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tv   Fast Money Halftime Report  CNBC  November 7, 2022 12:00pm-1:00pm EST

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>> yeah, that's going to be fascinating given all the commentary that has come out of carr's account in the past few days cpi is not until thursday, but plenty of big-name earnings throughout the course of the week disney will be on tuesday night. that does it for "techcheck. let's get to the judge and the half >> thanks very much. welcome to the "halftime report." the midterms, the cpi, and key earnings, we have all that our investment committee sizing up what is at stake for your money. carry firestone, victoria green, and joe and steve weiss. we are just past 12 noon in the east, and the dow holding on to a gain of 150. and here's the nasdaq, down three quarters of a percent. we have a lot on our plate
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we have midterms and cpi and seven fed speakers, and china zero covid policy in play, and we will talk about that in a minute and what it means for companies like apple we have more earnings like disney what is your thought here with yet another big week >> go to steven. i have to take a sip of water. >> yeah, i tried >> yeah, i am good >> you good now? >> good now. >> go ahead. >> i think mega caps are the story right now. yes, we are in the middle of a gridlock rally on the other side of that we will find out where we are with inflation. really, where the market goes right now is going to be determined by the way the mega caps ultimately are going to trade. >> really? think so >> i think in the last several days -- >> you don't think the market has decoupled themselves from that a littlebit >> no, and i think we are seeing the resiliency the market had
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with mega caps, and that's beginning to fall to the side. you have seen a little liquidation. there was a fall where we thought you would not see the selling pressure, but you are seeing the selling pressure now and seeing the deterioration in the index overall. two things have not happened you have not taken away the stress and liquidity concerns from the fixed market, and you have not taken away this process of tax law selling for mega cap equities, and that determines where the market goes. >> he told me out in denver the biggest risk between now and the end of the year is tax law selling. so joe is essentially saying the market can't get stability or continue to go up in mega caps don't go up. do you agree with that >> no. i think we are seeing it, because you have seen the market rally, and you are seeing apple down today
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how many conversations have we had over the last five or six years, the market can't go up unless apple goes up, and apple is down 15% from the highs in the last couple weeks. we have seen carnage, and in the mega caps, i think it's healthy to have the market divorce from mega caps. i think the challenges are different in the market, and first i want to command barry for being a huge fan of "halftime report," because she's been saying everything i have for the last few months. the huge thing is the volatility as we go into the first quarter. maybe you get a hint of cpi getting a little better, and i don't know if you will or not, and then you will come to december and powell will go 50 but it will still be hockish >> if cpi comes in -- anything
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but hot -- >> right, you get a rally. >> right and on the back of the midterms, and some suggests we are already rallying into it with the expectations of the flip of the house. >> we went into gridlock when joe manchin called out biden about pushing green wind mills instead of cole. he was always the swing vote, and biden was not going to get anything done anymore, and shouldn't. you have seen the rally, and i think it will pop and it will sell off quickly it will be a question where the market is going to be data dependent going forward, and i take the view earnings will come down and they have not come down in terms of forecast, and costin took -- >> yeah, he took his estimates for next year down to zero >> right you have to break through that,
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because earnings are down if you break down energy this past quarter, and that's going to continue to be the trend i think the market is over valued here based upon where earnings are going to be not where they are today >> ubs says the lows are not in, and they are looking at s&p, saying 3200 instead -- >> absolutely. the down turns is still a bear market we have been from 5% to 15%. i don't think it's invalidated at all i always said 3400, 3200, and that's where we will find our footing, and earnings have not been great, as we pointed out, energy is at a little bit of a loss, and it's funny, you have to define when you are talking
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about the market, it's not universally the s&p 500, and you have seen a bunch of positive weeks in the dow before last week, and now we have to be rethinking, when you said if i want to invest in the market or not, what do you mean by that? it's a dart board because you have the five mega cap names and it's not the same anymore. but we needed to see that and capitulation, and we will see the reports today on the iphone is dragging them down and the mega caps can't get it right right now, and i will wait before i get excited about them. bear market, not getting too excited, and it's not the end. >> raymond james said today the move out of tech finally starts
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to feel kau pitch latorre. it's more supply than demand, as tim cook told us on the earnings call we have clarity on what the real issues are as it relates to that, but joe made the point at the top of the show. comment on where we started about this notion that if tech continues to be upset, mostly mega cap, that the market is not going to be able to find its footing. >> it's interesting. i don't mean to sound like the bullish person on the panel, but considering how bearish everybody is -- >> what is with the disclaimer if you are more bullish than them, just say it? >> i think they are overly negative on the aspects, and for example, meta said they were laying off employees and they
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did not give a number, and if we are talking about at what point some of the mega caps have hit the ultimate pain, and it may be they are showing some signs of life, only because those that lost money, enormous amounts over the last year and a half, perhaps they are out and they sold them. the nasdaq went down about 6% last week. 11 times earnings or 12, whatever meta might be, and some people think it's a buy today because they are finally facing the truth which is that they have too many employees, bloated costs and have to do something about it, as people like brett guiser has said. and paypal had a good quarter, and their stock is up today. i wish we had owned these stocks over the years, and i think they are cheap. i think google is a cheap stock.
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it's half the multiple of some of the consumer stock for half of what alphabet sells for and you have to be careful saying oh, nobody wants to own any of these, and the market is trading at a range and it's bouncing around and perhaps it has been making lower lows, but who knows when the lowest of the lows is in if we start to see something positive on the inflation front, you know, there could be some rally. i am not suggesting the markets bottomed and it's going straight up, but we are not in a situation that we think is cataclysmic when it comes to recession-like in 2008 or 2009 i think it's different we have a different environment. >> that's where we are you have to be apologetic to be a little less than overtly negative >> particularly without meta >> yeah. >> meta treated the symptom and not the problem.
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the problem is he has a vision that goes out a decade or two, and they are going to bet the entire company on that, and that's a value trap to me. it's not cheap in terms of google disturbance >> it's ten times the earnings, isn't it >> yeah, but earnings are declining. >> that's why the multiples declined a lot >> yeah, and then you have got the situation, and you have one guy making a decision on the future of the company which may not -- in fact, he thinks won't come to pass in terms of google, i think it's cheap, too, and i have that section 230 case that could turn the company upsidedown if they come and find them liable for speech more so than that, again, you can't focus on where the market or stocks came from, okay? that was a sugar high on free money for a decade, and those
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multiples were not normal multiples, and it's not the ten-year multiple, but the longer term multiple that's not cheap the math is simple that way. >> joe >> i don't know. i still look at it and i never said the market is going to 3200, i don't know where she got that from. >> i heard victoria and scott say it >> i said 32 to 3900 >> you have to set the expectation and say to yourself, can the market break out with any degree of strength above 4000 if you are not getting participation from the mega caps they are too statistically important overall to the index themselves and you have to set that expectation for yourself and look at the rally you are getting right now that is related to the election, and it's a gridlock rally and nothing more than that >> what if it's ahead of cpi also >> okay, the other side to cpi
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is look at what liquid energy is doing, and you can get excited about a better than expected inflation reading, and then what is staring you in the face -- >> it's going to drive the global economy more. >> china is not reopening. >> i am not saying now, victoria, i am saying will eventually reopen, and just as the economy is turning over you will have them buying aluminum ore and everything i don't think the vix has been a reliable indicator in the market for a long time, so that's why but there's some calmness in the market i come in and look at stocks and think maybe i should buy these now. i look at honey well, and i
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think that's a story for the next 30 years. >> if not now, when? what bell is going to ring >> there is no bell that will ring i have to see earnings expectations reset where i am at, and still being where they are and still people saying i am b bearish, but when you look at their exposure, their exposure is still high. >> victoria thinks you get a 10% cut on earnings. >> that's a great word >> i think most expect that expectations are going to be cut, and it's a matter of when and buy how much >> yeah. >> you are not sure what moves to make. >> yeah, the 240, i think we all know that's a pretty realistic number right now and now you are starting to see the revisions hit. what has changed we are still in high inflation, and the october print could come in high because energy prices rose and you didn't get relief
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from food or medical, and housing maybe but i don't think so and if you look at what changed and what am i excited about? nothing has changed at all, and the fundamental headwinds are the same and the dollar is still strong and the fed is still hiking and you look around, and i think it's too early for growth in tech, so i think we need expectations to come down and the only thing driving the market right now is energy, and energy earnings out performance, and everything else is a disappointment utilities, too, have eked out a little beat. you are seeing margin pressures. i think it's early right now and people are in a hurry to get the bear market done and they need to be patient because you have persistent headwinds, and you have an uphill climb for the growth and mega cap techs, and you have to understand where their earnings come from and how exposed are they to advertising hit back, and the recession has not claimed and i would argue we
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are closer into one, and in europe, how sacred are these earnings that companies are getting as the world slows >> the dollar is helping today, right? the dollar is a little weaker. even the king bear himself is more bullish in the near term -- >> who is the king bear? >> mike wilson >> mike wilson >> yeah, i thought you were talking about somebody else. >> he's part of my court, in fairness >> but even wilson, who is negative, can see that there are potential positives in the near term to make the market higher he says equity markets remain -- if rate volatility continues to fall, pe will continue to fall you are arguing, steve, that pes are still too much and he says they can expand more if rate
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volatility you spoke to goes away >> the reason they can expand is because the earnings are going down and the market is staying where it is. that's just an expansion verses the expansion we saw the other way, where earnings are moving up a little bit, and the pe multiple kept moving up. >> what about where you think earnings are going to go and we are going to have a recession and whatever, but it's further off than you think you have a pocket of opportunity that could be -- i don't know, i don't know how long, six months, nine months? >> i agree as i said before, i think it's volatile if the market sells off because the cpi is too hot or comes in as expected on thursday, the market will tradeoff and then bounce on friday, because there's just this appetite to be long equities. that's what the entire global industry is built on >> yeah, but you say there's no
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insaeugsable appetite today, but to run away? >> the volatility is greater, and the dow is going up 1,000 points, and it's not going down 1,000 points on bad days, and there are lower highs, and you see that and there's an upside when there's a flicker of good news and a lot of people are in cash also and i do think that the market can rally, but i want to get through thursday first >> carrie, we find out that it's a supply problem for apple more than a demand, and it's a reminder to everybody about how restrictive that policy is to business, and how reliant we are in this globalized world that we live in and where we get products from as long as that remains a question mark, what does it mean to the way you are thinking about the stocks that
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you own? >> well, i would say i am happy we are under weight with apple and i think it's not just a supply problem, it's very easy to say it's covid restrictions and supply constraints and logistics, but -- >> well, you know, unless you don't believe their earnings from tim cook himself, and i understand -- >> i suspect there's going to be slowdown in iphone demand because there's consumer slowdown across the globe. of course it makes us be concerned about the globalization effort that we rely on just in time inventory from around the world and it's more of a problem than we thought. i want to point out one thing, scott, which is interesting. this quarter, we looked at third quarter consensus estimate changes. after companies reported and almost all companies have reported, 90 plus percent,
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versus the past four years, and the distrust -- and i say disbelief and lack of commitment on the part of investors this quarter has been remarkable. for every 1% change down side on estimates for this third quarter when estimates came down, there was a multiplier affect of about three times the change versus over the last four years, so if the average 1% change affected a stock, you know, 20 cents, this time it's 80 cents, so there's bench more dramatic penalization of weak earnings and weak guidance this quarter than in the last four years. so it's through all sectors, and not just tech and communications, and on the upside, they have given companies about what expected, but it's been destructive to value if you have been guiding down and the estimates have been
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reduced. >> let's do this let's take a quick break i have a lot of moves i have to get to joe has three sells, and carry has a couple sells and victoria has a sell power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market
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we're back after this.
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welcome back i told you we have moves to get to joe turn over your first, disney, you sold it. why so >> sometimes you sell a stock based on price and sometimes it's based on the deterioration and fundamentals and sometimes you sell the stock because time, and i purchased the stock in september. everything that i advocated for at the time has not become reality. there's the cost of money sitting in something that is losing you money on a daily basis, basically, in the case of disney since i purchased it. i am down 12% in the position and i am still cautiously concerned about the consumer and
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i believe there is other places i could deliver alpha within my portfolio beyond disney. i will be very impatient with losing trades in the environment we are in right now. >> you sold it >> again, another example of a health care stock that should actually be out performing the overall market right now it has relative under performance to the rest of biotech and health care as a sector that's an example of where you need to exhibit the patience i am talking about with positions. remove that from the portfolio and redistrict the funds in a strategy you believe in. >> louisiana pacific, did you buy that recently? >> probably a month ago. >> that's recent, even for me, scott. >> if we are going to begin to try and understand time frames in the market, i think what you
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have to respect is that the market overall right now, i think we all agree, is kind of somewhat running in place. 10% up, 10% down, i don't think anybody has a clear vision on where it's going to go >> so why are you selling stocks that are running in place? >> your timeframe has to become shorter. if you don't have the ability to generate alpha you quickly have to move to the sidelines in the case of louisiana pacific, the reconstitution, added lennar, added home depot, added dh horton, right adding those names, it's increasing your exposure to housing, and now on the other side i am sitting with lpx which is not doing anything for me, and you have to have a form of risk management strategy in this environment and your timeframe, i believe, needs to be
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shortened. >> carkaren, you removed tarullo >> we were concerned about not just their top line in a difficult mack troe environment, and it was not as strong as we had expected also on the cost side, they have to be committed to improving their marchin. their costs are too high, and they are not earning money and we thought we would hearing is positive on that front they did not offer anything about improving margins significantly, so we decided before the quarter we would sell it and we did. i am pleased i think it's a great company but it's not the kind of company the market wants right now with no earnings >> fidelity, why did you sell that one >> so that stock we bought not that long ago because it was cheap stock, fis, solid cash flow business and processing payments, and they had a commitment to buying back shares the quarter was not good and it was below expectations and costs
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were higher than expected and revenues weaker. they pulled back guidance on how many shares they would repurchase it was not the picture we bought originally, so we decided we had better use for that money elsewhere. >> victoria, you sold allied financial. tell me? >> joe had a point on if you are will be to be patient some of the stocks will be attractive two or three years down the road, and allied is under pressure, and it has a lot of auto loans in there and that sector looks risky to me and i think the margin will be under pressure and it will be hard for them to grow earnings in this environment and considering what the makeup of the consumer base is in two to three years, i hate to go against mr. buffet, but i think i am too impatient and can't sit and wait on the stock considering the deterioration i
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see economically >> bought goldman, though. >> yeah, i like the reorganization and their ability to think ahead and if you look at the earnings in the companies making hard decisions, saying we need to be prepared and reduce head count and the market wants strong leadership right now. and goldman is a well-rounded company and is valued, and the wall street versus main street right now as things get worse, it's main street that suffers more and has to make the cutbacks i like my exposure there and i think it's a good vision it takes a strong ceo sometimes to say this is not working the way we want it i am not expecting investment banking to pick up soon, but their loan losses were a lot lower and i think it's a high quality stock that has good upside >> weiss, it's one of yours, right? >> yeah, i love goldman and owned it for a long time, and
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management don't wait for years to respond to issues, and this is a restructuring, and i agree. expectations on banking should be nil there will be some things getting done in mna, and overall, it's a great source of revenue but won't be there for a while. let's get to the headlines with contessa brewer >> here's your update. a close putin ally says he is carefully, accurately and surgically interfering in the past and in the present and pro promised he will continue to do so across the united states, candidates and their surrogates are making final pitches ahead of tomorrow's mid-term elections. president biden will be at a rally in maryland, and former
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president trump will stump for j.d. vance in the key ohio senate race. more than 42 million people have already voted early, and turnouts predicted to reach record levels. voters in a few states will decide key initiatives at the polls in arkansas, maryland and missouri and the dakotas marijuana legalization is on the ballot, and it's already legal in 19 states we will watch to see what happens there. >> thank you still ahead, the etfs you need to watch now, and plus the five stocks buffet berkshire is five stocks buffet berkshire is betting on, and we wil this is the planning effect. the hiring process used to be the death of me. but with upwork...
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and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? welcome to the et edge portion of "halftime report. is 2022 timely the time for active managers, and they almost under perform their strategies over time, but 2022 is seeing active managers out perform,
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among them commodity trading advisers, and there's an etf for that and let's talk to somebody about that etf, and dbmf is the symbol. this is hugely successful, and you are up 30% and you are emlating the performance of 30 cta hedge funds. explain what cta's do briefly and what is in the fund and why has this group of managers out performed this year? >> thank you for having me on today. they are hedge funds that seek to profit from trends in the market where it matters from a portfolio perspective, and we fell in love with this space years ago, because it's like having flood insurance and if you structure it right, you get paid to wait there have been floods in the market so they have been having an extraordinary good year and we benefited from that as well >> you are long crude oil but
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short everything else, the euro, gold -- you don't buy into hedge funds but you try and emulate the strategies here. it's amazing it was a good year for active managers but only if they got the inflation trade right here, and only if commodities are up and rates are up and dollar up, and if you got the inflation trade right this is how you got the right performance. not everybody did? >> yeah, this year has been all about inflation, and what i described about the strategies is this is basically been a year for most of the contrary cta hedge funds were in crash protection mode, and it's a strategy that is built to do the best during a period when the rest of your portfolio stocks and bonds is doing the worst >> the problem that i have with hedge funds, they are ridiculously expensive, and you are running this thing for 85 basis points, less than 1%
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you are getting hedge fund strategies with 85 basis points, is that right? >> yeah, we coined the expression, fever structure is the purest form of alpha and we meant if you can copy what these hedge funds are doing in a low cost and effective way, you tend to do better you are 3-d printing a car that everybody else spends money to build themselves >> yeah, keep the fees as low as possible we will have more on etfs and what they are doing in the strategies in attempting to mimic that andrew will be joined by the andrew will be joined by the managing directo so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to...
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welcome back berkshire of a the way, and that
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is warren buffett's, and the polio is focused on five names weiss, you got the first crack at this. down 3% year to date, relative to an s&p that is down a lot more than that what do you make of these choices in a very concentrated portfolio in different sectors, tech, finance, consumer, staples, energy. >> well, he's on record and i agree with him, that diversity is the enemy of performance. he has unique access to managements, and make your bets. i am not going to take issue with any of them they are all quality names >> you wouldn't bounce any of these? >> sorry >> you wouldn't bounce any of these? >> would i bounce any of them? american express is less competitive with the others -- with the other credit card companies, and has seen some moderations there to their franchise. chevron, no, i sold it too
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early. coca-cola, and you are not going to get rich off coke and it's going to be steady eddy, which is what you look for, and you have to believe that coca-cola will take a major hit, and so just a tax hit alone will be, you know, very painful >> how does this portfolio look to you in the here and now >> i think it looks pretty good. it has had great, great results this year. i i disagree with steve on american express, and it has gained lots of traction with young people, and it's an inflation protection, and people are traveling more and we are seeing that across the spectrum of different income brackets, but they are more protected because they are with affluent consumers. we think as a bank, basically,
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they get a their interest rate movement as rates go higher, so 13.5 times earnings next year, we think it's a great stock. he has a solid track record with these companies and no reason it should not keep out performing >> joe, look, we mentioned the performance, and this exercise is to pick through the stocks and say, chevron was up 50% year to date and anybody would take that well, exxon is up 85 year to date, so exxon or chevron? >> i think it's catchup. warren buffett and berkshire, there are institutional investors, and let's remember, they own a lot of private
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businesses and that's the diversification element. >> and a lot of cash, too. >> true. and so for the viewer at home that doesn't have that advantage, they need the diversification. i think the holdings he has are more representative of what the holdings are going to be as we move forward, where you will see the rewards. i think it's traditional there's no extreme valuations in any of those names you don't see emerging software and the hope and dreams stocks, and i think that's exactly the type of holding that the viewer wants to have going forward. these are all quality names and we have emphasized owning quality. >> he can't own those. he needs liquidity and get a big position >> doesn't he have a position in snowflake? >> yeah, but that came out of the private. >> i understand that, but, i mean, i think to our knowledge he still owns a stake, doesn't
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he he has some exposure to -- >> right he is not going to go in and buy a smaller company and bid it up. >> victoria, how about these names? >> i think it's funny, i will bring up oxy, and that has been the number one stock this year and he made a killing on that, and i know it's not a top five holding and he has done quite well on his energy names, and we like being boring right now. he has good diversification, and he's willing to be patient and as you talk about buffet, you have to realize he has a time horizon than the average investor, and they end up selling when it's down and buying when it goes up, and don'tsee opportunities in bear markets. he definitely made a lot of
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money on coca-cola. if you are willing to be boring and patient, you look to buy and not sell when things get hard. you can do a little better i generally think across the board not bad picks. we might like a goldman over bank of america, and we like american express and i think it will be interesting to see what he looks to pick up because he tends to love it when the market goes down, and that's the attitude i think investors should lack at is how do i make money in a bear market you have to ignore the price volatility on the current holdings that are not going to blow up on you, and he's looking at ways to get wealthy in the long term. let's look to buy discounts that have quality attributes to them. >> to your point, american express under performed both visa and mastercard mainly over the last five and ten years. >> yeah, and it's also an
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insurance company -- yeah. it's a different stock i think you are looking at them with a different risk of return profile. for an average investor, and he never said he was a hedge fund programming note, join us for a cnbc special, at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward.
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mike is joining us from the new york stock exchange for his made day word. are we trying to get ahead of the midterms is that what this is about >> yeah, it's on everybody's mind and history is very well broadcast right now. we know there has never been a down six or 12 months following a mid-term election year the market is not in suspense that much about the fate of any particular policy, but it's much more about getting through it and into that seasonal strength. again, even with that i think the market is very well split right here, and it's a 50/50 in terms of up/down volume today, and it tends to punish the wicked, and you see resilience in some of the more familiar areas, and energy actually had a new high today based on the s&p sector i think that's what we are doing
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here is differentiating as opposed to laying big bets across the board on some kind of a, you know, melt up into the end of the year. >> and joe spoke about the importance of tech and what it still has to this market can the market decouple itself from the meg >> well, we have to a degree all you have to do is look at the nasdaq 100 relative to the equality-weighted s&p 500. it's a massive spread right now. mathematically the big to be have to work at some level they seem like they got pretty well discarded last week, so maybe now we have a reason for a bounce outside of apple. i don't think it's necessarily healthy to think as the nasdaq goes, so goes the market, but you have to see a few things kick in, which is the two-year note yield has to peak decisively before you have
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something to the up side big and the tech has to stop going down every day >> thank you, mike his final world is the last words in "overtime." trades on some of the biggest stock calls of the day, when we come back. >> announcer: are you a veteran? e-mail as video with your name u n rank u n rank yocabe featured on o of modern work... [phone: turn left.] ...you need more than technology. you need cdw. [phone: you have arrived.] so we'll implement cloud based microsoft modern work solutions speciasecurity anywhere. [phone: destination ahead.] microsoft makes modern work possible. cdw makes it powerful.
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thank you for your service
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cara, it's s&p global, you have owned it for years. price target at 386 from 356, stock down 33% year to date. >> yeah, exactly we think it's a good time to buy the stock. the multiple has come way down bond issuance is way down. we may be nearing the pare of rates. that would be good borrowers cannot defer forever when they need their money, the info deal is closing, and they're buying back 10% of the float. all of those are positive. victoria, costco got a downgrade today -- we don't have victoria's shot.
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you disagree with the call >> i disagree. cramer disagreed, too. >> costco, there's an inflation resiliency, big box retailers, i think that's the right way to go in this environment. >> or he we thinking about retail estee lauder was downgraded today. you added home depot, tjx to the joe t. joey t.? >> in both cases you see the revenue growth, the strength of the balance sheet. so they're able to kind of endure this challenging environment. for the consumer, you have to be cautiously concerned about the continued resiliency we keep going back to chairman powell used the word "pain." when is pain ultimately going to be delivered you could arguably say there's been more pain on wall street fortunately than actually on main street. i think that's why you have to be somewhat very careful when
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you're getting exposure to consumers. >> weiss >> i league estee lauder, except i think it will suffer from the same pull forward from the pandemic, that some of the other companies did. obviously there's still a makeup -- look at joe right here -- but i think it will be okay for the long term it's an expensive stock, but man, they know how to run a company. >> when dracula criticizes you, you know he left out the word hair. >> they don't make hair.
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...is someone who can make the connection. at ice, we connect people to opportunity. 4:00 eastern time, "overtime. >> i made fun of long island >> adam parka, joe, you're first. >> 516. >> go. >> valero. >> victoria? >> devon, i'm going to buy it on the miss c'mon, man >> all right carrie >> home depot. if rates are peaking, that's a place you want to be the stock is down to below market multiple. >> i'll meet you at home depot
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at 250 >> i thought you were going to talk about skyworks. i did, but -- skyworks, the stock's barely down, despite the apple news 50%, 70% of the news comes from apple. to me it seems washed out, but i have to do more work thank you, guys. i'll see you all in "overtime. "the exchange" is now. thank you, scott, welcome to "the exchange. two tech titans taking a hit apple, and meta planning large-scale layoffs this week. a lot of questions remain. plus, do not let today's 70-degree weather fool you winter is coming it's going to be cold. there may not be enough energy to keep

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