to get tremendous operating leverage what does that mean . It Means Companies are reducing their variable costs they are reducing travel expenses they are reduces the amount ploe employees they are hiring. By combining that, reducing the variable cost, combined with technology, eventually down the road, when you get a revenue build up, all of a sudden that leads to a huge increase in the bottom line. Thats the word, operating leverage and a lot of companies are banking on that. A will the a lot of analysts arent understanding the relationship the bulls, right now, are winning that argument. Back to you. They are winning bigly. Thanks very much have a good friday its been a record breaking month for stocks in fact, as we said, the best month for the dow since all the way back in George Orwell days, 1984 26 dow stocks are higher this month. Nine of them led by apple are up more than 10 . How much more steam is in this investment engine . Valerie grant is senior v. P. Valerie, im sure you get the question from clients every day. How much longer can this juggernaut record run go on . What do you tell them in. I tell them that certainly we are seeing a formidable momentum in the market. People really have to think about fundamentals as well whats interesting is we know we have low Interest Rates currently. Well probably have low Interest Rate fs for the foreseeable future i think what were seeing is some of the improve ments on Fundamentals Companies are exkuecutining well you mentioned walmart. Setting aside tiktok, if you look at how theyre doing in their core business they have done well in terms of executing on their omni strategy channel i just noticed they relouised one of their Corporate Social Responsibility report and improving the benefits they offer to their workers and offering more opportunities for Educational Attainment and advancement. I take that as a positive signal on how they think about the future ron, now to you we have the fed behind us. We got maybe some kind of Economic Stabilization if not slight improve ms in areas have you been surprised by the resilience that was two months after i started in the business. In september of 84, the dow broke out when Phillip Morris akwared general foods. Were a lot longer in the tooth than we were back then i think the market is aging. Its speculative i understand the fed is doing a lot. I have some concern about what fed is doing and whether or not in the long run that will provide the type of noninflationary growth that the market could continue to thrive off of as it has over the last 30 or 40 years there are plenty of them p i go back to you before valerie. If inflation does run hot and the fed suggesting theyre willing to let inflation run hot as long as employment comes with it, how does that affect the value of equities. How does that affect the value of other assets. I look at gold i look at real assets. We know what inflation does for them what might inflation do for stocks well, im not sure yet. I think it will be an inkriesingly complicated question over time what the fed did yesterday walking away from the notion that low unemployment produces high inflation focusing on bringing the Unemployment Rate back down towards full employment. I dont think over the last 30 years that was the issue we had supply shocks we had a variety of different issues that have affected inflation per se or disinflation that had nothing to do with employment it was supply shocks, policy errors Going Forward we have to watch break evens on the tenyear. We have to watch tips, gold, silver, lumber, copper if they start to flash, accelerating inflation with the fed may be willing to live with for short term, long term Interest Rates will move higher. Do they start to control the yield curve and cap long rates that makes it complicated. Yeah, look at lumber prices already soaring. Valerie, here is the conundrum not everybody is as old or experienced as the three of us here if youre 30 years old, you never experienced higher Interest Rates you think low rates are this magical elixer. If low rates had no negative consequences, we should have low rates forever. There must be a down side to this level of interest theres a down side to low Interest Rates for an extended period of time we talked about inflation. You also get asset bubbles finally, you get an exacerbation of wealth inequality people who are sabers, depending on Interest Income arent going to be getting that on the other hand, you have inflation and assets which exacerbates the wealth inequality which we experience in the u. S. That does have long term consequences of the word corporate earnings as well as markets. Yeah, with this basically say well have half a percent on the fed funds for the rest of our lives. Thats the way it goes have a great friday. Speak to you both soon thank you one key event adding some uncertainty to this market rally today. President ial election. Just a little more than two months away. Frank holland is here with a closer look at what global cfos are expecting. 75 of cfos believer that joe biden will win the election. A dramatic change from last quarter when the cfos were almost split down the middle they remain split on the congressional races with 52. 5 saying republicans will retain control of the snats and democrats the house. Nearly a third believe democrats will win both. Only 5 believe republicans will get both 20 believe they will go lower the dow, well talk about that with the shake up. Its around 3 from its all time high. Half of global cfos says this current environment is good for dealing making 40 say the uncertainty is making things difficult. Back over to you curious what they say about jobs in light of mgm and coke today doing layoffs. Half of the global cfos expect their company to reduce head count over the next 12 months. 20 say they expect their head count to increase. Obviously, it really depends on what sector youre in. Were seeing a lot of Consumer Staples and discretionary Companies Adding during the pandemic its case by case basis. Thank you well see you tonight for summer school. Brian. We got a long way to go and on deck despite the index being positive, 20 dow stocks are lower in 2020. Our traders will go bargain hunting to see if theres value left in some of those down dow names. The fda emergency use authorization for abbott labs rapid test could be the game changer we need. Abbott ceo will join us. Were back after this. Terans li. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. Thats it. Im calling kohler about their walkin bath. Usa[ sigh ]nce is made thenot gonna happen. Need it my name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. To receive a kohler highline toilet with your purchase of a walkin bath. Welcome back shares of abbott labs are up abbott says the tests are fast just 15 minutes and cheap at just five bucks. The ceo robert ford joins now along with meg to talk more about this breakthrough. Meg. Kelly, thanks so much mr. Ford, thank you for being with us. A lot of people referring to this test as the game changer in covid19 testing tell us about how you envision it being used to help with this pandemic id say this is what abbott was built for. Moments when Society Depends on the kaen to come through with this kind of testing we put a considerable amount of investment here in technology and manufacturing. We now have six uas across a variety of different types and formats and its the latest effort really know focus on two key Guiding Principles we wanted a reliable test. We wanted it to be easy to use and easy the deploy so we increase testing in society. The second thing we really wanted to focus on was scale manufacturing scale and ensure once we had the product and had it approved and ready to go we would be in a position to be able to supply the market with a lot of volume, a lot of scale. I was really pleased on wednesday when we got the approval we got the approval that we were really able to bring those two defining principles into the test a lot of folks hear a 515 minute test that doesnt require an instrument. They think this could help us let people on arms into sports stadiums and restaurants tell us about how that authorization really affects how this test could potentially be used the label for the test is to do the test within seven days of postsymptom onset or together with Health Care Professional that might suspect that youve been exposed or have exposure for the test we are working on developing data for asymptommatic claims. Well have da to to support that in the meantime we see it being able to be be deployed because it doesnt require an instrument like you stated. Deploy through the federal government, the state governments, through school, through employers or even through retail clinics we think that is great opportunity to be able to line up this volume through retail, retail drive through, retail clinics and be able to kind of deploy the tests that way. The number of tests youre planning on headacmaking is huge 50 million tests starting in october. Also announced yesterday was a government purchase of 150 million of those tests for 760 million. Does that mean all of your supply of these tests for at least the first three months is spoken for or can other private purchasers try to access them . We were working with the government, with the task force and a few weeks ago were aware they were interested in making an acquisition once the product made its way through the process. This is good starting point. We decided to make manufacturing investment back in may to start up two manufacturing sites here in the u. S i expect to get to that 50 million by the end of september, beginning of october parallel to that were adding a new team to look at how to ramp up with that capacity. We know that 50 million tests, while it sounds like a lot, we need a lot more. Are you taking orders from private purchasers or is all of your supply that you can forecast right now spoken for by the u. S. Government . Right now were working with u. S. Government to supply and fulfill that order well try to start focusing now on bilzi inbuilding more capaciy we severed a lot of emails, a lot of interest from not only existing customers but new customers looking at ways how to do this. Well figure out what is the best way to deploy the testing our focus is to get our children back in school and get the economy opened up again. Well be working in partnership with them to see how we can deploy these tests all right thanks for joining us. We look forward the hearing more updates on all of your plans here hugely important one this week thanks again fantastic interview and extremely timely i have a couple of questions for you. If you are ready to go on the hot seat here. What do we know about the test in is it something we would do at home or is it have to done with a Health Care Professional. Its kind of like a pregnancy test you do a nasal swab and something will show up if youre positive what does it look like we probably have images we can show it does look like a pregnancy test where you have two stripes on this little card and two will show up if youre positive for the virus. It is a snasal swoab president t the one that goes back up to you brain which im sure a lot of people will be grateful for. It has to be done by a Health Care Provider. That doesnt mean a doctor or nurse. It could be a pharmacist or a school nurse this is for symptommatic people. It has to be done by a Health Care Provider right now. I love your question about the sale you know whats going to happen. If you got the means, youll buy buy 100,000 tests and put them in your own private warehouse. Need to make sure everybody has access fantastic stuff. Have a great day talk to you soon coming up, more on what may just be the most potential bizarre bidding war ever microsoft and walmart versus oraclef for tiktok why are those Companies Interested in an app for short videos well find out did housing stocks get too hot . An analyst tells you the best ways the play the Housing Market right now. Power lunch back in two. Dow up 116 machin heading into retirement you want to follow your passions rather than worry about how to pay for longterm care. Brighthouse smartcare℠ is a hybrid Life Insurance and longterm care product. It protects your family while providing longterm care coverage, should you need it. So you can explore all the Amazing Things ahead. Talk to your advisor about brighthouse smartcare. Brighthouse financial. Build for whats ahead℠ come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Weits totally not theg a way tsame without you. Were finally back and cant wait until you are too. Universal orlando resort. Buy now and get two days free at the parks. Restrictions apply. All right. Welcome back to power lunch. The dow going positive for the year believe it or not, despite that, twothirds of the index are lower on the year. Some like boeing are down 40 . Some of the hardest hit names in thered for this year, we mentioned boeing exxon will be booted out on monday can any of those rr maybe other dow names help you play catch up or make some coin this year. Your trading nation team this year is Craig Johnson and gina sanchez. Feels like old times glad to see you both gina, any of those dogs of dow that you think are worth adopting it depend ons ts on the reco you think were about to have. Im focusing on a weak recovery. Youre looking at Something Like an American Express or a walgree walgreens, jpmorgan. Things with good fundamentals but should continue to put up with foot in front of the other. Craig, what about you . We have been bullish on this market i got to tell you, we like the market were neutral on financials but i would play jpmorgan in here. The stock is starting to make a nice series of higher highs and higher lows. Its a name we will be playing at this point in time. We need to see tenyear bond deals start to work their way up and the 1020 spread start to widen out. Thank you both see you again soon still ahead, its the tiktok takeover walmart making a bid for the social media app what does it mean for the stock of walmart up big in the last couple of days a huge chunk of millennials are starting to buyage analyst willh stock to buy todays mystery stock soaring 100 in three months [ engines revving ] its amazing to see them in the wild like th shhh. For those who were born to ride, theres progressive. Welcome back, everybody. Here is your cnbc news update at this hour. People in several states are assessing damage from hurricane laura. More than 600,000 homes and businesses are still without power. One louisiana mayor said some people could be without basic services for days or even weeks. The New York Times reporting two top pr people have been fired from their positions at the fda. This after President Trump and the head of the fda exaggerated the benefits of blood Plasma Treatment for coronavirus patients the firing including the agency top spokesperson and a pr consul tants who recommended the fda chief apologize for his statement. A spokesman for the held an Human Services Department Says the timing of the consultant termination is coincidental. French president said his government is doing everything to avoid a nationwide coronavirus lockdown though hes not ruling out any scenario. This has france reported 7400 new cases. Thats just below the oneday record set way back in march thats the news update this hour back to you. Lets get a check on the stock markets now. Its not impacted any of the markets. The dow is up 116. Theyre all higher the small cap stocks are doing better than any group. The oil market closing for the day and not seeing a big move in oil. Moving down. We talked about how the storm and people suggested houses could impact oil the reality is it looks like were not seeing that much of a supply hit and demand remains low. That said energy last week was the strongest sector in the market today. Interesting. The bidding war for tiktok is heating up walmart announcing its teaming up withmicrosoft walmart is interesting. We have been really focused recently on rolling out some ecommerce features. We have been providing that for our community. Its another way to earn a livelihood what would this mean for walmart . Joining us is michael baker. Lets say overnight they get this asset what does it do to the share price . We think the share price would go higher because believer it or not, we think this deal does make some strategic sense for walmart. It helps bring it into the ecosystem and the right demographic they are looking for. A little bit of a younger demographic. It can help improve their advertising business which is small. Something they have been focused on and their marketplace on that ecommerce website we see the strategic rational for it it dud make sense. We give a ton of credit for being forward thinking and thinking outside the box and what it tells you if you go back maybe walmart was slow to embrace ecommerce this tells us they are going after it aggressively. The key is it can help them grow those businesses i talk about. The advertising business and the marketplace business which are very high margin and help bring that ecommerce business closer to profitability for them. Can walmart execute look at what happened with vudu which should have placed them in larger conversation around content. It didnt pan out. They are going to be handed tiktok but will tiktok flourish . We give them a good a chance as any to make it work think about the dot com acquisition. Weaver able to move into the walmart. Com eco system we think they can make it work figure out how to work well with microsoft to really drive the new Customer Base for them sounded like microsoft, walmart want to be the lead in it we think it would be great if they were in control if they were to take a backseat to microsoft, we think that works out as well. Microsoft, they need it for some of the cloud based infrastructure and insecurities. I suppose the worst Case Scenario is if it goes to the competitor do you, oracle talked about using tiktok if it got the asset to extract data and has some synergies with Cloud Computing there. Would walmart be looking to synergies to extract from tiktok or is owning the biggest social media app for young people out there enough its to get younger customers into the eco system to drive some ecommerce but use it to grand new ventures onto the marketplace. Data is great. Its more about driving incrementalecommerce revenues through Product Sales as well as other higher margin businesses got it. Was that a dog barking yeah, sorry about that. The issues of working from home that were all going through we have a couple of them running around here. I try to tell them to be quiet during these segments but they dont listen you have to throw them a bone im going to miss it one day when its gone, all these little slices of life thanks for joining us. Sure. Those were the dogs of the dow just popping their head up you know how it works. Now to the bond market rick is down at the Chicago Mercantile Exchange where i assume theres no canines Walking Around but maybe theres some bond buyers and sellers its still the dog days of august when it comes to the heat even though its down two basis point ons ts on the day, its u basis points you see the highs. You can see were not taking out some of these previous highs we always look at tens minus twos you know whats interesting about this one is the fact that today its lows would have been fresh 28month lows. It avoided that. The dollar index started out a lot stronger than its ending up maybe part of that has to do with the change in policy from the federal reserve. These widespreads are a positive for banks in financial sector. Kelly, back to you thats a great point. Coming up, two gambling companies. One based online one with cask casinos traded goods. Tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Time now for power movers part of this presentation. Mgm shares are on the move higher about 5 . Its on news of steep cost cuts. Mgm saying its laying off 18,000 furlough workers. They hope to rehire many of them when demand improves draft kings has benefitted as traditional casinos have been shu shut down. Mar began stanley downgradinini draft kings. The stock tripled this year. Morgan stanley think expectations may be too high one of the ris factors, the possibilities the nfl season will be cancelled. We end with nutanix. Big news dropped last night. The ceo is levering. Bane capital investing 750 million and the companys quarterly loss will not be as large as expected. That is all adding up to a 25 gain the hot housing trade taking bit of a breather this week. Finally with the home builder etf and the construction etf snap an eightweek winning streak the urban exodus may not be as big as every one thinks but the millennials are on the move. John, lets start with why you think this move isnt as big as everybody thinks it is thanks very much for having me its interesting we surveyed about 2,000 folks over the course of july and most of august. Really what we found is only 18 of respon dents cited covid19 as a catalyst for moving tlp was very little delta between city dwellers and suburbanites the core underlying fundamentals of housing this exodus is you could say almost one in five is big normal millennials are still on the move but they are driven mostly by some preexisting issues like theyre age. Their Family Status and affordability, right thats exactly right. Interestingly biggest factors for moving were stated as the need for more space and lower cost of living the need for more space fits well with the thesis of home buying age having children, getting married and needing more space acquiring more stuff thats exactly what i think is happening. In terms of the need for more affordable living, this has been going on for ages. We have been seeing the need from the northeast to the sun belt and vegas and texas thats where the migration has gone thats where job growth is and that will continue tell me about the stox acks. Do these conclusions change what some people might be thinking about doing in the sector. What would your best recommendations be good question we believe that the most bang for your buck on the Home Building side will be on the entry level first time builders. Dr horton is our top pick. They are a solid executer. 70 of their volume is below 300,000 they are embarking upon an asset like transition that will help return over the next few years the next pick would be meritage homes. The way we think about it is a smaller version of dr horton about 70 exposure to this entry level buyer. They are newer to this strategy. They executed on it very well. I think those two Home Builders are the right way to do it theres other ways the play the game as well existing home supply is about three months theres not much out there those are covered by our colleagues at bank of america. They are set up well i would mention the Home Builders are pushing into Single Family rentals as well its going to be some competition there. Housing change hands they see the latest remodelling done Restoration Hardware left the need for more stuff. Bigger stuff for that bigger space. Lot of different concepts there. Thank you so much for bringing us the results we appreciate it thank you nba players are said to get back on the Court Tomorrow we have the latest on what the league is doing do advance social justice stay with us this selenite grey is so pretty isnt it . Wow. Jim could you pop the hood for us . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. The Houston Rockets owner told us the players and owners are partners and the league supports the and the league supports the players. He also responded to President Trump saying the league has gotten too political the nfl is the Political Organization i think the rockets are a Political Organization when it comes, everybody is an individual, and everyone has a right as an individual and i think that is not a good statement. I dont know why he made that statement. And its disappointing because everybody right now is somewhat of a Political Organization. And thats why we all need to Work Together to pull everybody to Work Together to solve all these issues but im sorry he said that, i somewhat disagree. Eric joins us now with the latest eric thats right, the players and owners agreed to restart the nba tomorrow one example in every nba city where the team owns and controls its arena. Teams will work with local officials to use the arenas as voting locations giving people a way to vote during the pang demick the league agreed to create advertising that will appear during every playoff game to raise awareness around voting access, separately today, 100 of the nbas employees in the new york tristate area plan to walk out using today to call state and local officials to hold Police Officers accountable for the shooting of jacob blake. Tomorrow the playoffs should resume as normal, with the wednesday games played saturday and the thursday games played surprised. Not much of a delay its interesting, i heard that Michael Jordan has been a go between getting involved in these talks. I wonder what you think of adam silvers handling this it depends who was going for what goal here Michael Jordan is the only black owner of an nba team hes the most famous basketball player that anyone on the earth knows, right Michael Jordan was a key person who could get the owners and the players together he reached out to a lot of the people on both sides he said, be quiet, listen to what the players have to say if you keep playing, thats going to help you guys get your message out there. He was someone who could bridge both sides and get them back to the table and back to the arena too get them to play this weekend. I was able to speak with tobin earlier today, to check up on his lake charles people, hes dealing with a lot with the storm. He reiterated what weve talked about, its that, hes knocking trump away, but saying, mr. President , this is the world we are in, everything is political these days and thats okay as a business owner, you have to recognize this is the environment we are in, you have to deal with it appropriately, and that you have to understand that this is part of our social fabric and simply run the business in a way that benefits society. And this is going to be with us for a while. Youre right, i mean, if you just want to play basketball, you want to play your sport, you cant do that any more youre caught up in these matters, whether you like it or not. All these organizations have to find a way to do it correctly. Thats not the way it is. Great stuff. Look forward to the nba resuming tomorrow coming up, shares of this company are up 40 this week, as it benefits from potentially a covid19 vaccine, and a booming treat. What is that mystery chart do you have any guesses . Shoot them at us, were back right after this dont forget, can you always watch any time on the go, wherever you may be, even if youre just hiding out in your own bedroom from the kids. First up is this exquisite bowl of french onion dip. Im going to start the bidding at 5. Thank you, sir. Looking for 6. 6 over there do i hear 7 . 7 in the front 7 going once. Going twice. Sold to the onion lover in the front row next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowedout loaf of sourdough bread. Dont get mad get e trade and get more than just trading investing. Banking. Guidance. But inside. Theres advanced research, modeling and refinement. Constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Its time to reveal that mystery chart we showed you. The stock is up 40 this week, the largest shipper of cryogenically frozen lab research samples, it works with gilead, novartis and amgen theyre supporting eight vaccines for covid19 trials joining us now is the ceo of cryoport, jerry shelton. Thank you for joining us your stock has done spectacularly well, i dont want to get into the weeds, but many people assume if we get a vaccine, it needs to be treated cryogenical cryogenically. What ive heard is that ma dern in a and possible pfizer treatments dont need to be at negative 150 celsius, they can do it at 120 celsius why would those Companies Need to use a cryoport. What i can tell you about the covid vaccine, we support eight covid Clinical Trials. No one knows how this is going to play out, but, you know, well be there to support the wingers in this area, however, whenever we can. Is that one of the reasons that cryoport looks like it is going to expand and sort of noncryogenic, which is as i noted, under 150 degrees celsius, types of logistics and transportation how do you compete with the bigger players in that space well, we are the leaders by far, in this space if you think of the movement of these life saving therapies, we are that movement. We move those therapies safely all around the world we support 491 Clinical Trials today in the reagaintigenreagaie medicine space and we are expanding into the other areas. At what cost . Im sorry, at what cost at what cost . How much are you willing to spend to grow outside of that ultracold cryogenic type logistics system. Thats a good point, the acquisitions that we just made are very good examples of how were expanding outside this space. Cryopdp gave us 22 locations outside 20 countries, controlling the temperature down to minus 196 degrees celsius we cover the full range with these acquisitions and also, the second acquisition was the world leader in the Equipment Support of cryogenic logistics. Jerry shelton, cfo of cryoport, your stock and investors have had a heck of a year that means we have a vaccine thats the best news of all. Have a great friday. Thanks for coming on to cnbc and power lunch. Brian, im amazed at the action in in workday again this stock is a 250 stock it was under 200 five days ago. They beat sales forces up 32 this week, give me a final two Second Thought wow 32 gain in salesforce, makes you wonder why theyre laying people off thanks, everybody for tuning in to power lunch. Closing bell starts right now. Thank you, kelly and brian. And welcome, everyone to closing bell im sarah eisen, here with jim ford stocks looking to end the week on a high note the dow set to erase its losses for the year tech continues to power higher, names like workday, dell, hp rallying, materials are the best performers in the market right now,