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tv   Power Lunch  CNBC  September 7, 2022 2:00pm-3:00pm EDT

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just gonna... get this... welcome to "power lunch," everybody. breaking fed news this hour and the baseeige book due out momentarily and how high might rate goes? we will look at that beige book for any signals and where can you find the biggest returns in this new era of investing and we'll talk about that, plus the dollar index highest levels since 2002 making some popular
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stocks more risky to own those to buy as the greenback strengthens. with me, courtney reagan with a check on the markets. >> stocks are at session highs ahead of the beige book. the dow, the s&p 500 and the nasdaq all sitting firmly in the green. the nasdaq, the leader of the bunch higher by 1.6% the ten-year yield falling.3% and this adding roughly 16 basis points in trading yesterday and crude, check this one out. down 5% on concerns of the economy. apa, baker hughes and aog resources the worst performing energy stocks. >> the fed vice chair brainard this afternoon said the central bank will fight inflation as long as it takes and the likelihood of a three-quarter-point cut fed hike as the fed meeting rises to more than 80% our next guest has stock picks for this changing investor pick,
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and mike with fbb capital partners mike, good to have you with us how do you handicap the likelihood of a three-quarter-point hike versus a half-point hike and how would it affect it differently than other. >> i would hate to say a foregone conclusion of a 75-basis point hike and that's consensus at this point, and if that were to happen in a couple of weeks and i wouldn't see a major impact on markets and the question is what's next. is there some additional fed language on the next rate hike which is steeper than investors expect and that would be a negative outcome if we do get a 50 basis point hike and investors would see a little bit of a dovish tilt for the fed and we'll investors would start to see some green. >> how far out is the fed willing to go at this point and they have decided as they always are to be data dependent in a way and telling us exactly, or
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telegraphing exactly about how the data comes in. if we go 75 basis points and does that mean, or do we still have to wait and see how fast monetary policy does impact inflation. >> the wait-and-see approach and being data dependent and i do think the fed will take that approach and probably for this next rate hike, they've dug a hole and the 75 basis points is clear and maybe the cpi number next week that comes in really, really cold and i think that's unlukely and beyond that, i think the fed has given themselves the ability to hit things pretty hard as well and a bunch of big rate hikes and if things do start to cool down for months and it's given themselves the ability to pull back just a bit and it's hard toimagine them not going hard and change the 75 basis points. >> you have three stock picks you want to tell us about, and i'm wondering what you have in common and why you choose them
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adobe, abbvie and pmc financial in different areas of the market and different businesses why? >> i would argue quality and diversification. it's been a pretty crazy 2022 so far, and you want to make sure you've got your bases covered in terms of growth and value and bringing in dividends as far as income we do want to check all those boxes and valuation is key for us so we look across businesses and if it's something that's high margin and a sticky customer base and you can start with adobe and we'll get an update there and a pretty good business and a bunch of tech sectors have gotten whacked this year and a lot of those problems have been macro. so currencies are hitting them and not much they can do and the underlying business is in good shape and you're buying it way, way cheaper than you were in january. >> right >> it's a good update. the other two, kind of the other strain and businesses with much lower valuations and abbvie, a
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drug company and they have a competitor stumbling and they'll keep getting this pretty impressive dividend and banks. regional banks are pretty steady and you're not betting the farm on some small cap and a very nice dividend and recession is probably priced in and you're buying these things when the upside is there and there could be a bit of a recovery >> mike, thank you very much, we appreciate it and we'll move to some breaking news now from the fed and steve liesman has the latest from the beige book steve? >> the federal reserve bank says economic activity was unchanged over the course of the six-week period and usually they say it's modest to moderate and five districts say they were slight to modest growth and slight to modest softening in growth in their districts and the consumer spending was steady though auto sales were muted there was solid leisure and
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hospitality across the district, though and manufacturing did grow in several districts and some manufacturing declined and that was due to supply chain issues and labor shortage. residential real estate in the beige book and the growth outlook remained generally weak overall for the u.s. economy when it comes to employment it rose at a modest to moderate pace and labor market conditions remain tight and one bit of good news here there was some improvement in labor supply and the reports of slowing wage growth in some places, but prices remained elevated nine districts, though, reported some moderation in the rate of price increases or inflation there was substantial price inflation that they reported across all districts including for food, rent and other necessities. some tapering was seen in commodity prices and according to the context of the federal reserve expected to persist through the year end one little bit here and let me add michael barr, the new vice chair laying out his views on
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banking regulations saying crypto asset -- crypto-related assets activity requires oversight, and the federal reserve and the bank supervisor with other regulators to ensure that crypto activity inside banks is well regulated and he's committed to a safer and fairer banking system >> thank you, steve, i have a question i guess the residential real estate weaken happened notedisably and that one stands out because so many recessions and economic downturns have important real estate component and the weekend noticeably stands out to me >> it stands out to me, too and thanks the demonstrative comments in the beige book and i'm trying to see if there's any other good detail around it, and the residential loan demand was weak and elevated interest rates here and commercial real estate also softened and despite some reports of strong leasing activity, residents and real estate conditions as home sales
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fell in all 12 districts in residential construction remain constrained by input shortages and there are two parts to that story there, courtney, and you're right to focus on what's happening in the housing market. you had several analysts on our air describe what's happening in housing as a recession it doesn't appear as if the rest of the economy right now is in recession, but of course, autos which were muted and housing are two sectors that are often pointed as the most interest rate sensitive >> i find that fascinating, steve and very quickly, before i let you go, solid leisure and hospitality activity as we talk about it returning to normal, it seems like people are still out and about and perhaps that's where the consumer is spending their money. >> there was an interesting comment in leonard brainard's speech that came out this afternoon at 12:40 that said service sector spending is still 4%, 5% below where it should be pre-pandemic as good sales are 5% above
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so there was still a major adjustment they made in this, courtney, the good sector. >> you know it, steve. who doesn't love a good shopping trip thank you very much. >> sure. another big breaking story of the day apple unveiling a new iphone >> apple just wrapped up the iphone 14 and i'm watching they're just about to unveil the pros as far as the 14 goes, it is coming in a new size the iphone 14, and the cool new feature they're highlighting this time is this satellite sos feature meaning if you're in an area without any cell service the phone can help you detect a
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satellite in the sky and send either a message or a voice memo to emergency services if you need help. those are the big things on top of that the air pods pro, the new version, the first time they've had a first version of the air pods pro, better noise cancelling and better life, but overall pretty similar to the current version and like you said, apple watch is the big one being apple watch ultra and an $800 watch catering to extreme athletes who like to go mountain climbing, diving and walking through snowstorms and other extreme sports and that's a niche product, but they did spend a long time talking about it, court. >> talk to me about apple's move to a bigger form factor, a bigger size on the phone for a long time apple resisted that samsung got out if front of them on it and finally they played catch-up and now it seems like they're move away completely
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from smaller sized phones. >> that's right, tyler they've seesawed on this back and forth over the years going from big to small, big to small, but overall, people prefer the larger size phones they're, of course, a kcohort o people wo do like the smaller phones and they do have the se which is the more traditional size with the home button if you're into that, but for everyone else the newest and latest iphones will always be the bigger sizes and then the biggest size which approaches 7" thank you very much. >> what do you like, courtney? >> i like a smaller one. i miss buttons and you have to have the headphone jack i miss i'm old-fashioned, you know? i like tactile things. i don't need this gigantic phone. i guess other people do. thanks, steve. our next guest has made bold calls on apple on august 17th. he said sell it all. since then the stock is down
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10%. if you didn't listen and you now own it, carter worth is ceo of worth charting that was such an interesting call timed perfectly, carter so tell us what you're seeing now. >>, . >> thanks, court ney. i think we could be talking about a dud, and i'm glad we're talking about a fundamental whether you're doing from a technical point of view and trying to say, well, this is a bounce juncture and this is so bad it's good, or this is too steep and let's trim it. apple is not in any position and while that sounds like non-advice or no wisdom, there is advising in the sense that what do you do with the stock that from its june low to its august high goes up 36% which an apple did and now it's off 19 and it sold off 12%, 13%
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what happened to shortwell or trimwell, and it's late now to be trimming or selling and yet just because it's down 12%, 13% does that mean we should be buying it? not really, meaning sometimes you're not at a great juncture and i might be the piece of wisdom that i might be able to offer on apple it's not a particularly good short or long here after advancing 35% off its june low almost double the s&p and it's now giving back 12 and it's probably where it belongs. >> i know obviously your focus is technical we're having you on specifically today and not only because of the timing of your call and also because of this apple event and apple is up three-quarters of a percent today. >> that's right. again, it's not really anticipating anything about the news the news as people say it's not a surprise anymore, the product cycle for apple and the new features and gadgets, and i like
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the smaller one like both of you. it's such an important stock at 7.3% of the s&p or consider this its total market cap at 2.5 trillion is awfully close to the entire russell 2000 or 2.9 trillion and apple's streak higher advanced the market and its sell-off also is what maybe precipitated the market sell-off it's fair money, dull money here >> so walk me through once again, if i own it and have held it, what to do, if i don't own it and am terminally interested in it, what to do. >> take me through it, but i would just say this. if one had shorted two or three weeks ago, dumb luck or brilliance, maybe a chart, i think i would cover that trail meaning take the money and run
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if one had trimmed okay, good trim and so forth, but here and now does that make it a buy? no so if i were on the sidelines i would stay on the sidelines, if i had just shorted i would come out and call it a win and stay on the sidelines the wall street word for all of that is a hold, but remember hold is a euphemism for a sell and only 5% of all stocks covered are sell rated there's a reason for that because typically big brokerage firms don't get invited into the junkets and the bus tours and the factory tours. when an analyst doesn't like a stock they say hold, wink, wink, sell very few people put sell rates and i don't want to hold it an i would rather have my capital somewhere else >> very interesting, carter. telling it like it is. carter worth, worth charting, thank you. always worth seeing you. >> coming up, the fx effect with
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the dollar index in its highest level in two decades, which stocks should you avoid and which should you load up on and to snap a seven-day losing streak and its first of those since 2016 of the charts pointing through a breakout or a breakdown, we will get another technical take and before the break, a look at some of the stocks hitting had 52-week highs inclauding enphase aes and genuine autoparts. ♪ ♪
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and on the go to block millions of threats. only from us... xfinity. welcome back to "power lunch. strong moves in the dollar have set the greenback to multidecades against the yen, the pound, the euro. how do you invest with such wild currency swings or a strong american currency the likes of which we haven't seen in decades. boris schlossberg managing director at bks management and cnbc contributor will explain all of this. what i want to start with is sort of a generic question, as you look at all of the stocks in the united american stocks, what kinds of stocks does a strong dollar like this help. what kinds of stocks does it, in theory, hurt >> well, the assumption is anybody who sources in dollars
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and sells in non-dollars, sells in euro is going to get hurt on currency swings. anybody who sources in euros or yen or pounds or emerging market currencies or even the yuan and then sells in dollars, definitely gets a benefit and that's the underlying assumption that will look at the whole stock universe in terms of fx effect >> so if am i am an american company selling in euros in france -- >> you're in trouble >> i am in trouble because i am not going to be able to repatriate those euros into as many dollars as a few months ago, correct >> oh, yeah. massively less massively less >> all right so we've got some individual names that you say will benefit from a strong dollar and they are -- they include lvmh, which is obviously not a u.s.-based
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stock, but apple and expe. is that expedia? >> expedia, yeah >> tell us why those >> so, okay, let's start with lvmh luxury european retailer, we all know it and it has a tremendous amount of sourcing in euros and also sourcing in the yuan. it sells in europe, china and the u.s. the u.s. markets is very strong. this is a company that's 20% off its highs, but the demand for its product cycle is robust and it's really, almost recession proof because the upper end of the market isn't feeling any of the income declines that we've seen maybe on the lower end of their market so for all those reasons, i think it will really survive and thrive in this environment quite well, while at the same time benefiting from the very nice currency play because a lot of the sourcing will be in the
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product and there's an upsidekicker here and it's gotten hurt because of the covid lockdowns in china if you sort of assume and this is a speculative bet that if president gets elected for a third term and once that happens and he consolidates his power the covid lockdowns become a lot less onerous and that opens up the chinese market and it's putting a beach ball under water and they should pump on that now apple, i absolutely love it, and i think one of the most undertold stories right now, one of the more hidden stories is that dollar china and dollar yuan is almost at seven and it was 10% more just in this april, and in other words, 10% less and 10% cheaper in april for apple to be paying for all of its labor suppliers in china that's a huge, huge tailwind for the company and i know you just had a guest on who was neutral on apple and i'm very bullish
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apple and the cycle is very strong and the whole satellite announcement will make the 14 even a stronger desired phone. so i think apple will be a very strong, robust stock if all of these, fx have a positive thought. i want courtney to jump in generically on stocks to fade. >> expedia is a bet on the travel boon out of the united states the u.s. travel rush to europe now with the euro under a dollar and heading to parody and it's close to triple digit booking increases and i think that trend stays in place so there will be a huge, secular beneficiary. >> boris, i have a two-pronged question tyler's right. the stocks to fade and a lot of these stocks are operating internationally. we're sort of all doing our own
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homework on this and how much business is being done where, because it's not just as easy as sourcing in one place and selling in another and it's all interconnected, is it not, and tell me very briefly about your stocks to fade. >> exactly, which is why i'm cautious and i love these companies and i would not want to find them rid now and mondelez and coke. coke, 66% of its revenue outside of the united states you know that's going to hurt. plus cocoa growth has not been organic and there are price increases and they haven't had organic growth for quite a while and the stock is expensive and to me that's just a dangerous place right now to be placing your faith on the consumer and great company, great set of snacks and that exposes it very, veried aboutly to the european consumer, and for now the european consumer is okay, and
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if you take the scenario a very, very cold winter and we have the post-war recession that you can possibly imagine, nobody is pricing for that scenario and that's why i want to stand back from the two companies that could get tremendously badly hit if the european collapse is due to the pressures in the eurozone >> got it. we got an education and just as a reminder, apple, expedia and perhaps more cautious on mondelez, and thank you for joining us. >> thanks, guys. coming up, iphone profiteers and apple announcing its new phone and third party sellers are overcharging on the gray market plus we'll take a look at a chartup trackinghi in od cpsfo in order to reduce waste "power lunch" will be right back
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apple is launching its iphone 14 and iphone 14+ in china scalpers are flipping the phone for a huge profit. >> this market is beijing's silicon valley people come to places like this to have their phones fixed and
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be among the first to have must-have gadgets. >> wong xi has been selling phones and his orders for the iphone 14 are double when the 13 launched most in demand the 14 pro max with 256 gigabytes for storage in purple. >> mr. wong is already in touch with scalpers who will start waiting in line for early morning. he's offering to pay them $150 for every phone they bring back. he plans to charge $450 over the retail price, a tidy profit of $300 per phone in the past, buying an iphone was about bragging rights, he says now it's more about performance. he says for the 14 the faster a16 chip is a selling point along with 5x, even though rival what way rolled out the new 50 with satellite technology known to get around us 5g curves the market still favors apple
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right now so wong is counting his blessings and his cash >> iphone 14 is the top trending topic right now on social media in china with 120 million views, and unofficial vendors told us that the plan right now is to make sure that the scalpers are outside of apple stores next thursday so that they can deliver the iphone 14 to their customers by next friday september 16th, guys >> eunice, thank you very much eunice yun reporting from beijing. let's get to kristina partsinevelos for a cnbc news update kristina >> tyler and good afternoon, everyone within the last hour a judge struck down michigan's long d'or ma dormant 1931 law because it violates the state's constitution the supreme court is deciding whether a proposed amendment guaranteeing abortion rights should be put on november's ballots. just an hour ago the official
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port the ras of barack and michelle obama were unveiled during a ceremony hosted by president biden. unveilings like this have been held during the next president's term, but it didn't happen while donald trump was in the white house. one day after asking liz truss, queen elizabeth has canceled a ceremonial meeting part of the transition to britain's new prime minister buckingham palace says the 96-year-old monarch has been told by doctors she should rest. back over to you >> kristina, thank you very much >> thanks. >> ahead on "power lunch," a losing average the nasdaq positive after seven negative sessions to see what might happen next. with fears over a rough fall for stocks, what are good low volatility names and that's in today's three-stock lunch. we've got that for you this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gear.
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>> 90 minutes left in the trading day and we want to get you caught up on the markets and stocks, bonds, a big move in oil and a look at what the technicals are telling us about the nasdaq let's begin with a check on the markets. stocks are higher today and the dow near 400 points near the highs of the session and the nasdaq up 2% aiming to end a
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seven-session losing streak, but if you look at the biggest gainers in the nasdaq 100 it's not so much tech, retail and healthcare at the top of the list where you see starbucks, ebay, regeneron and the best-performing s&p sector up 3% and only one of two sectors along with energy which are higher so far this year. apple's product event is just ending that stock is higher on the sessions we have a new iphone 14 which will start at $799 and a new series of watches. now to the bond market which is digesting the beige book and hawkish comments and rick santelli joins us from the windy city hi, rick >> hawkish comments, i think that would be news only if it was dovish comments especially since august 26th and that's where we'll start all of our charts let's look at august 26th two-year note yield and we can see it was raround the mid-230s and not so far from where it is
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today. the chart is mostly sideways and think about what the beige book said weaker growth, elevated, but lower pricing pressures. that seems to be what the markets are thinking especially since chairman powell's speech look at the ten-year and that's where all of the horsepower was from 3% it shot up close to 3.5 and eased back and remember, yesterday's close was the first close of the two-year about 3.5% in nearly 15 years and the market seemed to be taking a bit of a breather and look at all that green in the equity markets and the inflation rate and it's near a two-month low level in the mid-260s and since that jackson hole speech tens to twos have been less inverted significantly and finally, the dollar index went on a record trading binge that pretty much started that last wave right around the 26th of august and
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even though it's taken a bit of a break today it really does underscore the notion that lionel brainard and especially chairman powell's speech left a lasting impression on the market and the key now is what the data points are going to continue to show courtney, back to you. >> very important when you're data dependent thank you, rick. oil closing for the day down 5% and pippa stephens has the details for us hi, pippa. heavy losses across the energy space with wti tumbling down to the lowest level since january and breaking below 90 bucks for the first time since early february rebecca babbin said this comes down to three key factors and first is demand fears as china extends lockdowns and second is technical pressure and brent under 90 headline exhaustion that's leading to low conviction trading. there are still so many factors
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up in the air here including the iran deal as well as potential further retaliation from russia and moving to natural gas where prices are also low here and in europe, and it is down 12% and the energy declines are weighing on oil and goes stocks and the group is down more than 1% and is the only group in the red >> thank you very much, pippa. a lot going on there and the wti down 5%. it is on pace to snap its first seven-day losing streak since 2016, but with september being an historically cruel month for equities, could the markets re-test the june lows. director of product at options play jessica, what levels of resistance or support are you looking at here? >> courtney, right now we're looking at 11,600 and that's a very important level so when we think about the markets bottoming or the june
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levels that we're watching, that level is actually is its old resistance point and that's why it's ever so important right now that we hold that support line and otherwise we risk moving into the lower end of the trading range which would then likely test those june lows. so it's a very important weight right now. >> how does seasonality play into what the outlook what the technical charts may or may not be going forward >> seasonality is extremely important and you think about technical analysis because it's the study of patterns and other events on top of seasonality just to see what happens so traditionally in september and a mid-term year and it's extremely challenging and that's in line with the august that we have so that is ever so challenging, something that you have to take into account when i'm looking at seasonality and all of those numbers that we share is backdating to 1928 and if you
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think about the markets and how they transformed and the introduction of technology and that's why it's more prevalent and it's not enough to full rely on and it's how it's set up in the process. >> we've had a bear market rally and i wouldn't disagree with you at all and it has been tech led and it has faded it has been tech led once again. what kind of price action would you like to see to convince you that the market is not just in a bear market rally which suggests a temporary rise, but in something so enduring. >> it's not traditional capitulation and that's a great question, tyler. thank you for that it's more gradual, so we're looking at the gradual signs capitulation, if you will or just turning over in general so that's where i like to turn it to apple at this point as it
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is tech led up ore d down and tr are a lot of macro tech winds and one of those is energy prices coming down and thinking about cpi that's about to come out because if you look at the data for cpi and you dive into the actual transcripts and it's coming down of energy prices and it rose up a little more including electricity bills and things like that and that's a concern if we see energy come down, i don't want dare i say demand be lucky, but that's -- it's all of the macro headwinds and we need to make sure there's enough data to celebrate that. >> i'm ready to capitulate i'm good i capitulate right now i'm interested in how apple plays into all of this when you're looking at technical analysis because of the announcement of their products
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and apple carries a lot of weight and the products. when you're evaluating technology as a sector or perhaps any etfs how then are you looking at falling apple's trend line against these other stocks >> apple is the leader and the line leader, if you will so we need to take that into account because it makes up a huge portion of the market, from the tech wide and it is 13% and it makes up 7% and that's a huge percentage that represents the market so it has the power and it moves markets in either direction which is seen today and you can study that over time, but it's important to watch the apple because it is a tech-lead rally ore a tech-lead decline and apple can give us an indication from the narrow view that we brought into the nasdaq and brought into the s&p to give an indication of overall market health as
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health and direction >> thank you, jessica inskip, we appreciate you being with us >> thank you, jessica. the company that puts tracking chips in everything from food to pharmaceuticals to help reduce waste. clean start is next, diana olick is in the house. she'll be here in just a moment.
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welcome back to "power lunch," everybody. food waste accounts for 8% of global greenhouse gas emissions. in the u.s. alone it is equivalent to 33 million cars, but if we could reduce that using something as basic as bluetooth. our senior climate correspondent diana olick joining us on her series of clean start-ups. >> it means items embedded with sensors or software and in the case of this start-up called willia, it's tiny tags attached to food, medicine and other items that track every aspect of their lifespans in order to
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reduce waste >> it's this ability to drive a very lean supply chain with only just the right amount of products that are in the right place at the right time which we think is one of the keys to solving climate change. >> they do it with these staff-sized computers powered by bluetooth and attached to any product to packaging, from vaccines. >> it allows us to measure the temperature, and the location and the authenticity -- >> to zhukkenys. >> each zhukkeny that goes into a crate, joins the unique monitoring path. >> smart crates monitoring everything from farm to fork wi williad is manufacturing millions of these tags and connecting them to the cloud so they can be tracked anywhere, any time >> by knowing where our product is, what's happening to it, where it's from you can act faster and so it's about taking data and turning it to actionable insights. >> insights that work to
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decrease waste by monitoring delays and shelf life. williad is seeing massive demand as the makers of just about everything strive to reduce their carbon footprints. >> last quarter we quadrupled the revenue and i expect that when we leave this year that growth will be on an even steeper trajectory >> statler includes clients include the pharmaceutical, apparel and grocery companies. backers so far, avery dennison, verizon ventures, amazon, samsung and softbank, total funding $270 million >> not only can this technology reduce waste, but it also enables companies to quantify far more accurately their carbon footprints from the point of manufacturing to consumption and that would be helpful for corporations as new regulations on emissions are clearly coming, tyler. >> these tags, they tell you where the product goes, is that really the heart of it >> they absolutely do. that's the whole idea, whether it's a vial of some
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pharmaceutical or a vaccine or a zucchini, it tells you exactly where it is. what the temperature is, how long it's been there >> and what is the nature of the sensor that picks up that data >> it's bluetooth. i want to say it's high technology, but it's not. >> is bluetooth on my phone, my home -- >> and that gets transfer rd. >> how much does it cost are you tagging every single zucchini every vial. that is proprietary information and it will save all of this money in the end if they have that waste, if they can tell where that zucchini is and it's not going to go bad, it will save them money. >> fnice to have you here. >> we're trading low volatility names in today's three-stock lunch and the dow at session highs. at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture.
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in today's "three stock lunch" a look at names that might outperform with lower volatility a screen of the highest rated stocks from the msci, minimum volatility etf, those names
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include chenier energy, t-mobile up 25% this year, outperforming rivals at&t and verizon and united health. one of the few dow components higher on the year so let's bring in head of technical analysis at oppenheimer to go through each one. let's start with cheniere. >> important to lead in we are of the view that a market bottom is forming i think you get the upturn once seasonals improve. i think it's important when looking for low volatility exposure trying to find ideas that should be able to keep pace in a strongmarket backdrop or at least those ideas that have historically kept up in prior bull market periods. so we have identified three names from this etf. the first one is cheniere. we think the energy sector is an attractive portfolio diversifier that's been less correlated to recent market swings and when looking within that sector
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cheniere is really best of it's one of the few stocks and not only was able to rally above its 2018 peak but its 2014 high as well. we see that as a sign of long-term secular strength more recently the stock is correcting into its recent march peak it comes in at $149. we recommend buying the pullback into that support level. >> let's look at one of -- it seems like it's on everybody's buy list and that's t-mobile, right up there with ulta t-mobile is one of the frequent names. >> a standout in the telecom space where you have bearish trends in at&t and verizon again, t-mobile best of that provides low volatility exposure to the nasdaq 100. again, i think the nasdaq does have some better days ahead after really feeling the brunt of the decline year to date. so when looking at t-mobile i think what's most notable the
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stock is already out to a new high on a relative basis versus the market what that indicates to us is that the stock is positioned to break above its prior high at $150 once market conditions firm and that headwind is taken away and so we do see additional upside and pre-breakout potential for t-mobile >> united health, another name like tyler was mentioning about t-mobile, i do see pop up on a number of folks' lists what do you make of united health here? >> the steady eddie. in a long-term uptrend, continues to grind higher. i think managed care one of the strongest pockets, best of the sector and i think united health is one of the stronger charts and best of that managed care group. so it's a stock that has paused below its april high at around $550 some may see a double top. we see a pause in an uptrend
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i think as long as $500 support is intact that's the stock's 200 interday average i think it's a matter of time before united health breaks to the upside once market conditions possibly in the fourth quarter >> all right ari, thank you very much we appreciate your time today. up next, bitcoin bouncing back this afternoon but not before crypto prices cratered. will put the moves under the microscope with the man who can bust the moves that would be dom chu. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. (vo) at viking, we are proud to have been named
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bitcoin slightly higher right now. but early today falling to the lowest levels since june dominic chu putting the bitcoin price action now under the microscope dom? the reason we care about bitcoin it is far and away the biggest influence on the entire cryptocurrency market and just to put things in perspective with the latest stats according to coin market cap, these are the five biggest coins/tokens out there. tether down, ethereum, you can see u.s. dollar coin 52. ethereum and bitcoin, these two here have a huge amount of influence over what happens with the entire crypto market cap so with it being back under that $1 trillion mark at one point earlier today into yesterday if you look at bitcoin's price right now, the lows that we're talking about are right here and the level that you want to watch is right around $18,600.
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that's the area we want to keep an eye on. for ethereum prices 67% below what we saw in the records that will be one to watch. >> all right, dom, thank you very much. >> you've got it >> the woes in the crypto world. thanks for watching "power lunch. >> thanks for having me here, tyler. "closing bell" starts right now. we're at the highs of the day right now. stocks posting a bit of a relief rally as the nasdaq breaks its longest losing streak in almost six years. the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand in the market the dow higher by about 150 points, about 466 points higher. the s&p 500 up 1.8%. every sector positive except for, looks like energy the leaders, it's kind of defensive. you have utilities at the top, consumer discretionary, materials are right down there behind it. it's broadening out, this y,


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