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tv   Fast Money Halftime Report  CNBC  November 16, 2022 12:00pm-1:00pm EST

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guest room up on airbnb. he's going to talk about that process and this travel sector has been holding up very well versus some other parts of the economy. >> yeah, united today says the thanksgiving holiday will be the busiest travel day since covid began, so that's going to be key to watch especially on the lodging front. the judge has a great show let's get to the half. all right, carl, thanks very much i'm scott wapner front and center this hour the nvidia question ahead of its latest and arguably most critical earnings report the stock is down 50% from its highs but up an astounding 40% in the past month alone. so what is at stake for both tech and the chips, we debate that with the investment committee. joining me for the hour today liz young, joe tarenova and jim labenthal.
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the dow is fractional winner today up 40 points there's the nasdaq the bigger loser today down 1.25% 372, ten-year note yield nvidia is so emblematic of tech lately and for the year. it's down 53% from the high and crazy, up 44% over the past month alone. you sold it a couple weeks ago before this earnings report was going to come out. what were you concerned about? >> beta. concerned i was going to accept too much risk on an industry i'm not sure is pc, is mobile at the trough are we going to see further weakness for data center, for industrial those answers we're going to identify tonight look, you've had positive reaction so far from texas instruments. they told you how bad things were, the stock rally. semis have shook off so i think you look at nvidia
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and you say this is a b bellwether, scott. it's going to come out tonight and tell us sales are going to be down 15 to 20%, tell us they're not going to see double digit revenue growth until 2024. the valuation is still high. the macro environment is declining, but with all of that considered is there enough resiliency right now in the stock, has enough negative news be priced in that it will be able to shake it off i think that's the reaction the most critical thing for the entire semiindustry. >> you've got the hicron overhang, too. you sold it, too, farmer jim you sold it a little further back, back in the summer >> it was always uncomfortable for me, scott, you know that this multiple in general was uncomfortable for me and granted nvidia has been able to buck a lot of the cyclical trends, but everything, joe, you
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just said is exactly right we should expect nothing from the earnings and nothing from the guidance, but the response is entirely tied to the sector, the semiconductor sector we know it had a very torrid rally. it doesn't matter whether it's invid you or qualcomm, pick your poison, it's pausing today i don't think this in response with anything going on with any one particular company i think this is just a pause in what otherwise has been a torrid rally. for that rally to continue what you really want to hear from nvidia or anyone else is the feeling that, yes, we're in a slow down but very temporary in nature qualcomm said, hey, we've got two quarters ahead of us now, the market may or may not have believed that, but that's what they're saying. if nvidia backs that up, the whole sector -- and nvidia has got a heck of a beta, then the whole sector can rally do they say temporary slow down -- >> i was surprised you bought the stock in the first place to
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the original you were alluding to because of the valuation in and of itself the day you bought it, which we looked up at my behest it was 66 times when you bought it, right? that's not something you normally do. it was 46 when you sold it >> yeah. so, you know, scott, look, i am a valued investor. you know that. but i'm not 100% value i do tend to have around 10 to 15% of my portfolio in some of the growthier names. nvidia was in there. b b but, look, i tried it, it didn't work out in fact more than growth at a reasonable price, they're value stocks >> what i want to know if we extend it beyond nvidia, and we'll get to chip in a second
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but tech overall, fror what what was once one of the heavyweights, i mean the market cap the crept up a lot, and it was so low on so many corners of the street, right? every corner on the street loved invid you, so now what for tech what is riding on this now when tech has rallied a lot in a week but still down a lot and people are questioning the viability of that trade? >> so first i'd like to tell you that we put together a chart that is right in the speet spot. it's stocks that were down 0% or more from their 52-week high. they've had this enormous snap back, since 22% versus 9% for all stocks over $5 billion, and that's because the market has been so concerned and so risk off and so jittery that once we got a slight -- a slight piece of news that was positive, just back to the races.
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now we're in this quandary where we heard a piece of bad news today on the earnings side from target sphnow we have to struggle is it earnings or inflation? when we have good news on inflation the market goes higher, bad news on earnings which was negative on inflation because more people not spending money is better for inflation, but the market doesn't like that so invid you has to recognize they're in that tough mental sort of fight that investors had if they do not put up something that's going to be seen as positive and consensus estimates come down, this stock is going to get hit hard. >> jimmy just said interesting words i want you to react. expect nothing from the guidance >> investors always expect if they see something that is disappointing and those numbers start to come down, you're going to have a multiple effect. >> i'm asking you honestly crypto, that's been a major growth factor for them >> it's data center. it's gaming. it's the more relevant things to
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the bigger picture i know, but it's more important to hear from them on gaming and data center, but if you do get nothing from the guidance, you're going to get nothing from this trade >> numbers have come down already, though, significantly >> i understand that but they could come down more numbers had come down in the third quarter from so many companies that had suggested business was not very strong and the multiple effect on how stocks responded has been much better, double the reaction over the past several years >> maybe we get a read on what's happening in china with stacey raskin as the numbers hit. maybe the headwinds won't be as bad. you've got interest rate trajectory to consider, which, by the way before we came on the air a few minutes before goldman added another rate hike to their forecast map in may after mary daily was in liesman this morning saying pause not even in the conversation, not even in the conversation and she sees peak rates to 5.25.
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that's negative for tech overall, isn't it? >> it is so let's start with tech overall. where does the sector go for the next let's say 30 to 90 days i know there's a lot of people out there saying the market kaechbt get out of its own way without tech coming back to life and being a leader in this environment --ane an environment especially when we continue to get layoff announcements and we'll not be surprised if we hear guidance from 2023 come down for a lot of those companies. if we go into semis as an industry group, semis as we know have sort of taken the place of transports as the cyclical indicator particularly in technology, which is important to note because tech is such a big part of our economy.
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i would be a buyer of semis if and when the labor market finally breaks and the economy starts to look like it's nearing that bad point the labor market so far in the data has not broken, but you want to see that last piece of stress really come through it's starting to break, absolutely but once it starts to spread out beyond tech and affect the data like unemployment rate, we see initial jobless claims tick up, that's when i'd be buying semis. i think we see a leg down before we see a leg up. >> i'll tell you what, forget about the semi rally if this is bad -- and i mean a rally. the smh is up 20% in a month over the past one month, again it's 31% off its 52-week high but these stocks have done a lot. best week since october of '01, big picture the worst year since '08. and the street is deciding
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whether we have bottomed or not. christina is at the nasdaq following the story of wall street trying to get more bullish. christina? >> yeah, it's time for investors to buy some chip stocks. and then you had bernstein say nvidia is close to a bottom. and you just mentioned the smh stocks, both over 20% higher in the past month alone prompting many analysts on wall street right now to turn bullish. the big question is that call too premature. just today micron announced cuts along with further cap cuts. micron is even predicting that dram growth will be negative in 2023 and then recently amd posted the slowest pace of sales growth since 2020 and disappointing sales guidance for its december quarter. the stock is down over 4% today, but you've got ubs, baird,
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placing emphasis on its processor chips. many bullish calls says its data center revenue, which represents roughly 50% of total quarter revenue would offset the fickle gaming and crypto mining segments and that the company should get a boost in chinese revenue after offering its chinese customers u.s. approved chips. but the selling price of those chips are lower, so what does that mean for margins? and perhaps the results will be like the latest cpi report, revenue down >> sort of a check up where wall street's at. amd 31% over the past month. nxp, 22% intel is up 15 qualcomm initiated outperformed 150 price target
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they got 210, by the way, and outperformed on nvidia micron outperformed. sky works outperformed texas neutral and intel neutral as well. >> let's tell the other side for the viewers and let them decide what they should do here the analyst communities marking down estimates the analyst community besides the note we just read saying there's a bottom, the analyst community kind of looks at the space and says, okay, not yet. what about the institutional activity in the 13 fs? warren buffett with 5 million stake and other hedge funds taking positions in names. >> it's a bet on taiwan semi >> it goes beyond warren buffett's bet. there are other hedge funds going out taking small positions in invid you so i think looking at the semiindustry, i think it's
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idiosyncratic at this point. it's finding opportunities in individual stocks. you mentioned the beta on nvidia i just wasn't comfortable with it it's 2.23. microchip, 1.56. kal corp, another name i think you could own here, much lower to a certain extent broad comanother name. so i think you have to look at these specific companies and say, okay, where exactly can we mine for individual opportunity in the sector that's seen significant deterioration? >> qualm comwas one of those that ou performed, 150 nxp with a neutral 195 on the side lines they say until visibility improves. >> yes, so there's a lot in what you just said and a lot in what you two just talked about. this is cyclical industry, so it's a question where are we in the cycle. when i read the note on qualcomm
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i heard them, say, it's the most exposed to cellphones. which we know is in the dump right now, but a question of when does it come back do they see it coming back sooner you said something a second ago that caught my ear it peaks my interest >> that's why i'm nervous sitting over here. maybe it's taiwan semi, maybe it's the space but here's the notable part. he's been sitting on cash for a long time. he's been sitting on a lot of cash for a long time and started to deploy it i think it's a question whether nvidia, qualcomm or the semiconductor space do you believe we're going to have a soft landing or crash landing. i think the strength of this economy, what you're seeing with inflation that the odds of the soft landing are increasing, and i think that's why some people when they're diving into the
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space, you can't dive into this space if you think there's a brutal recession next year >> okay, in the few minutes we have left in our first segment let's talk retail, right, because obviously one of the biggest stories in the market today is target. after wal-mart you start to feel, okay, feel better. and then target drops a bomb today and the stock is horrible. you know, it's down almost 12% it's the worst day since may, and remember they've done this to you a couple times, not that you necessarily have a position in the stock but it's a reality check from where we are on some parts of retail, where inventories are bloated and it's going to take a long time to work it out >> it's fascinating because there was a lot of optimism about target stock was up i think 29% the last week and a half so they've given back half what you heard there are consumers higher end than wal-mart are more concerned about the price of the products they're buying, and again as i
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mention this is the struggle between inflation and earnings over time stocks follow earnings, we know that but over this past year it's really been about inflation. when inflation prints have been high, the market has really collapsed. and investors have been so excited recently when there have been two pieces of news that were positive about inflation coming down. what target said is that consumers aren't buying as much, they don't like the prices we have a lot of inventory we have to get rid of it as lower prices all of which are disinflationary. the market hated that. the market wants earnings again, so all retailers are going to face this challenge over the next few months. >> not necessarily all, right? wal-mart still up, costco good you just bought wal-mart i was going to wonder, okay, after i heard target maybe you bought wal-mart too early, but, no wal-mart and target are very seemingly specific stories for each >> price conscious consumer, i agree with that.
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the management of inventory is so critical here, and how are these companies doing that now wal-mart clearly taking inventories from 26% down to 12%. they're managing the inventory well so i don't know that there's this universal contagion that we're all expecting in retail, home depot, lowes, both doing well dollar general is a place that i've been for quite some time in the jot strategy, hanging out there as you see the trade down unfolding. >> i don't see you wanting to go into apparel retail. look at those names today. khol's, gap, macy's. all these earnings are coming, too. >> right you're not going towards the retailers where the consumer is expressing themselves in the form of these are products that i want it's these are products that i need in that environment and wal-mart whether it's, you know, grocery, lowes, home
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depot, dollar general, that's where the delivery of the necessities is unfolding >> how do you see retail, liz? >> right now i think there's a lot of conflicting forces in the story and you hear from companies like target versus wal-mart like the retail sales data was actually pretty good today, but it's backward looking. as we get through now what's the holiday season, if you look back in time, back in 1990 and pick the market out into industry groups, there are 24 industry groups, retail actually does pretty well consistently in november so retail stocks we can expect if history repeats itself should do well in november. that shouldn't be a surprise i don't think it's hit sentiment too badly yet, but in december they follow the bottom of the pack and you have things like consumer services rise up to the top. i think what we're seeing right now in retail you've got staples versus discretionary, so you've got the items people have to buy, they don't have a choice
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and they're looking to save money on it. so they're going to shift their purchases back to a place where they can save money and those discretionary items are what's going to hurt. i would expect there to be a slow down in spending particularly in discretionary items, and i don't think that retail is going to look great by the end of the year, but i think it still looks great in november because of this sort of pent-up excitement about a holiday season >> we start with growth, we have this conversation about tech, move to semis and go to more cyclical areas or value areas, and that's where i want to end and i want to go to you, jim, because wolf research has an interesting note about the industrials. value i think more broadly, too. the idea it feels a bit frothy these stocks have done quite well you can still be positive on the economy. that doesn't mean these stocks just continue to go up, up, up and away and at some point you have to assess whether it's time to take some profits, which they suggest it is. n now, internally and externally
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overbought at resistance, they suggest. >> that may be in the short-term there's a healthy debate going on there's other people saying don't get carried away in the value trade. other people like me looking past the short-term and say, look, once we get past this whatever is happening with the fed, whatever is going to be, there was infrastructure spending approved last year comes home to roost in terms of this coming year, 2023 you've heard me talk about supply chain onshoring it's big it's hundreds of billions of dollars going on, and that frankly is why industrials have outperformed over the last few months could they pause to wolf's point, scott, of course they could and maybe they probably should, but in the long run this is where you've got lower multiples than growth and potential for higher earnings growth >> have they bounced -- sorry to step on you there. have they bounced in anticipation of infrastructure spending or have they bounced
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just along with everything else in what has been a bear market bounce >> could be all of the above to your instance to your point are financials performing on the perception maybe the fed is closer to being done with rate hikes and maybe the yield curve will steepen that's something a bit more short-term the industrials i mentioned that feels like it's got more long-term oomph to it. energy, i think most of us would agree there's a secular problem going to go on for quite some time in terms of the supply demand imbalance i really see a value trade to continue >> i don't agree with the cyclical -- let's call it what it is. i think it's a defensive trade i think it's all of these sectors represent a defensive element in the market that communications services, consumer discretionary, the defense names, aerospace and
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defense -- >> i think at times it is. >> caterpillar >> yeah, i think if you look at the performance of caterpillar -- it might be, but it trades the way coke, proctor and gamble and pepsi >> let's not get bogged down on one individual stock point i think oesh all we're making the mistake oflooking at this and saying, okay, we're looking at cyclicals, and it's not it's defensive the down grades in both home improvement and health care we're going to debate that next. we're back in just two minutes ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges
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all right, we've got applause going on today across the board. let's talk home depot, one of our calls of the day they downgraded today. market perform from outperform, price target was 350 previously. risk reward entering 2023 balanced ongoing risks headwinds to the housing industry and shares recovering nicely off of 2022 lows stocks recovered, and now you've got uncertain heading into the new year fair call?
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>> we like it. i think home depot is one of the companies -- >> you like the stock, you don't like the call? >> no, correct i like the stock, not the call yeah, this is a stock that has suffered it's not as if it had a great year it's been recovering recently. >> 13% in a month among other things >> and we heard from lowes today. that had a good quarter. their inventory control seems to be working home improvement is not going away because the housing market is soft. interest rates, of course, affect all kinds of loans, mostly mortgages people still invest in loans and 90% of home depot's business is renovations, improvement, not in construction >> marvin elson told you that today on the network, didn't he, lowes ceo.
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we continue to like home depot >> jimmy >> i don't agree with it but i understand if. because what happened third quarter results beat and they kept their guidance for it year intact the analyst is looking at that, he's looking at an 18 times multiple he doesn't want to get out on a ledge here and say anything about the housing market turning. it's a little bit to me more of a house keeping call in the long run first off the results were terrific. so it shows even as mortgage rates are at 7%, maybe we're not buying new homes but we're renovating our existing homes. and that's likely to continue going forward. i'm not going to sell with the operative results i see from home depot >> you questioned it the following monday i remember you doing so and you were right at the time to do it. >> i'm concern i'll do it as i'm talking.
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>> i really like home depot, you gave me a big problem -- go ahead. >> i think the analyst community and the suspicion they have and disbelieves surrounding identified with these earnings, okay i like that i like that negativity i like the sentiment remaining negative overall i said this yesterday on overtime with you, right now look for stocks that have double bottoms. a lot of people don't believe in sector performance but this stuff works. if you've got to bottom in june and then you test it, that bottom again in the september, october time frame and it holds, that's a stock that gives you a great point of reference you want to buy it 264 low in home depot in june. why wouldn't you be long against that in a stock that trades 19 times earning, has a strong sales growth and proven to be
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reviliant? >> i got you deutsche bank, hold from buy, 85 from 121 >> it's at the bottom of list of stocks i own i'm trying to find enthusiasm for it but the thesis fails to play out the main thesis is post pandemic there was supposed to be elective surgery that was on hold that would come through here and it hasn't come through. honestly at at the bottom of the list of the stocks i own >> i'm not selling it today but pretty clear about how i feel about it >> it hasn't participated at all in the rally and three-month, six-month year to date no good >> let me be clear i would start here i wouldn't buy it today. i'm trying to talk to the viewers here very specific i wouldn't buy it. i'm looking for the exit >> so are we we're going to take a quick
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welcome back to half time. i'm bertha coombs. here's our cnbc news update this hour polish officials and the head of nato both saying that a missile strike in polish farmland did not appear to be intentional they also believe the blast that killed two people was probably launched by air defenses in ukraine. if russia had deliberately targeted poland it could have risked drawing nato into the conflict the average number of covid hospitalizations and deaths continue to fall this comes as the emergencef new omicron subvariants can evade vaccination and immunity from previous infections. experts say this could be the sign of a new phase of the pandemic where fewer and fewer people who contract covid are sick enough to be hospitalized and the senate is expected to hold a key vote wednesday on a bill to codify federal protections for same sex marriage the vote would determine whether to proceed to the bill, which
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would set the measure up for possible passage democrats are aiming to pass the legislation before the start of the new congress in january when republicans are expected to take back control of the house by a narrow margin. scott, back over to you. >> we're back on the half time report a new list we wanted to shoyou today. they call unloved stocks with favorable signals. those signals being, listen up, 40% of lesser ratings or buy and the last 12 months under-performance. at least two of the following, a ceo change, high incremental free cash flow return on equity, accelerating eps growth, low shortage so you've got to have two of those plus the 40% or less of ratings or buy plus the last 12 months of under-performance. so kinder morgan is on your list >> everyone looks at it as an energy stock
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it's doing well, by the way, but the thing is it gets looked at as a utility stock this is a yield plus growth call over the year it tracks not only the xle when you include the dividend but also the s&p over five years over incremental free cash flow they're making a lot of money transferring natural gas through pipelines. that's likely to continue. that 6% dividend yield is likely to increase meaningfully in the next six months. they're buying back shares so if it's undervalued and they're buying back shares, i like all of that. >> all in the jot, oneok >> this is what we do in understanding the metrics surrounding the balance sheet and quality. let's first take tyson foods
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that's consumer staple we own ten consumer staple names. the only consumer doing worst that tyson foods is -- while is it performing so poorly? because there are other names we own like sis ko that are giving you double digit revenue growth. in the case of tyson you're getting single digit revenue growth so without question it's underperforming. it's disappointing owning it in jot i'm not going to say the viewers don't own it. i will tell you we'll deal with it one way or the other. oneok a name performing relative to the other natural gas names oneok up 16% year to date. you could turn your attention more towards an eog. that's a name that has given you more of a positive performance in the natural gas space and one other name would be old dominion, industrial name. that's the one name that i think
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you could go out and buy you're seeing a good recovery there, trade at 26 times >> some of these names, yes, i meet the criteria, but they're going to be hard to maybe hit the button to buy. i mean pinterest is down 50% from its -- from its high, at least it's change over the last year social media stocks we're talking about advertising, et cetera gap is on this list, interesting timing there intel, if you look at chip stocks that have underperformed over a decent period of time there's some airlines, anything on this list peak your interest? >> well, not really. we have stocks that have gone down way more than the market this year and we like those names. so if i were to look at a list that includes high cash flow and combination of stock underperformed and maybe there's something turning positively, s&p global is the sort of name
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as an example and home depot was. >> carnival corp, underarmor, docu sign. >> docu sign was something people thought was going away. i think the word was they're going to cease to exist in the next year or two, and if you think that's not the case maybe take a flyer i think everyone needs to be careful if you bought any one of these stocks you're really putting lot of eggs in the basket and that's pretty high risk we take a quick break and talk about meta's losses mounting you do have bullish calls coming from the street. now we have new reporting as well about why meta is going to keep spending despite losing money on the metaverse we're back in two minutes. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones thinkorswim® by td ameritrade
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all right, welcome back. meta shares, they're falling today, pacing for their worst year ever. despite last week's job cut announcement the company is still planning to spend big on its metaverse bet.
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i mean i'm not surprised obviously they're going to spend. the question i think for many is are they going to spend as much as i thought they were before? >> our tech executive council event yesterday and i asked them that why is it so expensive what are you spending this money on, and his thesis you could say matches mark zuckerberg's which is we're building a brand new computer platform. we think we're fundamentally going to change the way people act online, use online services and so forth and create this new 3-d version of internet. so just bear with us it's going to get better meanwhile, look, they did layoff those 10 or 11,000 people a lot of the people were from the traditional facebook businesses, like hr and things like that, which by the way lost $3.6 billion just in that one quarter alone and expected to lose even more going into next year until they get through this
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current product pipeline and spend their way through that >> so they -- they may very well do what they say they're going to do? they may, in fact, change the world through this new computing platform the question i have for you, carrie, though, the problem with that steve just said they're going to spend a lot and very expensive, and in the current environment given what the stock has done do you have the patience that steve says they're almost demanding that people have >> by the way, that patience ten years or more. >> not that patient. >> that's what it is >> when i heard the interview i thought to myself i really did, he's got to say that he's got to say we're so committed to this. this could be ten years, so many billions of dollars but -- >> didn't they say that before and that's part of the problem now people want them to say something different. >> correct, and they have said something different because you get to the point where sort of
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the elastic snap and zuckerberg says, no, i made a mistake and i wasn't going to fire anybody but i guess i'm going to fire 11,000 people now suddenly they're giving up space left and right and including in boston, and you see it over again with tech companies committed to a spend, and then suddenly they get religion on the comp side, and nobody likes when their stock options become worth less and less and less so i hear what you're saying and just think that it may not play out that way, and if you have twitter losing their audience and tiktok perhaps being banned there are things positive about this, even though you have been negative on this side >> in other words, you remember the most recent altimeter letter from brad gerstner which we told you about on this show, and it was getting fitter and more focussed and it extended beyond just the rank and file of cutting the workforce to what he thought was
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a more appropriate level for the environment that we're in. but the spending on the metaverse, investors are highly critical of it are they listening or not? >> it doesn't sound like they're listening at least in the near-term because they're going to increase spending again it's going to be well over 10 billion in losses for this division this year, and they haven't predicted what's going to be next year but going to be more than it is this year. and it's going to kind of even out and slow down after that, but, no, they're not listening they did layoff, but again not where the altimeter folks would have prefer. >> it's just more broad than the move from the workforce. >> they did point this out to me yesterday, too, they always point back to the core business. we're still strong there and they're really putting a lot of effort into whatsapp you might have seen the recent commercials about whatsapp they think that could be a
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business communications platform they haven't completely monetized whatsapp they do like to point back to the core business and where money is coming from and versus all the money they're losing on reality labs up next mike santoli is with us for his midday word lfime is back after this
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all right, we're back with
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senior markets commentator mike santoli. we look ahead to nvidia and its importance what do you think about all of that as the framing today? >> you know, with the continued fed speak in the same direction, yes, pretty much hawkish yet reiteration of what we've already had out there on the table. but the market seemingly at the moment able to keep that type of danger at bay. of course it comes on the day when you have a pretty good aggregate retail sales number that, you know, the data refused to cooperate with the idea of some kind of inevitable slide into a recession even if a lot of the leading indicators do still point in that direction. so the market struggles with the lags in terms of nvidia obviously all the semis came very aggressively off their lows we talked about that yesterday and obviously vulnerable to this micron news. i think one of the features of this market the last several weeks you can't avoid is that individual blow ups have not taken the entire market down, at
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least not now. maybe there'll be some critical mass of bad news that will do it or fed hawkish speak it's not happening just yet. >> maybe, look, nvidia is up 40% in a month that's a staggering move at a questionable time for that -- for the business and for for te at large >> absolutely. i think you do have to scale all of these moves when it comes to one of these rebounds based on where it came from before. if the stock gets cut in half and goes up 40%, it's at that price right now, not very long ago on the way down. it doesn't forgive anything or tell you whether it's overdone or not, but that's the market we're in and nvidia has traded right with tesla. it shows you the amount of high-levosty money that's been in a couple of those names from the highs down to the lows >> that's mike santosantoli. we'll talk cisco, next
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the shares are up 10% in the last month farmer jim owns it well get his thoughts on that stock ahead of the print, next 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 with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity
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jimmy, there it is nvidia's getting all the oxygen today for obvious reasons, but
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cisco, chuck robinson's company, going to deliver after the bell. what are they going to deliver, is the question? >> i think they'll deliver good results and good guidance. it's not just because i own it you heard me lambaste med ttronc earlier today. i put that up against jpmorgan that sees a beat in raise. ultimately, this is about enterprise spending, which when you talk about companies that spend on cisco systems, they're not talking about spending for one quarter. they're talking about spending for multi years. i don't hear anyone saying, hey, even if the next six months are slow, we'll interrupt our plans. i think you've got a good set-up here it's a steady stock. i want to say something that's a little bit provocative maybe you'll think it's outlandish >> don't enrage me >> i might enrage you. maybe cisco is more important than we think. i looked at the market cap nvidia is about $400 billion in market cap >> this is 183
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>> this is 183, right? and remember, this was once like one of the biggest companies in the world. we were talking about this, this was the biggest holding in her portfolio 20 years ago and i think it's more important than maybe we think. i know invid is more important, but cisco doesn't get the attention it should. >> i'm wondering, china issues have been an issue. >> chuck robins reported -- >> you just, i'm sorry, you missed this and i nailed it. the other half of this is supply chain issues they've been having for several quarters that's really what you want to see some unclogs of, which is possible and even likely to happen with what we've been hearing from the companies >> we'll step away and come right back with final trades, next
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good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that.
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we told you what's coming in overtime nvidia earnings are critical for the tech space, for semis, maybe for your portfolio, too. cisco as well, as we just mentioned. josh brown will be us off the top today, to look at all of that, react to it in realtime. chris toomey, morgan stanley, private wealth on what he thinks
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about the market here, where he thinks we're going, as well. let's do some final trades liz young. what you got >> food and beverages headed into the holiday season. this is something that i think that people will not sacrifice and as inflation comes down, the input costs come down. and i think these companies can do pretty well >> thank you for that. kari >> amt, american tower the stock has pummeled, as the fed raised rates as fast and as hard as they did and they have to build more towers the demand is there. interest rates may have peaked they have interest rate built in we think the stock can go much higher >> on semiconductor. trades are about 17 times ahead earnings >> gutsy move. >> and pharma jim, what have you got? >> cisco systems a very attractive valuation, by the way. good dividend yield, steady eddy even if i get blown out on the earnings, i don't think i will, this is something i'm very comfortable holding for the long-term. >> you're okay to recommend
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people to buy? >> that's what i'm saying. >> to buy it now ahead of the earni earnings >> and enterprise spending goes on for years stick with this. this isn't something like netflix -- i'm sorry to pick on netflix. you're down 30% per quarter. i'm not picking on netflix you get the point. >> thanks, everybody ill see you in "overtime." "the exchange" is now. welcome to "the exchange," everybody. i am brian sullivan. here's what's ahead on a big 60 minutes. it has now, a thousand days since the market peaked pre-pandemic is there any coming fed pause or reason to think that we are going to go back to the new highs next year? barry knapp is here with that. target shares, they are crashing and you may not believe one reason why we'll talk about it and all the retail earnings. and we are going to hear in moments from carson bloc he just busted out a brand-new short stock today. that stock is tanking. we'll give you the name. the trade, and why he thinks it

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