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

morning. can you and should you still own it for the long-run. and the stock down 85% this year all the payment names are down big. should you buy now, or will you pay for for it later >> an interesting diversion happening. we have seen pockets of green overall. small caps notably still today but if you take a look at where we stand right now at the low point today, we were down 357 points for the dow jones industrial average we are down 100 points the s&p 3911 about a half of 1% and outperformer in the trade only off a quarter of a percent is the nasdaq composite. one place we are keeping an interesting close look at is what's happening with those medium stocks.

it was game stop, amc entertainment, bed bath and beyond we were talking about massive double digit gains 20-30% for some of these stocks out there. they are now up about 11, 7, and 5% respectively. i will point out there's chatter around these names, but there's a common element for some of these as well, and that's the short interest the number of people who have bought stocks to bet against these names. you're talking about game stop having short interest of about six shares, and 25% for bed bath and beyond, so they tend to be more volatile. and apple, no longer the most valuable company in the world. the second highest saudi state controlled oil company is now the most valuable company in the world we know energy prices have been on the rise.

still, it's off 3% right now apple is one of those stocks where a lot of traders are saying over the course of the last year, it had the safe haven status at one point. i would point this out right now, analysts still have a consensus price target that implies a 30-some% to apple. unless they take those down, apple shares are still some of the favorite out there three quarters of those who have the stock say it's a buy stock >> all right >> let's bring in our headliner now with stocks deep in correction and crypto crumbling joining us now is famed investor bill miller. it's great to have you here. let me point out for those listening on the radio i believe you are wearing a bitcoin hat. >> yes, i am. >> care to elaborate

after we have heard from warren buffet saying he wouldn't own all the bitcoin in the world people having speculation about bankruptcy what is your bull case, and why do you think the public should think about owning bitcoin here? >> well, i love bitcoin for a long time now, and i have been through three decline of 80% i owned it as basically an insurance policy against financial catastrophe. we saw when the pandemic hit, it got annihilated quickly and came back kwkly again i'm kind of surprised it isn't lower because of what's happened with the terra stable coin getting destroyed and i think the fed is correctly said these

stable coins are problematic there's a good piece by a law professor hillary allen that says they're kind of like shadow banking 2.0. you read about the reserve fund today blowing up because those went regulated i do think it's an area of fairly high risk and high volatility for me, i think -- i haven't heard a good argument yet of why anybody shouldn't put 1% of their liquid net worth in bitcoin. anybody can afford to lose 1%. you don't have anything in your portfolio that can go up ten times or more here. >> hasn't it proven it's susceptible to selloff and it could have its own catastrophes? it's not like it's up right now. it's basically acting like a high-value tech stock or something. >> that's exactly right. the correlations of bitcoin have

bounced all around since it was created about 12 or 13 years ago. the correlation right now is with risk on, risk off so when the market is doing well, bitcoin has been up. and when it's doing poorly, bitcoin is down. i think those correlations continue to bounce around. if bitcoin was in half from here, would i be surprised no i would be grim, because i own a lot of it. >> have you sold any >> the short answer is no. >> would you think about selling any now, or are you the true diamond hands here >> no. the only time i ever sell anything, and i guess i'll clarify that i have sold stuff to meet margin calls because i'm always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway but again, that's just a particular thing you know, jessie liver more

talked about you lose something. i would say is tuition payment for me has been very high since september. i hope president biden gives me some debt relief. >> you aren't the only one let me ask, then, because you have been through so many of these cycles and you are still bullish on bitcoin specifically. what would you say to other investors who have been caught up in parts of the rest of the crypto collapse and aren't sure whether they should rotate from part of the -- you know, from a crappy stable coin into bitcoin, whether they should liquidate entirely or never dabble with crypto again or seek out the bitcoin if you believe those are blue chips, can you kind of give your final take of what you think this is all going to mean for the next couple of months? >> well, couple of months, i don't have a clue. my view is if people have lost a lot of money in crypto, they

have been speculating the stuff they don't know anything about especially if they're surprised to have lost money, because most of the icos that came around in 2017 have gone to zero i would say you probably have 10,000 coins right now, and all except for bitcoin have competition. and some of those things, you know, there's, i don't know, 4,500 public companies or so, and there might be 4,500 venture things involved in the crypto space that might work out. and i think you have to think of them as venture investments which means they're going to be driven by power laws instead of typical distributions, which means most of them aren't going to work, and the few that do are going to do really well. i don't know which ones those are. i'm comfortable with bitcoin. >> do you think that bitcoin is a buy here at, let's say,

29,000 >> i would say that -- again, i'll repeat what i said early ye i haven't heard a good argument about why you wouldn't put 1% of your liquid net worth in bitcoin. if you lived in any of those colorfully named countries by donald trump, venezuela, argentina, lebanon, ar general tee i can't, ukraine, russia russia lost 50% of their reserves when the u.s. decided it was going to sanction them. i can't see why you wouldn't have something in bitcoin just as a hedge again, anybody can afford to lose 1%. >> and as you have said in your case, this was much bigger than 1% in the last couple of months. let me pivot and talk to you about the market more broadly, about stocks back in march of 2020, you came on this program and said you think stocks had a generational

buying opportunity that was right at the market lows during the pandemic, and we have seen stocks make a spectacular come back since now, we're starting to revert back to some of those low levels what do you think of the market overall? do you think we have put in a bottom here? >> well, first of all, i have no idea if we have put in a bottom or not, and neither does anybody else i would say though that it was a relatively easy call back in march of 2020. you could identify what the problem was. there was a pandemic the fed came to the rescue very early on this is very different this is much more like the early 1970s. so no one who is of working age, meaning anybody who is 65 or younger, has ever invested in a rising rate, secularly rising rate environment and only a few of us much older than that, myself, who have

invested in those kinds of environments so it's just a very different -- the regime change right now, you have rising yields, rising inflation, rising oil prices a war in ukraine, and i remember i was a duty officer in the army back in '76. that was the trigger to a lot of the turmoil that we saw throughout the 1970s it took ten years to break that inflation and getting when treasuries were 14%. -- inflation down, but it's a much different environment now from what it was in march of 2020 now, that said, you know, we have a -- today, i think we have six new highs and 2,000 new lows in the market can be p that's pretty extreme a day or so ago, there were roughly 100 s&p stocks that were

at lows and another 20-30 that were within 100% of those lows so they have marked the bottom and most of the corrections we have had from 2011, 2015, 2016, 2018, so i think we're close to an intermediate low here again, it's a different environment now, and i think the types of stuff that worked in the 1970s are the types of thing that is will work today. so some of those are basically you're talking about low pe, high-dividend yielding names cliff is actually up this year nicely in his hedge fund but names like one main financial five times general motors is five times we just talked to cheryl palmer, the ceo the other day. they're hitting on all sareas.

2.3 times this year, and it's holding in -- which they're going to spin off. it's 90% holding and it's greater than the current marketing cap of bhc i do think there's -- it's a different regime as i would say. >> let me revisit some of the names you mentioned when you were on with us in february. facebook down 14% since then up thor ware down 16%, vroom is down, which of these names would you stick with because it sounds like what you're doing is rotating into a different set of stocks for the environment that you just described >> yeah. i would say -- we were totally wrong about vroom. you have seen caravan that is down 90% since i was on that show and i think that garcia's father

and son have actually bought more stock and have a high-yield bond over 10% right now. of those names, i think facebook and amazon are great name here i'm going to go out and visit amazon later this month. >> also aly baba, ganette, up thor ware, then there's a couple of bitcoin names like silver gait and strong hold i think for picks that are more like ganette. >> i'm a large personal holder of ganette it's too small for the funds i do think -- you mentioned silver gate. it's down at 8 bucks today probably on the terra blowup because it bought facebook's dm technology but silver gate is going to do a stable coin in a year or so using that technology.

they're a federally rated bank so the fed is going to be driegted that vifler gate is going to do that so people don't have to go to the stable coins that don't have the regular tio around them. >> any comment on up thor ware >> we have been wrong about up thor ware. i like the -- i think he's really, really good, the new cfo. they have been hit with losses in china especially, which is one of their growth areas. so i think my late partner who used to talk about having one of these names that goes down the way this one has, he talked about it's like hockey going behind the net and coming out the other side we're behind the net on up thor ware here, but i think they're doing the right things. >> when you say that this is a different market or a harder call than the pandemic lows.

the call that we're bottoming may be somewhat easy to make, but it's less clear what the market upside is here that you have to get a little more specific in the kind of holdings you have is that what you mean? what about people who worry that equities won't perform at all? >> well, they'll sure perform better than bonds, which are having one of their worst years in history i think in an environment where the fed is determined to get inflation under control and they can do that. the problem is that right now -- the five-year break evens are around 3%. if that's the case, that's great if we're back to 3% by that time because we're way above it right now. but it's typically taken a fed funds rate of 100 basis points higher than the fed's preferred target of the pce.

so -- and that's running, probably within the fives right now. so that's probably going lower but you're talking about a neutral rate, which i think is higher than the market the currently pricing in again, neither i nor the market knows what the future is going to hold on that. >> on the fed -- you're not in the business of telling the fed what the do so much as anticipate what they are going to do. do you think howell -- some think he's a dove in hawk's clothing, that he's not serious enough about tackling the inflation problem, and we may have had a tantrum the past few weeks. does he need to be as hawkish as willker, or do you think the landscape risks breaking if they're too hawkish and some of these imbalances will resolve

themselves >> well, the former fed governor have talked about the fed having stocks be a lot lower, and that being the way in which they can get inflation down i would note that despite what they said, the fed has a dual mandate. it's full employment and inflation and therefore economic growth to get economic employment so they have to balance that the deflationary forces we saw the last ten years, we have only two quarters prior to this inflation breakout that the fed even got to 2% so there's a lot of deflationary forces out there, including demographics i think the fed is going to be day-to-day dependent as they should be. they're going to get inflation down one way or another, but they also have to be alert to the fact that they're trying to avoid a recession. we're not close to that right

now, but the market is obviously worried about a recession in terms of how the stocks are behaving general motors is five times earnings and doing great, and you can't get cars these days. >> and those names you mentioned from earlier, you're looking at general motors, one main financial, these are examples of low pe, high-dividend yielding names, which is a strategy you think can work here. let me revisit as we let you go. do you think we're in danger of a recession right now? >> no. >> do you think that risk is much higher in 2023? >> i don't know about that again, as you know, when i used to write all these quarterly market letters, my one recurring theme was nobody can predict the market it goes up most of the time because the u.s. economy grows most of the time, but sometimes it goes down it goes down when there's a

recession. the other key point is the economy does not predict the economy the. market predicts the economy. sometimes it overpredicts it but i think the market is clearly telling you that there's a much-increased risk of recession. will we have one who knows. i don't have any idea. >> either way, these are the strategies you're sticking with for the market we're in. how exactly can i quote you here you think we're close to a bottom -- close to an intermediate low here on the record there we have it. >> given the number of new lows relative to number of new highs, i would certainly say there's a will the of pessimism priced into the market, and a reflexive rally from here or 5% lower would not surprise me. >> thank you so much, bill good to see you. bill miller with miller value partners. we have a news alert on twitter. been a very big day for twitter

news and tesla as well julia? >> well, kelly, twitter is making some changes ahead of elon musk's purchase of the platform they are pausing most hiring except for business-critical roles. also telling us they're pulling back on non-labor costs to, quote, ensure we are being responsible and efficient. the company also reporting the departing of two senior executives bruce falk, he was revenue product lead the company announcing replace of employments for them. they asked me to leave after letting me know he wants to take the team in a different direction. you see twitter shares trading down. >> what do you read into it and are the prospects of musk's takeover looking promising or negative >> well, every time i look at

that share price decline, i'm looking at the differential between where it's trading so that just shows the street -- the market does see a big chance this doesn't happen because it isn't trading closer to that 5( 4-20 mark, but i think it shows the company is trying to make sure they're keeping costs down. they're not going to make any dramatic changes before musk comes in he was seen as one of the people leading the fast it ration of change, the introduction of new products for consumers the fact that he's leaving, he was on paternity leave when he was told that he was not going to be coming back, really speaks to the fact that they're trying to make changes now before musk comes in. >> that's interesting. thank you julia. coming up, rising prices and

mortgage rates continue to hit affordability. my next guest expects that to continue the ceo of raelagy joins us live next. plus, the stock down more than 80% year to date. should you get in at these levels, or if you buy now, will you pay for it later >>th i> iss the exchange on cnbc offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

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welcome back to the exchange for well over a year now, record low supply has crushed the affordability of housing and while it may be on the rebound, it's only really cooling thanks to the red hot mortgage rates we have gone to more than 5.5% for the 30-year fixed. let's bring in ryan schneider. he is the ceo of realogy soon to be anywhere. is that correct? >> we're excited to be with you kelly and announcing the fact that we're changing your name from realogy to anywhere going forward. >> what does that tell me is really going on in the haassing market you don't want to be -- what prompts this kind of change? >> well, as a company, we

compete under the consumer facing brands like international reality, century 21, and a few others we have gotten back to being a profitable market share grower we're leading our industry with technology, and we really like our progress capped by 550 million of free cash flow. but we're also going to continue to lean in to what's happening with the consumer in real estate we're out there taking the friction out of it, doing things helpful to the consumer, the agent, and to us we wanted to use this chance to seize the moment to signal the next chapter of our transformation we laid out a five-year plan with a new name and focus as part of that. >> let's tack about the housing market i was at a dinner last night all swapping stories

the theme that kept coming up was still the incredible speed at which properties are selling in this part of the country. how low the inventory is and how pricing is pretty high we're not seeing a big crash in the market yet >> we have not seen a big crash in the market at all in fact, we continue to see this phenomenon of frankly demand being much higher than supply. we have underbuilt houses in the u.s. there's a lot of demand with remote work and other things happening. parts of the market, we're seeing listings go up. even though people talk about the number of transactions going down, the latest forecast i have seen for this year still have us selling more homes in the u.s. than we did pretty muchall of 2010 to 2019 last year was a record high. i do expect transactions to fall back a bit but there's still this demand

and supply balance that's showing up in the prices you mentioned and in the speed at which houses are selling. >> at what point does that change when the 30-year goes over 6%? maybe it doesn't maybe home prices just -- what's going to slow this market? >> first off, we're rooting for the home builders all we can the second thing is it's been interesting to watch higher rates in the supply chain constrainer environment. consumers seem to be shifting to adjustable rate mortgages, changing the home they want and down sizing on their expectations rates are clearly a head wind for the industry and further rate hikes can be a negative for sure, but it's been a different environment with the supply constraint and this demand side, and people have pushed through with rate increases still to go ahead and buy their homes more than even i would have expected. >> i have to say

we all are thinking the same thing at least at this point thank you for being here today. >> thank you. >> ryan schneider is the president and ceo of for now, realogy. coming up the, the bio tech is down 30% since january. are they poised for a come back? plus, tensions are growing between mcdonald's and its franchisees. what the company is doing that some say may alienate its work force. we have details ahead. as we head to a break, let's take a look at the dow that's near session lows right now. boeing, am ex-, and apple are your third climbers. we're back in a moment but alls need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot.

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welcome back to the exchange take a look behind me where we are about to hit fresh session lows there we have it, down 375 points you have really seen markets sell off more steeply in the past hour. again, right here are session lows at least as of 1:30 eastern time the s&p is back below 3,900. the nasdaq is down 100 points, so it's quickly catching up with the major averages it's been just a breath-taking decline for the nasdaq over the past month or two. i mean, really since november, but really paking up lately. let's zero in on a couple of movers this afternoon.

it was a revenue miss, but they have reaffirmed their delivery target it points to signs a production ramp is happening. and a big move for bumble. the dating app saw 7% rise in paying users, maintained its previous guidance. on the flip side, i do not meat is sinking after a larger than expected loss. the ceo saying results were impacted by costs associated with losses he says will pay off over the long run. let's check on coin base shares today up a little more than 4%. but the crypto complex under big pressure they also just tweeted they are aware some customers are having issues trading and accessing accounts on coin base, but their funds are safe about a 5% gain for coins today. over for a cnbc news update.

senate minority leader mitch mcconnell is calling on fellow senators to pass a ukraine aid bill today the house passed a $40 billion aid package earlier this week. it passed with overwhelming bipartisan support and ukraine badly needs that aid. well, the latest on the fight in ukraine and possibly on the news with shepard smith here on cnbc. a northern new mexico wild nier has become the largest in the united states, and fire fighters say that it's essentially unstoppable at the moment a continuing high forecast today is making situations more difficult. the flames are now heading away from the area's biggest population center. we just got some breaking news right now from the january 6th committee. the panel has issued five new subpoenas to house members, including house gop leader kevin

mccarthy also on the list, scott perry, andy bigs, and moe brooks. back to you. still ahead, buy now, pay later. affirm, paypal, all down more than 50% this year we'll look to see if any stock cap enough to dive into that's next. ♪ ♪ 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...

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welcome back to you is now down more than 400 points or 1.3% the declines are evening out among all the major averages even the nasdaq down apple has been under pressure. one of the worst dow performers, and that's been leading us lower for the last little while. is buy now pay later going to be become buy now pain later? affirm is down 37%, paypal is the least bad, down about 14%. here are their year to date declines should you pay up ahead of those

results? my next guest has a by rating on the stock. he's senior research analyst all right, chris i want like the plain talk here. why? why should i own this stock now when there's, you know, it's looking as bad as every other broken stock out there >> thanks, kelly great question and very timely question i would say that finteches trade like tech stocks in a bull market and like financials in a bear market. we're clearly in a bear market finteches used to have growth plans and probably still do, but there's concerns about how you're going to fund that growth there's potential to trade like a tech stock again ultimately, this is a great business there's where the key to my buy rating is. i think it's a great business. >> it is a unique innovation

that kind of reorganizes the way commerce is done a lot of retailers like it how much of that halo effect is working now as we work through the novelty of it? some of the userscan't meet their obligations. >> it is a key question, and i think that's one of the reasons why the stocks have been selling off because you have credit risks here consumers boar ro rowing we don't know how it's been tested a lot of it is shorter term. that helps you get real time data on these loans on how they're paying, and also we're still in great consumer credit condition. i think the market is looking for the next financial crisis, and we're not there yet. we have record job creation and job growth and anything that's waged pressure right now so the consumer is overall healthy right now. we're a long way away from

seeing credit problems it's not going to be as good as it was last year it can't be. i think affirm is differentiated from some of its peer. >> is affirm profitable, and what are the key metrics we should be watching for and listening for tonight? >> they're not profitable. they're a fast-growing tech company dumping money into future plans i think the problem is in this market, you're just not seeing much credit for that you want to be profitable now. i think they could slow their growth and become profitable but i don't think it's in their plans. the key metrics tonight, we're looking for big volume growth. consumers still love this product. they're using it more than ever in the united states i think it's here to stay. combined we have spotify and amazon ramping up, but investors want to know about the funding

plans. they rely on the capital markets and other players for the funding of their loans i think the balance sheet will take high priority tonight. >> quickly, just remind me what's your price target >> my price target is -- i believe it's 70. so we may have to adjust that tonight. >> chris, we appreciate it so much thank you for joining us today. >> awesome thank you for having me. coming up, a supertithe labor market despite those pressures, mcdonald's just took a step that could pressure franchisees even more. that story next. tools and a pern that helps you build a future for those you love. vanguard. become an owner.

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country. so you think other big employers would be weary of upsetting their worse force right now, but mcdonalds is rocking the boat, and it could lead to a big battle. >> tensions are rising up between mcdonald's and some of its franchisee base over a new system they plan to roll out in the back half of this year sources are worried it will alienate workers the plans called operations pace, which stants for performance and customer excellence i got a look at a document that lays out the framework mcmechanic donalds says it needs a new approach that's on top of other inspections for things like local food safety. three people that i spoke to with knowledge of the situation who were not authorized to speak publicly on the system, fear a

less approach and harsher grading. one owner told me it just kills morale in this current hiring environment, another called it tone deaf, adding my workforce is fragile adding in a statement, quote, we must remain laser focused on maintaining our world-famous standards of kplengs in our restaurants. this comprehensive standard will offer tailored support and coaching to restaurants to help them provide a seamless mcdonald's experience that will keep customers coming back but keeping workers so happy right now is a key for franchisees. >> what this is saying is that mcdonald's corporate thinks the restaurants themselves are kind of a mess and wants more standardized better look what are they trying to achieve

here >> this is a new version of it to kind of answer a changing consumer base here and keep up with the times for had things they think are shifting and changing deliveries are a big part of this right now, so they're going to be using this new grading system starting for real next january. training starts this year. the franchisee base is concerned that this will be too tough on workers right now that they're trying to hang on to and keep happy because they need them to run these stores. >> thank you very much. up next, this etf outperforming the markets today, but it's been in a major slump during may, we're celeb celebrating -- i am thrilled to show you our incredibly talented own producer

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attractions the small and mid-sized names and it was coming off about a 25% down month as the broader sector slumps let's get to meg tirrell on the market flash on the names moving higher meg? >> kelly, it looked a lot better earlier in the day and even having conversations with people in the biotech and health care space, was there not a lot of conviction that this game would hold and we are seeing you give back some of that and you're seeing the smaller names within the xbi and seeing some pretty big moves today. we'll start with bridge bioup 10% and we have a licensing deal and oncology with bristol myers perhaps contributing to that and turning point therapeutics the biggest moves in the xbi among names of $500 million market cap and they're still among some of the smaller names and among the bigger biotechs you're not seeing such strong moves and it's been an incredibly tough year for biotechs in general.

over the last week, you're sighing the xbi and the ibb both down and the xbi down there almost 15% in the last week alone and this is despite, kelly, some much-needed m & a that we saw earlier in the week from pfizer and biohaven for the year, you're seeing xbi up 50% and you they need to see more m & a and more clinical trial data >> maybe that's our glimmer. at least there was that pfizer deal this week maybe starting to turn things around meg, thank you very much our meg tirrell. nasdaq is down 16%, there it is today down another almost 200 points and some have managed to sell billions in holdings and we have the numbers and how new sec rules can impact future sales. that is next you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.

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welcome back investors are grappling with more volatility while some founders any executives managed to have big gains and robert is here with investors who took billions off the table robert >> kelly, investors are losing about $3 trillion in stock market wealth this year and some insiders cashed out early. peloton shares down 90% from their peak and ceo john foley cashed out $119 million in stocks and insiders in total, selling over $700 million in stock just over the past two years. that's according to "smart insider," caravana's market cap has dropped from 70 billion to just $6 billion and ernest garcia sold $3.5 billion worth of shares as that stock was rising palantir is down 30%, but insiders sold over $2 billion worth of shares and the ceo alex

karp unloading $1 billion in shares and the ceo brian armstrong sold at $389 just around ipo day cashing out about $300 million in shares and then roblox, they're down about 80% off their highs and insiders cashing out $800 million before the big stock drop, ceo david baszucki and most of these sales were through 10.1b5 plans and the sec now proposing new rules that would tighten those plants to prevent insiders from creating a plan and these plans were designed to prevent insider trading or the appearance and they've been abused. many people should follow the sales more, is the issue that the typical employees were still

under lockups? in some of those cases, the ipos, but we really don't know what the employees may have sold, as well because it's only the insiders and the top holders that we get disclosures on employers might have sold, as well they have good information as executives and not as good and certainly not the information that everyday investors have >> robert frank. one of the things a few of those insiders have in common is the high, short interest in their stocks caravana is nearly 30% short interest and we'll talk about more names with big short interest that could pop in "power lunch" which begins right tyler? ♪ ♪ kelly, thank you so much we'll see you in just a few seconds. welcome, everybody i am tyler matheson. the market sell-off intensifying this afternoon and here is what we have in the hour ahead. apple down 20% from its january peak off 7% just t