tv Fast Money Halftime Report CNBC May 12, 2022 12:00pm-1:00pm EDT
>> the ft has a piece of china, saying they'll limit citizens going abroad, adding to that growing sense we are winding up with splinter nets, pieces of internet around the world. something to watch in the months, quarters, years ahead. we have the disney printout of the way. markets are shooting for the longest weekly losing streak in more than a decade let's get to the half. >> carl, thanks so much. welcome to the halftime report front and center, the unsettled market, whether stocks are ready to rally or ready for more wreckage we discuss with the investment committee. joining me today, jenny harrington, josh brown, jon najarian, with me here, jim levinthal. i want to check the markets. we have taken a turn downward. s&p 500 is off by a little more than 1%, a loss of 41 points
38.93. watching key levels there. 31,474 the dow now down by 359 points nasdaq under pressure, little less than major averages, nonetheless, red there ten year note, 283 yields are dropping, stocks figuring out where to go jim lebenthal, for a minute felt like we wanted to rip. in an instant, felt like we wanted to dip. i wonder how you're feeling about this market that you have maintained is going through but a correction and nothing more. >> well phrased question it is a question of feeling. i believe, this is my opinion, give me rope to hang myself, my opinion that this is a market trading on emotions and not rational logic you get a pop in the morning and it dribbles off. that's indication that the market wants to try to focus on fundamentals of an economy that
is still strong, think of jobless claims, around the 200,000 level for a long time now, and at the company level, fundamentals look good we can take issue, had whether it is disney, qualcomm, the results and guidance came in better than expected but the market does not care it is based on fear in my opinion. one last thing, fear lasts for a little while and wears itself out. end of the day, fundamentals should propel it higher. >> josh, you came in looking at the move in yields and oil, thinking maybe we're ready for a rip higher and we haven't been able to put it together yet. it is a long session talking 12:02 at this moment, who knows what can happen the rest of the day. take me through your thought process, why you sent that note today. >> i think there's a massive rip brewing now.
i think there's only a couple of things you have to pay attention to by the way, if you're not a full-time trader, you shouldn't be out there trying to do this ball games of how treacherous markets have become. there is no trend. it is very choppy. the rally this morning was led by the junkiest of junk, electric vehicles. ark up 8%. that's not what i'm talking about. i think you have to watch now, if bitcoin can stabilize and stable coin issue doesn't look systemic or at least not this week, that's important if bonds continue to catch this bid which is now on day three and we see yields lower, that's important. if crude oil fails to rally here and heads lower, that's important. and the last thing, apple. apple is the problem today it is very rare this year that anyone has been able to say that when you see somethinglike
amazon up 3, 4%, and apple holding us back, again, we don't typically see that type of market in 2022 if apple can stabilize, catch a bid, if those things fall into place, which they're trying to, we could have a thousand point down rally 3, 4% rip, given how oversold we are. doesn't mean the bear market is over these things get a break once in a while. that's what i'm paying attention to bitcoin stabilized, and the stable counsel thing stopped being an issue those four things if they fall into place, you'll get a rip in the markets. do what you will with it, that's what i see. >> i have to say, jon. josh makes great points. being echoed by some that i speak with on a fairly regular
basis who are growing quite concerned i think it is fair to say what's happening in the crypto market. and the amount of wealth destruction that's happened there. we're talking $800 billion or so in a month, four to six weeks. a lot of which, doc, came from 25 to 30-year-old people who can ill afford to lose the kind of money they may be losing in this kind of market and let me also say the concern is about when you have this kind of dislocation in any asset class, there's ripples to it and we just don't know what those are yet. and some of the smartest investors that i talk to are calling this the no mas market no more. they don't know what's happening under the surface with crypto, not sure how to read the bond market nor stock market, are confounded by the same things we talked about top of the show at one minute, looks like the market will rip, next minute, looks like it will dip
i don't know what in the world is going on, so i'm out, no mas. doc? >> yeah. well, as josh said, you know, the junk was what was ripping this morning, scott, junk being game stop, gme it was up $31. that's the range on the day. it went to 108, believe it or not, on just this frenzied buying out of the apes i can't believe anybody else is diving into this one, scott. we do need to see, i don't disagree about the possibility of rally i don't know that we're there yet. i was talking with patty, our producer, about the mike wilson call for 3800 to 3850, and we broke through 3900 today, and got very close to michael's higher end of that call. but i haven't seen enough of the despair, to your point, scott,
there are ripples that are felt when you shave half a trillion dollars off the crypto markets like that with ustm, luna, and with luna c that's gone on there with that struggle to try to hold that stable coin together the ust. but i think overall we are seeing signs and that interest rate picture, scott, that's one that i drill in on you and i were going to talk yesterday, then there was a lot of interesting things to talk about in overtime, but tlt that's one where we've seen big up side buying of calls. the opposite of what we have seen for weeks and months. that means people are willing to bet 42,000 of those trading yesterday that the june 118 strike, we got there today like that we went from 116 yesterday to 118.77 today
and when a bullish engulfing campbell shows up twice in a week, monday and again yesterday, which is what our technician aj monty says, i have to believe his call to 123 might be accurate. if we get that, scott, that's going to be a lot of great drive for the market people will get a little more sang win rather than scared and desperate. >> jon, tlt is hoding now. >> we are likely to see a breakout to the upside tlt up, rates down that's somethingthat's going t be good. watch if the tech stocks turn with this if not today, scott, tomorrow >> keep our eyes there speaking of those tech stocks, jenny, it is ones that josh mentioned top of the show. if you think we're ready for some sort of powerful move higher, if we could call it
that, you have to get stabilization or at least leadership in the apples 141.75 now down 3.25% these are stocks everybody is watching 255 on microsoft still a loss of 2% like to see those start to turn before you, jenny, declare the worst may be behind us >> well, i don't actually think that's right i don't think they need to start to turn. i think to say hey, the market is ready to rip is the wrong way to think about the environment we're in to think about a market that's going to rip is applying yesteryear's play book through today and we're in a very different environment. to say we are oversold i think is incorrect yeah we are down 21 times on the s&p 500 to 17 times. there are areas out there that are down 70 and 80%. we know that but broadly we are not oversold. at 17 times, that's above the 25
year average, and way above where the market trades in inflationary environment, in a 14 to 16 month area. so i take that and i look at it and think to myself where are we i think we're in a bottoming process. i think it will be long and messy. i do not believe faang is going to have leadership for the next ten years it did for the past ten years. if i take that, apply to how i look out, you don't need facebook, apple, amazon, microsoft to be the leaders on the way up there were interesting headlines today saying apple is no longer the largest company, sal u ram cotook that position we need leadership from other companies, call it chevron, exxon, ibm, pfizer, cisco, all sorts of other companies they can take the leadership position i'm not looking at apple to lead us out of the mess, they don't need to. and frankly, with respect to apple, we need to get real, realize this is a mature tech
company now, and they don't trade at 23 times earnings they trade where cisco trades, more like 13 times we need to adjust the lens, get real, understand they're not going to do for us what they've done in the past >> josh brown, i feel like i need to go to you. jenny disagreed with most of what you said. we are not oversold, faang doesn't matter to the degree that you said it does. apple and microsoft effectively don't matter in turning the market higher. >> jenny is arguing something different than i said. when we say leadership, i am not suggesting that apple -- jenny, i am not suggesting apple will be the biggest percentage gain, of course it won't it is a mature tech company. i completely agree with you. i don't think that if the market turns, apple will give you the most bang for your buck. mathematically, it is
impossible, listen to me now, impossible for the s&p 500, dow, nasdaq to turn if that stock continues to sell off 2 and 3% a day. you don't have to say it is the right stock to buy >> josh, almost 7%. >> hold on, please, please you spoke, i'll speak, then you'll speak again, i'm sure you don't know what the word oversold means it is a technical term has nothing to do with pe multiple i am talking rsi rsi is 31 right now. statistically that is the definition of oversold i don't mean oversold, it is so cheap or the pe ratio is 17 and should go to 15. we're not arguing the same things, you and i. rsi 30, oversold talk to anyone that actually knows what the textbook definition of oversold is. they're not talking pe multiple, they talk rsi. it could get more oversold, but statistically, it is 31.95 on
the s&p 500. at 30, it is statistically oversold that's what i'm talking about. we're not arguing with each other, we're literally talking about two different things >> okay. i will give you that on the oversold part. i am sticking with my definition of oversold. if you look back to march of 2020 when the market was down 13 and a half times, we were saying the market is oversold, trading 13 and a half times. >> rsi then was low, too, so -- >> i'm saying, you can choose different measures for different things >> go ahead. >> apple is 2% of the index. that's a lot but you don't need 7% it could sit dead for the next year and the market could still be okay. you could say oh, my god, it is 7% or only 7%. >> it is not necessarily the point. jim, i'll turn to you. the point i am trying to make at the top, they can argue about
it, disagree, it doesn't make a difference, the market i don't think can turn from here anywhere for a sizable rip josh used the word rip without apple and microsoft, stocks like that it is not going to happen. you can't have a huge move in the market higher and those stocks stay in the trash can. >> acknowledging we're now having a different discussion than jenny and josh were, i agree. hard to argue the opposite of that and not something that i would even want anyway i want the whole market to rally. i will tell you one portion of the market i don't think is going to rally are the ark type stocks that's not where we should look for outperformance whether we have discussion of short term oversold, long term investment is not relevant to the point you're making which i frankly agree with that you need apple and amazon, $2 trillion market caps. >> freudian slip, hope it
doesn't get to that. you speak of stocks you're tired of looking at going down, twilio you sold it. sick of looking at it? >> it is like you're in my head. i am sick of looking at it this is a stock all on me. 1.2% stop making me laugh 1.2% position when i bought it, .6 position now, that's all on twilio and my choosing it it could double from here, what's it going to add, six-tenths of a percent. i don't care it is an eyesore i don't know how to value it it was an area i wanted to see what it was like i realize i am not missing anything i will stick with my healthy allocation to growth at reasonable price tech stocks and coming out of this market, i am not looking at twilio to carry the way. >> to the apple idea as we focus heavily on it, fund strat's mark
newton is the technician there, support violation of apple of 150 keeps technology and market indexes moving lower he speaks directly to importance of a stock like that with a market cap the likes of which it has. the ownership that it does enjoy from such a tremendously large swathe of investors. apple dropped to 150, should take this down to challenge last october's lows of near 138 is that where apple might head >> gosh, it sure could, scott. it is not just indiscriminate selling. in apple i believe it is being tapped as a source of funds for many of the folks, some of whom had losses that josh mentioned from cryptocurrency and those getting out of the way of what looks like a train wreck down to
3800 or 3850 if you plug apple into that scenario, you would probably say 138 or thereabouts, gosh, we're not far from that right now. and i have been rolling my covered calls down coming into yesterday, lowest strike i had was at the 152.50 strike, scott, one week, two weeks, three weeks into the future now they're down to the 150 strike good news, i am making more money pulling it off the table as we roll down. bad news, it is not enough to offset the 3% decline in the stock today. >> yeah. bring in the market headliner, chris hisey. welcome back why don't you answer the question of the moment are we ready for a rip in the market or are we still feeling we could have another larger
dip? >> in terms of the rip, the market as you have been all discussing tries it almost every morning. this is classic portfolio repositioning, whenever there's a rip, there are asset managers taking that cue and selling into whatever strength there is i believe whatever rule or technical effect you look at, whatever indicator you look at to determine if it is oversold, when 70% of the nasdaq is down in a bear market, down more than 20% from all-time high and 52 weeks and 60% of the s&p, i think you can say a good portion of the market is oversold. whatever indicator you want to look at. if you want to look at valuation, valuation on a go forward basis is going to be determined at least in my opinion by the level of earnings growth expected for '23. some think we're going to have earnings decline, others say
flat we still believe 0 to 5% is the working number for next year for the data if you are building a portfolio today, nobody knows, nobody rings a bell at the bottom you build a portfolio today to invest over time you want to have the list ready. and i think it was jim that said this, growth at a reasonable price was an acronym thrown out the last few years nobody even knew it. new investors don't know what garp is. it is back, likely to stay build your his now, be ready to invest your time i think you can reasonably say when inflation peaks, scott, chair powell said it is peaking. when it actually peaks as evidenced by their gauge, that's the sign the market is ready to resume the secular bull upcheck. >> you could look at the data, the cpi, and i understand it is still unbelievably hot and too
high, but some are looking at that, suggesting that inflation has, in fact, peaked it is just going to be super sticky on the way down, which complicates the fed's job a little at least you can perhaps make the claim, backed up by data that says inflation has peaked and will start to come down, it will just be slow. >> yeah. i don't think enough of the so-called investors are willing to put money to work yet believe that when those clouds start to dissipate, when does that happen probably the next month. we say that because money growth is collapsing. money growth is falling pretty hard that is the fuel to sticky inflation. as that comes down, even if you don't get to the preferred target, having that understanding in the marketplace will ultimately dictate to the long end of the bond market some of it taking the cue now that perhaps in '23, the fed has to
stop balance sheet contraction because they may have gone too far. that could be the signal everyone is looking at for growth stocks to catch that bid again. i wouldn't wait for that build a diversified portfolio now, if fully invested, rebalancing in the course of the next month. >> forgive me. we're keeping it brief i have a million things going onto get to. we'll do it soon chris hyzy thank you. coming up, double downgrade for ford and gm. off 50% from recent highs. the debate, call of the day. half time ba aerhickft ts.
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these cryptocurrency to get out of their trade instead of selling out and getting it off the exchange, they'll park money in tethers. $80 billion. and luna token is the third largest. any dislocation there has effects on what happens. i talked to skeptics, people say they didn't believe in the algorithm. the founder of this thing is a charismatic guy, people really believed in him. they had digital, pan terra, some well respected investors in the space were vocal supporters. another thing, a young crypto
native, i have been talking to investors that say this is one effect of hiring people that have never been through multiple cycles don't know the historic significance of the ar general italian pays oh valued at a dollar plenty of examples over history with things like bank runs seeing that play out in crypto markets and it is hitting prices >> no doubt. that's kate rooney, an update on what's an astonishing evaporation of wealth, i don't know what else you call it from crypto markets josh said at the top of the program, he would like some stabilization before you feel better about the overall market. so many things are directly core rated with one another today, call of the day, it is a bearish call on auto general motors and ford double downgraded, underweight at wells fargo. the firm saying 2022 could be peak profits our call of the day.
you guys know that, jim lebenthal, you own gm, have for awhile phil lebeau, gm is 59 cents from ipo price of november, 2010. >> unbelievable. very disappointing i won't hide from that either. i read the note. seems to be two things it is rising costs in the ev space. the first part peak profit and legacy, internal combustion engine business, the demand that has been pent up for cars hasn't gone away. people need to drive and the cars they're driving physically depreciate need to be replaced. on top of that, there's a construction boom going on that requires pickups for general contracts, building semiconductor plants, ev plants, new mines all over the place i find it hard to believe that
demand will go away. some say there will be a recession, big topic not just a small thing not a little aside >> you're absolutely right but i go back to something earlier today. last week we had 400,000 jobs. i understand you and i talked about this a lot. it is what will come next. i have been waiting for the shoe to drop in terms of job destruction but it hasn't shown up. >> you've given it a matter of two weeks. >> we have been talking about this, you and i, for months. >> i understand. won't you admit that the world feels a little unsettled kn feels more unsettled than you have been willing to admit to? >> i will, but it doesn't feel that unsettled than two or three months ago. >> i think it does >> the only thing i throw back in my own face, negative gdp
print first quarter. that stares me in the face to say what's going on here it is explainable by inventory, accumulation, or depletion in this case, but if you look at the economic activity and regional fed survey, ism surveys, they're solidly expansionary outside the gdp print, we're far from recession and the nearest high frequency data are jobless claims, 200,000. extraordinarily low number >> josh, you made the point a week or so ago, that the way you look at the charts, that gm was already -- stock was broken. that this stock would go lower, here we are on double downgrade. you used to own gm what do you make of this >> broken stock in a broken sector in a broken market.
i don't see that to be flip about it i love the fundamental story but i say the proximate cause has nothing to do with the economy. this is an analyst doing the same thing with gm and ford for the same reason, the raw materials to make the vehicles that are going to dcannibalize old vehicles are going substantially higher, this might be, nothing to do with technicals, this analyst talking about what jim talks about, he is concerned that 2022 will be peak profitability they have to pivot to next gen vehicles and costs are higher. wells fargo could be wrong, materials could be overstated. in that case jim will win, but on shorter term basis, this stock technically broke down it is not magic. what it means is where the
buyers should have come in at previous support, not only did they not come in, a lot of them turn into sellers. i can't have anything to do with this i have to circle wagons around names i want to be in fundamentally and i have plenty of stocks down 30 and 40%. i don't need more. i got out of gm with a small gain, let a bigger gain go away. it was not a great situation for me, but i didn't want to see a gain turn to a loss. had i stuck around past the breakdown, would have been one more stock in my portfolio with a loss so i'm not there, not interested in being there i wish jim well. >> we have to bounce i will give you the last word. >> listen, i don't argue with what you're saying, josh i merely point your nice comment, broken stock, broken sector, broken market frankly applies to almost all of the stock market now, so -- >> i agree >> i know you do we're not arguing. it is like all right, here's where we are in the market >> still ahead, disney is lower
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made to do anything so you can do anything. welcome back this is the cnbc news update at this hour. u.n. human rights council established investigation into human rights abuses by russian troops in ukraine. china and another were the only to vote against it, this after investigators reported 1,000 civilian bodies, including children, were found in the kyiv region alone, some which appeared to have been executed the latest from ukraine, 7:00 p.m. eastern, only on cnbc the white house commemorating another grim milestone. one million american lives lost
to covid-19. president biden marking the day, ordering flags to be lowered, hosting a virtual covid-19 summit with world leaders. thepresident calling on americans to continue the fight and urging world leaders to invest in preventing future variants. and historic first, scientists capture an image of the black hole at the center of our galaxy the photo is only the second image taken, provides evidence of what lies at the center of the milky way galaxy 27,000 light years away, four million times laerhan rg tthe sun. half time will be back after the break.
and, even though it's now over... you can keep watching the hottest shows all year long... ...on netflix... ...prime video... ...starz... ...and hbo max! just say “watchathon” into your voice remote to add a channel or streaming service. wild session again you see the nasdaq had gone green a short time ago, the dow and s&p off the worst level. we'll keep an eye on that. watching disney as well. moving to flat line. the company missed estimates did report stronger subscriber numbers. doc, you bought shares today
>> i did broke par today, i didn't by at 99 or whatever the low was at 101 i decided to buy some stock. it is routed a little off that i didn't care about subscriber numbers for streaming and here is why when the pilot says we're lost but making good time you're not making money with these subscribers, it is just a money losing pit but espn was great the fact that the parks, 100% year over year, of course, because they were locked down. when you get into the parks, they're riding on, i don't know, rides that are based on disney movies and things like that. so i think this is going to continue to do well and at 101 or thereabouts, i think you have a value here i couldn't dismiss. >> jenny you own disney as well what's your read here. >> kind of the same. actually thought it was a good
quarter. we looked at the fact that subscribers were higher, park revenue higher than expected, and at the parks, consumers are spending more than they did in 2019 when we first bought this, our thesis was they would return to $10 of earnings, that's lower than expected. we're committed to that. we think it is a terrific company. >> all right funny jon and i came to the same conclusion for different reasons. i place a lot on the subscriber numbers. those subscriber numbers, getting to 220, 240,000,002 years from now will lead to gargantuan profits in the here and now it is the theme parks and movies, scott. dr. strange. 185 million. that's an astronomical number. it is a question of short term it is the legacy business.
>> large number of price cuts, wells to 153 from 182. key bank 151 from 216. goldman to 148 from 205. b of a, to 140 from 191. bmo, 135 to 140. sizable cuts there >> still some good gains from where we are jenny, you go ahead. >> no, i was going to say the same all suggest 30 to 50% up side. people are positive on the stock. >> if you believe the analysts are going to be right. >> maybe they're wrong to cut the price. dutch bros find out what josh things now. celebrating some of our cnbc teammates. william ee, milliken institute chief economist. >> my parents expected me to
become part of the middle class by become an engineer. never wanted to disappoint them. i knew being an engineer was not something i had passion for. my mother was so disappointed, never told relatives i switched out of aeronautical engineering. after that passion and getting my ph.d., i found a career at the federal reserve, international monetary fund, chief u.s. economist of a city, now at the milken institute. my advice is yes, respect your parents' wishes but follow your heart.
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dutch bros, need to talk about that one there it is today, down 30%, dipping below ipo price after earnings on pace for the worst day ever josh brown, what do you want to tell people about this one final trade a number of times. everybody suffered through pain in names like this talk to me >> yeah. this was the only name in my portfolio that hadn't crashed. i should have known better i bought a little this morning, i don't know if it is over, it is totally stupid. if you look at what the company
reported, revenue growth was above expectations they're on pace to open 130 stores this year, not backing down from growth plans this chain is on fire. the problem and what the market is reacting to, dairy prices are up 25% in the quarter, which is crazy. and obviously unsustainable. so whatever. today was their turn in the barrel this is what it looks like it was as low as 19. i bought more at 22 or 22 and change again, we'll see if that's the worst it gets. i'm very excited as a long term investment i have no idea what this market will do with the price in the near term. we're in a crashing market of growth stocks. that's the only thing i can say. it won't matter short term >> all right we have more coming up on crypto there's a development there. kate rooney has a news alert for us what do we know? >> scott, that's right the terra blotching, back end
software infrastructure behind everything going on with that stable coin we mentioned and cryptocurrency that are collapsing, this is halted, meaning no economic activity can go on here exchanges can trade tokens, luna and terra usd, but they're trading ious exchanges can still trade. no real economic activity, and terra is impaired. they're delisting tokens another update amid some struggles for the difference we talked about, terra usd and luna back to you. >> i appreciate you staying on top of that. ind kate, thank you. talk to jenny about new moves in the market you bought a few things. american eagle outfitters.
big dividend yield, 5.7% aeo, why >> so this is an effort in preparedness and patience. we researched the retailers a couple months ago when the market started to pull them down as people were more worried about the consumer retailers traded down 50, 60 plus%. we started to look at them, saying what's reality, what's valuation, where do we go from here we sat and waited for them to come to us american eagle, you have a company that should earn $2 a share, trading about $14 a share. 7 times multiple it has 72 current dividend yield, well covered. presume i am wrong and the consumer is weaker than i expect and earnings are a dollar instead of $2. then you have a company trading 14 times earnings and has a well covered dividend this is exactly where i want to be hiding out right now. but what's nice is my worst case, i collect 5.7% dividend
yield. best case, consumer holds up as we expect them to, is it great, not being poly and a about it, but it is not terrible, they reported good earnings like tapestry and the share gives us nice return. >> the other one is easterly government properties dea, 5.7%. that's a rate. >> but totally different company and totally different earnings expectations so the ticker dea stands for drug enforcement agency. this owns government office properties but the key here is they own things like dea and fbi buildings that have huge bare yes, sir to replace of employment it's not like an irs building where they can just move it trades at 13.5% earnings. as they renew their rents, they renew kind of inflation and cpi
escalations, so they should do well in an escalation nar environment. this is one that's trade down in line with with office buildings, with higher leverage companies, so it really gave us this opportunity. by the way, i have been researching this thing for seven years, and it hasn't made sense to buy it because there's such a limited upside plus a 5.7% yield wasn't great enough in this environment, if i think i can get 10 or 20% plus 5.7, it surely makes sense to me now. >> 7 years, finally a move stay with us dr. jay has activity coming up next ♪ ♪ wow, we're crunching tons of polygons here!
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next friday, may 20th. so with the stock right there at $5.50, i joined them my idea is i'll start selling upside calls against it as it moves to the upside. second one, kay web. this is a play on internet stocks in china. back in march, it took it just two days to hit 30, and now swub is betting it makes a similar move here. they bought 20,000 of the june 26 calls with that particular stock or etf trading at 450. third and final, take a look at spy. this is something people are accumulating just below that mike wilson target at about 378 is where they brought these. they expire the 27th of may. they bought about 11,000 of those, scott >> thank you very much, dr. jay. we'll take a break and come back and do final trades next
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big interview momentarily, bill miller. that's on the exchange coming up in just a few moments. please watch overtime tonight at 4:00 eastern with everything going on in the crypto universe, he's going to join me. stephanie link will be with me the cio of new convene you don't want to misany of those interviews let's do final trades before we go jenny, you start us off, please.
>> i think we need to start to be careful differentiating normal stocks and growth stocks. those are expected to grow by 33% this year. trades at 9.6 times earnings, and you get to buy it 26 times cheaper than where it was a month ago. >> thank you josh brown >> the amazon selloff is another one that's pretty stupid the stock is now trading below what it was in february 2020 if you're in this and haven't sold it yet, what are you waiting for? i think the sellers exhaust themselves right around here. >> it's one of those in the green today. we talked a lot about apple and microsoft at the top they were both still red michael, what do you have for us >> kre they're buying puts. i bought the june put, scott. >> been great having you on set. thanks for coming down here.
what do you got? >> i think you play the ball from the middle of the terr territory. >> sometimes when i play it from the fairway, it still goes to the middle of the trees. >> lots of energy here >> thanks to all of you as well. the exchange is now. thank you very much, scott hi, everybody. i'm kelly evans. and we have a big hour more wild swings for stocks today if s&p falling below 10. we're in the red legendary investor bill miller who called the pandemic bottom on this show in march 2020 is about to join us with some advice on what to do now we'll also get bills thoughts on the crypto crash, crypto slipping below $25,000 this
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