tv Fast Money Halftime Report CNBC May 11, 2022 12:00pm-1:01pm EDT
>> fascinating you can take it so many directions, whether the ad market or return to the office and head count, how they're thinking about the employee base in the new environment we're in. disney tonight, one of the most important prints of the week let's get to the judge. carl, thanks so much welcome to the halftime report scott wapner front and center, bottom hunting, whether the worst of selling is behind us and it is okay to buy again. we debate with the investment committee and what are ton professor injury knee siegel with me, carrie firestone, deeg as wright, pete najarian check the markets. the nasradaq in the red inflation fell from april, still hotter than expected i get a feeling the market is trying to wrap its arms around the idea of peak inflation, but
somewhat unconvincingly. >> look at the relax, first hour of trade, had a 500 point range within the dow itself. 200 plus point range within the nasdaq we were talking about really, really interesting movement, not all one direction, not like they started low and went high, they have been all over the place the markets so far and the volatility index, leaking down a bit as we have been in this now a little bit of a rage now the volatility still around 30, but off where it was i think you need to take note to one other thing, scott we talk about volatility how about the volatility of the nasdaq vxm. i was on one of the shows monday talking about that, everybody is saying when are we going to see the volatility index get to 40 we haven't seen that, but the
vxx did. it hasn't been a bigger story about the nasdaq than the dow in terms of movement and especially all of the big huge bumps and rides we've been on. i would say the markets are trying to go through all the information and as we digest that, that's why we are seeing the ridiculous moves up and down >> and pete, you have moves that you made today in the options market we're getting to that in a second you make a point until you get stabilization if you want to use that word in the nasdaq, in tech, something you can build on, it is hard to come to the conclusionthat we bottomed >> you're absolutely correct what we're concerned about is the consumer, the consumer confidence index is 97 indicative when it is below 100 that the consumer is looking at the market and really understanding that it is going to be negative going forward, so
that may mean they increase savings and reduce spending which could have impact on the consumer going forward we notice that the big three, housing, health care, higher education, all these things are impacted by inflation which means that the consumer may start spending and that could be a negative for the market. >> you looking to do buying, terry? or is it too early >> definitely. we're looking. we have a list i look at the number of stocks down 50% or more all the time and yesterday that number of companies that were 35 billion or higher down over 50%. 63 names on that list. we're looking at buying and we have a few names we have been tracking for over a year that were much higher than price target and are getting close and we're not the only ones.
there's a trillion and a half dollars of private equity money on the sidelines buyers like pfizer buying bio haven, and lots of big companies that had steady cash flow and have to be looking at what's out there, talking to ceos and founders of companies that can't be very happy with their foray into public markets over the last year so you have to take the opportunity, even though it is not clear when you buy it is the right time every buyer recently has been too early. it has been premature. the market has gone lower. fears about inflation, supply chain, they're all there, but the market predicts, foresees, the market isn't looking backward and at a certain point, no one will ring a bell, say it is time to buy, everyone we have to make those moves carefully and hopefully at a certain point in the next couple months, we'll see that
stabilization. the market is trying to find the bottom now. >> it is looking for signs of a bottom, no one knows where the exact bottom is. some may make a fabulous call, it has happened obviously. and that's where i want to go with you, joe. it is the conversation i had yesterday with lee cooperman when you were on overtime with me as well, he mentioned, by the way, he doesn't think we're at the bottom yet, he said he doesn't see evidence of that, those are the words he used. however, he said to look for a sign of a company stock goes down hard on earnings, rallies back to close up or flat he was pretty specific about the kinds of things he has looked for over many decades he has been in the markets, and you flagged roblox they opened lower, stock down to 21 21.89 was the low. throw up the stock now, it is not as low, goes up to 28 and
change still up almost 11%. and you flagged that as maybe one of the signs you look for that lee cooperman was talking about yesterday. >> yeah. and this is not specific to roblox, not a suggestion to go in and buy roblox, i think everyone on the panel, scott, you might agree, within the last week the analogy i use is the market in the last week entered the intensive care unit. you study the vital signs of the market to see when the patient can come out of the intensive care unit. one of the things you look for is exactly what lee was talking about with you on overtime yesterday, a sign that indiscriminate selling, a sign in which those that control positions are even controlling those positions because they're being liquidated from perspective of risk management you look for signs, you see a
stock like roblox last night which has been decimated, classic example of hyper growth stock innovation down, comes in with terrible earnings, opens lower, reverses, moves higher. maybe that's a signal that the vital sign is starting to improve somewhat, and at some point we can move this market which is in intensive care out of the intensive care unit you look for signs like that you're not looking for absolute bottoms, you look for small indicators, that's an indicator today that i think you could find a degree of optimism in. >> as you've correctly said, one stock does not a story make. however you look back at incidents or a particular stock and say maybe that was the sign as we say, pete, that we are close to a bottom. that a stock down 75% from its high, and there are others, too,
netflix, for example, which is lower today. the low in that stock was 173. the high was 180 just looking for signals, pete, to try to feel more confident that a bottom if not in is getting close. that's what the game is about. >> i think one thing that gets talked about way too much and is misleading, some stocks that are down 70 to 80%, most deserve to be down that in my opinion to say it is down 80%, i think it is a good value, in many cases that's not the case. you have to go through each individual name to find those names that have come down significantly, and maybe came down for the wrong reasons honestly there are a few examples out there like that. but tolee cooperman's point, you had a great interview, hats off to you, it was awesome i loved when he talked about how selective he has been, not calling bottoms, he talked about looking around, trying to find
stocks but being extremely selective. that's how i feel about the markets. i bought one stock i trade a lot of options, one stock this year, goldman, sachs, and that was in the last month or so. that's the position i have taken. the other thing i loved about what lee was doing, it shows me this guy is so smart and knows how to use every part of the market, but he talked about his megacap tech names and he was selling options against those. why that's smart, scott, john talked about it last week, implied volatilities are outrageous in a lot of names, microsoft or apple, take your pick, facebook you can take any of these, look at the implied volatility. you're getting paid a lot more if you hold onto stocks and selling them out of the money calls. that's what lee was talking about yesterday. but i still think it is -- you have to be cautious in the market i don't feel like we've hit bottom yet obviously we're getting closer, but i don't think we're there yet, scott i think we're in for a lot more
of the ride that might send us to walgreen's for tums. >> let me go through the call buying, pete it is from a wide variety of sectors. these are new call buys, by the way. b of a, financials cisco. value tech energy transfer. area of the market that did well, livent, nvidia take me through the thought process. some aren't willing to do anything in the market why those? >> i think when you go across a lot of the names, scott, there's a theme that goes across with many of those, which is okay, they're not necessarily high target names everybody is looking at bank of america, when you look at the financials now, there are certain names can perform nicely within the market. bank of america is one of those.
i already own the stock. i trade in and out of calls all the time when it comes to cisco, we talk about tech this has always been for the last couple of years far too inexpensive. also a name i own the stock, i like trading options around this as well. there are times you can position yourself well within these and a lot of these are triggered by unusual option activity but i think what's going on honestly, scott, we're all trying to find that path, trying to find certain names that have been pulled down with others, and i think some of the names you read off that i am buying, a lot of those are names that have been pulled down along with others and maybe undeservedly so i don't want to be in the stocks, don't want to get stocked out. i would rather trade the options, know what risk reward is for trades. i continue to look for those obviously i continue to trade more, we'll talk about it later. within the etf space as well
there are great opportunities in my opinion in the etf space now which is not something i normally talk about. >> degas, many diverging calls in the days ahead, we expect it, some want to declare a bottom is in or close. fund strats works with tom lee, selloff does not look complete tuesday's bounce attempt failed to crime over friday's 4068 lows before weakening lower to finish fractionally what kind of signs are you looking for? i'm sure people are asking you clients are asking you what do you think about a bottom are we close what signs should i look for i am sure you're getting those questions. what answers are you getting >> we tell clients you cannot call the bottom. what we're doing is being more conservative we have more cash than we
typically have, and we want to focus on quality companies that are profitable that have reasonable valuations, that have expectations of earnings that will be flat or brawn in the environment. that's what we tell our clients. we want to be a discipline, a process through the environment. >> half time headliner, warning that the fed needs to be more aggressive does he think we hit a bottom or close? welcome in jeremy siegel of wharton school in philadelphia good to see you. >> happy to see you, scott. >> the first read on cpi today as i mentioned at the top, absolutely still hot but at least seems to be going the right direction. >> it is going in the right direction but you know, we're beginning to see the housing sector which is so important for the cpi and which i have said
repeatedly on your program and before is very lag in the way it computed into the index. that's going to lift the index the next six to nine months. we have had a lot of inflation that hasn't actually shown up in the index, so we're not going to get some good prints look at next month energy which came down we know gas prices have already exceeded previous high. that's going to be a terrible print next month my feeling is i would like to see the fed say listen, we get 100 basis points, we're going to be serious about this inflation. i actually think after initial sell down the market would rally and say you know what, the central bank is protecting currency, which is something that we need
that said, i want to make this point. seeing a slowdown in money growth the last two months, that's promising but just a beginning they have to keep their eye on money. >> consumer prices did fall in april the first time in eight months i am not naive to the fact of where costs are still high and the struggles that families have to put food on the table , to fill the gas tank, i am not naive to that at all if the fed is looking at all this and says we're at least confident that inflation has peaked, we can do 50, and another 50 in june, see where we're at maybe the strategy isn't wrong
just yet. >> honestly, since they should have started early next year, the question of whether to do 75, 25, or 50, 50 now doesn't mean that much they started way too late. we are suffering the consequences of the money splurge of 2020, early 2021 and there's really -- it is built in and all the fed can do is say what is built in, which is another 10 to 15% higher ultimately of the price level, at least we're not going to make it more than that, we're going to slow it down from that position but so much is baked in right now, let's hope the fed doesn't go overboard, say we have to pull a volker moment, get interest rates up to 10 or 15% that would be uncalled for
whether 75, 25, or 50, 50, given how late they've been, it won't change the profile this interest rate moves monetary policy is not like steering the wheel on the car. you turn it, you're on a mountain road, it moves to the right. it works 12 months later, sometimes 18 months later. you cannot operate like a precision instrument, have toed -- to admit, inflation is built in that's going to be in the works the next 6 to 9 to 12 months. >> you're suggesting that the fed needs to do 100 basis points. >> i would like them to really say come on, we are serious and i would like him to say we really did make a mistake. we started too late, now we're going to get the rate up they say neutral is 2.4, in
high, 40-year high inflationary environment as powell himself has said, the hottest job market in a half century, shouldn't you get up to neutral which is 2.4%? let's bring it up there as fast as possible. and say we're defending the currency, we're defending the dollar and are serious about inflation. that said, you know, i mean, i think the market would at first say oh, my goodness, but then say listen, we have a central bank that's serious, listen, the values now are good. everyone is talking about the market falling apart i looked at the russell value index, which is russell, the value half of that index it found 7% from the all-time
high is that a tragedy? i have been talking about rotating to value for six months, when the interest rate rises, that's the pure logic you rotate to the shorter duration assets. and that's exactly what has happened. >> do me a favor let me slip in a quick break i want to come back, talk about whether you think we are close to a bottom. don't give the answer yet. we'll do it after the break. more after this. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world.
this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
if you're a small business, or whatever comes down the road. there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security. and you choose fiber solutions with speeds up to 10 gigs available to more small businesses than any other provider. the choice is clear: get unbeatable business solutions from the most innovative company. get a great deal on this limited time price with internet and voice for just $49.99 a month for 24 months with a 2-year price guarantee. call today.
jeremy siegel is back with us that's the question now, professor, to you. are we close to the lows are we there what's it look like to you >> i wish i could say exactly. look, your panel has said is it possible to really call the bottom i mean, pete mentioned that the nasdaq volatility was 40 if we talk about capitulation, you might want to see the vix 40 or 50, but capitulation is not absolutely necessary for a bottom it is more indicative of it if
it happens, it gives you more confidence that there would be a bottom, not absolutely necessary, so it is very, very hard to call the bottom. what i see is a lot of value out there. i tell you one thing, what's strange about the bear market, there are no signs of a recession, and firms except those super high priced are making their earnings mark, which i still think is going to be good this year, so really they keep getting cheaper and cheaper relative to earnings long term investors should be thrilled, whether we have another 5% in short term, i can't say for sure >> when you say what i see is a lot of value out there, those were your exact words, you mentioned the russell 1,000 earlier, prefer value over growth, is there enough value in
growth to make that attractive the nasdaq has come down a lot and is still coming down as we speak and had a hard time getting stability to it. >> yeah. and just like what happened in 2000, when the nasdaq was way more overblown than what we've seen currently, nasdaq went down 18%, got way too cheap, the nasdaq, we're not going to be around anything like that, what is it now, 25, 27% we might see 30% but look at all those priced to sales stocks, the pandemic favorites. they've almost had that capitulation, down 70 or 80% in the meantime, we're taking a look at the value s&p or the
value russell, selling 14 times earnings in an environment where interest rates even though are going up from historical standpoint are nearly at an all time low, my complaint is if you're a young investor, you should welcome this. this will build up your ira portfolio with dividend reinvestment plan looking into your future. >> good advice i have some questions from the gang carrie, you're first >> so professor, i have a couple of questions the first is whether the fed is already seeing effect from raising rates. if you look at some announcements of hiring freezes we heard from big companies, also seen in effect in the mortgage market, mortgage rates doubled, has to have an effect on housing, and i understand if you look backward, you're going to see those highs come into the
cpi number, but the market understands that, that's part of why the market is up today wasn't a great number, the market is higher curious if you think there's an effect there and also on ford pes, they're 16 times next year's earnings, '23 numbers now, if inflation by 2023 is 5% or less, isn't that a reasonable level for the market to be trading? >> yeah. i mean, i think it is reasonable by the way, you're right on mortgages. most of the housing inflation which is 20% and should be in the statistics and will be getting there over the next year, and you're right, the market kind of knows it. sometimes i have been talking about this for a year, others talking about it, sometimes you wonder about how often has the fed talked about this lag in the housing statistics
we really had 10% inflation year over year which was recorded as 8% now all of that higher is going to be feeding into the index let's not let the fed panic and say oh, my goodness, inflation is that way, you're right. i think in housing we have a lot of them. however, i have to say i don't think anyone can be encouraged and it is not just ukraine what's going on in the oil market and particularly what worries me, in natural gas market, you need the heat. most of the homes in the mid-atlantic and northeast coming for winter, it is the highest in 25 years. these are concerns that are built in for the future. >> professor, ask you a simple question i'm curious about the answer do you think the fed wants the market to crash? >> i think, no i mean, i don't think the fed
wants the market to crash, but they're not going to step in first of all, we haven't had an official bear market, not yet in s&p, 20% is considered mild, the edge of the bear market. i think really they will only step in if things get totally disorderly, trading gets disorderly, that's when they stepped in in the pandemic honestly, we had one of the greatest bull markets that brought stocks up to levels we had never seen before. and honestly, they're going to say i'm not going to rescue every stock investor, i am going to look at the economy and that's what they should be doing. right now again we're back to march 2021 levels. but that's a year and a half we are still above prepandemic
levels in that sense, down through january 1st, nowhere near the point the fed has to say oh, my goodness, i have to rescue the stock. no, they're not there at all >> the bottom line is what you said already, part of the market has crashed. are you sure the fed is okay with that, the signs with the greatest amount of excess needed to come back down to erlt, so to speak. >> i think they're happy with the way it crashed that excess, and i think investors should be happy, it is coming back to the senses, to fundamentals of the way we taught the way stocks should be valued >> these are uncertain times i love to hear your perspective. i hope viewers do as well. see you soon >> thank you very much, scott. >> that's jeremy siegel from
wharton school here's the cnbc news update. u.s. drug overdose deaths hitting a record in 2021, according to data from the cdc, attributed deaths to fentanyl and meth the pandemic really took a toll on americans' mental health. in washington, congress poised to approve $40 billion in additional aid for ukraine the house passed the proposal late tuesday on a bipartisan basis, senate likely to follow suit as early as this week if passed, brings the total amount of aid to more than $53 billion. candidates endorsed by former president trump had mixed results in the primaries yesterday. he endorsed businessman charles herbster he lost. in west virginia, preferred candidate mooney beat another
congressman in a newly created district that's the latest. scott, back to you coming up, pete has puts he put on the market. we'll go through some other ones told you about calls earlier there are two sides to this, pete will tell you what they are. and a check on the sector heat map, three in the red, the rest are green wnp trying to get positive do 7.5 back after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed.
all right. showed you the market there. nasdaq, throw it back up again can we show it again you saw what's happening in the market it is a volatile day yet again nasdaq down by a little more than 1% now. 11,602, loss of 135. the s&p back below 4,000 for the moment, fractional loss. dow good for 25. and yields, ten year, 2.95 that's been as volatile stocks keep your eye on the whole
screen today peelt, i mentioned you have new puts, centered on the arkk complex. take me through that >> start with the arkf that gives you square, shopify we talked about this, scott, through the pandemic for the most part, this run that we have, three triple digit, quadruple digit pe names kwielt a few names are triple digits names it was interesting, middle of last week, going on awhile middle of last week, it accelerated, we had 20.5 puts trading 20.5 they bought those puts right where it was these expire june 3rd. they give you a little time. they have been rolling down since. then went to 19 puts, then the 17.5 today we're looking at that etf, hitting another 52 week low,
happens almost every day, and it is in the low 16s. shows you how right they've been, buying in size across the board in ark fintech i trimmed some of those, it is a disciplined thing to do. do i think it is the bottom, i don't think it is, but i have to trim that, part of the discipline i have in any trade up or down the arkk, tesla and other names, fairly high multiple names and getting hit as well. monday they started to buy aggressively there as well, bought 10,000 may 13th, friday, the 43 puts. interesting thing, they weren't buying it out of money put, weren't buying at the money put, they're buying a put already in the money and watching as the complex goes lower and lower and
lower. those continued to go to the down side as well. the last one i'll throw at you, not all about ark, but efa gives you exposure to a blend of stocks outside north america, the u.s. and canada, all outside of north america, but they were buying in size 77,000 of the june 65 puts were being bought, scott, and getting spread off on there. you're looking at exposure to japan and uk, make up the majority of what we look at. if you think that the markets outside the u.s. are weak as well, this is a great way to play it. i'm in these puts as well. >> why trade desk? that's on my list, is that right? >> yeah, yeah. the trade desk that was going into earnings, expecting to see something happen there i hold onto these puts now last night, the stock was getting hamt erred pretty good today it reacted better. we'll see how it plays out there was a lot of put buying in that name yesterday, scott, had to be part of it
i continue to look across all of this you have to trade the markets you've got, right? that's the key, we talk about it, good, bad, indifferent, you have to trade where you are, what you have in front of you now. that's what i'm doing. i have more put exposure than i've had in a long time. >> unusual activity coming up, too. more from pete in a little bit. plus, disney earnings are out after the bell tonight we'll have that move numbers and the move in the stock in overtime, worst dow stock, certainly one of them the debate andra ine tdes xt
disney after the bell. one of the worst outperformers as we said there's the stock. $107 pete, you own disney tell me what your expectations are here >> well, it all comes down, scott, to are we folkcused justo streaming and negative effects that came from netflix that effected disney and others in the streaming world or are we going to look at the composite of what disney is giving us. if you look at the entire composite, it is more positive than people think. if the focus is directly on streaming, i think we see
pressure to the down side for disney they have been hammering the stock, no doubt about it i thought when i was buying it earlier that i had an opportunity. it has continued to the down side, and doesn't feel like it is a bottom yet. i think it is about what are people focusing on on the report this evening >> why shouldn't you be focused on streaming you're almost insinuating, don't focus on the area that is the place to focus most on that's the primary growth engine of course, the parks and other things will be strong, but it is streaming where the bread is buttered in the years ahead. >> well, i think you're partially right. i think we had a big jump. the stock was trading a buck fifth, went up to 200, everyone was excited about streaming. then we realized maybe too much is baked into this at this point in time, stretched the pe, all those things then dropped back again.
when it dropped back again, that was the opportunity i thought. now that it continues to be only focusing, i think people are only focusing on streaming yes, that is the future to some degree, but let's not be so blind to the idea that the parks are absolutely jammed, scott they have movies coming out that people are excited about in terms of what's in the offing for the summer there are parts of disney other than streaming that people should be focusing on, and it is continuing to open more and more i think there are reasons to be bullish on disney. >> degan, are you bullish on disney >> we are bullish, i agree with pete it is frustrating to be holder of this stock, but scott, to the point, the streaming only makes up 25% of revenue. what we're looking for is the entire story around disney and looking for about 1.20 for this
quarter. if they hit that or greater, it will be a good opportunity to be owner of disney. >> but you're baring the lead, you're re-evaluating the position >> exactly because ultimately what we are looking at, if there's still focus on streaming as pete laid out, it won't be good for the stock near term next one to two quarters still going down, if only talking streaming. if we can expand the discussion around, see how they're doing in other parts, in the parks and cruises and also in the other media properties they have, that's what we're looking for for disney because disney is a great play as we get into the reopening. that's where we have to get the market to focus. if you don't get market sentiment going that way, can't fight the market we will be re-evaluating this position after the print tonight. >> joe, any interest
>> i think that the focus has to be on streaming. i disagree the reason it has to be on streaming is because that's where you value it as a growth company. if the streaming business is not going to give you that type of growth, then you go back to evaluation that's more reflective of traditional media company. i don't see how you can't look at streaming. >> pete, just respond real quick. frankly, i think it is a good point. right? >> i think it is an interesting point. i think the reality is this. disney was disney for what they were for a long period of time we talked about, kicked around, should they have bought netflix, they had opportunities to and didn't do that i'm not saying you have a blind eye to this. obviously it is important, it is 20 plus percent of revenue, but think about the rest of the revenue. that's the important part. yes, this has a growth piece to it one of the things that played into this thing with disney was
hey, look, it got overpriced because of streaming, now i think it is underpriced base of streaming, and i think if you look forward, you'llsee where the pe is now, based upon what we hear tonight, this will be a very inexpensive media company. >> see what happens. again in overtime. numbers will break we'll give you stock reaction and analysis from people that own the stock after the earnings come out you heard from those that own it before we will find out how hedge funds are positioning and celebrating asian american and pacific islander heritage, featuring teammates and contributors here is dan suzuki >> my advice to the community would be don't be afraid to stick out. prove to people you're unique and much more than your racial identity don't forget it is a two-way
♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪
...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. welcome back to the halftime report show you what's happening in the market around session lows for the nasdaq, down 139 a little more than 1% decline. s&p still sitting just below
4,000. the dow hanging onto positive territory. it has been volatile lately. find out how hedge nufunds are holding up >> good to see learn? >> good to see you too, scott. the average hedge fund in the red but still outperforming the broader market after years of losing out on the short side, hedging has finally been paying off with every hedge fund strategy tracked by hfr performing better on average than the s&p 500 including dividends, however, the dispersion among funds has been very wide here equity managers, particularly those that came into the year with concentrated tech exposure have seen very steep declines. i'm told the manager of the black rock strategic equity hedge fund which declined this year has become a net short for the first time ever in may that according to a person familiar with the strategy bloomberg reported that move earlier. melvin capital is looking into ways to restructure its firm
after posting declines of 30% last year, another 20.6% in the first quarter of this year, a source familiar with that matter tells me and the pressure son for tiger global which is down 44% year-to-date i obtained the most recent investor letter that si the markets have, quote, not been cooperative given the macroeconomic backdrop but remain committed to earning back losses some brave funds have buyers dip. hedge fund and private clients were the biggest buyers in equities last week, although notable managers from leon cooperman to dan lowe said we're not quite at a bottom yet. net leverage across strategies fell from 62% at the start of the year down to 50% according to morgan stanley. levels near two year lows, so we're not seeing that kind of overleverage that might make people nervous in this current environment. >> thanks. leslie picker. up next, unusual activity. trades next. we'll be back.
this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
i'm dan o'dowd and i approved this message. tesla's full self- driving technology. the washington post reported on "owners of teslas fighting for control..." "i'm trying..." watch this tesla "slam into a bike lane bollard..." "oh [bleeped f***]" this one "fails to stop for a pedestrian in a crosswalk." "experts see deep flaws." "that was the worst thing i've ever seen in my life." to stop tesla's full self-driving software... vote dan o'dowd for u.s. senate. unusual activity, pete and i see you have three stocks and led by arguably the stock of the day.
>> yes i'm going to start with coinbase, scott. absolutely it's already down 20 plus percent and they just continue if you're looking for abouts, the community doesn't think there is one 15,000 of friday's 55 strike call when the stock was trading around 55.5. so it gives you a little bit of an idea that there isn't anything positive yet to come that folks are expecting right now. those are being bought by $3.50. i know the stock is already moving to the downside even off of that. it's been low as the 52 week lows today around $52.5 or something like that. so not great for coinbase. next, i got lyft they also stumbled on their earnings, of course, last week or so. it plummeted and it looks like somebody is looking for a little bit of about, scott. the stock trading for 19 and then gives you 2.5 weeks the 20 strike calls bay paising about a dollar for those
like i said, 5400 of those lastly, i've got one for you taiwan semiconductor this is pretty interesting as well trading around 90. we know the semis have been up and down and all around. the june 98 calls as well as july 95 calls getting bought today. so trying to buy for that upside in taiwan semi as well. >> okay. got it, pete, thank you. quick break and then final trades next.
with paycom, employees enter and manage their own hr data in a single, easy-to-use software. visit paycom.com and schedule a demo today. salute to veterans memorial day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this memorial day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who no longer are with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon, visit us online at www.salutetoveterans.org
>> there are your major averages now. in the red across the board. nasdaq lower than a few moments ago. it's the lows of the day s&p 500, i said it gave up 4,000. it's moved down by about 20 or so points in the last few minutes. you could see where it is right now. joe, it's, you're looking at mega caps better the drag, right? >> apple below 150 patient still in the intensive care. >> that's a big deal apple, we've been looking at these important lines to watch apple below 150. 149, 90. microsoft. pull that one up too 263. headlines people watching. we have about 30 seconds left but let's do final trades. make sure we get those in. what do we have for us >> schwab, next year earnings. rates go up, it's positive the market goes up, it's positive >> all right >> both sides. >> tegis.
>> hologic and imaging health care products. >> pete? >> walgreens >> thank you and joe? >> merck. >> disney earnings after the bell tom lee is with us looking very much forward to that we'll see you then hi, everybody. welcome to "the exchange." we were trying to stitch together a rebound here but looking at a nasdaq down 1.7%. tesla at 760 microsoft below 270. tesla at, i'm sorry, you know, i won't stay numbers right now save that for the expert over there. dom chu. tesla, apple, and microsoft below key levels and then apple below like you heard from scott after the high inflation report. our next guest warns inflation is broadening and the fed will have to do more tightening than the market expects next year we'll tell you at what point he would be willio