Thequeen and one statement by Ozzie Osbourne i mourn with my country the passing of our queen with a heavy heart, it is devastating the thought of england without Queen Elizabeth ii. Valerie castro, thanks very much lets get back to the white house now where theres been a change in plans for the president. Our senior White House Correspondent kayla taush standing by live there now the pool that had been gathered for the president s prescheduled remarks has dispersed, awaiting any statement from the president as you know to come after the pm herself speaks from 10 downing here at the white house we are waiting to see those flags get moved to halfstaff as they so often do when there is a passing of this significance just down pennsylvania avenue, House Speaker nancy pelosi has ordered flags there to be flown at halfmast and they are already being done so there. Of course, we are continuing to get new news about what transpired here at the white house throughout the day as the president was kept abreast of the queens condition which deteriorated throughout the day, and nbc news is reporting that President Biden was informed of the queens passing by his top aides including kate benningfield who leads his communications and chief of staff ron klain and mike donolan and the meeting in the oval office where the president was informed, unfortunately, the president said he was not surprised and hed been participating in a videoconference earlier in the day with several western allies where they agreed on and announceded a 695 million package in Security Assistance to ukraine and mike memoli reports that according to President Biden that the Prime Minister liz truss abruptly left that videoconference which was why the president was not surprised to learn of the queens passing. Earlier today i asked the press secretary Karine Jeanpierre what would happen to the special relationship between the u. S. And the uk if the monarchy transitions. At that time before the queens passing she did not want to engage in hypotheticals, but the relationship will remain strong. Heres the press secretary. Our hearts and our thought goes to the family members of the queen, goes to the people of the United Kingdom i dont want to get ahead of what the president is going to say. I want him to for you all to hear from him first, and so i want to get ahead of that, and i said this earlier, the people of the United Kingdom and this is something that the president has said himself has grown stronger and stronger and our hearts go out to the queen and her family. Jean pierre said President Biden last had an audience with the queen if 2021 after attend being the g7 summit in corn wall approximately ten days before the funeral or that was the announced plan today do we have a set in stone understanding of what an american delegation would look like, who would be representing or is that a matter for discussion over the days ahead it is certainly a matter of discussion for the days ahead and there has not been a passing of this gravity in recent decades. The queen had reigned for 70 years, for onethird of american history, through 14 president s terms. So certainly a passing of this magnitude is not something that the u. S. Has had to grapple with it is expected that a delegation would include officials at the highest levels of government though asked multiple times today whether the president would be making that trip the press secretary demured at that time shep thanks very much. Kayla tausche live for us at the white house. It is my understanding that the new king has just released a statement, and as he did, as you might imagine it overloaded, apparently, the systems which transmit it. I can tell you this, that president zelenskyy of ukraine has just issued a statement just a short time ago president zelenskyy wrote, it is with deep sadness that we learn of the death of her majesty Queen Elizabeth ii on behalf of the ukrainian people we extend sincere condolences to the royal family, the entire United Kingdom and the commonwealth over this irreparable loss our thoughts and prayers are with you said president zelenskyy. Ive now just gotten the statement from his majesty the king, this is dateline, Buckingham Pal a a statement from his majesty the king at the time of the queens death. The death of my beloved mother, her majesty the queen, is a maement of Great Sadness for me and the members of my families and we mourn the passing of a muchloved mother. I know her loss will be deeply felt throughout the country, the realms and the commonwealth and by countless people around the world. During this period of mourning and change my family and i will be comforted and sustained by our knowledge of the respect and deep affection in which the queen was so widely held signed this thursday 8 of september, 2022 by the king of england. It is hard to believe after all these years that now it has come to this, Kayla Tausche is at the white house. We wait for liz truss who by order and plan is the first to make a statement, and then a series of matters comes next what do we know about what were expecting from liz truss and then when the white house will have something to say . Well, certainly, you can imagine, shep that the Prime Minister is gathering her thoughts and has been throughout the day, brand new to office she received the blessing of the queen just days ago to take th e office of Prime Minister when she visited with the queen at balmoral she had been presenting her energy plan in parliament and fielding a lot of critical questions from lawmakers there when she received the news earlier today, and then, think, participated in that videoconference this morning with western allies where they agreed upon a new coordinated package of Security Assistance to ukraine and according to nbc news abruptl that videoconference conceivably upon learning the news of the queens passing. Certainly when you see leaders step up to the podium at a moment like this, they will be expected to assure a nation in mourning that the path forward will be one of stability and leadership we cant know what was in her head during such an incredible moment for this country with a dramatic change at the top we are now seeing the Prime Minister seeing to the podium outside 10 downing we are devastating by the news that we heard from balmoral the death of her majesty the queen is a huge shock to the nation and to the world. Queen elizabeth ii was the rock on which modern britain was built. Our country has grown and flourished under her reign britain is the great country it is today because of her. She arc skended the throne just after the Second World War she championed the development of the commonwealth from a small group of seven countries to a family of 56 nations spanning every continent of the world we are a modern, thriving, dynamic nation through thick and thin, Queen Elizabeth ii provided us with the stability and the strength that we needed she was the very spirit of Great Britain and that spirit will endure she has been our longestever reigning monarch its an extraordinary achievement to have presided with such dignity and grace for 70 years her life of service stretched beyond most of our living memories in return, she was loved and admired by the people in the United Kingdom and all around the world. Shes been a personal inspiration to me and to many britons. Her devotion to duty is an example to us all. Earlier this week, at 96, she remained determined to carry out her duties as she appointed me as her 15th Prime Minister throughout her life shes visited more than 100 countries, and she has touched the lives of millions around the world. In the difficult days ahead, we will come together with our friends across the United Kingdom, the commonwealth and the world. Well, these sorts of things happen to time to time, its unfortunate when they happen this time, but liz truss, who is in her fourth day now as Prime Minister of the United Kingdom after winning a battle within the conservative party and the two leading candidates and the members of the party across Great Britain voted and shes speaking again lets listen. With the kings family we mourn the loss of his mother and as we mourn, we must come together as a people to support him to help him bear the awesome responsibility that he now carries for us all we offer him our loyalty and devotion just as his mother devoted so much to so many for so long, and with the passing of the second elizabethan age we usher in a new era in the magnificent history of our great country exactly as her majesty would have wished by saying the words god save the king. Well, there you have it, liz truss the british Prime Minister speaking just outside number 10 downing street, god save the king we are now beginning to get reactions in from across Great Britain and beyond are yond including the archbishop of canterbury who has just spoken our Valerie Castro is live with now. Shep, the archbishop, the leader of the church of england issued a electee lengthy statem ill read a portion of it to you, it is profound sadness that i join the world in mourning the death of her majesty the queen my prayers are with the king and the royal family and may god comfort them in the days, weeks and months ahead later on in the statement he made reference to the pandemic saying in the darkest days of the coronavirus pandemic the late queen spoke powerfully of the light that no darkness can overcome as she had done before. She reminded us of the deep truth about ourselves. We are a people of hope who care for one another even as the late queen mourned the loss of her beloved husband prince philip, we saw evidence of her courage, resilience and instinct for putting the needs of others first all signs of a deeply rooted Christian Faith he ended the statement briefly saying, may her late majesty Queen Elizabeth ii rest in peace and rise in glory. Shep Valerie Castro, thanks very much ive been watching the coverage of sky news, our Sister Network in the uk excuse me, throughout much of the morning and through the early afternoon and was struck by those when had witnessed the queen over the past few weeks talking of her walking her corgis in scotland there as she has been seen to do and no talk of riding ponies, but certainly picnicking with her lady in waiting and said to have been in quite good spirits and it appears from the reporting of sky news that monday was something of a difficult day after all she had just spoken with the outgoing Prime Minister, welcoming liz truss, the incoming Prime Minister did so in scotland at balmoral rather than at the palace as she was summarying there and that was certainly a break from tradition and a break from protocol and after the long day on monday, the doctors said Queen Elizabeth needed her rest and canceled a Virtual Meeting that was scheduled to happen yesterday and then this morning around noon time 12 30, actually london time the doctors said that they were concerned for her health and then a series of events we dont yet know the time of her passing, but we do know that there was a series of events which had to take place some 20 phone calls notifying of heads of state of members of leadership across the country, and members of the royal family and the extended royal family and others and then putting into place a series of events which will take place both this evening there in Great Britain and then over the next ten days. There has been a lot to come together over the last few hours and now the tenday period of mourning which our friends at sky news are discussing now and lets dip into their coverage for just a moment. A minor issue at this time in the great scheme of things, the issue of the reign not necessarily decided. No, its not entirely clear and we did hear liz truss there referring to the new king as king charles iii, but and this might come as a surprise to some and there is a possibility that he could use one of his other names as we have seen from other past sovereigns. So we wait for official confirmation on the name that he will that he will definitely go by, and i think that is also going to be the case when it comes to what we see unfold over the next ten days or so. We have already seen some of the formalities that we would have anticipated, and so, for example, the union flags flying at halfmast weve also seen the announcement being put on the gates there announcing the passing of Queen Elizabeth ii and we wait to see exactly how the next few days will pan out what we can see is that already the transition has seamlessly happened, and i think for some, that will compound the shock its hard to take in in some ways, already the fact that we are talking about the passing of a muchloved head of state after only seeing her a couple of days ago carrying out her duties but also we do have a new monarch and already he wanted to make sure that he was able to send this message to people across the country and the commonwealth, and it is a very warm message where he talks about the death of his beloved mother and how the love and respect with which she was held across the country is going to comfort and sustain the rest of the family, but in the coming days we will see this transition happen seamlessly in terms of his succession being officially confirmed at the council, interestingly, also within the message explaining and announcing her death, it talked about how the king and the queen consort will travel to london and that was something that the queen very clearly expressed in her exception day message at the start of the year in trying to futureproof the monarchy to try and stop the unnecessary questions that some may think were unnecessary on the event of her death and how the duchess of cornwall, camilla would be referred to, when the prince of wales and camilla got married it was expressed that she would become princess consort at the time because there was a sensitivity, of course, around that relationship, and the queens succession day message this year she very clearly showed her support and affection for camilla saying she should be a future queen consort she appreciated how much of a support camilla is and will continue to be especially in the coming days and weeks for her son as he takes over this role so already we see in whats happening now the impact that Queen Elizabeth had when it came to continuing to shape how the future of the monarchy is going to look. Our many thanks lets cross over to our Political Editor beth king charles and queen consort will be at some point tonight. We expect king charles to make a statement, if not tonight, tomorrow morning and hes released the paper statement and we expect something from the microphones either tonight in britain or tomorrow morning their time over to Courtney Reagan for just a moment the next ten days will be difficult and elongated and sorrowful across that country. Absolutely. But to be sure, of course, shep, they have been planned for some time it was widely known that when the queen did die that the message would be London Bridge or more specifically London Bridges down or that her private secretary would be the one to deliver the message to the Prime Minister and that the bbc rat system, a sort of radio alert system which has been in place since the 1930s would be used to help disseminate that message i dont know if that happened, but that was part of the 10day plan, september 8th, the day the queen died and tomorrow will be d plus one, andqueen was head of state for 15 different governments and there are 36 commonwealth nations that she was more or less a figurehead for and theyll be mourning her death and marking it in some official way and there will be most likely a fournation tour and, again, unclear if hes known as king charles and there are many things that are a part of this plan that we expect to commence perhaps something will change because it was set some time ago when it was learned by some reporters any some information was released to the public and well have to see what happens and this is historic and weve not seen this, shep, to your point in some cases our patients lifetimes and she has been the reigning monarch since her father died in 1953 and that coronation did take more time as we expect this one to take as the death of the queens father was a bit more unexpected. Shep Courtney Reagan, thanks so much well have a complete wrap and a look ahead tonight on the news at 7 00 eastern time, 6 00 central. Coverage continues now on cnbc. Com on our Sister Network, on satellite and cable and think on our streaming service nbc news now and thats online around the world im shepard smith. Right after this, power lunch is next on cnbc, first in business worldwide good afternoon, earn. We will continue to follow the queens death and historic reign, but now we turn back to the markets a little more than 90 minutes to the close and lets get to dom chu to brings uptodate the markets, right now, dom, little changed little changed, but weve seen both sides of that equator both up and down we are seeing fractional gains for the Market Indices up, down, just around a half percent, mark and the 31,000 the last trade and up 135 pointses and about onehalf of 1 and the s p 500, this is key, approaching back toward the 4,000 mark and up 16 points and nearly half of 1 and its important for the s p because this is just about the level that we were at when there was a big debate brewing about whether or not we would see a rise toward that 44, 4500 mark or down towards the 3600 mark where we take out those lows that we saw back in june the composite index for the nasdaq and the underperformer only up a quarter of 1 and 11,810 the last trade there. From the sector perspective, heres how things are playing out and we are seeing relative strength in certain parts of the market and financials and health care both north of 1. 5 gains there and hence the composite index under performance and the Communications Services down onethird of 1 and it was that Megacap Technology trade and media trade. Its been underperforming after it had a great day yesterday and remember snapping that multiday losing streak. If you take a look at some of the overall fields for what we have for the key parts of the market look att the spdr bank etf and j. P. Morgan chase, wells fargo, citigroup and some of the megacap, Money Center Bank and if you look at one of the reasons why Interest Rates could play into part of that story and we are seeing movement out of the yield curve and say for the tenyear treasury note or other parts of the curve have been drifting to the upside if you look at those bank stocks that could be one of the big driving forces behind that trade and the twoyear note yield higher, nearly 3. 5 , and the tenyear note yield just drifting higher. So if you look at the overall picture, tyler, very much a focus right now on whats happening and not just with rates, but the overall impact on the markets and the bank stocks in particular and think, tech and Communication Services because of the valuation side. What higher rates would do to the valuations of some of those companies and well continue to watch that as we head toward the closing bell dom, thank you very much. Im sure well see you again on the remaining minutes of power lunch. Earlier today Jerome Powell said the central bank would do anything it takes to keep it under control and the market is pricing in another threequarters of a rate hike. Doug, why if inflation is peaking, in your view, do you think the fed is so determined to raise Interest Rates by threequarters of a point . I think the fed has realized that inflation has peaked and that doesnt necessarily imply that theyll put in their policy theyre not ready to pivot yet utsch in the same as were not ready to put up our shorts here in massachusetts even though the high temperatures have been, and making sure that you still have that option to pull down the economy and yes, do i think inflation has peaked i think it has peaked and i think the fed runs the risk of continuing to worry about the last fight to beat the drum on inflation and they might beat the drum enough. I guess you could say, obviously oil prices have come down and gasoline prices have come down, and you can point to some rollover some of the other constituents of inflation, and coming down, and inflation hasnt come anywhere close for the argument for continuing to be aggressive for Interest Rate hikes. Indeed. Their concern and their target rate historically h has been 2 and it will be to three next year and it will be down in the fours by the end of the year and theyll need to see it start to happen before they really take their feet off the brakes. Before i turn to courtney, is there a disconnect between whats going on with Monetary Policy and what has been happening with fiscal policy in other words, the Inflation Reduction Act spends a fair amount of money. It says that over time it will be paid for in the forms of higher taxes and other forms, i think there is a bit of a disconnect, and the fiscal approximately see will always tend to be more accommodative and thats because thats what wins elections and the fed is maintaining the tightening stance is in good position here and the fear that they have, and last time we talked there was talk of a hundred basis points and 75 i think the risks here are sort of the upside risks are not being counted on enough so things like reopening in china and this is the last 75. We might not even get a fifth. Doug, so if you believe that inflation has indeed peaked and if the market is pricing in a 75 basis point rate hike, what are some investments that youre looking at help our investors make smarter decisions here sure. I think one of the things and i think the names that im going to bring up have all suffered so far this year and all of us will end up owning some that dont work out these are all stocks that have been down more than 30 this year and some of the much more trex is the name we like and its been beaten down especially this year because theres been inventory stock, and fears that housing will completely roll over and we think that yes, housing is going to slow and do we think that trex is going to have very negative sales growth and it will fall off a cliff and are we stopping making new homes . No. People still need housing and we are underinvested in housing over the past ten years and this is a catchup phase. We think treks is and hes been hirt one way especially if the zero covid approximately see and the consumer s. T. A. R. T. Spending there and we lose the correct to consumer business. Thats not my thing. I dont customize, and there are certainly the genzs and millennials who do it and its an ardent business. Thank you very much we appreciate your time today. Doug button, thank you. Now to the bond market, Rick Santelli tracking the action bonds digesting not just powell, but a big rate hike from the ecb. Yeah. There are so many issues in the marketplace and the ecb with a threequarterpoint rate increase and add in shortly thereafter, testimony question and answer from the chairman of the fed and there was plenty of volatility to be around and look at the twoieryear note yields d 8 30 easterna you see and as we go further down the curve lets look at what tenures did, and the yield curve was flattening or reinverting and as you look at this chart from august 1st, we just have been sailing higher and almost a 45degree very smooth line of rates going up and heres the key when you open it to june we have been unable to take on the midjune high yield and in this case it was under 3. 5 , and in the uk where they raised rates and the ecb where they raised rates and they have not taken out their highs in midjune either and look at bund yields and their highs were at 177 and were at 173, but the big story today like in the u. S. Its the short maturities that have the high trades going on with twoyear yields and the twoyear bunds go to an 11year highyield close and one would think that the Euro Currency would be volatile and indeed it was, but when all of the smoke cleared virtually unchanged. Tyler, courtney, back to you ill pick it up there oil is closing for the day bouncing back after a big drop yesterday and Pippa Stephens is at the commodity desk. Pippa . Oil erased early losses making back some of yesterdays decline that saw u. S. Oil settle at its lowest level since january and brent crude with wti right around 8350, and Natural Gas Prices advancing and while they pulled back they remained sharply higher on the year estimating that Global Oil Demand from gas to oil switching could jump by per than 80 as producers looked for alternatives come uranium stocks and the worldwide sig independent nal. You are i a and you in up double stages of thees is you r camako like pal i tin, and energy mines and it is focused on u. S. Production and the ceo telling me the company in the powder river basin is ready to go and uranium prices is not quite high enough to incentivize production and it is right around 51 a fund and he said they need to top 60. Weve gotten a news alert on twitter and we will go to Julia Boorstin for more details. Yet another twist in the twitter saga the wall street journal reporting that the whistleblower peter sadko agreed to a roughly 7 million settlement with the company in june what happened here according to this wall street journal report is that after he was negotiated, he and twitter negotiated over a payout, and its not unusual with these big, corporate job so they agreed with a seven pi yn or part of his contract. He then later filed his whistleblower which the n, a regardless and it doesnt really impact things, but it just gives us more insight into the relationship between twitter and the whistleblower peter sadko thank you very much, Julia Boorstin is a. 75 rate hike a done deal . Well bring you the words from the chief, jay powell. 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 stocks are seesawing today the dow up as much as 200 points and down 260 at the low after fed chair powell vowed to fight inflation until the job is done opinion Steve Liesman joins us now on powell and the rest of the fed speakers we have heard from lately. Steve . Good afternoon, tyler fed chair jay powell speaking to his hawkish script and saying the fed intends to keep raising rates until the job of bringing down inflation is done powell said nothing that leaned against the market price for the 75 base point price. He was backing off too soon and underscored about the publics Inflation Expectation becoming unanchored the longer that inflation remains well above target and the greater the concern flat public will start to just naturally incorporate higher inflation into its economic Decision Making and our job is to make sure that doesnt happen and were committed to doing that job powell added that the fed is deliberately seeing the below trend growth to help lower inflation. Meanwhile, the chicago fed president Charlie Evans saying he sees the fun rate topping out 4 and thats in line with the market and he hasnt decided if the fed needs to go 50 or 75 and waiting on that Inflation Report next week and he said once the fed hits that peak rate it ought to keep it there for a while cou courtney stick around and well turn to janet yellen. She just finished speaking at a ford plant promoting the economic agenda. Ylan mui is joining us from washington, and ylan, lets start with you what did we hear from yellen. Her goal was so lay out the overarching principles of President Bidens agenda the restoring price stargity and ther the cause of inflation is global and that the pain of inflation is personal. That signals to me that democrats are looking at inflation and they realize this is a political liability heading into the midterms and yellen had to connect the dots between the recent pieces of fiscal legislation that democrats have pass passed to ground them into the economic model there was debate about what that entails and how effective that might be and if there is a throughline between what powell said and yellen said and its about trying to come up with ways to incentivize a durable economy and not just change growth what has the market been saying in recent days, bob the big debate is whether were at peak fed hawkishness. Not really peak inflation. We can make an argument that we are at or peak fed hawkishness, no,io wrefrng so and that was very clear in jay powells comments and history shows premature loosening of Monetary Policy and i think the public is coming to believe that powell will stay higher for longer and the surveys out this week were terrible and Retail Investors believe that this will be a problem. Bullishness on the American Association of individual investors for the week down to 18 . Historically its close to 40 and that is one of the bullishness that survey is around until the public comes to believe that we are ator near end of aggressive comment tary. The typical mistake the fed makes is to go too fast, too high for too long. Logical . Do you agree disagree yeah. I think so look, everything lear is different and talking about modern supply side economics which it has to send a chill down your spine if you had any sort of support from a free market system. I think what i hope the secretary is talking about is this idea that for the moment when there are supply side constraints and there is government assistance to get the supply side back to where it was and ultimately long term this was not a plan or program because then you start to border on this mark an tealism idea which is very much model which doesnt work all that well when it comes fed right now, for the fed to con vines inflation out system i think that what the fed is saying is is it willing to sax ri fies something when it comes to job and something when it comes to Economic Growth in order to get there, but again, these are sort of moments in time, tyler. I dont know that that will continual that long. At some point theyll be able to pivot and bring down inflation or as bob says, get the peak because it is not the there yet. Thank you very much coming up, a 50 rally in shares of amd thats the call from steeple we will ask the analyst behind that report why amd has an edge over the other chippers. Before the break, shares of am amlynx, an unpronounceable word, pharmaceuticals soaring above by fda advisers to support approval for the companys als treatment. Power lunch will be right back and i will learn how to pronounce amylnx by then. At fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. A plan with taxsmart investing strategies designed to help you keep more of what you earn. This is the planning effect. President joe biden on the death of Queen Elizabeth let me read part of it to you. Her majesty Queen Elizabeth ii was more than an monarch she defined an era she was a source of comfort and pride for generations of britons including many who have never known their country without her. An enduring admiration for Queen Elizabeth ii United People across the commonwealth. The seven decades of her historymaking reign were witness to the unprecedented human advancement and human digity nitty in the years ahead we look forward to continuing a close friendship with the king and queen consort. Today the thoughts and prayers of people across the United States and with the people of the United Kingdom and with the people in the commonwealth in their grief. We send our deepest condolences to the royal family, who are not only mourning their queen, but their mother, grandmother and great grandmother. That from president joe biden. A hard left turn. Shares of amd are down 40 and the stock is poised to gain that back and the buy rating as the Company Gains market share hes managing director and Senior Analyst of applied technology at steeple. Ruben, i chip sector often theyre looking at the smh. Why are you calling out amd specifically what do you like there thanks for having me, courtney on amd, there are a lot of good things going on. The company is in its third or fourth year of really executing well on a product road map that we like. Theyre expanding their share away from consumer and into the data center markets. Really the focus here with the set of names we came out with is on data center and we think thats a really big driver of growth for not just amd but the semiconductor sectioor in gener. So youve got that expansion of exposure to this market that we like that will bring with it margin expansion. I think over time accelerated earnings growth. One of the things going on, tyler and bob were talking about Investor Sentiment sentiment has gotten necesgative across the space amd hasnt lowered its nearterm outlook so investors are worried about that given some of the consumer exposure. But we like the product road map and the way the setup looks as we look out over the course of the next several quarters and even longer term. How about intel during this big groundbreaking on this headquarters in ohio thats made a lot of headlines, anything playing into your thesis as they look to produce more domestically for intel . Sure. On intel we have a hold rating on intel certainly rooting for the company. But we believe that the new Management Team at intel has a bit of work ahead to catch up on a few years of some misstep s and market share loss to Companies Like amd while we do think there are interesting things going on, intel will be spending quite a bit of capital expenses on some of these factories that youre talking about in ohio and elsewhere. And i think over the next several years well see, but it is a waitandsee story right now. We are waiting to look at some milestones and as we see those milestones, well have a better assessment on that stock in the meantime, again, coming back to. Amd, we have things coming up and i think the market share gains weve been seeing that company take over the last couple of years will continue. It has been a remarkable run for amd among others i want to take you back to intel. Yesterday carter worth indicated that hold often means, wink, sell does it in this case for you, or does it really mean if you own it, you can stick with it if it is your taste to, but if you dont own it, stay away from it . Its more the latter, tyler i would say that intel shares have also had a little tough time over the last six months or so, lets call it. When you look at a valuation on intel, its gotten down to sort of near trough levels if you look at the way the stock has traded the last five or so years. You do have a dividend yield they are making that Dividend Payment even with the capital intense part of the business the next several years with that in mindi, you are getting paid to wait so the hold here means hold. Ruben roy, thank you very much a programming note Patrick Gelsinger will be on at 7 30 a. M. At the groundbreaking ceremony in ohio. Eastks wl t, we will trade three chp ocalstreet loves power lunch will be right back woman vo sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. Exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. Learn more at viking. Com bubbles bubbles so many bubbles as an expedia member you earn points on your travels, and thats on top of your airline miles. So you can go and see. Or taste or do absolutely nothing with all those bubbles. Without ever wondering if youre getting the most out of your trip. Because you are. Welcome back to power lunch, everybody. Lets talk about some cheap Stocks Companies whose forward pe ratio is lower than their historic fiveyear average and earnings that are estimated to increase by at least 10 . On that list right now youve got disney, youve got Lamb Research and d. R. Horton lets bring in jeff kilberg, a cnbc contributor lets beginning with disney. Do you like it, love it, what . I do love the mouse, ty i think youd be a buyer here. Today is the disney plus day if you look at the stock, certainly it has some Technical Support at 107. But whats interesting about today, they are going to have thor come out but also a live action remake of pinnochio starring tom hanks content is king. Whats interesting about disney, ive talked everything about streaming. Streaming is what investors are looking at and they are looking at 2024. You see that number near 250 million subscribers. We havent even talked about the reopening of the parks and all the other moving pieces that we used to focus as or focus on as investors. I think it goes higher from 112 and above. Disney you like what about lam research . Im a buyer here at well. Stifel talked about the chips. Lam research has had a rough year if you think about the diversification of their customer base, they have samsung, micron, intel, but its interesting. If you look at where it is right now, again its a technical component of the 50day moving average but this is where you have to take a shot. Yes, i know were not seeing semiconductors revealing a ton of relative strength but lam is kind of one of those undertheradar names that we like a lot and i think has an ability to go higher. Lets get some thoughts about d. R. Horton. New home sales fell through, Mortgage Rates are at 6 i think theres more room to the downside unfortunately weve seen a rough year, down 32 so selling, not interested. All those housing stocks have been in the same boat as d. R. Horton jeff kilberg, we thank you very much we appreciate your time today. For more on those stocks, check out cnbc. Com. Today took a turn in the markets but most especially globally with the death of the queen of england. Im sure well have many more coverage to come on that. Thank you for watching power lunch. Closing bell starts right now. Welcome, e everyone to clon bell. We begin with a moment of silence here at the New York Stock Exchange and the nasdaq to honor the life and service of Queen Elizabeth ii lets listen in