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tv   Power Lunch  CNBC  November 12, 2021 2:00pm-3:00pm EST

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compared to the jack metties? >> they're buying picasso, they're buying everything. >> diversified portfolio, robert, thanks so much that does it for us on "the exchange." "power lunch" starts right now ♪ melissa, thank you very much we'll have you join us here in just a second. glad you're with us, everybody and melissa, too here's what's head splitville, j&j is breaking up so is general electric, and why is two of america's most storied companies slimming down now? and what history has taught us how it's playing out for shareholders and stakeholders. left behind, amazon and paypal, lagging the market this year but there they be the ones to lead the next higher. our market pros tells us how he's investing and the next one here, why
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the future of music is in, yes, the metaversus, there's big money, melissa >> that's where everything is cool metaverse. the dow holding on to gains 161 points, 0.5% there s&p 500 up 30, or 40.7%. nasdaq 0.9%. bit coin, a little lower the s.e.c. delivering a blow to the industry, banning an etf and rivian higher with a market cap of $109 billion. that is bigger than general motors the university of michigan consumer sentiment index falling to its lowest level in a decade in november. the reason, surging inflation which cut into household budgets. that is putting the focus on discount retailers many outperforming the market in
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the past months as consumers look for bargains. courtney reagan has that part of the story. >> yeah, when current inflation is factored in, real hourly wages factor in. sending consumers discount buying spending in the discount sector is up and accelerating up 22.5% in august from 2019, up to 27.5% in october since 2019. couple that with instore traffic data from placer.ai, compared up to 2019. up 16.3% for target and nearly 5.5% for walmart now walmart and tagts are leveraging their scale to get inventory, like chartering their own cargo ship to keep price in check especially in today's inflationary environment and taking advantage of inventory off locations for the past 18 months, buying those at tractive prices giving the
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instore treasure hunters something to salivate over investors are listening to the story. dollar tree up 16% since that read on inflation came out in mid-october. though even it cannot escape inflation entirely moving its prices above a dollar below shares at 16%. target shares higher at 13%. back over to you >> courtney, thank you very much let's stick, if we might with the discount retail theme. an area where our next guest is finding opportunities as inflation worries persist. tjx and ross stores. a lot of them along with big box department stores. matt boss, retail analyst at jpmorgan ranked number one retail analyst according to investors the eighth time he's been so recognized matt, welcome. good to have you with us >> good to be on >> you got the number that suggests that consumer sentiment is as negative as it's been in a
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decade or so does that trouble you or does it special trouble for retail stocks? >> no, in fact, i think courtney brought up really good points value and convenience has been the key to discount retail it was the key before the pandemic and if anything, i think that theme has accelerated as we move out of the pandemic and things multiyear from an underlying consumer perspective, here at chase, we have credit card data. i can tell you right now, you know, data for october hit a new peak to close out the third quarter. and what we're seeing in november is very robust, underlying consumer data which heads right into the holiday and in my opinion continues as we move into 2022 >> so, as you look at your universe of stocks, you called out three in particular that are interesting. bed, bath and body works, lululemon which isn't a discounter, obviously but casual, and i think casual wear
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is here to stay. and 5 below which is a discounter >> yeah, what week focused on is what's the next leg of the recovery i think there's a couple angles to it. number one, we're looking at world mobility which i think will be in areas outside of the u.s., as we see europe recovery, trobl tourism returns. i think what's being underappreciated we still have malls, a centers still not back anywhere close to prior productivity that's another leg as we move forward. as we said on the discounters, that's where you see have seen the market share acquisition meaning value has been key as consumers have consolidated a trip for me, a dollar general, five below are two companies that have taken outside market share that i think will continue to move forward and what you mentioned on the casualization side, i think it's probably the mega trend overhanging this on a multiyear,
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as we move forward, mean be the total adressable market or the t.a.m. for casualization which is active, which is lululemon, under armour, but denim, leavies and abercrombie, i think is much larger on the other side of this as far as taking shape on apparel that is the category that has legs moving into 2022 >> i think, matt, you and i are the only two guys wearing suits still. >> i wmay be the only guy wearin a tie. >> matt, i think it overlaps the consumer sentiment was taken but i feel like we're in a ewe neeshg period because we're coming up on the first christmas where people will be able to travel they're not necessarily going to hold back spending when we start to look at what is
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normalized spending next year what makeses you think it's still going to be strong, the negative outlook when it comes to inflation and how it's impacting consumer wallets, that's not going to be impacted next year, that it's still going to be strong next year >> melissa, i think you bring up a good point what we're seeing with data, august, september, prepandemic, at those levels but as you move to october data is up 20% and holding for november. underlying that date is we've seen travel and leash year approve by more than ten points so the core apparel that we track within the consumer spending has actually accelerated as the consumer has opened up the wallet to other areas including leisure and travel relative to prepandemic i think it's a really important distinction and points to that robust consumer.
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look, what i think is driving it, two years of a higher savings rate unemployment at multiyear lows you have the debt service for the service at multiyear lows. our economists here point to almost $12 trillion in consumer savings that has created since 2020 i think there's a stockpile of cash that the consumer is sitting on of course to your point on the surveys, they're looking and they're concerned about rising inflation or cost of living. but i think from an underlying perspective of strength, it's this consumer in my opinion is multiyear, in terms some of the stockpiling that they have coming out of this pandemic. >> so, you point to these countervailing issue that would seem to counteract inflation let me just, for the companies, though, is inflation on balance a good thing, or not so good thing? >> for apparel, it's actually not a bad thing. meaning we're coming off a period of five years of apparel deflation. that's during a period of time
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when we've seen rising wages and rising supply chain costs. so they've had to deal with unit costs going out the door which year in and year out, for the past five years has actually been in decline. i can tell you that off-price retailers cite that has been the number one margin constraints in their p & ls for the last three years, has been this persistent apparel deflation. and with inventory across the companies on average, companies are seeing 20% to 40% inventory reduction for the most part being permanent in stores. meaning with the shift to e-commerce and digital, companies have actually taken a more defensive posture at brick and mortar i think it's actually very healthy for the channel coming out in terms of full-price selling. >> matt boss, my brother in suits, thank you >> thanks for having me. >> you bet coming up, breakup nation,
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attor toshiba and ge and all of the names on your radar. as you head to the break, take a look at 52-week highs including best buy
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so you can stay ahead. get started with a great offer and ask how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. welcome back, everybody. the saying with the song there it goes, breaking up is hard to do but it's a different story these days on wall street. some big names announcing breakups, unceremoniously, i
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suppose, this week, general electric splitting three ways in aviation, health care and energy johnson & johnson separating its consumer drug and products segments another handful breaking up in front of you 2015, ebay broke off paypal. hewlett-packard spun off and 2019, dow dupont broke into three. and last year, carrier and otis split into technologies. all seem to be doing fine with relative stocks in the green since the split but is breaking up always a positive for shareholders we've got two relationship experts here, ron and sauna. both our cnbc contributors, welcome, guys. so, let's answer that key
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question first, do breakups benefit shareholders generally, in the long run? ron, you go first and then herb jump in. >> yeah, i think we all know, we've all been doing this quite some time. we've gone through these conglomeration periods for quite a number of decades. '60s, gulf and western and itt and then with a model given the changes in the environment, the company just broke and spun off again. so, a lot of times, one of the single spin-offs might be a big winner for shareholders when they do the tax distribution we saw that with at&t when it broke apart. and other instances. there are periods where everybody is hot for a deal. and then there are period where is people are hot to break it up a lot of it is three generation wall street. >> exactly
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we'll come back to that, herb, that's what fascinates me, the role of the investors putting it together and then breaking up. let's bottom line, for those older, for example, of general electric or johnson & johnson, do they do better post-breakup >> historically, i would say sort of yes, depends on the company. look at ge, what investors are telling you today, after the initial euphoria in the news, the stock over the past few days has been sliding down. i think it depends on a company, tyler. and i think there's no sure fire here we know it makes great headlines. and beyond that, it's wall street that does what it does best and by the way, breaking up is so easy to do. >> when you've got a banker, yeah, sure, it's easy. bankers are rejoicing.
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ron when you see the headlines, and such repetition, so much breakups in a shorted period of time, we're at a period in time for the markets for this to happen, i don't know, it feels like it's signaling something that only happens when things are really good? >> yes, we could also argue the flip side, melissa, with merger mania ahead, with prior records indicative of a top. i'll worry more about a top when the fed changes policy yeah i would take ge out of that altogether it's a company that should have broken up 20 years ago i interviewed jeff when he first took the job from jack welsh he said he was neveral afraid of the law of large numbers ge had $200 billion in revenues. and there was no way to grow it and make that model work and right in the great financial crisis it became wildly economic
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and sum of the parts may not have been greater than the whole and they can mismatched to begin with a lot of this is the result of bad ideas from the long run. >> herb, let's talk about the role of the bankers in these companies that put companies together and conglom rate them i lived through it with time warner and aol time warner and aol broke up, you just knew it was going to happen oh, by the way, the ceos and top executives generally do very, very, very well understand these circumstances. so, herb, talk to me about why these things get put together, and why they get broken up i'm thinking yet again of warnermedia and at&t big fanfare, we're going to buy it for billions of dollars, at&t is, now two or three years later, they're going to sell it at a huge loss >> i always say who's smarter, the seller or the buyer?
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i think the seller is the smartest they're selling to a buyer who thinks they're smarter and they can make it work and often can't make it work what happens, when you go down the list so many we talked about is they just get stretched for growth society banker finds a company where there's a management or board willing to pull in something, anything, that sort of looks like it works sometimes, they say there's synergies. sometimes, there aren't, sometimes, not oftentimes, when there's synergies, ron, as you know, those synergies take much longer to bear out than the company ever thought they would. one of my favorites going back in the old days, the former railroad company, whitman chocolates, northwest industries back in the day ended up owning fruit of the loom, you wonder how does that stuff happen again, you mark my words,
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johnson & johnson consumer division the one spinning off today it will go public. it will be acquired by somebody. who knows at some point, we'll look back ten years from now, they'll be part of some company spinning it off again. because that's what happens, it's the wash, rinse and repeat cycle. that's what wall street does >> and taken private and then public again in the meantime before it's actually reacquired by another company and spun off again. ron, we're talking about other companies agitating for breakups as well. i'm thinking about a macy's, they're talking about unlocking value and that seems to be the ultimate buzzword. we're talking about macy's spinning off, direct to consumer business and there's something that makes you scratch your head. i wonder what your take is on businesses like that where businesses that seem to be almost interlength and yet the
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notion is you separate them at an unlocked value? >> well, that works sometime i go back to the at&t merger, with the spin-off, you know, that worked reasonably well in the '80s and '90s. this strikes me as odd, if you want to be macy's, i think you want a direct consumer business that's somewhat robust and when you get rid of that, yes, that's interesting. so what happens to the company that's left behind again, i think a lot of this is overthinking, overdealing that gets done. and people, if they don't have a poor strategy for growth -- and as herb said, they start reaching for things and looking for reasons to either add on or spin off, most of the time it's just a bunch of having made a mistake and trying to get rid of it later on. or passing off a much better opportunity to shareholders which might have been more freedom to companies that are letting the direct to consumer business go. >> ron, i'd like to acquire
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wherever you're sitting. >> i'm in calabas, california, at meetings, it's almost 90 degrees. it's phenomenal. >> if herb is home, drop in on him. >> herb greenberg, thank you it's been a good week for gold with investors thinking safety a look at the money going into gold etfs. plus, how icand elis making the internet today making fun of mark zuckerberg and the met valueverse "power lunch" will be right back it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing customers our best deals on every iphone, including up to $800 off the epic iphone 13 and iphone 13 pro.
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♪ welcome back i'm rahal solomon, here's your cnbc update at this hour white house is try for lower expectations for monday's virtual meeting between president biden and chinese leader xi jinping. press secretary jen psaki telling reporters there probably won't be any, in her words, major deliverables and biden is not scheduled for a news conference afterwards. the nethsdz, the country's
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prime minister saying a hard week of the virus. they'll be the first to go in lockdown as covid cases upload parts of the continent and upper midwest getting a snowstorm. six inches in iowa and minnesota. and that kind of weather will probably help this guy feel at home one from the antarctic penguin has been rescued and getting care the penguin didn't appear injured but a bit hungry and tired. 2,000 miles. >> wow that is a swim, whoa. thanks rahel, amazing. time for the etf cracker, we take a look at where the market was in the etf action this past week the big winner was the gold miners, what drove the action,
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the latest reading on cpi had a big part hitting a 30-year high and that led inflation to seek investment protection and transitory does seem to be losing steam and concerns that the fed may be behind the curve. now, some of the best performers in the sector this week included sprot junior gold miners these are junior gold miners, and vaneck up 6% the juniors doing well here. ishares up 7%. the data come from our partners at track and cite. for more information, melissa, you can head to the st wilshire hub. >> let's check out google, microsoft and tesla up 40 and 70%. amazon, only 8%. is this left behind stock left
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that may not have the highest growth potential we'll begin with bob pisani on the markets. bob. >> melissa, inflation is the big story this week and yet you'd be hard-pressed to find clear stock on the stock market. if inflation moved up, for example, growth stocks like technology and semiconductors traditionally do poorly in high inflation environments we had one down day, basically all of the other days are up we see semiconductors up again here today gold one of the few sectors moving up. gold stock has a good week you see gold, los angeles, gold on the upside, gold itself moved about 4% since last friday again, modest moves here one thing to figure out separate from inflation is what's going on with travel stock it's been a very ugly week the whole sector, livenation had a big pop on its earnings down about 9%
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i think, melissa, you got concerns about covid of course, going into the winter, people spending more time indoors it's still very, very hard to sort of pull apart the thread of what's going to be positive and negative for travel this winter. melissa. >> thank you, bob pisani for the bond market. the ten-year yield capping off a big move rick santelli is back. >> bob nailed it we had hot cpi, we had one year michigan inflation. what wasn't hot? sentiment on the michigan number that's not a very optimistic combination. but if you look at one week of 10s, we had weak options with a 30-year which saved with yields to move higher, the response to data you can see the response turned end of the week. right now up a dozen basis points, 5s and 2s up more than that
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if you look at 10s versus the 2s on the chart, up 170 in mid-october. we definitely started to reverse. the long maturities playing catch-up in the region inflationary pressures if you look at the difference, 183 basis points difference. now, the widest in almost seven months and finally, how did that affect the dollar index in a very positive way, we're hovering at the best level since july 2016, we're level at precovid numbers >> rick, thank you dom chu is he commodity desk for us, dom. >> absolutely. the oil prices are lower to close out the week, and tech prices currently $80.80. benchmark, bright futures, $22.20 both on pace for a down week so a lot of that downward pressure has stemmed from like
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rick was saying, like bob was saying, the economic data showing inflation running at some of the hottest level in decades. prompting that higher interest rates, the u.s. dollar, hitting highs as well. that has a dampening effect on dollar commodity prices like oil. there's speculation building around the markets right now on what the biden administration might be considering possibly, what it can hypothetically do to stem the rise in fuel costs. some traders are looking at the possibility of u.s. capping of the u.s. petroleum reserve oil services firm baker hugues reporting that active oil rigs increed to 454 rigs. that's 218 more rigs, melissa, in the same time last year indicating higher oil prices meaning people want to drill a little bit more. back to you. >> thanks, dom chu well-known growth names like amazon and paypal have been lagging the market
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the next guest is bringing up that next wave, jeremy, great to have you with us >> thanks for having me. >> i'm not sure many people think of amazon being a laggard. it is in fact a laggard, if you trace back to the summer more recently, it's clear that amazon is investing in its business it's one of those periods where it's once again, you know, head down and focusing on what will make a go in the future. when you say bounceback, what sort of time frame are we talking about? >> oh, i think when supply chain start to ease up, amazon is going to rocket ship it could be eight, nine months out but right now, we want there be there for them. they're investing in their business aggressively. usually what happens, it starts to wanes, they benefit as a result with a healthy u.s. consumer already wanting to spend, it's been capped by supply chain. once that alleviates, we think
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amazon is going to take off. amazon and a paypal for that matter, jeremy, they won't necessarily do in a rising rate environment. so, how do you sort of separate that factor from what you think the fundamentals are for these companies in terms of the actual drivers of growth? >> yeah. i mean, paypal, for me, is more secular story than anything that would happen cyclical from an interest rate perspective. because if transaction volume goes up, generally, that's good. more transactions through the system and increased rate should be a positive on the revenue side for them. we think the point that the u.s. consumers using paypal more often is still a secular story we're down 30% on paypal since july here. so we've had a significant correction and really with this buying now and pay later phenomena that's gone out really, we think they play on that very well as well between venmo and their other
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components, we've seen 20%, 25% growth long term and we're buying it now. >> when you look at other choices that would be docusign, that's at part a stay-at-home play, because it let commerce come forward even though you couldn't meet person to person that's one person i have the other thing is a valuation on a company that seems rich for what they do, but maybe not. >> yeah, i think your first story is absolutely accurate that it was a stay-at-home play. here's the thing i don't think we revert back i think people are going to get used to using electronic signing as their standard methodology going forward. rather than reverting back to paper, once we start meeting in person again i think docusign is the way to go, the ease of solution of getting paperwork to people and having them sign back is something we'll continue to use more and more of you see it even with the
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existing customer base that they get on the platform and actually use it more often. i think that's a general tailwind that's going to continue for a long period of time you're right it is not cheap. it is not a cheap stock by any stretch of the imagination they're suggesting their existing market, $50 billion even half of that at lower valuation that stock has doubled in two or three years. that's why we want to own it it's a longer tail cycle i think we're still in the early innings and go for a while >> we need the market to go higher, jeremy, for the stocks to work? or are these idiosyncratic growth stocks? >> no, no, i mean, if the market continues, i think these work better at the end of the day if people start to get concerned about the consumer, amazon probably not the play you want to be from that. but from our point of view, any concerns with the market, especially in the short term, as long as the consumer is still relatively healthy and willing to spend, i think the amazons and paypals for sure continue to
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work and as long as we're doing things, contracting on a basis sand normal business activity, docusign continues to work if people are looking for cheap stocks for safety, these aren't the places >> jeremy bryan of gradient. coming up, the next frontier for the metaverse. music taeic attend a st bbe ncert without leaving your home the big names behind it. meta what's strong with me? what's strong with me? what's strong with me? what's strong with me? what's strong with me?
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all right, folks, it's your last chance to get caught up on power movers this week, and we start with one of the biggest movers of the week roblox, up 8% today. another 8%, 35% for the week so far. it's one of the early metaverse stocks the ceo telling jim cramer, the company predicted the rises of metaverse when it was founded in 2004 >> far-fetched higher today. the best day in a year and a
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half the company is looking to expand its partnership with the european luxury goods maker. and hewlett-packard on a downgrade. goldman sachs cutting stocks, at new price target, $14 a share. a little above that right now. only a little. for more on this and all the big calls of the day, police cnbc.com/pro we've been hearing from the metaverse from every company, from microsoft to disney it's not just the games in virtual space. julia boorstin joins us now with the next frontier of music julia. >> melissa, music is making big moves in metaverse as well, as artists perform and sell their merchandise virtually. they've invested $80 million into 14 virtual music companies. up from $50 million last year, and $200 million invested in
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2019 the vast majority of that investment is just one company, now waynexr has invested justin bieber, scooter braun and lex r alex rodriguez it turns artists into a digital avatar that can interact with fans' avatars. and just announced that justin bieber is performing next thursday, not in vr, but as people buy headsets they plan to transition into a fully vr immersive world. >> it's not about the experience, but leveraging these technologies like wave xr to bring artists closer to their fans and let them interact in new ways >> now, public companies are betting on this cutting-edge space. warner music group has invested in wave xr
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you mentioned roblox earlier it's been hosting concerts including an electric versus of the baby concert last month. and guys, the most popular, lil nas x, 30 million visits and another artist, sarah mclachlan had sold $30 million in virtual sales, guys >> julia, i don't know where to begin with this in terms of virtual concerts let's say it's justin bieber performing, the avatar looks like justin bieber and he's actually performing live somewhere in the world >> yes >> how do the fans know that's an actual live performance >> look at that b-roll, melissa, that's the avatar of justin bieber there are any number of ways to shoot someone. you can have a ca camera and capture someone. and fans are able to virtually
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be within the space. a fan can go up on the stage with him they also have this feature where a hologram of a fan can be up on stage next to justin bieber the idea, wave xr is not charging for this experience anybody of us can watch this next week, there are definitely ways to make money on this down the line, including virtual goods. you may pay extra to be closer to justin's avatar >> why would i ever do that, julia? it's not like i'm getting closer to bieber -- >> tyler, if you were a big fan -- look, people who are going to go see justin bieber in concert would probably want to do this. that's the demographic you're not the target demo, tyler. >> that hurts. that really, really hurts. >> i'm not either. none of us are, actually, none of us here are, if that makes you feel better.
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>> thank you for making me feel better >> julia, the next step with metaverse, like in a stadium there are billboards and advertising, right surrounding and inside the stadium. so theoretically, if you think about this in the real world and transplant the opportunities to the metaverse. that's where they are. this could actually be a competition for, say, i don't want to say facebook maybe down the line, facebook, et cetera, et cetera, doing online ads, this is another way to advertise online. >> oh, absolutely. we're talk marketing and concerts you could definitely sell tickets a number of artists have sold tickets in the past. there's ticketing and advertising. so many different pieces to this you hear a lot about luxury brands -- you were talking earlier about luxury brands selling virtual luxury goods a lot of ways to make money.
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that's the reason why, with facebook, and the oculus hardware, you don't have to wear a headset to interact in that virtual world. eventually, maybe it's an oculus headset, you could have a more virtual experience and facebook changing its name to meta. it's going to take a while to get that right, but meta, in the interaction. >> clearly, everybody is talking about the metaverse, julia even iceland >> let's take a look at the aim at the mark zuckerberg meta announcement >> it's completely immersed. it's water that's wet. it's humans to connect with. you're human, right? in the icelandverse, there's real moss you can look at. >> real moss you can look at i love how this person is sort of mark zuckerberg-ian
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julia. >> straight out of the hand gestures >> i've seen this video. it's so funny. so many reported very closely on the transition from facebook to meta, this video is making fun of meta. it's making fun of the metaverse. it's making fun of the idea that we're all trying to interact in the future to the world, and go someone like iceland to interact in person. so, i think it speaks to how broad this conversation is and that everyone is now aware of this meta moment we're having right now. there's going to be pushback people are still going to want to travel and see things in person, rather than beam themselves there, virtually. >> i hope so >> i'm going to have a meta-weekend >> okay. >> a virtual weekend >> have a good meta weekend, julia. thank you. the metaverse is part of the special cnbc podcast covering the line of sports trading and
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crypto you can listen to the podcast wherever you get your podcast. microsoft, nvidia and tesla three of the hottest in the markets. are they flashing a warning sign the trading nation team will take it apart next on "per nch.ow sales are down from last quarter, but we're hoping things will pick up by q3. yeah... uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade and start trading today.
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welcome back to "power lunch. three red hot stocks could be at risk of hitting a wall a next guest says tesla, nvidia and microsoft's charts flash warning signs. i'll joined by two guests. matt, walk us through the charts. >> you know, the stocks of great companies sometimes get way ahead of themselves. doesn't mean they won't be great stocks but if you look at amazon changed the world the last 25 years but over the last 10 years seen two dozen pullbacks of 20% to 60% microsoft, tesla in particular,
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was last week come down some and still extended on an intermediary term basis. nvidia is one i'm focused on right now. look at the rsi chart. a 90 at the beginning of the week and now the 70s and weekly rsi chart at 82 which is very extended and we don't have -- the chart is weekly that's way more than two standard deviations above the 20-week moving average the great companies to own the stocks but don't be chasing them up here. you can get them at lower prices in the coming weeks. >> taking aim at the companies you are a shareholder in what is the trade here >> i hold the companies and they will continue to push higher but as matt mentioned look for better prices and particularly zeroing in on tesla up about 30%
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almost in the last month and pullback and trading at a significant premium to the legacy item makers and rivian coming to market that kind of seemed to tell us that the market is looking for any incumbent and any player in this ev hot space and might be a signal to look for any pullbacks and corrections and get in at a better price. >> rivian up another 4% today. thank you. for more you can head to the website, follow us on twitter. >> thank you. a potential major milestone for equity and education we'll explain next on "power lunch. >> and now, the latest from trading nation.cnbc.com and a word from our sponsor.
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more women enrolling in mba programs than ever before and at some schools there's more women than men in the programs dom? >> melissa, tyler, we have reported on the many ways that the pandemic has disproportionately affected women in many walks of life.
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in my cases setting back career trajectories given tough choices to stay home with schools are closed a place where we are seeing positive signs for working women is in higher education according to the forte foundation, the proportion of women in top business schools in that group jumped this year to an all-time high of 41%. many of the world's top business schools are part of that kind of mix there. if you break it down further, three of the member "b" schools have more than half of the enrollment of women and george washington university school of business at 54%. the wharton school at the university of pennsylvania at 52%. and johns hopkins kerry school
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of business at 51% around two thirds of all forte foundation member schools reported increases in women enrolled up from 52% just last year so one place we are seeing maybe more of a positive trend attract is women going into higher, higher education. >> are these schools -- does this include all the iterations of the programs? executive mba, online? >> yes their entirety of the programs in mba. >> if they have a -- >> 56 of those schools and you're talking about most of the fortune 500 of the companies and organizations. what is interesting is talking about the rise of environmental, social and governance investing. a story underreported this week is that the wharton school's dean erica james, the first african men american and female
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was elected to the morgan stanley board of directors and seeing that permeation in higher education and professional circles, especially wall street. there will be movement there, for sure. >> let's hope. thank you. dom chu. thank you for watching -- nice to be here >> nice to have you here thank you for watching "power lunch. "closing bell" starts in two seconds. thank you. happy friday welcome to "closing bell." i'm sara eisen here at the new york stock exchange. ma major averages in the green. nasdaq's out performing today. another growth day. >> i'm wilfred frost let's have a look at when's driving the action johnson & johnson is splitting up consumer sentiment falling ami

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