covid restrictions on june the 15th. that is right just-in-time for the teachers to go off on the long summer break. that is it, we will be back next week with martin in-depth interviews, thank you very much for joining us. ♪ >> "barron's roundtable" sponsored by invesco qqq ♪ ♪. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. cutting-edge tech company saw a huge growth during the pin demo, ceo todd mckennon will be here with the future of working from home. later they parked reopening of releases in a booming streaming service disney is a reopening estate home stock trade we have the details, we begin with you are the three most important things investors think about right now.

the dow and s&p 500 set records again this week, retail sales posted big gains in an employment data showed strength even as bond yields eased, the debut of crypto exchange coinbase lives up to jumping you records amid the crypto craze in the policy and use of johnson & johnson covid-19 shot is raising concerns that vaccine skepticism could slow the recovery long-term. on the "barron's roundtable" my colleagues ben levisohn, karl english. i minute call this a captain marvel market, why the stocks keep on going up. >> this market has something for everyone the beginning of the year looks like we get a value rally and it would be hard for the s&p 500 to go up if those stocks are going up there was not enough to keep the market higher if tech wasn't working, right now everything is working if you're a value investor, those stocks are going up, this week we got great data, that is

helping things and even though we got the good numbers, the ten year yield fell but the stock market did not care. jack: let me ask about the ten year yield, when that is falling in the recovery is because the market thinks recovery will slow down, maybe there's something bad in the economic news ahead, is that going on. >> usually we say the bond market is right but when you look other indicators it doesn't seem to be the case, inflation, price and the bond market, they are basically saying the same which implies investors haven't changed the outlook on growth just at what yields should become energy prices did not fall in the copper gold ratio held steady and once you can look at their suggesting growth is okay in this is more about what's happening in the treasury department. >> real quick what you looking for next week. >> earnings all the time, next week we get netflix and the big

tech stocks can do great turning they have not done much for a while and that could propel them higher and propel the market to. jack: thank you, this week the cdc recommended a pause in the use of j&j covid-19 vaccine after six women got blood clots, it's important for us to point out that is more than 7 million doses administered and it's not clear that the relationship between the clots and the vaccine but the cdc said pause, which we think about that is. >> our reporter writes that the johnson & johnson vaccine is unlikely to d real the overall vaccination program in the economic recovery there is other vaccine makers that can pick up the slack there is a little more concern overseas, the j&j vaccine was expected to play a big role in some markets because it's a one-shot vaccine and easy

to administer and if you fall short of vaccination forecast overseas, you could have some effect in the u.s. let's say next year if there's a spread of new variants, it's worth noting the risks of blood clotting appear to be exceptionally low lower for people who contract the virus and don't count the vaccine out yet, it's obligated but ultimately for investors you want to gauge the long-term risk to financial markets and get it crowd sourced opinion, you look at the recent performance in financial markets and investors are watching this but not overly concerned. jack: do you think it could contribute to vaccine skepticism in general, there is already a little too much reluctance on part of the public to get vaccinated. jack: i would hope not but i am concerned that there are people that might be on the fence and then they hear potential bad news and they don't explore and

sam out for now, i hope we don't see that but it is possible. jack: let's switch to the crypto craze, we sell the debut of coin and indirect offering and it was pretty nuts, not only did that stock briefly get the market value of goldman sachs but even now after pulling back is sells for twice the value of the nasdaq exchange on which it trades, little too much hype, what do you think. >> that the really interesting thing when you look at the trading volume that coinbase reported in the first quarter the nasdaq does that in a day or two. there might be a little bit of a vagrant but there is a full case laid out in her piece this week, bulls are saying this could end up being more than a cure crypto currency trading play and what

is to imagine it's not going to be trading that you can store your crypto currency on the platform and you can also lend your crypto currency out and earn interest as well and they also see coin based kind of being like a microsoft in the block chain which not just trading but payments. >> some people describe this as crypto's coming-out party what could go wrong among coinbase, a charge is an awful lot transaction fees and the shrinkage were seen across from the financial industry, that does not go well unless it can lower prices enough. >> as you mentioned in traditional brokerages with the stocks and bonds, the pressure on going down coinbase 90% of the revenue is going to have to find other sources of revenue, regulations are going to be a tricky spot for the area and regulators are the connect

crypto currency in its new space and not a lot of regulations, yet the income that bankers saying this is not fair, sin tech is not as heavily regulated but there mimicking the lot of same functions. eventually regulations are going to come. jack: it will be interesting to watch. thank you. coming up kathy would just bought shares of identity bought shares of identity management company

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caregiver: sorry about that... no, no. i've been staying at my dad's place because of everything. grandpa: where are we going? caregiver: he's good. yeah, i know, we keep missing each other. i've been working out of my dad's house. doing some reading. i should be working out more. i just feel like i'm drowning. narrator: navigating these times can be tough, but while you care for your loved one, you also need to care for yourself.

go to aarp.org/caregiving for free mental health and self-help tips. (naj) at fisher investments, we do things differently and other money managers don't understand why. (money manager) because our way works great for us! (naj) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (naj) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (naj) we don't have those. (money manager) so what's in it for you? (naj) our fees are structured so we do better when you do better. at fisher investments we're clearly different. >> to work from home raised security concerns for businesses. identity management company octave saw huge gains in sales and stock price but the vaccine rollout will eventually get employees back to work? octave ceo todd joined me now,

thank you for coming on the show. i describe as an iphone screen for my laptop all my work applications are there whether my e-mail or i have to sign invoices or whatever but for people who don't log into that, can you briefly explain what your company does. >> take you for having young, it's great to be here talk to helps companies to anything that they want with technology use in any way that they want to them very safely. as you mentioned a big part of our business 75% of our business is workforce identity and helping the employees of our customers securely connect all of our accounts, it's one simple place to go you collected the accountant can do your job in hr management, whatever your job is producing content, you're right in there to be productive in the back and we make it very secure to make sure that account has a right security measures, none of the back either breaking into

that account and 25% of our business is helping our customers use technology for their customers so logging their customers into their websites and mobile apps in bringing the digital experience to every person in the organization whether that's employee or customer's b1 mlb.com you're using okta. an interesting dynamic, we can go in all day about your numbers 30% topline growth, i think it's 52 billion over the past year, that number is amazing in europe 1 billion in revenue headed to 2 billion by 2024, two interesting things, when the one j&j news came out and they pause that vaccine your stock popped, the market thinks you're better off when people are working from home which suggests the opposite would be true you will be using as much, i don't see the difference, my other question is you're still not profitable,

what's the profitability into the butter a comedy her optic. >> i'm most proud of the following stats we had over 10000 happy customers this is about helping customers use technology in one of the things driven her success, identity is a core part of our technology whether it's as you mentioned business apps from home and use them from anywhere you're working whether that's in the office or anywhere in between your customers all have this identity component when you connect to your application and services through digital channels, identity is the core of so many things and that leads to a massive tm, i think that's what's driving our success. >> totally assessable market. >> a lot of people need our products, identity is at the core of all these experiences and companies need to change and

adopt to the pandemic and get more remote, they need to launch new digital initiatives to help their customers directly on a website or mobile app in the identity at the core of all these things, there is lots of trends every quarter every year but the truth is more things are going online, more things are moving to the cloud and all has to be secure identity at the heart which is driving these numbers which you mentioned. >> i want to point out an interesting thing, an obvious takeover candidate like google or microsoft but you make the case that neutrality is a selling point for you because you don't belong to one of those companies that you're not going to favor over a google platform. >> it's really important that identity is a primary cloud in our customers environment, it gives them the independent neutral switching point to let them choose all the other technologies and then marketed choose which vendor for

collaboration or which devices are going to use for crm they get a flexible platform that will connect them to every cloud and technology and not one particular vendor's b1 30 seconds left, vice to sanctions on russia with the solar interference in the election, what can the nation do to be more cyber secure. >> one thing is recognizing it is an unassailable fact as more things go online security becomes more important than ever and it's a multipronged approach from understanding the threat to employee the right technology in the right responsive measures whether the political or economic or technological to meet the threat and the opportunity in the business for all of us. jack: exciting technology but it does open this up. we will have you want again once were back in the office. >> i cannot wait, thank you. >> the pandemic seemed to slam disney on all sides but now it's

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jack: covid-19 forced disney to shut down and even with one hand tied behind his back the s&p 500 over the last 12 months, jack spent some time on the zoom call last week and wrote this week's cover story on what he learned, disney streaming business is beating all expectation as parks are poised to come back. >> i think so remember bob was

appointed chief two weeks before covid-19 was declared a pandemic and it was only a couple days after that the parks closed and theaters closed and the cost kept rolling in and you look back and say wait a minute they generated over $3 billion in cash in the fiscal year ended last september and expected to generate more than $3 billion this fiscal year and the numbers begin to multiply again quickly as much as $15 billion in free cash flow and then you look at the stock and say that more than 45% since they took over, speaking of the market of ten points. and i think you say it's pretty darn good first year report card for financial stress test. >> i'm wondering what does disney have over netflix it seems like natural competitors at this point. >> a hundred million subscribers in disney+ streaming in a year end a half it took netflix a decade to reach that number.

these companies are on a collision course in terms of number of subscribers disney won't say that we think our success in absolute terms not relative terms but by my math sometime over the next few years disney will have more streaming subscribers than netflix. the key here netflix, i don't have netflix kids toothpaste in the upstairs bathroom, disney has an ability to take his property and spread over businesses and merchandise and things like that, that the risks the decision and it comes in investing in shows and gives the company an advantage and i think that explains a lot of what's going on with the stock price there's a lot of investors essay there is a netflix like business inside a busy and it might be better and bigger than the netflix outside of disney. jack: all the levers disney has to pull to leverage are pretty impressive but at current valuations i still start to worry is all this good news

baked in and you could pick a 10x multiple on revenues, can we get into nosebleed territory them. >> you make a good point, there's always two issues, how are they going to do better than they just did. that's not as much of an issue now because they're bouncing back from a shut down and many say can the stock possibly get more popular. and as you just say we take the streaming business and not just a netflix multiple butter multiples like the international netflix which is growing much more quickly than the domestic business then you out of the rest of the parts of disney and come up with a case for the more upset for the stock in the average analyst on wall street sees the stock higher this year. jack: carlton has a question of what we really want to know. >> i'm finally getting my hair

done tomorrow should i do my half black half white hair can you tell me more about the movie that disney has coming out. >> it's a jampacked slate with marble and star wars but it is a welder and i know you're excited about her well a. it's not as packed as usual for this year given the sense that were not for how quickly theaters will open back up but it's when you get to next year that you start to see a female lead and you see new indiana jones movie with harrison ford and "black panther" to and you see a reboot of the avatar franchise. before you tell me it's been a long time since the first avatar came out it was the highest grossing movie of all times and passed by avengers: endgame and it took back the lead recently when the movie was released in china so people are still into it, had a bunch of sequels lined

up with james cameron and they have an entire land at one of the theme parks and it could be a big new franchise book. jack: thanks a lot, i'm looking forward to black widow and has nothing to do with scarlett johansson, nothing at all to do with that, to learn more about disney and the future of the company tune into jack's not everybody wants the same thing. that's why i go with liberty mutual — they customize my car insurance so i only pay for what i need. 'cause i do things a bit differently. wet teddy bears! wet teddy bears here! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪

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is up more than 50% in price over the past month, it is triple since before the pandemic the issue is not that there's a wood shortage but lumberyard's guessed wrong at the start of the pandemic and nobody will want to build anything they stop ordering and everybody sitting at home with stimulus checks and thinking about do-it-yourself projects so there's fierce demand and a shortage of new houses, homebuilders are desperate for lumber and your most at capacity, when you look at profit in stock prices they are exploding right now, timber, and therefore, those are canadian companies but even the americans are getting in on the pacific and that one might have some upside and strap on your toolbelt, it's all about wood. jack: lumber is an interesting investment if the prices plummet you can sit on your tree

holdings and they will grow until you can sell more for more not to mention nobody's going to discover a whole new deposit of trees like you might with silver, gold or copper. it is time in barron's tradition to get actual ideas from our panelist i will start with you. >> the stock has been doing nothing for six months just going sideways but now it's breaking out, the company reports april 27 in citigroup think the numbers will be good, it is looking interesting. jack: carlton what is your idea. >> my colleague that it can close out the gap that has with autozone and advance auto parts the most obvious reasons were using our cars more often other things going on driving around queens potholes everywhere more car repairs and also we have a shortage of cars because the problem that's going on people will be stuck with their current cars a little longer needing

more repairs. >> infrastructure project goes to plug the potholes i will be lucky. those are great ideas. to check out more look at this week's addition@barron's.com don't forget to follow uananana. ♪ ♪ ♪. larry: hello everyone welcome back to "kudlow", i am larry kudlow great to be with you this evening fox today closed higher across-the-board another new record for the dow and s&p 500, the economy is booming