that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. good afternoon welcome to "power lunch. glad you could join us this afternoon. coming up, we'll do some e con recon. the fed releasing the so-called beige book and we'll explore green-flation. what if companies are the ones keeping prices high for their own benefit. plus the pr pendulum swing more companies are getting pulled in to social debates at the center of american

discourse. the heat is hot right now. the days gone when corporations can claim maybe to be in the middle in order to appeal to all customers. we'll debate that one ahead. first a check on the markets. the dow we were down more than 300 at the low, down 147 right now. half a percent for the dow and s&p, 4168 for the s&p. nasdaq third a percent decline we heard from two major fed speakers in the past half hour or so especially phil jefferson kind of making the case for a skip at the fed's next meeting and that didn't really move the needle that much a little bit more off session lows but probably the most pertinent thing prior to the beige book also huge earnings movers, came pre-holdings down 10%. revenue declines with all of its major brands and another potential sign of a luxury slowdown. the company still pointing to strong trends in china as a positive, but it is down 38% so far on the year.

and auto market, advanced auto parts down 34% just today. they cut full year profit guidance, citing higher costs for raw materials, for labor and more this is after a big beat back in february as well we'll dive deeper into the stock a little later on in the show. >> first we await details on the beige book here to talk about the state of the economy, malcolm etheridge, executive vice president at cic wealth, and brian jacobson with annex wealth management. welcome to you both. brian, let me begin with you where are you on the sort of spectrum of recession, slight recession, no recession, what do we need to be prepared for economically >> thank you for having us when we discuss it here at annex, we think that just look in the rearview mirror we've had recessions you had two down quarters in 2021 2022 2023 as well

you see the fourth quarter gross domestic income was negative same thing first quarter 2023. so really the recession is somewhat in the review mirror and we may be going through this kind of choppy period almost like a double dip triple dip kind of recession environment. thankfully earnings were one of the first things to drop so in a way you can almost kind of position yourself more for recovery, but it will likely be a tough slog so from an investing perspective, we think the recession is mostly in the rearview mirror. >> and while i take your point that the classic definition of a recession is two quarters of negative gdp growth, i think more recently the definition of a recession has become one where an esteemed group of economists declare there to have been a recession and that in fact has not happened, has it, brian? >> no, but they will be late to the game they don't typically declare recessions until a year, a year

and a half later and as investors, what should we care what these exalted individuals on the national bureau of business research even think? really what matters are earnings, fundamentals, earnings deteriorated, market probably priced in a recession back in october. and now we can actually think about which companies are in a better position to gain market share and hopefully protect their profit margins in what could be a tougher economic environment. >> beige brooook is out and lets get to steve liesman with the headlines. >> yeah, the fed beige book early may economic activity was little change with four districts seeing a small increase, six had no change, two saw a slight decline and there is a freight recession, interesting comment rare to see the word recession connected with the trucking industry and residential industry picked

up in most districts diane olick has been talking about the recent strength. but commercial construction decreased overall. office space segment was a notable weak spot. several districts reported a rise in consumer loan delinquencies. budgets of low and moderate income households continued to be stress. employment in most districts at a slower pace than the prior report labor market continued to be strong, but there was some cooling reported in labor markets with easier hiring, some firms reported that they were at full staff now and not hiring any longer slower growth in demand at staffing firms and for the federal reserve, wages were said to have grown modestly prices overall rose moderately the increase of rate slowed in many districts but still moving up due to rising costs but districts reported greater price sensitivity by consumers when it came to buying at the

actual storage there cost pressures had eased home prices and rents both rise. >> steve, stick around we'll get our panel back malcolm, let me ask you the simple question, obviously the beige book is a rear looking -- rear facing review of conditions in april, late march, early april. but given what it says about the state of the u.s. economy, how can i make money right now >> i wish i shared brian's optimism as far as knowing for sure that we're already beyond the recessionary concerns and that we were on our way out of the bear market that we found ourselves in back at the october lows but my concern is the beige book data continues to show that there is pressure everywhere so when you couple that with the fact that we got jobs report data that showed 10.1 million

open jobs right now with the fact that we had historical unemployment that came out at the last month's print, it makes me a little bit concerned that we may be headed for another raise which then means that the fed is basically committed to breaking something which means that we're probably going to tip back into a recession if we were already in one before. so i don't know that there is necessarily one particular place you want to look as an opportunity to say that is the safe haven right now other than maybe the three month treasury, but i do think that there is definitely going to be quite a bit of choppiness or headwinds or whatever other term we want to use here in the short term as the fed figures out just how much it has to tighten so bring down wage inflation. >> and i'd point out your stock picks kind of explain the market elevated recession concerns but microsoft, amazon, qualcomm. so is it kind of like growth

when growth is scarce kind of idea here? >> well, it is more so sticking with the ones that we know for a fact so as we look at the ai hype cycle that has led us in the last couple of months into positive territory on the s&p save for what we gave back here in may, i think that it is sticking with the stocks that we know for a fact are going to be the leaders out of a downturn. so if we continue to surge, tech will definitely have to lead that surge and if we are in the middle of a recession under our feet, that we can't see yet, it is a safe assumption that the names that willlead us out of that are th same mega cap tech names that seem to be the reversion to the mean for anyone looking for that safe haven trade >> brian, you can react to what malcolm said and also respond to the interesting story in the "new york times" about how companies are continuing to raise prices even though their

input costs really aren't rising anymore. and in fact in some cases as in the case of transportation, fuel costs and so forth, have actually gone down a great deal. i just heard in the last hour on our air that oil is off 40% over the past year. so there are costs going down but i don't think that companies are feeling that. >> i don't disagree with malcolm. i think the risk is that we get a triple dip recession environment if the fed decides to continue to hike. thankfully it looks like that they will take like a skip meet. maybe like a skip year after you graduate college or something like that. but in terms of the profit margins, our process here at annex is to try to identify companies that are able to maintain those profit margins despite what might be a challenging environment. interestingly s&p 500 profit margins peaked coming out of the covid recession that we had and

with the recovery, they were able to have the price pass through from input cost to consumer was greater than one. that doesn't typically happen. but mainly policy makes were telling everybody plan for inflation and just accept it and so that gave the green light to a lot of businesses that increased their profit margins in this environment. but as steve pointed out, the beige book says people are getting a little fatigued. maybe you will see a bit of a consumer rebellion against the higher prices. so even though they were able to increase and expand the profit margins up to this point, those are coming under pressure and that pressure could be a little intense. >> steve, let me come back to you. i don't know whether you were able to hear brian's initial comments while you were studying the beige book which if i'm understanding correctly, that we've actually kind of been in a couple of mini recessions over the past few years pandemic related 2020, i believe

2022 he mentioned do you see it that way, have we been in a couple of mini recessions like a light dose of covid? >> i wouldn't call it that what i see has been happening in the economy is that sectors have been adjusting at different speeds and there have been a series of book/bust cycles for example in the good sector, it went from boom to bust. service sector went from bust to boom consumer balance sheets have gone from overflowing to a little bit flush government spending has gone from boom to less so and maybe more less when it comes to the debt ceiling deal. so i don't see it as recessions. i'm very careful about tword i don't like the two quarter definition because it is not really the definition used by

the nber and i see job growth has been strong throat. i see that wage growth has been relatively strong relative to other wages but not as high as inflation. if there is a real recession, it is yet to come and i remain somewhat optimistic that it can be avoided it requires fed to stop hiking and inflation to go away and to start to come down on its own. if those two things can happen, i believe at this point when i hear about things like american airlines raising guidance for the year and i hear about what is happening broadly in the service sector, and also i'm trying to not be too excited but i'd be interested will developments in ai which is something that could go to the benefit of the economy so i think there is still reason for optimism, but we have to not screw it up. >> on that very plain spoken note, thank you, steve brian, i hope i characterized

your viewpoint correctly there if i didn't, shake your head or whatever and malcolm, thank you very much appreciate it. let's check in on how the bond market is reacting to the beige book >> i had to call an audible. i was ready to talk about the treasury issues but the beige book did something big and the chart should say it all. here is a july fed fund futures. look that the pop at 2:00 eastern. many would say that we had fed speak, they were all in the camp that potentially could have made this market rally diminishing, taking away the over-50% possibility at least for the moment of a quarter point increase in the next meeting on june 14th. may come back down, but it really was the beige book. just look at the timing of the chart. let's get back to job opening labor turnover here is a chart.

jolts in chicago pmi, the one-two punch. chicago pmi was ninth month under 50 so you can see the markets didn't really like that, we're still red in equities and also with jolts breaking the streak of three consecutive months of lower job openings, it popped back over 10.5 million, second highest read of the year you can see 9:45 yields go down. and then at 10:00 eastern, jolts popped it up the one-two punch. and if you look at ten year note yields on a long view going all the way back to september, boy, i'll tell you what, you don't need to be a gene ius technician to see that it looks toppy an the dollar index, no matter what traders are going short, that market is not cooperating it is on pace for a 2 1/2 month high close

worst case scenario, wells fargo makes one company a top pick saying it has an excellent risk/reward valuation even if revenue were to be cut in half and that is amex, american express. outperforming its rivals joining us is the analyst behind the call good to see you. they have hire income demographic, but they are also exposed to a lot of small business, and couldn't that be a risk factor? >> that is a good point. they do have a lot of credit risk but we think tactically from a stock perspective, it makes sense to stick to high quality defensive names. consumer is in pretty good shape. but under pressure from inflation and higher rates and amex fits that defensive category in our view they have a strong competitive position yes, credit risk also bigger than the next five competitors they dominate that credit

investments. so some pluses and minuses and it all ties back to a pretty attractive valuation turning it around 12 times 2024 earnings. we think it should trade closer to 16 times. >> is the beauty of american express that its prime market is affluent and affluent people are likely to survive so much better than less affluent people in whatever economy unfolds in front of us? >> i think it is a good point. we do feel like their customer base will be more resilient. it is higher end premium consumers. but look, nobody is immune in i think one of the concerns we want to watch, it has essentially been a travel bonanza in the united states and if we look at 2024, we do expect some moderation in that travel and i think ambassadors initially were worried about the low end consumer and now they

are starting to worry about the prime consumer, a lot of job losts have been in the professional area. but we think that annex will be much more resilient and as we talk about the competitive position, they are effectively building a moat around the high end premium consumer they have a lot of high end spenders, so companies want to partner with them and those hotels and airlines co-fund a lot of those membership benefits and rewards. and so that sort of virtual circle sort of feeds on itself if you will. >> all right don, you have an up side in your target price of 26.6% on american express thank you very much, appreciate it >> thank you coming up, a lack of trust in leadership. amazon employees worldwide planning to walk off the job to highlight concerns over layoffs and a forced return to office. we'll discuss in today's tech check.

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time for tech check. amazon workers planning to walk off the job over a lack of trust calling out return to office and layoffs in particular. deidre bosa has the details

sx >> that walkout expected to happen about 40 minutes from now and the employee group is expecting 1900 employees worldwide about 900 seattle itself they headquarters of the day one building and they are complaining about a few things, one is return to office, second is layoffs. remember at the end of last year and this year, they did their biggest rounds of cuts ever equalling 27,000 employees also amazon's environmental record and as you said, sort of a lack of trust and in decision making to put it in perspective, amazon world wide has about 350,000 corporate and tech workers this is separate from the warehouse workers that man those fulfillment centers where we have also seen some rise in worker turmoil in terms of strikes and unionization so this one in particular is

looking at the corporate employees. it is a very, very small number of vocal people, but again, we've talked about this in the past, does it amount to a distraction for the company at a time when it is seeing slowing growth and trying to sort of show that it is innovative and be part of this whole ai hype cycle. >> and this is a little unusual. is it andy jassy in particular who looks vulnerable or somehow in the crosshairs here, or is this just reflective of a broader moment in which the company is struggling? >> i think it reflects the idea that amazon has become the second largest private employer in the country and i've been covering their shareholders meetings for years and there is a vocal group of employees that come out and don't necessarily like the environmental record or things amazon is doing. so it is not actually that unusual, but it does come at sort of an important moment for amazon when it is trying to find

fiscal discipline. andy jassy less than two years in the job, and so when he has to manage this rising unrest amid the workforce >> and also just on the wires getting news that the ftc has sued amazon or ring's doorbell privacy. what can you tell us >> yes, i can bring you more as i find it, but ring is its security camera devices. and i'm looking at the suit now and it is claiming that ring employees an contractors were given unnecessary and unrestricted access to cus customers' sensitive video data. and they are so widely used that i don't know how wide this is, but it is saying that it didn't limit access to customers' video data and that there was some, you know, some liberties taken this certainly isn't the first lawsuit there or look from regu. so this is piling up too not just for amazon but for the other big tech companies also.

>> i guess they will be requiring ring to destroy all pre-2018 home security recordings covered by the settlement interesting stuff. deeri deidre, thank you. coming up, lights, camera, action a big push to turn las vegas into the next hollywood.

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got to check on oil. down 10% >> yeah, worst month since november 2021. it is off the loews ws of day. this is following weak data out of china manufacturing contracted in may which called into question the narrative about the rebound in chinese manufacturing. not only oil copper is on pace for its fourth month since june and just now citi released their new copper outlook and they think that prices will rise by 50% by 2025 thanks to the demand from decarbonization, that is their base case scenario bold case is that prices double. and they have been cautious on

other commodities like oil so the fact that they are really saying that copper prices are set for a huge run -- >> i thought copper was related to a building boom >> that is what it has been traditionally, but looking forward energy has a huge opportunity. e vichlt ev requires six times more copper so for all of the grid upgrades that will be needed from more solar, more wind, more batteries coming online, you can't do that without copper >> learn something every day pippa, thank you now the cnbc news update >> and virginia governor glenn youngkin ordered 100 national guard troops to the southern border the republican governor says he is sending the troops at texas governor greg abbott's request they will help to address an increase in the flow of illegal drugs and human trafficking on the border nikki haley's husband is set

to begin a year long deployment with the south carolina army national guard two africa. according to the associated press. the mission will likely last for the rest of his wife's campaign for the republican presidential nomination the ap says formal deployment ceremony will likely happen in the next few weeks and more than 18,000 people have been evacuated from nova scotia as 13 wildfires burn in the canadian province. three are considered out of control. the impact of the fires can be seen in the northeast of the united states, more than half a dozen states from maine to new jersey have seen air quality alerts because of a southwestern wind carrying the smoke over the border >> we've been seeing some of it in the new york metro area, some overcast from the smoke. bertha, thank you. ahead, the pr dilemma still

weighing on bud. we expect the issues will continue to weigh on investors sentiment. and target facing somewhat similar controversy. we'll be right back. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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over past few years, we've seen more companies step into social discourse and debates with some more than others shifting to appeal to younger and more progressive demographics, what some call woke capitalism. target and coalkocoalkohl's are backlash similar to what bud and disney faced and while some are standing firmly behind their messages, others arek backing down bud having its worst month since 2020 shares are down 20% since the pushback began in april. does corporate america need to accept that consumers are divided to win them all over and if so how should companies navigate the delicate social issues tony, let's start with you the situation for bud your

former company has worsened in the past month or so in terms of market share is there a lesson here for the kind of broader corporate landscape? >> i think so, kelly i think the lesson is it is time to go back to your original grand marketing knitting, if you will talk about your brand. what are attributes, what are the qualities, what is the price value relationship and be consistent with that to the consumer sponsorships are really probably about 30 years si'30 years sincy the mid-90s and that was a way -- sort of in a way lazy marketing. how do i spend money on another brand to increase the image of my brand but it has risks and we've seen that in this very polarized environment. and i'd guess the next 18 months it will be even more polarizing. and so brands need to say talk about yourself, defense the consu consume -- convince the consumer

you are the right brand and maybe not be so quick to align yourself with another brand and their image that you have no control over >> are companies on the safest ground, not to say the correct ground, but the safest ground if they simply stay away from any of these potentially socially divisive issues, whether it is transgender rights or transgender celebration or whether it is a host of other social hot buttons that we could all tick off are they safest if they simply stay out of the debate, stay out of it? >> i think that is a great question and i think the answer is yes. however, the other aspect about this is that if you build your argument to consumers only on the stuff, only on the features, only on the functional utility of what it is that you do, then competitors can come in and offer that as just a copy of

that and claim i've got a better mouse trap so a bit of what is driving why this is so attractive to align with purpose and these sorts of issues is that because it gives you an opportunity to link with something deeper with consumers. of course as tony is saying, there is a down side to this if it goes awry, but the idea is that you are trying to get an opportunity to connect with self expression and identity. and that has powerful gravitational pull to keeping consumers loyal if they indeed believe that your values align with their own >> and some of these are for june for pride month and so if you are a company who has one plan and then you've seen the pushback, is that something where you need to change course, recalibrate, or do you stick with it and say this is important to our identity and to the demographic that beer t-- we're trying to reach? >> i think if you're already

involved, stay the straight and narrow with what you're doing but maybe not blow it up as big as you may have in the first place. i mean, it is just a sensitive time obviously every brand, every company has a right to speak up for what they believe in, but you really need to understand your consumer is a wide variety of regionality, age groups, ethnic diversity, and even if you offend 5% of your consumer base, that is a negative impact. and i was trying to look at the other side of the story. what if in a target it said -- and i don't mean to get political here, but it makes the point, if you are an nra member you have a 20% discount. everyone would be up in arms on that as well so all these issues are very polarizing today and i just think that we need to understand the environment we're in because the consumer is not pulling back, they are just digging in more and more and we need to see where it all goes as a culture

in our country >> i see you nodding there, americaus and do some jazz if you want i'm thinking of the disney case and disney was late in their condemnation of the so-called don't say gay bill they responded after internal pressure rose as i understand it to take a stand on this. in recetrospect their stance mushroomed into probably a much larger controversy than they anticipated or than it would have been had they been earlier in their opposition and different in how they opposed that piece of legislation. >> i think that is 100% correct. what i hear you pointing to is an important would ready that we use in marketing is

authenticitity the idea that you have to have a track record and you don't want to be late to the party, you want to be early and fully committed. and the idea is that if you are going to do this purpose marketing stuff, you can't half do it. you have to go all in, you can't thread a needle, you can't try to make everybody happy. you have to make the decision that it is in our best interests that we want to speak to a specific group of consumers both demographically and psycho graphic ily and what we need to do is have full commitment to that and that literally means being okay with some people getting upset because building on what tony was saying, short term might be imagine you start exercise and you lose 5%, but the people that you gain are much more loyal to you over time because they are coming to you as a function of this identity argument and less of a functional argument. >> let me ask both of you this this is a fascinating conversation to me is there a company, and i know one i'm thinking of, see if you can read my mind, is there a company that has navigated this -- these very tricky shoals

the best, and if is what company would it be? >> well, tyler, i think i know -- go ahead >> sorry, what jumped in mind for me was chick-fil-a they made a statement about the norms around what marriage should look like and this caused a real massive backlash on both sides. but what they decided do is they look at the markets and said listen, lgbtq+ community has $1 trillion of disposable income, that is a lot of chicken so we need to back off this and we can still maintain a commitment to our christian values, but we don't have to have as tony is saying we don't have to have it front and center, we can have it float in the background chick-fil-a has done a good job. >> tony, same question to you. is there a company that comes to mind that has been authentic, has played this card better than

any other? >> i think it is nike. >> i think it is nike, i agree >> we talked about this the last time where they started with this position, this was their authenticity, we'll touch these kinds of topics, you know, just do it, that was their positioning. so it was consistent with how they branded the nike brand from the start. the tough balance is when you come in and it doesn't look like that, it looks like you are trying to reach a new and different consumer but you do take that risk that you are going to turn off that revenue stream and we're seeing this with bud light >> where it seems to me that companies get into trouble on these issues is this has been part of nike's lane for a long, long time. whether it was specially abled

athletes, whether it was transgender, lgbtq people, they have been in this lane a long time and where companies it seems to me get into tricky -- and we'll have to leave it here -- get into tricky space is where they step out of their normal lane and get into a lane of social commentary or taking positions i'm sorry we have to leave it there on my editorial point. >> and i think it brings it all together >> ygentlemen, thank you very much that could be a fast 2cinating r long conversation. would love to have it sometime your chances of winning it big in las vegas are getting smaller, folks casinos reportedly stacking the deck against gamblers, increasing minimum, shrinking payouts. fliothe house always wins, it is inatn, folks when po"power lunch" returns.

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welcome back can vegas become hollywood 2.0 mark wahlberg lobbying state lawmakers to increase state tax incentives for philadelphia him production, something that has been done in many states

including georgia. contessa brewer has more >> and in fact there is some fierce lobbying going on in the building behind me as we speak state lawmakers are just getting an earful about importing a chunk of california to nevada. the oakland as president came in, the team is pressings legislature for public funds to build a stadium for a move to the las vegas strip. and then of course film star mark wahlberg lobbying lawmakers for a package of tax credits to incentivize movie production in las vegas. here he is >> i would love to see us building studios, creating jobs and just diversifying the economy. i moved my last film here. i'm shooting another film here coming up in the summertime. i moved permanently here >> and wahlberg insists that he is ready to invest personally in seeing the film industry grow in las vegas. real estate developer howard

hughes has committed to spending $700 million to build a movie production campus in southern nevada sony says that it will spend $1 billion over the next decade on film production, but that is only if lawmakers agree to $190 million in tax credits that is 20 times what is currently being offered. supporters say it would bring thousands of jobs, it would make a huge economic impact and diversify beyond gambling. but opponents just cringe at the price tag. in other states, though tax credits actually end up as a financial drain and they don't recoup initial investment. as senlsembly is in there arguig over the budget, so let's see if it gets done >> very interesting. and everyone is talking about vegas because of the story that they are decreasing the payouts. so i guess it is still the same

to win, but you don't make as much money and if all the casinos do it, gamblers don't really have a choice >> yeah, "wall street journal" made a big splash with that article. here is the deal those changes where the odds were being tweaked a bit started back in 2018, it is not new. but what they saw during the pandemic is that when they had social distancing requirements, they had fewer tables, they really needed to increase the value of the players so one, you saw all of those minimum bets going way, way up i know because i play roulette, hard to find a table some nights especially here on a weekend anything less than a $50e casin. and instead of just having double zero, you had triple zero so that increases odds in the house's favor. and blackjack, maybe instead of paying out on a natural back jack from 3:2, they would go 6:5. and that increases the house's

chances. i talked yesterday to derrick stevens who owned four casinos in downtown las vegas. and he said look, when the casinos change the odds a little bit, what athey find players really don't care especially what they call retail gamblers these are people who come in, they put their cash down, they are doing it sfwoeentertainment because they are regular gamblers so is it incremental to the casinos? sure it is, slightly increases the chances that they will hold more money but we're not seeing it when you are looking at room rates or occupancy rates, it looks like people don't care, they just want to be in las vegas. >> for now or maybe forever conte contessa, thank you. coming up, the new approach to loans that car buyers are testrtrod rgg unsuin inre rates

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white-out condition. after years of pushing out the auto loans, new buyers are trying a new tactic, shorter low

terms with lower interest rates. phil le beau has more. >> reporter: in the first quarter a resurgence in the popu popularity, take a look at this data the number of people who took out a four-year or five-year auto loan went up substantially. where did it come from fewer people taking out the seven-year loan. the reason is easy to see. interest rates a four-year loan interest way 3.5% in the first quarter compared to a seven-year loan where it was over 8% you have a slightly higher payment with the four-year loan, but for people it's more coast effective. as a result, in the first

quarter the average new vehicle, the average monthly payment was $725, roughly in line with the fourth quarter average monthly payment for a used vehicle, $650 as you look at gm, ford, tesla, all the auto makers, keep in mind they have fairly tight inventories. their inventories are growing up to 37-day supply people are saying if i'm going to buy and take out a loan, i'm not crazy about taking 8% over seven years. >> phil, what's going on with advanced auto? competitive weakness or something more broad about the auto industry this is telling us. >> reporter: i don't think it's broader about the whole industry almost every analyst note says the same thing there are some certainly advanced auto par issues whether

it's management, execution or a poor game plan, that's the bottom line. you have a company that fell well short of earnings expectations they cut their dividend by 83%. >> phil, thank you. a quick clarification, the ftc suit with amazon's ring division, they settled the lawsuit and will pay over $6 lln t agency. the settlement is the newest part we'll be right back after this , you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey!

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before we go, let's check on the 2023 stock draft charlotte flare in the lead thanks to invidia. let's bring in tori. congratulations. you've ridden the wave with amd and your second pick microsoft doing well. >> thanks for having me back it's crazy to see even in the last month the progress

we can't predict anything about the stock market and hope it goes up consistently. >> if you were picking today, tori, amd's female ceo played a role in this, would you stick with this or say it's overvalued >> no. we never regret betting on women. we do what we think is a great leader in this transition. the irony of the stock draft is that we're focussed on picking things for years, if not decades. while i see this as super fun and it's exciting to see the progress, again we're in this for the long haul. >> i remember during the stock draft thinking that there was a good pick in peloton hasn't been a good pick.

>> we've been talking smack on instagram. it's so fun to have this group of people come together from different walks of life. i'm a financial expert we have football players, olympians, wrestlers it's fun to see. >> i didn't know they took this off line they're having a chat without us tori, congrats. >> thanks for watching "power lunch. >> "closing bell" starts now welcome to "closing bell." i'm scott wapner we begin with turning the page on may and we have two big interviews to set you up for the months ahead rick rieder joins. he'll give us a read on the markets and the fed. bill miller, iv, we'll get his take on the ai trade, crypto and more