tv Fast Money Halftime Report CNBC May 27, 2022 12:00pm-1:00pm EDT
the year again led to a brighter picture, better price action the dow green for the month to date s&p is close we have more wood to chop next week, including the jobs number next friday as macro analysts are looking for signs of cooling on the pricing front everybody have a great long weekend. let's get to the judge welcome to the halftime report scott wapner front and center, streaking stocks the question all of us are wondering, how much more can stocks rally we discuss and debate with the investment committee rich saperstein, steve weiss, jon najarian, and jim lebenthal. check the markets. stocks on track to break the longest losing streak in decades. as carl said in the last hour, stocks positive for may or the dow is
354. highs of the day s&p 500 back above 4100. we repaired a fair amount of damage here over this past week. i know smenlt ce sent meant -- s who called me before the show and said wapner, i bought the smh, bought the qs, bought the van guard s&p, i bought qualcomm, i added to volkswagon, added to xpo, i bought target and i bought cleveland cliffs, he said. farmer jim didn't know that. steve, are you more positive here >> well, first of all, scott, i think i called you mr. wapner, not wapner number one >> thank you >> i didn't want jim's tears of joy to come through and ruin my
finely tailored sport coat, so i'm wearing just a shirt i wouldn't say my view changed the next few months. what i would say, i was looking at a number of things. been at a few krconferences with family offices everybody was negative they sounded frankly like me and why i refer to them, they have the freedom of choice unlike people that come on the show, they're biased long. nothing wrong with that, but i like people that can decide one way or another we collectively talked maybe it is time to trade it a bit. what confirmed it for me is when nvidia which missed guidance and snowflake that came in with zero margins, when those turned, the premarket as bonds continued to trade, yields continued to trade
lower, finally equity went the right direction. thought it was the good time to put exposure as you notice, most exposure came in the form of etfs and indexes, i can get in and out of them quickly, they have a lot of liquidity. that's why i did it. i'm not going to be here long. i think it can run another few days more worried than i was before i think you'll see as we get to mid july and august and earnings come down. >> why are you more worried than before i mean, you could look at things and say the fed is getting exactly what it wants. inflation moderating, sentiment negative, that crushes demand, they need demand to come down. stocks have been beaten up but they're stabilizing at least for now. credit markets pretty much behaving this is exactly what the fed wants. brenda, is now the time to be
more or just as negative or can you try and build a positive case here? i'm not suggesting you have to if you're not, but are there reasons to be more positive than say a week ago >> i think there are and i think there are three important things that we gain confidence in this week that were previously freeze at the market one, the fed is going to pause after two rate hikes if data suggests they should, and with financial conditions tightening, feels like maybe that will happen secondly, as you mention, scott, we had inflation starting to come down a bit, baby steps, not significant moves but moving the right direction, and lastly i think with retail earnings we heard this week, we gained further confirmation that the consumer is still spending, they're just spending differently. this is not a case of a massive consumer slowdown that it looked might be the case last week, but in fact, the consumer is strong. with that backdrop, it feels different this time in our view
that perhaps we could gain further traction with this rally, not calling the bottom, but saying it feels a little more justifiable here given the weeks we had >> you don't have people calling the ultimate bottom, calling a short term tradeable bottom seems to be in vogue farmer jim, i'll let you react to weiss getting into cleveland cliffs you guys have been the yin and yang of the market mr. negative, mr. positive now maybe finding a happy medium there are some things you could be worried about i think a few developments you could try to get positive around. >> catching how you phrase it. i am thanking steve for perking me up, not what you want to hear, steve. anyway, the question, is this a tradeable bottom, bear market rally or are we off the
conservative bottom. unfortunately the answer to that cannot be known now. it hinges on inflation and what the fed will do. what brenda said is why the market rallied this week when the president of atlanta fed came out wednesday, maybe tuesday, said i would be ready to pause in september. that caught me and i think everybody by surprise. that was the first hint, and it is not enough, but that was the first hint that the fed is thinking about thinking about pivoting i don't want to lay too much on it in order to confirm that you need to see inflation numbers come down. saw the pce number today, but that's for april, last of the april figures. what's going on with inflation now? we won't know until june 10th. two weeks you get the cpi report, first look at may. here's what you'll see i think you'll see it coming in below expectations why is that? inventory to sales has been picking up saw it at walmart and target, right? and you have been seeing some transition in the labor market from goods producing sector,
hopefully to the services sector i know i sound like a jerk when i say this, i don't mean it that way, layoffs in goods producing sector are positive. it allows workers to go where they're needed last thing on this, continuing claims continues to be low i am making myself feel better, scott, saying if a worker is laid off, they almost instantly find a job bottom line, it is a very strong economy. >> that will be debated for weeks ahead. the idea of tradeable bottom, not the bottom, dr. j, the thing that mark newton is talking about, breakouts above spx 41, 14 q is at 306 are minimum requirements for what's needed to think the lows are in he thinks trading lows are close. his words. however, a move back to new lows is needed to satisfy many technical concerns that's what you continue to hear
because people that have seen markets over the decades like you have, doc, say we haven't had that classic sign of panic, capitulation, everybody gets scared, declare maybe the bottom is in. irrespective of that, friday we had expiration and movement since. two weeks ago we had a nice move since, we gave it all back do you have indication that we're not going to give it back say next week? >> well, the best sign of that, scott, is that you and i talked a lot about that volume and volatility the volume showed up on the huge selloff when we saw 52 million options print. that was a good sign that was i think we said 24% above the average for the year,
so that's a positive sign. it didn't occur at the same time as the vic spike normally we would like to see something like that, even though as jim said it is painful to see that, whether it is somebody getting laid off or whether it is a spike in the vix and spike in volume, you would like to see those pretty close together and they haven't been so far but to the comments about the fed, that university of michigan survey today, scott, that came out saying that a majority of their polling audience believes 5 and 10 years out we're still looking at 3% inflation rate, which is 50% above what the fed more or less said on their own as their mandate 2% if the fed softens and moves more towards that, i think instead of soft iish, we could e a soft landing
we're all worried the fed will hit it too hard, and the chemotherapy they hit it with kills the patient. hopefully something like this, saying americans are more comfortable with seeing a 3% inflation all the way out five and ten years, that's a positive sign, scott. maybe that's why we could be closer to the bounce that we've been looking for >> richie, my guy has been negative you have more cash, you raised more cash than you've ever had >> yes. >> i see you sold disney, you sold nexara energy you did buy energy names, trimmed boeing, cisco, walmart, are you as negative as you have been >> yeah, scott, it is ironic no one is talking about the big fish, quantitative tightening. the fed added $4 trillion to the balance sheet in two years, 20%
of gdp, took it up to $9 trillion it inflated all kinds of asset values, real estate, stocks, think about jack dorsey's tweet that went for 2.9 million. now the bid is $15,000 now we're going to see a reverse of that liquidity, okay? on top of that we have war induced inflation, then go to recession concerns we have weakening ism, depressed consumer confidence, and the money supply now is growing at only 1.5%. so the way we look at it is -- >> m 2 is shrinking. >> money supply is shrinking. >> yeah. the m2 but our concern is that when you couple all of these uncertainties, it leads to a fog in where earnings are going to be so our view is sure, we can get
a tradeable bottom but in the long run we want to wait for some of these uncertainty and more clarity in earnings to reset. and that's why we have a high cash position now. we are comfortable with it i would rather wait until there's more clarity even if the market is up 10% before we add. >> we have what feels to be two categories of investors here, that's the kind of conversation, we're talking about the same issues but we are approaching them from two different places there are some it sounds to me on this panel willing to engage in a potential short term bottom whereas it sounds to me, steve, like rich, for example, is like i don't want any part of that because my longer term is worry some i would rather raise cash, sit out of the tradeable near term bottom because i don't like
what's coming down the pike. you were in that place but now it feels like you're ready to engage because you don't want to miss out on what could be another leg to this i will call it bear market bounce, whatever you want to call it, we can call it what everybody else is calling it is that fair >> i'm going to be short term because rich hit it absolutely dead on. you've got qt coming, and that's going to keep going. and bostic isn't a voting member take what he says with a grain of salt. that's why i am more worried because the market is now discounting sort of the end of the tightening cycle whereas i believe it is just begun, and the fed isn't going back and forth a million times. we can get two tightenings, june and july 50 basis points each powell was clear qt is starting at the same time. and you're seeing margin pressures. companies, particularly
retailers that have come out with pie in the sky guidance going forward are going to be dead wrong because gas prices keep going up. while some inflation inputs have come down overall, it is not meaningful this is a very, very short term position for me as i made clear and that's why i said, i am more negative than i was before. >> jim lebenthal, the most positive sign of the week, deal with the here and now. let's not look four, five, six months from now, look at the now. financials this week, one of the worst sectors to this point. this week, whether it is jamie dimon at the shareholder meeting or not, jane fraser with sara eisen, bank of america up 8%, jpmorgan up 11 goldman 6.5. wells 9.5. don't like those, how about they can. apple up 7.5 this week percent microsoft the same alphabet up 2.5.
amazon up 5. nvidia up 10.5 retail numbers were up a hell of a lot, too what's the take away >> each sector has its own motive forces. start with financials. really what's going on there is a tug of war whether we go into recession, scott, or whether it is a scare of growth slowdown. if going into recession, that's why bank stocks have gotten clobbered. the worries about credit concerns and losses. otherwise, you look at a steepening yield curve, higher interest rate. should be great for the banks. but you've seen them rally this week on potential that perhaps the fed is not going to crush the economy. that's the financials. i happen to belong in financials, i believe we are not going into recession in tech and discretionary, the faang, apples, i think it is a relief rally i don't think they deserved to be hit as hard as they have, but i don't think there's the same
motive force i described for the financials i think this is people saying look, i want back in the markets, whether like steve for short term or whether like me think it is long term, saying where do i want to go. tech and google and amazon have saved me why don't i just go there. both forces are real to me, i think there's more long term play at work. you said you don't want to look out four to five months, but economic activity seems set to go the next couple years >> brenda, most positive signal this week from those stock come backs i mentioned is what? >> i think, you know, we're in this environment where i think being diversified is important you look at what's happening in large cap tech, i think we're having a tightening of financial conditions, which means the economy is slowing a bit i think that drives people into safer names where we know they
may not be growing as much as last year, but they're likely to be able to grow and have incredible balance sheets. financials similarly i agree with jim you know, the consumer if you look where they're at. balance sheets are pristine. likely working through savings may start to borrow more that would be a positive for the financials we haven't seen that in a meaningful way yet that would be a positive for the financials in this environment if you look at what's happened collectively, we had a lot of participation in terms of sectors working this week but i think if we get back to the fundamental stories here, i think that would be an important turning point here in the market which i am hopeful >> sorry, i thought you finished talking. my bad rich saperstein, you helped right the citi note that downgraded u.s. equities, u.s. recession is not the base case, uncertainty is high, feds
guiding for recession is not reassuring that pretty much matches your view it soundslike >> yeah, but there's still opportunity out there. and we're just talking about technology and the fact that prices of large cap tech has come down, yet cash flows are increasing makes it somewhat interesting. look at google google's operating cash flow, $98 billion. that's 7% of the market cap. and google, the operating cash flow since 2019 is up 80%, but the stock only up 54%. if i didn't have exposure to tech now, there's a name that actually is improving with the market move. the operating cash flow of the s&p is only 6.5. you can buy google with a higher operating cash flow than the s&p now, and you know the prospects for google going forward they don't have supply chain
shortages, okay? they don't have to worry about inflation other than in labor costs. >> i want to go through moves that i mentioned in passing earlier. why did you sell disney? a stock you had for years. >> well, streaming wars, here's how i look at it a lot of money is needed to create a movie people watch it once or twice. music you listen to repeatedly i didn't like the streaming wars they're exposed to weakened consumer china lock douwns impacting things, didn't want to own the stock any more it was an expensive stock. >> you just didn't want to own it any more. you still own it >> yeah, i still own it. rich and i spoke on the morning briefing rich, you didn't say this, i am reading into it. what i heard is eshe is exhaust
by it. trimmed boeing and i get it. i want to get rid of this and move on. we'll talk about a move later that i just got rid of, it was a loser. i am on the other side from you, rich, with regards to streaming wars i think the impact of netflix's last quarter has already been felt, what you see in that industry is winners versus losers i think disney is a winner, paramount is the other sorry about netflix, it is not doing it i think that that's an industry look forward a year or two, when disney has 220 million subscribers, when paramount has 100 million, what do they do with that. they have a lot of revenue and earnings at that level that's powerful. you have to invest in it now i understand you get tired sometimes. happens to me. we'll talk about that in a sec. >> trimmed boeing to 1.5% out of pure frustration he is very frustrated. disney was frustrated, got out
boeing, frustrated, trims it cisco, frustrated. >> same reasoning. do i want to wait around for china to approve the 3, 7? i love the defense business, why sit around with this i would rather own oil now tremendous economics in the oil business now >> but you continue, you initiated occidental, xle, exxonmobile, imperial oil in april. there's a developing school of thought, rich, that those trades are topping out and that money is coming out of that and go into tech, which people perceive to have bottomed, and that's going to be an interesting dynamic that a lot of investors will be caught by surprise by. >> so the world uses 97 million barrels of oil a day russia's 4.7 million, there's 2% excess capacity, okay, so where
are we making up the capacity from these oil companies have gotten tremendously more efficient, their operating cash flows are 10 to 20% now. they're generating tremendous amount of cash they're going to be returning it to shareholders. in an environment where i see tremendous volatility, i think it is a great place to hide out. we're very overweight in oil i am not worrying about rotation i don't need 150 bucks a barrel in oil for these names to work out. and finally oil has proven an elegant way to hedge the s&p now. >> you see the xle moving to highs of the day, too. we will take a break, come back. jim mentioned, teased that he made some moves. we're going through them next. back in two minutes. stocks, call it highs of the day or close 352 on the dow breaking that 8 week losing
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tell me why. >> probably surprises no one, including you. that's a lebenthal stock >> shocker. >> i don't know who said that, jon. we know what's going on with green prices and agriculture prices around the world, that's likely to last awhile. i believe no recession, early in economic cycle at 15 times this year's earnings, 13 times next year, peg ratio 0.9, happy to get it 20% off the high from two months ago. >> now, you sold paypal. why now? >> that expression i gave is how rich was feeling i'm going to use a tried and tr true expression. a mentor said you don't buy securities, you sell securities. you buy insecurities what he meant, you don't know as much about a stock as when you owned it awhile. what i mean is once i buy it, i
have done my investment homework, but hope to get more knowledge about what the company is doing going through earnings reports. bought this two quarters ago around 180 you see where it is today. it is an obviousmiss importantly, i don't feel i know more about it today than when i got into it. it has been a loser. i want it out of the portfolio tired of looking at it i am cutting it, moving it on. i am frustrated, exhausted >> you okay? >> i feel good >> did that feel good? cathartic. >> you sell a loser, you feel fantastic, you feel lighter. >> all right you sold dow also. tell me about that >> dow was a solid winner. felt like taking a win you know, scott, i have so many value and cyclicals, they're coming out my nostrils i don't have anything negative to say but i wanted to get deere. dow is where i take it from. i have plenty of materials between cleveland cliffs,
sherwin williams, value in cyclicals. buy low, sell high >> we didn't get a commentary from weiss about getting back into cliffs. you traded in and out of it a few times. i have lost track. why did you target that one? you have been negative on it we've had debates between you and jim, but now you've chosen of all stocks you could have in your market universe, why that one? >> well, a couple of reasons number one, i traded fairly well i sold it at 26, it went up to 30, but it was a big gainer. i got it down about 22 so when i'm trading around the market, i go to names i know and know pretty well i have not been really negative on cleveland-cliffs, i just thought it became momentum stock and that i didn't want to play momentum stock because they don't end well
so the stocks come down by a third and again, wanted quick market exposure and liquidity to get in and out of a name that was one i knew. >> i mean, you have been negative on it you have been negative about the economy. you have questioned why you want to own a stock like this if you thought the economy was weakening. >> again, yes. i am negative on the economy i see a recession. again, it is a company i know that got a big buy back going on i have some support there. i am not going to be in these stocks for long. look, i don't think i will be in them by middle of next week. this is really just a trade off the bottom i thought i finally got a reasonable trade i didn't get it as soon as the trade happened, i came to it a couple days late but cleveland didn't have the move yet that's why i thought i was northbound getting in.
>> look, i get where steve is on this he is making short term trade on the markets, wants a high name like cleveland-cliffs. not going to argue with him. he knows my outlook is more long term there are long term contracts in place at attractive revenue levels for steel, and input costs are fixed at a low level, they produce their own iron ore where everybody else has to buy pig iron from ukraine. i like this for the long term. he wants a high beta play, i won't get in his way or criticize him. >> dr. j, you bought dell shares, they're up huge. >> bought that one, scott. i thought that people weren't giving them the proper due for this vmware sale they got a huge windfall out of that got more than the reported $50 billion takeover number when it
was first leaked, but they also cut their deck dramatically with this sale, scott i don't think that was being properly priced in either because obviously in a rising rate environment this is something that could negatively impact what is otherwise a juggernaut that michael dell and silver lake put together here and i would say that's one of the main reasons they blew out earnings today, i didn't know they were going to do that. those earnings were 50 cents a share better than street estimates. they also beat on sales. everything about this report was great. then you cut debt and get rid of not that they needed to get rid of vmware, but got a premium price from mr. tan i would say that's a lot of positives. that's why i jumped in. >> all right we're taking a break
still ahead, jon has unusual activity and we are celebrating asian american and pacific islander heritage month featuring some of our cnbc teammates and contributors here is the author of "breaking the bamboo ceiling." >> the concept of the family ceiling which i worked on for the past 20 years continues to be a barrier for asian americans and it is a myth that asians as a group of hard working capable people that overcome barriers to discrimination, and i believe that's false i have been working inside where asians are not making it all the way through the system there's a lot of work to do there. i believe it is important when you look at diversity and inclusion to include them in that process and in that manvsaon ny of them are still falling through the cracks
resolution for tough sanctions on north korea the u.s. sponsored resolution was respond to north korea's recent launch of ballistic missiles that could be used to deliver nuclear weapons. it is the first serious division among veto wielding members on north korean sanctions. justice department is declining to charge former fbi agents accused of failing to properly investigate former usa gymnastics doctor larry nassar he pled guilty to abusing hundreds of patients that came forward to say they were molested he is serving 175 years in prison. joe biden delivering a commencement address to the naval academy. sunday, the commander in chief and first lady will travel to mmitde, texas to mourn with that couny after tuesday's school shooting half time will be right back
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weeks on the dow we have been down seven straight weeks on the s&p and nasdaq, and we're poised to break all that we rallied in a week 8 plus percent on the s&p quite a come back. talk calls of the day. cvs, downgraded at bernstein brenda, we do it because you own it >> yes i think the analyst, was reinitiation of coverage of the sector, within that he thinks it is less attractive than other names, but we disagree we like cvs, they're unique in terms of the integrative health care model, well positioned to deal with a shift, value based care we see coming in the future you look at what they're doing, they're being innovative, trying to capture digital customers 40 million more digital customers. making good strides. excellent performer. we like the name 11 times earnings.
>> talk gap. ugly what else can i say. downgraded to underweight at morgan stanley downgraded to underweight at jpmorgan look at the shares gap. wow. they've come back. that's surprising. they were down 17, 18% premarket. down 5% after that now they've rallied. that's an interesting sign for the market, too. doc, you bought the gap shares >> yeah, i did, scott, and i did more or less thinking the same sort of thing that we were seeing some sort of a washout. for god's sake, the inventory levels were up over 30%. old navy which is usually just their stellar side of their business was not and that's where a lot of inventory build was. banana republic turned around pretty dramatically, and sales
were up there i think over 20% so when it had a circuit breaker that took shares down to 950, that's when we jumped in bought it. had unusual activity in options that expire next week. i don't know if this is a long term hold, scott, but probably a hold into next week, next friday when the options expire. >> you look at retail? >> looking at retail hope to have something to talk about next week. it is not gap or abercrombie or american eagle you have to have a level of insight into what's going on with fashion that all kidding aside that i don't have. i don't know when khakis are in and supposed to go to the gap, when teen sexy chic is in. you'll see me next week with something that's bigger picture on retail. >> teen retail is not doing well i recall a conversation, i think melissa on the 3:00 with dana chelsea who talked about how
week teen has been you look at other names this week dollar tree, up 27.5% this week. macy's, 26 dollar general, 21 ross, 21 nordstrom 20 best buy, costco, tjx. >> here's the point. dana, great analyst on things i don't know the point is this. the consumer does appear to be in good shape. i don't want to have the risk that i buy the wrong poeboutique shop i am looking at some of the big names you talked about >> we have unusual activity coming up. i want to remind you, details to become a cnbc pro member, scan the qr code on the screen or go to cnbc.com/memorial day half time back after this. (driver) conventional thinking would say verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles,
he stops freezing. general motors had unusual activity you want -- >> i hope it was on the call side, not on the put side. i think we're in a risk on market the market as i said a couple of times seems to be thinking maybe recession is not the base case, and if it isn't the base case, people are buying autos. general motors, exceedingly cheap. i see inventories pick up. anecdote will a. inventories on dealer lots picking up good sign they're able to produce. demand is there. >> used car prices have seen maybe rolled over? >> probably healthy, don't you think? you want people able to buy cars, used or new. >> part of the trying to get demand down, inflation down. that's one of the signs that we have been looking for. dr. j is unfrozen, i am told doc? >> hey, scott. thank you, guys, for juggling there very adeptly general motors, 18,000 of the
june 37 calls, bought bought bought yes, those were calls. charge point, 4400 of the june 12, 50 calls, bought aggressively and lastly, uso. they were buying 4,000 of the july 86 calls in uso all these three auto or transportation related, all three of them bullish buys >> all right interesting. u.s. oil there, too. just in time for the holiday weekend, "top gun: maverick" is here will it deliver big time for paramount? you know who to my left owns it. and tonight, 6:00 eastern, tune in for cnbc special report with yp nhtwho will and crtoig in america. back after this.
♪ all right. stocks are holding on to nice gains ahead of the long weekend where many of you might see this movie. paramount's "top gun maverick" opening in time for memorial day weekend. julia boorstin is here with more. >> "top gun maverick" has grossed over $19 million, the highest preview in paramount's history and going into memorial day weekend. this does bode well for box
office rebound in a year when so far, year to date, the box office is 58% of what it was in 2019 comscore projects the film, which cost an estimated $150 million plus to make to bring in over $115 million at the domestic box office this weekend. comscore upgrade that projection bull sterred by a 97% critic rating it would be a key win for paramount whose stock is down 22% in the past year all the media giants, disney, warner brothers, comcast, are hoping moviegoers pack theaters despite pressures and what's at home on content streaming services because they have big releases coming later this summer in the past year amc entertainment shares are down 49%, cinemark 28% and imax
shares off 25% this summer they face a particular challenge in the fact that there are fewer wide releases this year there are just 35 wide releases scheduled between memorial day and labor day that's down from 37 last year and 45 in 2018 an 2019 according to comscore. >> all right julia, thank you julia boorstin you own paramount. talk about it all the time >> i feel pretty good about this weekend and this movie which seems like it's going to be great. i'm going to see it. this looks great the reviews are great. couple weeks ago, disney produced dr. strange, i don't know, the 20th of the marvel universe their weekend take $185 million. that indicates people are coming back $115 million for the projections for this weekend i think that's low. also, paramount's last earnings call, they talked about moviegoers are coming back and cited sonic the hedgehog, jackass, which is a biopic on steve weiss, but they said these
movies are coming back, people are coming back to the theater -- i had to, how could i not? i've been waiting for a month to say it i'm sorry. >> i liked it. i appreciate it, jim. >> as the judge, i'll allow it proceed. >> this movie has gotten very good reviews i want to see it i think others will want to see it i think on monday you will have a very good report on the box office take. >> let's take a break and wrap up this week in the markets again holding on to the highs of the day trying to break the long losing streak. i'll see you in two minutes. [music playing] ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪
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we got overtime today to walk you into the holiday weekend. what looks to be a big week for stocks breaking the snide as i said we'll chat with adam parker, jean monster will talk about the comeback in tech and apple shares, dan greenhouse, great guests to set you up for next week in the markets. let's take a look at stocks here, too. we are holding on to sizable gains. dow up 353 trying to get back to 33,000 s&p is above 4100. we've gotten through some pretty pivotal thresholds over the last five days. there's the nasdaq with a nice comeback you know, brenda, i'm looking at apple, for example, you know, the stock had a 130 something on
it, approaching 150. the kind of things that you're going to be watching heading into next week, most importantly are what >> you know, we're really looking at a continuation of fundamental story here and getting more confirmation the economy is still healthy, and that investors are willing to put some money to work here as a result i think it will be important to see that follow through next week, which i hope will come and really further substantiate this move that we see in the market recently >> rich, what if the skies are, in fact, turning more blue what if some of the storm clouds are going away >> well, we'll still wait for quantitative tightening to be implemented that starts next month. $47 billion. we'll move to $95 billion. we're going to watch that. if we buy the market up 10% that's, that's fine. >> final trade for me?
>> castco, love it limited number of skews, 10%, same-store sales just great adoption of the membership it's a great time to get into it. >> you get into it here? if you didn't own it you would get into it? >> absolutely. okay good stuff good seeing you. brenda, final trade? >> zoetis. animal health. limited competition from generics and also you don't have to deal with medicare and you have a willing customer healthy consumer that's willing to spend on pets. >> okay. steve weiss? >> yeah, i'm long jim labenthal and ovv. cheap about three times ebitda, cheap on price to sales p/e and they got great acreage and they missed the last two quarters so i've been following it for a while an think they do well now. >> doc >> blackberry, scott
bb upside call buying i bought the stock. >> okay. >> disney. i expect the knock-on effect from what i was talking about with paramount. >> it's been fun really fun i hope all of you have a great, long weekend that does it for us on "the halftime report. i'll see you in a couple hours at 3:00 today and 4:00 "the exchange" is now. 150. >> thank you i'm kelly evans. ahead on "the exchange" a key inflation coming in hot, not as hot as last month. now everyone is talking about whether inflation is peaking and the fed will be slowing down our guest says that's the wrong conversation to have speaking of slowing down, with gas prices through the roof are lower speed limits a way to limit demand we will look for real solutions to bring prices down and it's been a wild week for retail, so which names are buys and which are now bails? it's all coming up thi