her new asset allocation look. kristin bitterly with me as well. farmer jim? >> just hit a post-pandemic high. >> liz? >> s&p low vol. >> j.b.? >> live nation, a big summer. i'll see you at 3:00. "the exchange" is now. hi, everybody, welcome for "the exchange." here's what is ahead, is the consumer cracking or still cranking? it depends on where you look and who you ask. bank of america is say not so fast. we'll try to make sense of their data and what they're seeing from customers. plus shares of beyond meat are sinking after another ugly quarter. can the company get back appetite for their products.

plus the ceo's first interview in four years. gen zers are looking for trade schools rather than colleges. let's start with the markets, though, dom chu, what are you seeing? >> we're seeing some markets near the highs of the session. so green pretty much, but maybe just fractionally so. so, nothing terribly crazy, but still in the midth of this winding down, still a lot of volatility, but markets are generally holding up. the s&p 500 is at 5204, up 17 points are or about one third of 1%. at the highs we were up 21, then down around seven point below, so there's the range the that's are nasdaq, a quarter percent

gauge. 16,342 is the last trade there. there's still a big focus on tech, with the semiconduct trade. arm holdings, those shares are down 3.5% right now after a generally positive quarterly earnings report, comparability is being parsed out, but revenues are 47% higher than last year, and that's in part for demand for a.i. again, it was down 8% at the lows of the session, so well off those session lows right now. and, there are a lot of earnings volatility stories out there today. kelly mentioned beyond meat. there's other out there with huge moves. i know we'll be talking about those in the last hour or two. shopify down huge yesterday, affirm also down huge on

earnings. they're trying to find some stabilization there, and there's at some point at which stocks fall enough to become at least more compelling risk/reward value trades. analysts have taken up shopify and affirm holdings today, so we'll see whether or not the down side is enough to find some value in some of these beaten-up names. will roblox be next? we'll find out, thanks, dom chu. the big question is whether this trends can continue. for more, let's kick things off with steve liesman. >> the cnbc nrf retail monitor showing that consumer spending moderating, but mostly in the food sectorened ao and restaurants sectors. he retail monitor from data gathered by affinity solutions shows our headline index,

e.-autos and gas. the year-over-year decline, 0.6%, down from 2.7%, to the plus side with six areas down and six up on the month. seasonal factors could be at play here. e easter was in april last year, this year in march, and less weekend in the month. by sector, building and garden supplies were up strongly, and furniture and home furnishings, gas station sales were also up, a result of higher gas prices, but there's restaurant and bars both to the negative side. unemployment remains low, following a period where they were negative for two years, real other adjusted inflation having positive, almost a full year, so consumers have the where with jaw to spend, but they may be shifting spending choices away from higher prices

toward those where they find more value. the u.s. economy could be in the crisis of some backlash by consumers when it comes to higher prices, at least that's the takeaways from earnings call that could mean a falloff in sales or margins if prices fall. kelly, back to you. >> steve, thank you. don't miss steve's exclusive conversation with neel kashkari, and chicago fed's austan goolsbee, that's tomorrow at 2:00 p.m. from chicago. there's a birds eye viewer from steve. starbucks shocked the street with a surprise drop in seam-store sales, leading to the stock's biggest post-earnings drop since 2000. mcdonald's missed on the bottom line, saying they're adopting a street fighting mentality. different story for uber and l lyft.

lyft, and airbnb gave weaker guidance. planet fitness, there's a mover today, disappointing guidance after missing estimates, the company citing a shift? customer focus to get this, savings, and to covid concerns. that stock is up 8%, though. worth noting, lifetime fitness posted strong membership growth, though that is customer case older and more affluent. our next guest is joel r rambolt. >> hi. explain to us what you think is going on here with so much mixed commentary. >> every cad gory of retail is saying inflation grepressures.

we're seeing from well-known facts around fuel and driver shortages. all of that puts upward pressure. we're controlling what we can control. we focus on being operationally excellent, driving costs, finding wastage, grinding it out wherever we can. >> what's the mix of price and traffic in your numbers these days. >> what we are seeing can growth in customers. our counts are very, very healthy. where the pressure comes is in basket size, we are alls focus on -- everywhere we can take costs out, and turn it back on prices, particularly as a private brand-led company, we're very well positioned for that. much harder than they have in

recent years, so that's very favorable for us. we're able to offer the same quality or in many cases better quality as a much better price, for a lidl shopper been than accounts very favorable for us. the traffic equation continues to be strong. >> in other words, people's average transaction price, for lack of a better word, is it down, flood? up slightly? >> it's under pressure, right? we're having to do a lot of work to keep that number where it needs to be. it's logical. we've seen relatesly that the american family in a month has gone from visiting about 17 supermarkets a month a few years ago to almost 21 grocery stores a month. they're not doing that because they enjoy gassing up the car, they think they can get a better deal going to multiple outlets. we're not heavily promotional, we're everyday low price, every

single day they should be able to get the very best price on the items that are counting on us for. >> we heard from planet fitness, they think there's a shift in consumer focus to savings. dine brand says the lower-end consumer is more aggressively managing their check. would you say that that's the same phenomenon you're exper experiencing? are you benefiting from any trade down? >> we're looking at that in a number of ways. u.s. families are spending more of that is disposable income on food than anytime in the '80s. they'll be much more focused on what they buy and hour they spend. particularly on the things that are most important, the thing that drive their decisions about where to shop, which is fresh

product. you see fresh produce, pressure gamely, those are areas where we excel, and those are areas where customers are taking a really hard look. >> i would say that perhaps deflation, but the price hikes have slowed, and that part of the markets, i don't know if that's keeping people from seeking owl the value, or if they are still are. >> no, we've seen very strong customer traffic. they're still under pressure in a lot of categories. again, the private brand equation is exceptionally strong. the things we do every day to drive costs down and -- you know, we're relentless about putting downward pressure on prices. sometimes we have to go up, but over time, in inflationary sometimes and less inflationary times, lidl will have the best prices. you don't have to compromise. we do that by being relentless about operational efficiency,

and being a private brand fee. >> hearing what you're talking about, i put you more in the camp of experiencing some kind of softness with the lower-end consumer. am i right about that? >> we talked about the number with the most disposable income. when you look at it by quinntile those number are much, much higher, so those are the customers of being focused on what did i pay last year what -- that's where that behavior is most concentrated and where it's sharpest, but we see it across the board. i was our touring stores yesterday, very different socioeconomic situations, very different household incomes around those stores, and we see a similar situation across all of them. >> they're all still feeling the inflationary pressure. joel, we appreciate you joining us this morning.

rick santelli is out in chicago tracking the action. >> it's the last option, the long zest maturity, and the smallest in size at $25 billion, also the best of breed the yield 4.635, the one issued market right at the end of the dutch auction process was trading 4.642. so, it was in the basically 0.75 of a basis appoint, so pricing was good all the metrics were quite stellar, except for one. did it cover better than a ten auction? direct bidders, almost at 20%, those are insurance companies, and the dealers taking less than a -- the only light spot was indirect bidders, including foreign interests. it really was best of breed. a-min news is what i gave it

30-years bonds, you can see the yield is falling kell about, back to you. a sigh of relief thank you, rick. you heard the sounds of weakness there from lidl's ceo the utilities sector was the only s&p sector in the green in april, and it's off to a start again. it's up is 1% year to date, and not traditionally a great sign at the same time, we're seeing some of the growthy names following. we mentioned shopify earlier, could this dynamic be a sign joining us is david bonesen, chief investment officer at the bonson group do you have concerns about the market broadly speaking?

>> first, i've been missed, welcome back. >> thank you. >> growth is what you always want to invest in, it's just that the growth you're paying for you're having to over pay, and what a lot of the names we're talking about experiencing weakness, they can't be called growth stocks, when it is only thing that's grown is how much money they lose. beyond meat is now a $7 stock, and each year their losses went higher that's where some of the quality of the growth names is not exactly the same from some of these big temperature names that are really big growth, really big money makers, but i simply criticize that price, that are valuation. >> maybe there's two the other

signed would be if the economy is growing so that would obviously big a bigger problem for the market. which of the two, do you think it is? >> i think in this case it's simply the valuation in other words, bond yields haven't really moved for about a year it's gone a little higher, but it stayed here in this 4.5 range, so that valuation issue good growth relies on direction. the direction hasn't worse jd. it's just floodlined it's not like yields are strongly higher 9 p/e is actually higher. the market multiple is 21, 22 sometimes forward earnings, so i think it has to do with the fact you get to a point where it isn't a good value proposition to buy something good today at as much as a high price, with the expected rate of return is

so minimized i think that's the economics run into >> i mentioned utility stocks, where are you making the most money to find some stocks where you can get a good valuation on a pullback what are you up to >> we're dividend growth investor, so we tend to be bottom-up focused. they're all done very, very well for us, and frankably the blended multiple is less than 15 1/2 times, so i don't think there's the same valuation with a lot of the rag and especially different-oriented sectors energy to me is still a compelling space 40% returns year over year can't happen all that often, but people say the defensives are a bad sign, but consumer staples,

utilities, health care, real estate all trading done would be a bad sign they're not. i think it's a bottom-up market in dividend growth could utilities, as everyone is saying, kind of an electricity demand secular winners as oppose to do a sign of a slowing market >> yes i think american electric power, aep, happens to be only the good utilities we own, we have a good position in it, but that's not a comment on the sect off. you can apply it to other things besides utilities. it's the things that people have to have, no matter what, where there's a good balance sheet, good recurring cash flows. you don't have to worry as much about what bond yields are going to do, what the fed will do.

it becomes much less headline driven, and you're going to stake a further timeline in the way you approach the investment thesis. >> quickly your picks are almost all 2349 healthcare space. what inning are we in it seems like they're becoming consensus favorites. >> well, gilead certainly is not. it is down quite a bit and out of favored i think you have a juicy dividend, tons of cash on the balance sheet, a favorable financial metric, and then you just need time >> and you're hanging on to it

>> apparently their stage 2 results for the weight-loss treatment went so well, you get a call option on them holding the whole ozempic fad. we're not going to let go of it without hanging out there. >> david, thanks for your time appreciate it. >> thanks, kelly. coming up, beyond meat you are seeing red after disappointing first quarter results. they have recently rolled out a healthier version of their burger we will have the ceo how it's going in his first live tv interview since the depths of the pandemic and a massive run into the print, and the boom in gen zers going to trade schools rather than a traditional college or

university "the exchange" is back after this. >> announcer: this is he"t exchange" on cnbc.

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expressed confidence for their full-year revenue in line with 2023 ethan brown, along with our cale rogers, who's been following the company closely. kate, kick us off. >> thanks, kelly, and ethan, great to see you. >> thanks for having me. >> sow hose the revamping being received and why do you feel this will be the turnaround catalyst? >> for the folks going through the door, you were going to experience something like you're doing something disruptive, a push decrease ban in general turbulence for civility. we have certainly experienced that, but what we did during that crucial period was to look deeply at how to improve this

very strong value that we already have around health what we did with the beyond four, we put together a consortium to hell us take our health values to another level with the beyond 4, whether it's the use of avocado oils, and its scrammed tick reduction in saturated fat levels, with only two grabs, the inclusion of red lentil proteins, or for a ra bean, brown rice and peas, it got the xipt of the american heart association, but the american diabetes association clean label project that certified the products in, sore we were ebl as to communicate they're extremely healthy. if you want to do something for your card rho vascular system, these are the products to be having, these are the products to have at the center of the

praise for dinner, leverage, et cetera, et cetera. coming back with that healthy message, and the reception we're receiving, we also developed even better sensory experience for the consumer we're looking forward to it. so far, so good. >> this also will be a higher-priced, more premium item in this environment for consumers, does that consume you at all why do you feel they will opt to spend more on this >> if you look at what we're doing, and this is a pivotal year for bemonday yond meat. we have consolidated our products network, so we'll see a much better cost of goods sold and ability to control quality, but we're also raising price to restore margin that's all toward our path toward profitability warm-up key focuses is bring it

into a profitable state. doing that from a pricing structure was very important because it has such a value proposition, it worn be an issue for consumers. we probably were the last to do any pricing in the category. ethan, it's kelly. i was going to ask, the gross margin was disappointing, under 5%, it's raiser thin and the losses are disappointing to the investors. when will you start to consistently post the profitability where people might want to give your stock a second chance >> i think now is an important time to come into the company. we're crossing back into the positive margin, bringing operating expenses down. we continue to improve the overall efficiency of our operations, and we have a compelling promise for the investo ares we have the backing of these

association and clean label projects, so to the extent you want to get back in, i think it's an excellent time to look at it. we're certainly on much better footing than 12 months ago. >> you have your grossly plan with this platform i'm wondering what the restaurant plan is that was a big part of the initial roll-out will we see the new burger there anytime soon >> yes, you will we'll have a new burger rolling out to health services we've had some great meetings on the qsr side here in the u.s., but i want to call attention a bit to what's going on in europe i think that gets overlooked because so much of our financial community is here in the united states yesterday mcdonald's announced their famous meal program in germany that's features the beyond plant burger, but we're

also featuring the nuggets that's a big campaign. there's a lot of promotional support from mcdonald's the press release is how they're helping people to make these choices toward a plant-based diet we've been working have very hard, and they're a terrific partner for us in europe here in the u.s., i think you'll see throughout the balance of this year, some additional activity, but right now we're fork cussed on creating great products, whether it's in the retail aisle or in food service, and making good progress. >> ethan brown, thank you so much for joining us. >> don't be such a stranger, ethan, first interview in four years. thank you very much. > there's been a "wall street journal" report that t mobile

and verizon are in talk to buy and split up the company u.s. cel cellular shares of both stocks are sharply higher in the range of 5% to 6%. coming up, we'll get a gauge on both work and play, with the action, story and play it's cinomg up in today's "earnings exchange." when it comes to investing, we live in uncertain times. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company

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welcome back, a nice 247-point gain, while the s&p is up 19. the nasdaq composite adding, the dow is on pace for a seven-day win streak just as we're talking about the bear market. shares of robinhood are also getting some attention today, a 9% gain earlier. despite reporting reports eps, they saw 11 billion in net dep deposits. >> and on the last call.

there you have it. while those shares are down today, they have nearly doubled in the past year, thanks in part to the boom and rebound. coming up, we're heading to iceland for an exclusive look in the largest carbon removal plant. the technology that could make its way t utohe.s we're back after this.

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welcome back to "the exchange." i'm bertha coombs with your cnbc update a letter to the university, pollock says she made the decision to retire over the december break, but paused the announcement three times because of events on and off the campus.

this comes as universities across the country and leadership have been in the spotlight. a federal appeal court has rejected hunter biden's appeal to get thinks gun case dismissed. the president's son brought that motion for a three-judge panel that issued the sure were not appealable before trial. it can request an appeal after the trying that's set to start next month jury selection is expected to wrap up today in the trial of bill blunt in the archegos collapse he faces 11 charges. he has pleaded not guilty. kelly, back to you. >> thank you, bertha coombs. college graduation season is upon us.

as the cost soars to attend four-years universities, there's growing skepticism about the long adjustment. etch stone said recently 30% of jobs now don't require a college degree previously he said that number was in the 20% to 25% range. with you publicly traded company is university technical institution, with over 20,000 students, shares are down today, but the stock is up about 140% over the past year welcome. >> thank you for having me, kelliy >> in protests on your campuses? no, not at all our campus is structured a bit different.

>> to put a point on it, what is the most lucrative field if people were looking for a way to immediately achieve a pretty solid living what are the paths they are really looking for >> well, you know, areas like welding, renewable energy, and of course health care, are very, very strong in terms of earnings potential. i think that's one of the reasons why students are thinking about the alternative to a four-year education. >> welding is about a nine-month program, about $22,000, so you're out working with a great job within about nine months that's one of the benefits people see you could be an ought on mechanic within a year, a nurse within two, you could be out

there practices much more quickly than moving into a four-year degree. >> is there a mix shift, is there from a financial point of view from investors as well, what is driving enrollment trends >> we're seeing double-digit increases in enrollments, both in concord and universal technical institute. looking at the trade side, university technical institute has about half their students coming directly from high school, about 35% come from unskilled labor or likely should have have come right after high school, but went out into the market about 15% come from the military we're seeing quite good results of students coming directly out of high school, which is underscoring the notion that students are making new decision about what they do after high school we're also see strong results in our military population as well.

so, as people are rotating out of their military service, they're thinking deeply about where they go from there. >> where are you seeing changes at the margins, for instance men versus women, the age demographics >> we have two very different population in the healthcare field, it seems to be someone in their 20s or 30s, making their second choice, predominantly women, though we have focused programs on bringing more men into the healthcare fields. on the transportation trades and energy side, it's 18 to 24 primarily made that is coming in, and we're also making strong strides to bring more women into the area i think that's actually one of the dynamics are seeing, you know, most prominently now we're up in the 6%, 7% of

women coming into it. >> it's interesting to see the pop culture grapple with this, i think a recent episode, trying to find someone to do work, while they were out of a job, the idea that a.i. will put a lot of people who had high paying work perhaps in a very different position going forward? >> absolutely true i get asked a lot about how a.i. is affecting what we're doing. we see a.i. as an enormous enables. it helps us target those students better that may felt into the model of going into skilled trades or health care. a.i. is helping our curriculum, helping our students learn faster and more deeply, getting their quells answered more quickly. a.i. is helping our employment

community diagnose problems quicker, whether it's humans or automobiles, but a.i. will not fix your car, and a.i. is not going to put an iv in your arm that's where workers come in. >> just to circle back to the example of welder, $22,000, nine months to get the certification, if that's what it's called what is the wage they start on the. in. >> in the mid to high $20 range, but there's a solid career path beyond that for them, as they demonstrates their skills out in the market that's one of the things we pride ourselves on, whether it's the manufacture partners or employers partner, is that we helped them plot out the career paths, as people prove their proficiency throughout their careers. >> and this constant theme in society lately, where people say sometimes it's satisfying to fix thing with your own hands.

>> jerome, thanks for joining us >> thanks for having me. coming up. what exactly would they look like for that, we go to iceland with diana olick. what can you show us >> reporter: kelly, it's going to look exactly like this. we're going to show you how it all works, and which major u.s. companies are already buying in g, cinbiomg up next on "the exchange." (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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and having someone who can help you get there. the key to being rich is knowing what counts. the battle against climate change is suck ing carbon dioxie out of the air, and diana olick has more. >> direct air capture could become a trillion dollar

business this is the newest this is about ten times the size of the previous model. the first section is running le whole thing will be done by the end of this year, eventually roughly removing 30,000 tons a year how is works is huge fans put air into container where steam is used to separate out the carbon dioxide, and then it's pipe into the ground where it eventually becomes rock. this is just the beginning. >> every three years we have built a planned that's at least ten time largest just go ahead and extrapolate that we will quickly be at tenning of hundreds of millions of tons >> reporter: the department of energy has provided --

climeworks is -- that's about to drop, but mammoth has already sold one third of its capacity before it's even finished. >> they're expensive now, but they're coming down in costs, right? so all the companies buys those removals, many, many companies, at that high cost, that's allowing the companies to scale. >> reporter: congress appropriated 3.5 billion for regional direct-air capture hubbs in the u.s. through the infrastructure law millions more are comes from bill gates' breakthrough, and the tran-zuckerberg initiative. >> how much energy does it use carbon to reduce arbon. >> reporter: in this caddy it gets it is energy from

geothermal if you see that lamb plume of smoke, that's steam coming from a geothermal energy plant. there are massive pipes that one all the way up here into this plant. it's powered with renewable energy in ice land here, we're basically standing on top of a volcano this could use renewable energy, like solar or wind other even geotherm up in the upper midwest, and they're starting in louisiana. coming up, three more names on deck, speaking of reporting we've got earning, including this name, which our trader says high is trapped with a massive declining asset.

oh, yes, that mystery chart answer and "earnings exchange" is next. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. (wife) what about commission-based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different.

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welcome back more earnings ahead. we're looking at files,

freelance and fish we have the ex, story and trade on dropbox, and good to see you, lee. >> you too let's start off with dropbox. shares are down 20% this year, we're watching enterprise demand for a.i. and new products to see if they can immediate that lower q1 guidance? >> they lost 50,000 subscribers last year, the ceo blames the techlayoffs. ask any staffing agency, that's just not something i believe their big hopes are on dash, their new a.i.-powered things. it's a pure play to see if they can tissue other charge a midside tech revenues if the word on the street is it's a good new product, great, but if

nor, i'm just going to sit. >> now we have the cloud let's mop on to zip recruiter, down 22% this year job openings are a key factor. there it is again, offerings for glories could be catalyst. are you a buyer? >> no, i'll tell you why granted, if we start getting out of this economic funky environment and we start getting employment churn, zip ruper will pro -- recuter, but if you compared it on robert haff, a big staffs company, the business is in the highly skilled when you look at the stock chart, the other two companies are just killing it. i think ziprecruiter's problems is it's not highly skilled, it's just a job board

let's see how sphere is doing, sphere spore at the same time investors are looking for any signs of d.msg networks still accounts for 50% of the revenue despite the sexy name change lee, what would you do with it >> i just want sphere on its own. my wife came back from the u2 concert, and then madison why is it involved in this company? secondly, declining earnings, it's a streaming story that's going downhill i think sphere will knock it out of the ballpark, but half of the revenues are going straight down i only care how but bad madison square garden network is. >> i gave up on following the

knicks years ago, and now they're on this great run. people are upgrading the stock because of it. maybe they'll get bailed out if msg networks and the knicks work out, great, but we want to make sure the bleed stops at the network so sphere can just print money. i admit, it's sort of a one-trick pony, but every once in a while i will buy this type of stock buyer beware, but we know the sphere is phenomenal >> it's something special. quick parting work, lee, is the market going um? down >> we're going up. we'll see 5400 or higher sometime in the next whatever. the inflation story is delayed, not destroyed. >> lee munson, thank you, sir. always a pleasure. that does it forth change." "power lunch" is next. dom is back, and i'll join him on the other side of this break.

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