>> fascinating development here, phil we're going to see how it develops and certainly the types of carriers they get involved with to start and move along that's big news. phil lebeau joining us on that partnership. been around the block a couple times, for now, close to flat line. dow down about 18. let's get to the judge and the half carl, thanks so much welcome to halftime report scott wapner front and center, the great margin squeeze, target suffering the second rough day in less than a month what does it say about other retailers in the market overall. we discuss and debate with the investment committee jason snipe, jon najarian with me on the set, jim lebenthal let's check the markets. carl said it round tripped a couple times, we are basically flat nasdaq good for 16 points, dow down just about 12 it is target news, jason snipe,

that rules the day three angles target itself, what are the impacts on other big box retailers, and then markets at large. you're a shareholder in target take it first. what does this mean to you as a shareholder today? >> yeah, scott clearly first of all i'll say i believe in the target store, they were flawless in terms of operating perspective through the pandemic i think this is just a responsible note from brian. talking a little about the outlook going forward, what he sees, clearly when we talk about margins, revision to the guide from 3% to 2%. i believe this is a first quarter, i'm sorry, a one quarter issue when we talk inventories are up, they're going to cancel orders, there will be mark downs, which could be some concern there. he also talked about margins get back to 6% by end of the year.

i am feeling comfortable with the call i think target can move through this for the greater picture, when we talk about the consumer, the consumer is healthy. and it has been a mixed bag from retailer perspective, looking at different names, how they responded to the environment i believe in the management here and i think they'll move through this pretty well. >> steph, you're a shareholder, too. this feels like cornell kitchen sinking it on the margin issue and inventory. maybe that's why the stock has recovered to the magnitude it has. it was down more than 4%, down 3.75 what's your read here? >> yeah, i mean, i wasn't surprised to hear the news this morning. i was very surprised to see it down 10% premarket because we knew all of this already and it is not good news. but here's the thing retailers. >> didn't know it was this bad. >> no, you did you did. they had 75 days of inventory,

that's what they said last quarter, they have to work that down to me, the margin is a disappointment for sure, but the narrative is not surprising because as i was mentioning, retailers are holding 20% more inventory than they have in the last three years and at the same time, consumers are shifting their spend from goods to services. how many times have we talked about this in the past year. we recently got the gdp revision that showed the same thing, the adp showed services doing well that's the theme but the fact of the matter is the consumer is still spending and they have 2 trillion in excess savings so to me this is a one quarter hit. a clearing event versus walmart said it will take two quarters for them it will be very positive for the consumer because you're going to get lower prices at the same time, they reiterated total revenue for fiscal '23, this year, low mid single digits, operating margins as jason mentioned to get back

to 6% guide they said second half of the year, and they're going to be spending on food and beverage, household essentials, on beauty. beauty is a very positive data point in the retail spend that we just are seeing >> i'll come back to you, steph. how do you know it is just a one quarter thing, that's your take, snipe's take that's fine. narratives can only take a stock so far, right? at some point it is about the margins, especially a retailer it is about earnings and what if it is a longer turnaround, steph. >> i think he is kitchen sinking it that's what i believe. he has a flawless record in terms of execution 2% margin is horrific from 7, 8% they were guiding to last year

they are going to be aggressive in promotions. more so than walmart they'll push back on vendors i wouldn't touch a vendor. off pricers benefit from this massive inventory across the board. >> we'll get to that doc, you sold target calls, they were worthless you sold target puts as well which you owned about a week >> yeah. we had strong put activity in this name. you know how pete and i hate to bet against brian. in this case, and i know pete had a conversation with mr. cornell about this you look at the parking lot, scott, you compare them to other retailers and it was night and day. that's not saying oh, we're brilliant, we saw that coming and brian is the guy that runs the company. he sees that too over hundreds and hundreds of

stores so consumers to steph's point were not willing to pay those prices they will be willing to buy at lower prices, which will likely continue all the way until back to school, and then the question is okay. did we work through enough inventory. i agree with steph 100%, we're going to see tj max, kohl's, dollar general, dollar tree, you'll see all of those getting inventories from some of the majors, and those will be the ones that will be far more steady and better on the outlook than target and walmart and many of these that are stuck with big inventories, scott. >> you mention your brother. we have him with us. we felt we had to talk to pete for obvious reasons today. he joins us now. pete, there you are. wasn't sure if you were on the phone or in front of a camera or not. jon said you spoke with cornell.

do you want to elaborate on that >> no. i'm not going too deep into that, scott. i noticed certain things in the last quarter we heard what the quarter was reported to us steph, everybody covered this thing with the inventories, right? but what i think, you asked one question that i thought was going to happen this quarter and things get better. i can tell you exactly the answer to that brian cornell said himself look, we aregoing to take this on right now, essentially saying you know what, we have inventories, we essentially screwed up in this particular category and a lot of it having to do with outdoor stuff, and that was one of the biggest issues they ran into was they had a lot of inventory in certain areas, they weren't able to sell it now they're going to slash it. that's why i think you're seeing margins go down to 2% because they're willing to be rapid in how they work it out, get out of this, and move on. essentially he said matter of

fact second half of the year will be very critical. they see a full bounce back up towards 5% or better level so i think that's important as well, scott. it is not that the consumer is not there, not that the consumer is not buying, but the problem is they had inventories built up because the consumer was not buying specific areas in certain segments of target and we know it is broken into fivedifferen areas, each one 20% of revenue the problem is one of those really did miss and that was the problem. beauty was great got through grocery, that was fine a lot of areas like that but there was other areas where they just had the wrong inventory, they made a mistake, obviously got too much, and now they're going to have to fire sale it. that's why margins will drop also why once they get through it, margins can easily get back where they were before. >> so we are fully transparent, you did speak to cornell >> yes yes. absolutely i did

yep. >> whatever he told you must have made you feel better because i'm told you bought more stock in target this morning >> well, i actually bought stock long before this morning, but the reality is how about this. one of the things you look to with a stock when you have terrible news like this, right, it was down $15 before the opening. then it was down 12. then all of a sudden started to see resurgence, down 4, 5, maybe 6. i thought that reaction tells me people are buying into the idea that this is a second quarter issue, not second half issue that's what made me say at these levels i think i can afford to buy more, add to it. that's what i did. had nothing to do with conversations or anything else had to do with stock reaction that we were seeing today. by the way, we are seeing decent volumes in the options itself as well, scott. usually target is not close to the top ten. it is getting closer to the top ten in terms of volume itself. >> pete, appreciate you coming

on updating us. i was interested to hear from you. you weren't on the day of target's earnings. jim, you do not own the stock. there are broughter implications for big box retailers you do own, home depot among them the focus seems to be of target, walmart, costco, depot, et cetera >> i agree with what's been said so far steph, jason, jon being in the stock, talking if it lasts one quarter, two quarters, whether beauty products are selling highly, lowly. i don't care too much about that the strongest implication, scott, not just retail sector but markets overall is that inventories globally and corporate wide got too high. what does it mean. inventories go to high, you cut prices, it is good for inflation

and bringing down inflation. maybe taking a little bit out of the fed in terms of how far they need to raise the fed funds rate when you're out of the stock -- >> they're not going to change the course of rate hikes -- >> scott, that's not what i said what i said was this has implications for inflation the fed is going to react to inflation. i don't think that's an argumentive point. the fed will react to inflation. if inflation comes down more than expected, the fed will ease off. not talking about a fed put or the fed bailing anybody out. i am saying for markets overall, indications now that inflation could be less than expected are positive for the markets, and this is a strong indication of that >> what about margins. i feel like everybody is explaining away the margins. one quarter, this quarter, this thing, that. what about the margins >> the margins are going down this quarter and probably next

i don't think we can argue with that you're strongly saying that. i am not arguing with that when i was on with you a week and a half ago and brought my s&p target down to 4850, 4896 to be exact one of the things i said was this quarter and next you will probably have some earnings revisions. here's the most important point. jobs are strong. you hear it in what mr. cornell is saying that the consumer is strong the consumer is strong because jobs are strong. you look into 2023 i am saying those earnings estimates don't have to come down if inflation starts to be corrected of its own by things like too high of an inventory at target and walmart and home depot. >> steph, what if you start to get a parade of earnings revisions. you talked about narrative a moment ago what about the overall narrative that creates for the market. it plays into the hands of mike wilson of morgan stanley who

suggests multiples come down enough in the stock market, but he is still negative because earnings haven't come down earnings are the next big shoe to drop. when that happens, then you have the pull back he has been looking for. some cases already happened. he is looking for more for those reasons. >> i think there are certainly some industries that have margin pressure, witnessing it here on the big box retailers. there are other companies and industries that margins are holding up remarkably well technology for one that's for sure. number two, energy and materials. their margins are going higher, even in the face of higher costs because they have pricing power. you want to focus on companies with pricing power cornell screwed up he just did. he didn't get the shift from goods to services. neither did walmart. they were buying this back in december they should have they should have foreseen this coming they didn't.

that is why the stock target is down 30% and it trades 13 times earnings nobody believes them now now it is a credibility issue. i give them credit for their past, but in terms of margins there are going to be the haves and have nots. find companies that did a good job in terms of restructuring businesses because they had to reign in costs there are a host of them but you have to do your job in terms of fundamentals. >> all well made points. but jason, the overall market, so you've got these revisions now or the kitchen sink if you want to call it that from target, revisions from microsoft, they blamed fx, you have questions about apple, what the quarter will look like because the app store and services business, we're just starting here. are we likely to see many more and is that going to have bigger impact where we go from here from an overall stock market

standpoint >> so i think so i think obviously revisions, this is the beginning of revisions. guidance guiding lower, obviously inflation, we have inflationary print later this week to jimmy's point, if it comes in lower, that's super positive for the markets. i take the other stance in saying all right, well from inflationary standpoint, obviously qt standpoint, monetary policy, a lot of that is baked in, hikes in june and july are baked in. we look to see what happens in september. and if i look in the short run june until earnings resume, there will be more volatility that ensues the next couple weeks. there's not a lot of information and catalyst for the markets it is set for the macro data we'll see what happens with earnings to your point, scott, i think we will guide it. but again, coming off a strong base talking record margins last year i think we'll continue to move

through this and i think the second half will be stronger than the first. >> could i make a quick point. stating what stephanie was saying a little differently. the thing with margins, when margins go down, could be the top lines go down, in this case hearing the consumer is strong, expenses go up, fuel, freight, whatever but one company's expenses is another company's revenues, so as long as the top line, as long as retail sales overall hang in there, which by the way it appears there is, there may be movements in the short term on margins. microsoft revised down because of foreign currency exchange, not because of demand. if demand hangs in there, one company's expenses which may bring margins down is another company's revenues >> doc, jason snipe said there aren't a lot of catalysts except from macro standpoint. the super bowl is this friday in terms of inflation watchers, right? the cpi. the risk around that is what

it feels like i think at this point given where the stock market has recovered to that it is real hard to be negative ahead of that number because if you come in anywhere better than expect, you think the stock market is going down maybe it will, but i wouldn't bet on that. >> nor would i i would not bet on that if, and the consensus is 8.2 if we come in between 8 and 8.2, i don't think we go down hard. but i don't think we rally we hold gains but it is not a clear sign the fed is asking for, looking for as far as to see inflation has peaked on the other hand, i don't want to be debbie downer, but on the other hand, we've seen that gas up over 9, crude oil domestically, wti up over 120

this morning, back down just under that now, i know those aren't part of what the fed examines but they can't just dismiss it if we see a hot read on friday, as i told joe yesterday, i hope i am wrong, we give up most gain we enjoyed i think that's negative given that wage gains are in the force. >> i am looking. you tick down a list of things that are bother some you have crude almost 119. target news. you know what the other thing is, farmer jim the market is taking it all in the market is taking it all in whereas before it would have indigestion and get sick now it is taking it all in

>> you are giving me the handoff, scott, and i don't want to fumble it, but having a hard time running with it the market isn't exactly feeling good i'm not feeling good i would like the market to rally. you know that. >> there's an unsettled market what was earlier as a result of at least the target news is not -- >> let me not lose yards on the play >> behind the line. >> we were down 1% target was down 8% premarket, both have come back. there's also other positives and as dr. j talked about natty, and dr. j will confirm, lumber came down, copper has come down crude oil is a problem the energy sector is a problem there are other positives out there. scott, that's the point you're making there are positives that the market to now has been ignoring.

if you get, if you possibly get a better, maybe a 7 handle on friday's cpi number, the market would rip on that. no question. >> let's do this take a quick break energy, speaking about it. continues. jim lebenthal says energy is a problem. doesn't remain a problem for those invested in energy stocks. they've done well. word on the street is they'll continue up next, big calls in that space and ownership.

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wall street is hot on energy two big calls in the space goldman, sachs raises targets on super majors exxon goes to a 117 from 104 that's now 103 conoco goes to 140 from 130. now 120. chevron goes to 181. stock sits at 179 and change it is not a big bump all the stocks have done quite well you have chevron which if i recall correctly became the second largest energy position schlumberger jumped it from what

you told me last week in overtime >> yes schlumberger is my biggest energy play. chevron is second, diamondback energy is third. i am double the bench mamark weighting. 10% is energy. strong cash flows. low break evens across the board. supply and demand, there's a huge imbalance valuations are attractive. what you're going to see is earnings revisions going higher. these companies have pricing power. i kind of barbell it chevron is the boring play, integrated, has good dividend and assets tons of free cash flow keep buying back stock can get to $5 billion buy back schlumberger, talk about pricing power and margins, have gone up seven straight quarters in a row for schlumberger, up 200 basis points this year according to guidance diamondback are doing fun things

in terms of what free cash flow, special dividends, now yields 4% good assets. trades 7 times earnings. stocks can still be bought i am using weakness whenever we get it to buy more. >> doc, you're a diamondback guy. energy is your largest sector. >> it is, scott, and has been all year to give you an idea, pea body energy, for instance this is more of a coldplay, but nonetheless. pea body, patterson energy, these are up between 70 and 180% this year. to your point, i joined stefan bryn in fang involved in fracking, but there are so many energy plays i don't disagree about people that go out with technology to help get more energy out of the

ground or a host of others i own almost all of them that's my favorite part of the portfolio without a doubt. >> jason snipe, you go broad xle, but you also have chevron >> steph mentioned, great dividend, strong free cash flow. revenue up 70% last quarter. energy we have been -- we missed a little run up. i agree if you're looking at oil. i think you can buy them on any pull backs >> 52 week highs conoco phillips, marathon, valero, 66, apache jim, you have kinder more began. you don't own marathon >> sold it a few weeks ago, wish

i held onto it it had done so well, i decided a bird in the hand is worth two in the bush i have kinder morgan, a nice dividend play to the natural gas discussion we were having, three quarters of their business is natural gas. i really like that one my sleeper for the next couple years is transocean. i will admit i bought it more as a trade, i think of supply demand imbalance, we'll be drilling everywhere. the rigs they have cold stacked are going to come out of cold stack. new builds honored get immediately put in production andat higher and rising day rate i like transocean. >> reminder, do not miss a new cnbc with david faber. june 22nd, 8:00 p.m. eastern time on cnbc. a list of cheapest stocks in the market see if the committee thinks you should buy any of them

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mexican president will not attend summit of the americas this week in los angeles because president biden did not invite cuba, venezuela or nicaragua to the event, he says according to the white house press secretary the administration is not really surprised by that decision but she says the president wanted to take a principled stand on the human rights abuses of those three authoritarian countries. the president of mexico will visit washington next month. a florida mother charged with manslaughter after her two-year-old son fatally shot her husband in the back, according to authorities, she failed to properly secure a glock handgun which the boy used then to shoot his dad. and today is election night in america primary voters in seven states voting on their party's candidates for house and statewide offices, including gubernatorial races in new mexico, south dakota and may

oral race in los angeles it will shape the landscape for midterm elections this fall. scott? >> thank you very much. cnbc ran a screen of the cheapest stocks in the market now. that's what we were looking for. here's the criteria today. cheap relative to the market, cheap relative to history, and earnings holding up. the winner is ford jim lebenthal, i go to you first, you're the biggest supporter of general motors on the program, you do not own ford i wonder what you think of this result relative to your holding in your portfolio. >> i like ford, i like gm better because of autonomous vehicle, i like what ford is doing with electric vehicle business. i like what both are doing the electric vehicle business and gm case autonomous vehicles, why both deserve higher multiples than 6 to 7, their historical range that plus the legacy business that right now for both companies but ford also is going through high demand, low supply

context in which prices are high and balance sheets are getting clean. these stocks should do well for the foreseeable future, unless you see recession, i have been consistent saying i don't see one coming. >> you have. two stocks on the list that would never have been on this list if not for pull backs, especially netflix jason snipe owns netflix remember cheap relative to history. cheap relative to the market the one that pops out is cheap relative to history. netflix would never be on this list, now it is. snipe? >> 100%, scott netflix is down almost 70% year to date. they really need to figure out the password sharing business and how they're going to monetize that. also exploring an ad support vertical i think as relates to netflix, i have been underweight quite some time, it is fragmented business.

tough to grow them as an incumbent in the space, there is opportunity netflix wouldn't be on as you described earlier. i am interested in a name like qualcomm, trading almost 11 times forward, diversifying their business has done well i think the semi industry which is just going to be part of our lives for years to come, i would look to qualcomm over netflix here. >> it is on the list, glad you mentioned it jim is smiling, listening to you talk about it, he owns it too. >> i am glad i am with snipe love it when i'm in the same name as him. it deserves 20 multiple. because of growth and diversity of earnings, deserves a 20 multiple, would put it around 230 by year end. >> steph, freeport on the list you have been buying more of that recently, haven't you >> yes, i have been. it fell 20%, and the report was a good number. this is about the copper market

and being tight and having leverage every 10% increase in copper, 15% to ebitda. another story generating enormous free cash flow, paying down debt which i like to see. increased the dividend as well number one player in the space on sale at 11.3 times earnings. >> doc, dr horton, lenar make the list calls in both? >> yeah. and obviously the impediment or speed bump if you will, scott, is higher rates that consumers are having to pay for mortgages and so forth margins for homes are still sky high because the inventory is so low. again, supply and demand you have a lot more demand, even at higher prices that people have to pay on mortgages than you have a supply out there. i think both of those continue

to benefit from that if we see a flattening of interest rates, which is one of the things i am hoping to see in the second half of the year, then i think these both work really well. >> you can see the full list of the cheapest stocks in the market according to our screen you can go to cnbc.com/proand find them there. bank stocks down 10% one says reson recsiisk is not priced into that group priced into that group we'll debate it nextanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data.

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get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. talk about the financials. they're down 10% this year ubs out with a note that says recession risks, jim, are not priced into bank stocks which is interesting. you talk to mike mayo, he would suggest bank stocks are priced like they're pricing in steep recession. and he made that point with me before whether they are or aren't, are they good buys here or not that's what i want to get to >> no surprise, you look at my list of holdings >> berkshire, citi, goldman. >> i heard how you phrased the question, scott, again, you can be afraid of anything.

sp if you want to be afraid of recession, go ahead, but the job market isn't indicating it jamie dimon is saying the consumers and corporations have good balance sheets, whatever he is talking about the hurricane, that's a different story brian moynihan from bank of america saying the same thing. jane fraser from citi group saying the same. if you want to be afraid of recession, go ahead, there's no indication of it in the absence of that, you have banks generating good cash flows with not that much credit risk and cash flows are used to buy back shares in a lot of cases below book value >> you think stocks, jim, are at the mercy where the narrative has gone >> i do. >> i was going to say, if all of that is happening the way you say, why aren't stocks doing better. >> sentiment you said it. i am using one word, sentiment but sentiment on the market has been lousy. >> jason snipe, you have coverage bank of america, blackrock,

goldman. kre. >> yeah. a lot of what jim said is spot on from a perspective from sentiment and obviously looking at the overall market, balance sheets, health of the consumer obviously financials haven't done as well this year, they were great last year i think there's an opportunity here if you look at qt and macro environment, where qt is under way, interest rate hikes, sensitive to the balance sheet and obviously what's going on with rates, this is an opportunity. regionals could play well here and some more sicklily money oriented banks i like them better than investment banks here. but i think some of the banks could do bell. >> bank of america, morgan stanley, why don't i have anybody saying i don't like the banks. everybody is in the banks and

they have been disappointments dare i say value trapped just disappointments >> they have been disappointing this year but were wonderful outperformers last year. wells fargo was up 63% last year, only down 6%, relative to the group outperforming, still not happy with it being down, but that's my favorite it is the most rate sensitive. for every 50 basis point change in fed funds, that's 16% to earnings and 7% to net interest income they're the most sensitive to higher rates i think the fed is going 50/50 fifty. i think that's set up for wells. trading one times book is attractive morgan stanley is yielding 3.3%, all they're doing is executing with rotce of 20%, an industry high they forecast that to be sustained at 20% or higher

i like what they're doing on the m and a front. and a good job in terms of technology spend in the last decade costs were flat, guided for flat when everybody else's costs were sky high. >> waiting for someone to say i don't need to be in these stocks, even somebody that owns them, that's you you have calls in bank of america and jpmorgan and you don't see a big reason to buy today, do you in. >> no, i don't, scott, although i did like the bank america news better than the others that you named that i own calls in. and primarily because credit card spending is up 13% in the last year over year period they reported we'll see what the next one looks like obviously that's an area that bank of america does bank money on that will continue as consumers

draw down on savings they'll be forced to use credit cards more and more. >> and they are. doc has unusual activity ahead, plus all of june we are celebrating pride month at cnbc. here's the senior field producer >> my advice to the community, especially lbgtq youth, stray t stay true to yourself. there will always be someone that doesn't agree with you, and that's okay. don't let labels define you. what defines you is the kind of person you are if you are an ally, be supportive speak up when someone makes a disparaging remark to create change, we must use our voices and lift each other up

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get to washington, d.c. with a news alefrt on janet yellen. >> she wrapped up testimony before the senate finance committee where she admitted that she misjudged the path of inflation in the past year take a listen. >> when i said that inflation would be transitory, what i was not anticipating was a scenario in which we would end up contending with multiple variants of covid. i was not envisioning impacts on food and energy prices we have seen from russia's invasion of

ukraine so as chair powell indicated himself, both of us probably could have used a better term than transitory. >> so no longer the best word to use to describe the ongoing increase in prices yellen was pressed by republicans on whether corporate greed is driving inflation, scott. she said she believes inflation is driven by supply and demand imbalances back to you. >> thank you very much for that. stay with half time. jon has unusual activity next.

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all right. it's time for unusual tv dr. jay, tell us what you see today. >> all right, scott. the sector that has been on fire if you look at it for the last month, the chinese stocks, whether the internet with k web or fxi or azure, all of these etfs that track various sectors in china exploding higher. and now we've got big buying in july 33 calls. they bought some 63,000 of these calls, scott that's 6.5 million share equivalent in this and it has moved up dramatically and people are betting it moves much higher. it was 31.5 this morning they're buying the july 33s.

take a look at macy's. 10,000 of the august 29 calls. on a day when target comes out with the news about their inventories and so forth, people are betting on macy's upside from now till august they're buying the august 29 with the stock at 24 third and final. i know steph's going to love to hear this because she talked about slumber jay and technology for oil billing and so forth schlumberger they were buying the calls in big numbers today and we joined them i already owned schlumberger so, i added to that one.

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hope you'll join me in overtime three hours from now. joe t. omarosa we got lot going on after the bell in "overtime" as we call it software stocks are on the move. salesforce is up 17%

since it reported earnings take it first because you own that along with service now. mongo db is up big as well >> yeah, happy to see what's going on with crn. they had nice print. 24% revenue growth talked a little bit about fx as the head wind. i think there's strong runway a ahead for a lot of the software names and chm is the one i think is poised for continued growth >> that's yours. crm. >> i like the recovery it's had. it's an expensebive stock but i have to note it's starting to grow into its multiple i'm going to stick with it but i have a hard time adding to it at this price >> bennie raised the issues of fx first, right? and the stock has done incredibly well. and microsoft's recovered too.

dr. jay salesforce calls software is our focus right now. >> i love both of them and i'm not going to say it took guts to buy ahead of the earnings. but it did and i've loved that trade sings. i guess i'm in good company and i still like it and i'm holding it >> we'll say it if you don't took guts buy ahead of the number kind of like nvidia with which pete did >> pete was gutsier on that one. >> we can agree on that. final trade. >> starbucks return of an icon, howard schultz. u.s. coms remain resilient china is reopening they suspended the buyback and suspend 20 billion on the vesting in the company, which is a good thing to do i like that stock. >> he's not going to stay around that long. >> he will be staying around

ee may not be the ceo or interim ceo but he's going to be on the board. >> well taken. jason. >> i like jnj here med tech was really strong i think the consumer segment will continue to grow. supply chain head winds. 2.5% yield i like it. >> dr. jay >> i bought the 20 calls in july >> material stocks have done quite well too and finally. >> you called the play earlier and it was the right one you said the market is sucking up everything that's being dished out to it >> for the most part >> and they preannounced negative margins because of fuel and stock started out down and now it's up 1.3% the market i think is looking through and football analogy you brought up super bowl again.

friday is? super bowl >> i'm glad you brought up unp he brought it up to me on twitter. we had the big conversation about the school of investing. you want to know where bottoms are formed, it's from stocks with negbative news. they either go flat or sfinish up on the day. thanks everybody i'll see you in a few hours in overtime "the exchange" is now. thanks, scott. welcome to "the-exchange." in for kelly evans retail wrecked again target has too much inventory, forcing 2 to cut prices. but is this just a target thing? how much is is an industry-wide issue? congress and crypto. a bipartisan bill introduced 250d what does it say what will it actually do