Results in an interview. Now that don peebles is turning bullish on new york real estate, where hes seeing opportunities and why office space is at the top of the list. But first, lets get todays market action. Its a little more pronounced, but just marginally to the downside, considering we are just 1 to the highs so far this year. But to kellys point, if you look at whats happening, its been a mixed picture and a lot of different cross currents. That earnings story that is shaping up, at least in todays session. The dow up 21 points, 35,581 the s p sits at 4577, down about one quarter of 1 . The trading range has been negative all day at the highs, down four points and down 21 points at the lows maybe in the middle of that range. The nasdaq composite, down 1 3 of 1 , 48 points to the downside 14,297 for the composite trade one them thats developed is travel and leisure, somewhat we have had downside and upside moves. Jetblue, down 8 more costs for Norwegian Airlines uber was positive at one point, now negative uber shares may be showing signs of slowing growth, although growth is still there. Marriott international, up 1 . The International Travel theme has been a boost for marriott. It sees better times ahead so marriott international, it will stand out there and pharmaceuticals, take a look here now they are both down merck and pfizer merck came out with better than expected results pfizer, fewer covid related sales for vaccines and treatments, driving some of the downside but pharma, one of the big earnings stories of the day. Back over to you, kelly. Thank you very much lots to big into that data, which normally would be flashing a big warning sign about a recession. Why are investors shrugging off the down beat report Steve Liesman has more ill tell you why, kelly. The only thing that seems to matter these days, what they say about the chance of a soft landing. This round of reports wont relent in lying. The Manufacturing Index ticking up its below the expansion level of 50, but it did kick up to 46. 4 new orders were quite a bit higher prices heightly higher, input bruces slightly lower. But employment was down. We have the job opening survey, slightly down, mising a little to the downside thats good news openings and hirings were down, puts were dow jon, as well Construction Spending up even office space raising eyebrows there goldilocks here, its a gradual weakening that creates economic slack and brings inflation down. So the feds funds futures, ticking down a little bit. September odds of a 25 hike now at 19 . Its really the data outlining, and thats still headwinds, so were not abandoning the call on a recession. At the same time, you have to respect that the incoming data counts to stronger activity. Now as we head into, you know, it looks like we have good momentum so looking at gdp growth at 2 again. But keep in mind that the banks are tightening, we saw that yesterday. All of the measures, whether its the cost of credit or even the demand for credit, all of that are at recession ary levels so you have the Manufacturing Sector still in recession. Housing, it looked like it was it was in recession, now coming up a little bit, but how does it resolve . Our view is still a lot of tightening this shows a little bit how that works, as well. We talked a lot about this, steve. Are we in the its so bad its food camp . In other words, the reaction to the ism, the investing public seems to think its not going to get a whole lot worse, so if you invest around the turning point when it gets better in other words, is the ism going to start to get better, and it can just come back again without the recession ever happening and its just a manufacturing specific issue well, youve essentially outlined the soft landing that yes, we are hitting the bottom, whether its housing or manufacturing, and then going forward, those are going to rise to be closer to what is happening on the service side of the economy. Im more worried that as we go forward, even as we increase the funds rate further, just the fact that you will see a gradual slowing in inflation, this is a new sort of paradigm you know, the method of operations, they are usually cutting rates soon after but if they keep it elevated and in real terms, it remains quite restrictive. Thats a different backdrop for the economy. Steve so kelly, do you remember when we were in washington, i drew that funny chart for you . I think about it all the time, yes. Im going to do that asd. I think what has to happen for the u. S. To be in recession, im going to try some air charts here this has to stack up negative to get the full u. S. Economy to be negative thats not what is happening again, if you can call it the ism chart, you can look at that chart and say wait a second, has manufacturing stabilize here or reached a bottom you see it ticking along that rate 44 i think on that measure is a recession. Right 46 is the Manufacturing Sector, but not in the overall u. S. Economy so it may be things like manufacturing and housing, and this is looking through rosecolored glasses, the soft landing is happening kind of thinking but if housing look and manufacturing look like theyre not getting worse, those will not be part of the negatives to get a contraction in the u. S. Economy. Very well said, but housing is starting to come back, what if manufacturing comes back . Do you think that can happen for the business cycle, that it never that it starts to expand again before it ever declines it could. That said, you see the leading indicators, like the senior loan officer survey eventually things will have an impact something has to give. They usually move in tandem, and theres this really narrow box and banks are tightening credit. My sense is you cant rule out a recession. Maybe later, but theres still a lot of tightening in the pipeline that we could still get a recession. Well ask my next guest about that question. Thank you both what does it mean for stocks and bonds . If we are debating recession timing, why did the yield on the short, long and 30year bond the highest of the year . Welcome to both of you bob, you are not fully persuaded by this breakout today, are you . Not really. I think the market is concerned that perhaps inflation isnt as slow as the fed would like to see, even though its coming down, growth is slowing. Markets get concerned that the fed may have to come back and keep hiking rates. It sounds like the market thinks that is done. On a day like today, we get the worse than expected data we dont suddenly have them pricing in a september hike or anything like that, so why are you jumping, and then everyone saying its a supply issue there will be trillions in the supply line coming down, but why is this pushing everything higher today theres a lot of Technical Movement in the market today ctas are pushing the market. Theres been some selling. We tend to just want to look through that and concentrate on the data i know you just talked about ism, but the one component was employment it continues to decline. You have only seen it at these levels when the fed has been cutting rates. Either this is something brand new, or the market, the data and the market, the economy is telling us were going to see a slowdown the tenyear level, next move here at this point, who knows . But what is the ultimate move in the next 12 months or so we see the u. S. In recession somewhere around year end. We see the fed cutting rates we think theyll have to go down to 2. 5 to 3 we can see the entire yield curve say six to nine months now at 3 . Interesting with all of that said, rich, i know you have been more constructive in saying that everyone that is calling for a recession is not here, but have people gotten so bullish its making you bearish no, kelly, i wouldnt say that to some extent the focus on the ism is one has to be careful right now. The ism is just a defusion index questioning whether things are better or worse. When we were in a pandemic, of course, everybody answered its better its not going to get worse than a pandemic then things were much, much better than people expected. Then everybody said things are worse, right that doesnt mean that there is necessarily a recession coming, because the amplitude of those betters and worses is so extreme. So i think we have to take that into account here. You know, the point that you just hard, a year ago at this point, 90 of economists were saying we were either in a recession or one was imminent. I think thats down to 40 now, take or leave a little bit on that so i do think that a recession is looming out there i dont see the point to try to time it and say its going to start next thursday at 2 15 in the afternoon. I just dont think thats a fruitful strategy. Maybe this was not a fruitful idea, but ive got tbills over here at 4 , 5 , and then i have the stock market and i go, i know we dont always have to pick, but which one is more attractive where is the risk reward looking greater . For a while it was tbills now do you chase the markets after this move we have seen or pivot and go, well, maybe these yields thats what im trying to figure out. I think theres two answers that two questions. One is, the fed imparts Monetary Policy on the economy. They try to distance or immediate as much of the economy as they can. So when the fed wants to try to slow the economy, of course this is attractive. I think its unfortunate investors fall in love with cash cash is attractive but you just date cash, you never marry it in terms of the market, its been like a sea saw. On one side, you have the tech, innovation, crypto on the other side, you have literally Everything Else in the world. If y i think were on the sexy side right now. But the menu of opportunities is hume, historically large but then i looked this morning, some of the names highlighted, jet blue, more we norw norwegian, things look terrible. There are things going on that are more optimistic nobody talks about how the Earnings Growth has been superior to microsoft for nine of the last ten quarters nobody talks about that. So theres lots of opportunities on the other side of the sea ss seesaw if youre looking at where the risk is, which is a point to your question, the risk is definitely on the high side of that seesaw right now. And i look at the caterpillar, its at an alltime high i dont know how the news on their business line could get better so i dont want to advocate for caterpillar one way or the other, but look, the best example i can give you, we know the arc innovation fund. Since arc became public in 2014, small and midcap Industrial Companies have outperformed. Maybe theres a story somewhere that people are missing. Thats what we are trying to get at fair enough bob, last word you are in the camp of i heard some very, very smart people saying, even if we get a slowdown and the fed has to cut the short end, dont assume the long end follows suit. Maybe 4 could be a home for the tenyear for quite some time, each in a slowdown scenario. Talk to us about that. We are calling it the crash trap for sure. 5. 25 in cash is very alluring, but we have looked at the last fed rate hike and the returns in the market two years after that and compared that to cash. The aggregate bond market has outperformed cash by 13 on average during that period thats telling us the bond market is too cheap, really open the bound market, theyre as cheep as they have been since 2007 gentlemen, thank you very much really appreciate it coming up, two interviews. First, the head of coors on the heels of their next quarter. Well talk about that, next. Plus, our commercial real estate coverage continues remember, don peebles said hes most excited about new york city weve got starbucks and amd on deck with the results. Well get that ahead in Earnings Exchange the exchange is back after this what if you could make analyzing a big banks data. No big deal . Go on. Well, what if you partner with ibm and red hat, use a hybrid Cloud Solution to connect data across clouds, then analyze all that data with watson. Okay, but this needs to meet our. Security standards . Yup. Compliance standards . Mmhmm. So they get the insights they need. Yup. In real time. Check. To make quick decisions . Check. Aaaand check. Thats the solution ibm and a global bank created. What will you create . Ibm. Lets create. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Welcome back shares of molson coors taking a breather, down almost 4 after the Company Reported mixed earnings although they raised fullyear guidance net sales up 12 , as consumers are buying more expensive products while pricing didnt have much of a negative impact, the company is continuing to take share from anheuserbusch. Molson coors grew more than any other company in the quarter joining me now is the ceo. Gavin, welcome back. Good to see you. Thank you for having me back on, kelly. We highlighted the other day that your shares were higher in 2016 than they are today, and for all of the good things that are happening and going your way, including missteps by some key competitors, what is it going to take to really swim against a tide in which people are just not the beer drinkers they once were well, i think weve had a fantastic Second Quarter its a record quarter for us since this company came together in 2005, 18 years ago, this is the best performance we have had from a revenue point of view we are excited and proud of what we are doing it really goes back to when we started the revitalization plan and came together as a team 3 1 2 years ago. If not what happened 3 1 2 years ago, we would not have been able to meet the demand and our brand wouldnt be as healthy today theyre much more healthy today than they were then. So the hard work we have put in is why we are wreepi reaping th benefit now. So covid, and what that forced your company to do, it allowed you to have a Rapid Response when bud light slipped. Absolutely correct. I think were battle hardened for everything we have gone through, and our brands were not healthy 3 1 2 years ago. Coors light just experienced a year where we were down double digits and we worked hard to change that to create brands that were differentiated from each other and i think we have done a really good job of it. What would you say this is inte brands go through high moments did you cattalize that change in a brand like coors light or did people have to explain how proactive you were a z a company to make that happen. Well, on both brands, the campaigns had shifted around quite a lot. One thing we have been over the last 3 1 2 years, is stuck to the message we are trying to land with our consumers. Coors light, refreshment and its miller time we havent changed from one campaign to the next and created uncertainty, we have stuck to whats working and can see the benefits now so where do we go from here we talked a lot about the market share that you have taken. It looks like a significant loss of market share for bud light. But once you lap that, especially what are you invested in to create the excitement and where do you go from here . Were seeing them enter all of our big markets, whether its canada, the uk, weve had a lot of success in european businesses and our innovations, and flavors in the United States we are seeing the benefits of the work we have put in over the last 13 years any way. Our job is to maintain the momentum into july were going to put an extra 100 million to make sure that the shift we have seen, the consumers that moved across to us and liked what they found, stayed with us we are seeing benefits coming through from retail chain. Some of it are doing it before normally they would do it and working with chains to make sure that they recognized the Seismic Shift that we have seen from a consumer point of view when they do the spring reset. So we are putting a lot of time, effort, and money making sure we maintain this momentum two more questions. Are you done raising prices or is there more inflation in the pipeline the big chris increases we had yesterday are done i think we have been clear that we expect pricing to migrate back to the sort of 1 to 2 level that we have experienced and will be looking at doing that on a brand by brand basis as we head into fall which is helpful, thank you the second question getting to a larger trend is what is your advertising budget in terms of where is that spending going tv, social, you know, zon, is it uber where do you think you will be investing the most in your ad dollars . Thats probably the biggest change we have seen over the last 3 1 2 years, driven in large part by the pandemic years ago, we would spend around 10 of our marketing in the digital record that now is well north of 50 . So you can assume that most of our dollars will be going into that space thats the channel. Gavin, thank you for your time today. Great to check in with you appreciate it. Cstill ahead, uber is havin its worst day since october. Highlights from the quart is coming up. The exchange is back after this man what if my type 2 diabetes takes over . woman what if all i do isnt enough . Or what if i can do diabetes differently . avo now you can with onceweekly mounjaro. Mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7 . Plus people taking mounjaro lost up to 25 pounds. Mounjaro is not for people with type 1 diabetes or children. 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Welcome back to the exchange, everybody tyler mathsen here france evacuating hundreds of french and european citizens from nigher after the military junta seized power germany and spain also urging citizens to evacuate phoenixs record heat streak ended when temperatures peaked at less than 110 on monday that still feels like a heat streak to me the city had seen 31 consecutive days with temperatures above 110 degrees, breaking the previous 18 days straight according to the office of the arizona climatologists, this is the hottest month on record for any u. S. City. Bed, bath, and beyond is back, months after declaring bankruptcy the website relaunched today under new ownership, which is o overstock. Com. Customer also see perks and discounts on the new site, and that the goal is to combine the brand with overstocks Business Model to create a business that consoles. Tyler, thanks still ahead, starbucks, amd and pintrest thats after this quick break. We got this. We got this. We got this. Life is for living. We got this. Lets partner for all of it. Edward jones mlb chooses tmobile for business for 5g solutions. To not only enhance the fan experience, but to advance how the game is played. Nows the time to see what americas largest 5g network can do for your business. Welcome back three important names reporting after the bell today well start with starbucks its off the 52week highs as the concerns around chinas recovery grows kate, shares only up 1 this year thats right, kelly analysts expecting 95 cents of revenues of 9. 3 billion in north america, samestore sales expected to increase 8. 4 . Intern internationally, 24. 2 now, analysts dont break out in expectation for china sale, but its a key metric for the coffee giant, as it is the second home market last quarter, the company saw instore sales in china increase, but in this quarter, chinas recovery may be uneven, and smaller competitors are crowding the landscape the International Projections were reduced last month. In the u. S. , its all about the strength of the consumer, and if starbucks can hang on, the stock is up just over 1 on the year, one of the weaker performers this year in the restaurant space. Kate, thank you Courtney Garcia is our trader today. What would you do with starbucks, courtney . Im optimistic. I would be a buyer of starbucks. I think the big thing with them is i would not discount the Customer Base. You just brought up some good points how they have had a lot of competition, but they have over 31 million active users, and have been able to increase prices about 7. 4 over the last four years i think this shows how loyal their Customer Base is people still want their starbucks. I think the big story is going to be china. The chinese recovery has been slower than people expected. If we get an inclination of that picking back up, that would be a good thing if we dont, youll see the opposite that shows trends of the overall chinese economy when you look at the macro sense. And lastly, just how it is affecting your Consumer Discretionary items. Its tended to hold up well. We have crude breaking out. Maybe they can help clarify things for us. We move on to pintrest shares are down about 20 , but investors are excited about the rollout with amazon. Julia . The key thing there is the Advertising Market theres the broader Advertising Market and the question whether pintrest is seeing accelerated growth the way meta did, especially where pinterest has shown growth, despite the fact that they are less exposed to the travel area. Pinterest announced a platform for amazon and then were also looking for any guidance around the likes of the content partnerships they have been doing to try to help build engagement, grow user engagement, despite the fact that people are doing things like travel. They have some new ad formats, as well. The question is how those are attracting advertisers and delivering them for returns. And we have the ceo on with jim cramer this afternoon on mad money at 6 00 p. M. Eastern. Courtney, pinterest . This is a platform that has 475 million monthly users, and these are people that have the ability to buy so the more they can monetize, it will be beneficial for them this will be the first Earnings Report from them after their partnership with amazon. I think thats what people will be eyeing. And the other thing is, i think they have a lot of room for growth in the international space, which is only about 20 for them but some of those things could lead to additional upside here fair enough maybe a little bit of catchup with the other names in the space. Chip maker amd hoping to board the ai hype train. Gains, up 80 . Christina has more of what to watch. We are expecting lackluster results from q2. But the ai train is close by, and they are hoping to get on. For this upcoming quarter, expecting revenue of 5. 3 billion. Nvidia is expecting 11 billion in the same time frame so the three areas of focus as pc sales continue to bottom, the second area of focus, Data Center Sales we saw an intel that there was cannibalization. In other words, i. T. Spend dollars are going towards more expensive chips. And the third point, the most important for the ai train is amds ai chip that is expected to come out in q4, as long as theres no lags, only sampling in q3. But that is where you will see maybe some earnings revisions going forward. On your screen, you see the threemonth chart for all three names. Part of the reason why amd is not as high as nvidia. Theyre concerned whether this can follow through on the ai push within the end of 2023, let alone the beginning of 2024. We continue to hear a lot of investors cautioning people about chasing some of these high flying tech names. What would you do with amd i would be cautious about chasing. This company has done fantastic. There wouldnt be a surprise to see a fullback but artificial intelligence, theyve not had the ai run that say the likes of nvidia has. So well have to see some sort of tangible evidence that they are going to have these ai chips coming to the market and how soon that will be monetize a lot of this artificial intelligence, shortterm, if jell was any indication, you may see pc demand coming back. Interesting the stocks up 2 . Well see how it goes this afternoon. Thanks to you both lisa su will be on tomorrow morning around 9 00 a. M. Eastern to talk about that quarter shares of uber are down almost 7 after they missed on revenues, even while earnings were where they want them to be. Well dig into that, next. And check out shares of lyft, hexc dn. E alsoow t ehange will be right back the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Welcome back shares of uber are on track for their biggest drop in months, down almost 7 , despite the company posting its firstever proficientisable aable quarter gap basis. Diedra boesen has more let me address whats happening with the stock in the premarket after the results, it was higher but now down by nearly 7 . Yes, profitability has driven this stock since its been public it got into that nearly 100 billion market cap, but the profitability is cloudy. I talked about this earlier on cnbc, but i pointed to ubers equity stakes in other companies. So that swings s profitability o the company. Another reason could be that slowing top line growth. This is a matured utility versus a Disruptive Company that it once was but that profitability is net what investors have appreciated. Part of that could be a push into advertising have a listen to what the ceo said earlier this morning about advertising being one of the biggest growth areas for the company. Advertising is going to be the biggest growth area for us, because we have a huge audience, over 130 million audience coming at us monthly. This is a highend audience. Theyre very engaged with the platform, theyre going places what we are seeing in advertising saturday 650 million of runrate revenue. So we dont know whether the advertising push is profitable, but it is typically a higher margin business, which could boost that profitability, kelly. But its almost a little complicated with uber. Even when its on the right trajectory, things like regulatory issues rear their ugly head. Could also be profit taking. This is a stock up 100 yeartodate thats an important part of this if it were down 3 , 4 , you would think its more of that. This one looks a little more worried, or this idea it will take longer to have sustainable gap earnings just a little bit of a delay, that sort of thing sustainable is key here i think they have done a good job moving towards better unit economics. But sort of the key is they want to get to gap net income they want it to be clear theyve got more than a billion dollars in free cash flow. But if you were a bull and youre looking to ubers possible inclusion in the s p 500, you have to remember the company has to show trailing 12 months of gab net income and then its those equity stakes that can complicate that path again, ubers profitability has always been complicated, but theyre making progress towards that i think the shares are about 1 above that ipo price. Diedra, thank you very much. Up next, shares of Empire State Realty, theyre lower today, but up more than 11 since strong Second Quarter results. Well talk to the ceo bland awh the road to recovery in the Office Sector looks like thats next. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. I did have hearing aids from another company. I was just frustrated. I almost gave up. With miracle ear its all about service. Theyre personable. Theyre friendly. Im very happy with them. We provide you with a free lifetime of aftercare. Meaning free checkups, cleanings, and adjustments. I see someone new. Someone happy. Its really made a difference. Call miracle ear at 1800miracle and schedule your free, no obligation hearing evaluation today. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire welcome back to the exchange. The the feds latest senior loan officer survey showed tightening and slow down in loan demand between this hybrid work were experiencing, the office rates in particular are feeling the pain over the last year, kill roy is down 35 boston property down 28 but according to Real Estate Developer don, office space is where the opportunities are if investors are willing to work through some pain first, particularly in new york im most excited about new york city. I think that people are running out. Many of my friends and colleagues have moved to florida and other places, so theres less competition. My next guest knows about manhattan, empire seeing a bounce back posting strong Second Quarter, upping guidance. Shares are up 11 . Joining me now is empire state ceo anthony malcolm. Welcome. Thank you explain to me where youre seeing signs of life in the office area. Look, we continue to put points on the board. Great earnings driven by strong leasing and observatory performance. Trip adviser is number one in the United States second year in a row. Leased over half a million square feet in the first half of 2023 eight consecutive quarters of positive marks on Manhattan Office new leases. We are really firing on all cylinders. Who are some of these companies . And listen, they have a lot to pick from. Robert frank tallied up for us theres the equivalent of 40 empire state buildings of empty office space in new york what are you doing to bring people in . Are you having to cut rates or anything like that what are the types of clients signing up right now no, again, as i said. Just under 15 positive marks on Manhattan Office new leases in the Second Quarter and people have come to us because its a flight to quality includes their buildings with accessible prices. Modernized, Energy Efficient with Indoor Environmental Quality at great locations and tenants and brokers want togo to landlords who have a great balance sheet. We have the lowest debt to ebitda of our new york city peers. No floating rate dear. No maturity until 2025 all of these are competitive factors which really put us in the drivers seat. Its incredible to see your Manhattan Office vacancy rates up near 90 . More nato doing the penn station project, putting a ton of capital and betting you have to be located near a transit hub if you really want to attract workers for the next decade really do you think that theyre right about that first of all, we reflected our measurements all of our portfolio. Not properties that are under redevelopment excluded so thats part one part two, location really, really matters and part three, our leasing percentage is up to 91. 6 of total portfolio. That puts us in place right up there with the aaa brand new buildings. So we love what tornado is doing. Plays right to our strengths were right there with a great product at even better pricing. So with new york back, when we say these offices are being occupied, are they fully occupied or a reality that Companies Might be signing up with themselves a little less space than they needed in the past if workers still work a day from home. Because that still there still has been a permanent shift, hasnt there . We really see a big return to office dont forget in our portfolios we discussed last quarter, now up over 2. 5 million square feet of space leases done of tenants of ours who expanded since we went public that has continued so were very pleased. Again, i do think that there are other properties out there which wework occupies or continues to work and Tech Startups these are not modernized, not in good shape, theyre not competitive. If you take those out of the overall inventory numbers, the actual availability of whats really quality is greatly reduced. So that puts us again in a very positive position to receive the interest in service businesses, financial businesses its a very Broad Spectrum from which with draw. Are you saying this is more of a wework effect that the vacancies reflect the demise of that company or that approach to work more than the actual trend underlying demand for working in manhattan . So, manhattan, mid town manhattan is one of the strongest performing Office Markets in the recovery in the United States in the last quarter, according to the Brokerage Company statistics, number one number two, the wework effect, they occupied a lot of unimproved, poorly prepared Office Buildings and the fact that those vacated, they got added to the overall percentage of vacancy, theyre not really in the market theyre not competitive. There is a return to market. Theres a recognition that colleagues need to be together in order to perform and improve the studies are out there show productivity from people at home is greatly reduced and we think that plays into the future by the way, there will be some disruption from this increase in Interest Rates heads will go through the windshields. That also creates opportunity for us to work our magic we know what it takes to improve, to lease. We know the rents we get and we see opportunity there. No, listen, i remember talking to you in the depths of the pandemic and feeling sort of uneasy about your fortune its kind of a relief. And you know, interesting to come out on the other side of this now and have this kind of conversation i have to give you a lot of credit well, thank you Empire State Realty trust office observatory retail, residential, greatest way to play the greatest city on earth. Well, certainly looking a lot more dynamic than we feared a few short years ago. Anthony, thanks so much. Good to see you again. Thank you anthony malkin. That does it for the exchange. Tyler is getting ready for a busy power lunch right after a quk ea icbrk. sfx people cheering sfx Stock Exchange bell ringing sfx people celebrating sfx people celebrating sfx Stock Exchange bell ringing hi, everybody. Welcome to power lunch. Alongside kelly evans, im Tyler Mathison we have earnings, earnings and earnsings. Well dig into the big names that have reported and those yet to come. Plus, a new covid surge. Cases are up by more than 10 compared with last week. Hospitalizations rising as well