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

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even with this headline about the london stock exchange stake, and we'll get some other high-profile names over the course of the week and home building from lennar and adobe and oracle, john will be huge ones to watch amid the macroenvironment and adobe hopes keeps going. >> let's get to the half carl, thank you very much. welcome, everybody, to "the halftime report. i'm scott wapner momentum for the rally and whether the stmarket will send stocks surging and kill the santa claus appearance we'll discuss that with the investment committee, joining me, bryn talkington, joe teranova, and you see them and the dow's good for 278 there it is. s&p a half percent 358 the yield on the ten-year note and liz, the cpi is everything tomorrow and the fed is everything on wednesday what do you see this week?
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>> i think it's tomorrow more than wednesday so your opening comment was does the fed send us, catapult us into the rally into the end of the year, if there's anything that keeps a rally going into the end of the year it's cpi tomorrow i am not incredibly hopeful. >> is that because of the pp next week? is it because of the wage growth is revised upward. i'm not that optimistic that it will surprise us to the downside if you're betting on a rally into next year and if you're one of those that doesn't believe that we have another drop in the market you must be betting on multiple expansion because you have to assume that earnings are at least going to stay flat, if not come down further. so you must believe that multiples will expand. i find that very hard to believe in this environment when we have a forward p-e at 17.2 times
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which is right at the ten-year average, but over that ten-year period, we had a ten-year treasury at 2.1% and we spent five of those years at zero rates. so it doesn't make sense to me that we stay at 17.2 times forward earnings or go higher than that. >> it doesn't make sense to go 17 times for oppenheimer and we see a multiple of 19 times and up from 17 230 is the earnings call there and they don't see things being as bad and let's stay on the here and now, all right? that all that looms ahead here and the cpi, they are likely to send us higher >> liz is right. it's all about cpi and it's all about the ability tomorrow and let's replace the word momentum which can bring us higher and let's insert the word sentiment and positioning. >> terrible. >> exactly that's the exact reasoning why if we're going to have a rally
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off of the cpi tomorrow it's going to be built upon what we washed away over the last week which was we washed away a little bit of bullish sentiment. we washed away a degree of bullish positioning and right now it's reflective. if you look at the vix which is 6% higher today. the vix right now at 24. what that's signalling is that there is, in fact, in the options market some call buying which is lifting the vix higher and the call buying is being put in place because there is this belief that potentially tomorrow you can get a surprise to the upside for cpi so i think those are the two critical words for cpi tomorrow. i think it's all about shelter and what are the shelter costs we know that gas is going to be lower and we know that rental cars and health services will be lower and tell me what shelter is going to be and i'll tell you what to get from cpi >> tom lee, reasons to see upside in the next fewec woos and you see several of those as
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he articulated in his nose of late we think there is fundamental momentum to the idea of inflation that moments up is falling faster than expected and they're falling by most on record and it seems like clearly inflation is going in the right direction. the stocks, for the most part have not been going in the right direction and we've sort of stalled out. do we get things going again for the next couple of weeks this week >> i think tom's narrative around -- i don't want to put words in his mouth, but i read his report this morning is that we get a cpi report month over month at .3 or lower and why that's important is last month for october's reading month over month was .4 his sense is you get a break and all of a sudden we have two months where the cpi is coming down and jay powell is we have multiple months and the problem i have with that is the cleveland fed has their own cpi now cast and as of december 9th
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they're predicting .47 tomorrow and that's as of the 9th and so that would actually see a tick-up from the month before. and so, if you're trading today for a huge pop because we're going to be below the .4, i'm going to go with the cleveland fed and say we'll go above that because once again to joe's point, housing will still just be sticky even though rents are coming down, et cetera we all will talk about that and investors will continue to be fr frustrated and when is the fed going to come down and it will take time and stay the course. the trades continue to work for the next few months and vice versa. the trades that don't work will continue not to work >> you are playing for a year-end rally you kind of have been even though you've been negative and right. we still have work to do according to piper sandler who said you need to retake 4,000.
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50 points and 46 points away from that and you need to get away from the moving average and you have work to do to reignite hopes of a holiday rally into the end of the year. do you feel that you can get to the point if you can get through reasonably benign cpi tomorrow that we can put something together here? because i know a lot of people are hopinging that we are. joe said positioning and sentiment are horrible >> you know, i was playing for a year-end rally and as i said on friday, it's getting very late and very early and i'm skeptical in the rally and my positioning is as low as it's been all year. >> making joe's case >> i'm not making joe's case. >> yeah, you are, from a positioning standpoint you are everybody's negative >> everybody is not negative every strategist you're talking about is fairly positive
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>> every >> tom lee is stating the obvious. >> pretty much >> every >> here's what i'm buying, scott. here's what i'm buying i like this, and we've even had the most ludicrous of all comments of people coming on the show saying i'm buying industrials because they're going to do well industrials are one of the worst-performing groups in an economic downturn. they're an early cycle stock i'm going to make a pinch and forget the short termism and take the longer term, and you know what that look is it's negative. you have the full force of the fed coming in and you're crushing, and they've got 19 times next year's earnings and that's a premium for the next 50 years and the markets come down. >> i see a lot of people, weiss, who are negative, who think that
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the last half of '23 will stink and the market has a chance to do something special in the next half of the year, and you've even agreed so what are you talking about? >> they're saying r scott, here's what they're saying he had the short term, and it will be punked, but if you look out it's going to be great so position now and take advantage of them and don't try to time the market when in fact, they're the ones timing the market and they're the ones saying buy here because if they thought the market was coming down 20% which they possibly could. who in their right mind would buy anything now getting 10% cheaper and smaas a matter of f, that's a above average market for performing the market. they're counting bearishness because they're sitting with their butts in the top of the fence and i don't want to be wrong in case the markets go down i don't want to be wrong in case
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the markets go up. what i tell you unequivocally is the markets will go down >> you could fire him up >> steve, i'm sorry. >> i love it, keep it coming, scott! scott, keep it coming. >> i can read you like a book, weiss. >> i don't think that's a unique perspective. i think from a positioning standpoint and not predicting or forecasting where the market is going to be. i think when you study the internals of the market and the dow jones industrial average and the blue chip type of stocks, those are the stocks right now that have the resiliency and that's because everyone's alloca allo allocating in that direction and who is going by emerging software. >> weiss is right. everyone is coming on talking about cyclicals and industrials. >> that component i do agree there is that element to it and i've been suspicious with that all along and i'm with steve on that one look at what every wall street ceo came out and told us they're not confident.
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>> they get paid to worry. what are you expecting to say? everything's great you get paid to be hurricane jamie, right you expect them to come out in the sell side conference, the sky is blue and i see blue skies ahead for 2023 >> i can understand the perspective of jamie dimon, but not so much the perspective of sullivan that was puzzling. >> the fed, the expectations fall by the most on record we have our own survey steve liesman joins us our own economics reporter to see what will happen this week and it's all a party of of what is said that that matters most inflation has peaked and recession likely and soft landing and the most important question, i think, for our viewers is how you frame the question is the worst priced in becausior findings there were quite interesting, weren't they? >> yeah. they went a little sideways,
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scott. it gets your attention when you see it markets it down and that's an interesting development and they're not predicting much worse when it comes to the ten-year and they're not predicting much worse for the s&p and they're looking for a gain and apropos for the discussion and i don't think everyone in my survey was as angry as weiss. >> that's a base case, steve you can say that every time. >> i know. i know i know mine is to kind of make fun of you sometimes, but anyway, you see that 61% chance of a recession and there is a contingent there and we reported this a week ago and the journal has the story today and there's a 25% contingent out there that says hey, maybe the fed gets this right and maybe we don't have a recession most people, two-thirds are
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looking for that recession and the fed's tightened it too much and there's a higher group, a bigger group of people right now that does think there's a soft landing, perhaps, on the way >> the other chart you have and throw that up again is the one where you talk about the levels for stocks when you talk abouto the respons that see the market going and it's not the most dire picture of where the landscape suggests that it would be >> scott, i have to apologize i'm not sure we loaded that chart in the system, but i can get you the numbers. >> i want the numbers. >> which is fairly interesting the numbers are about 4,000 in the year and 4400 by the end of the next year and that's the 12% of where we close on friday according to my calculations
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360 on the ten-year by the end of next year and the damage is done and priced in that's according to this group you never know what the stock market knows right now and what it's already priced in, but that's their belief and worth pointing out, another 75 basis points of rate hikes built in. this group was a little more aggressive than the market is, and the peak rate in the market and this guy is 515 and another quarter for that group there a little more aggressive and they pushed it ahead, scott from the first and second quarter and the second and third quarter of next year. >> liz, if i would have told you that the respondents would have told you 4400, would you be surprised? >> no. my best case is that we do see a recession and it's hard not to see us having a recession and we're sitting here in this
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purgatory wondering we will and if we won't and if it happens earlier rather than later there is a market upset and that's better for the market than if we just get it done it's all about when we might happen and the market has it before it actual look occurs. >> liz can i throw some rain on that little parade which is another one of the roles that i play here which is we also asked folks, what's the fed going to do if inflation is high and we have a moderate recession and they said the fed won't cut rates. i said we asked what the fiscal side would be and what congress would do and no new unemployment benefits and no additional spending and if inflation remains high and we do have a recession. this would be a different recession from the past several ones where you do not look to the fed for help >> they'll call for the fed chair's head if inflation remains that high.
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you will start that narrative, too, and i'm not even joking about that that's not a bad point, as you get closer to 24 and the election, that's going to be, i think, a more dominant narrative, potentially that the markets will have to potentially come to grips with steve, lastly, before i let you go are you expecting surprises at all from the fed chair, where do you think he'll go on specificity in terms of where he'll take a seat and see what happens? >> i think big story be the guidance that we get down the road last time the story was the men in the more hawkish fed chair. i want to know if powell thinks we're in a good place. remember when he used to say that that means two things and are we in a good place now with the
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current level of rates and a good place now with where markets think the fed is headed and when i see that 5% number in the futures market and i see 5:15 in my survey. i think powell will be okay with that right here, and as long as they think that the fed will remain there as -- so long as inflation is high, then powell's going to think that the market is in a good place relative to his thinking and in that regard i do not expect a surprise >> good stuff, steve thank you. steve liesman our senior economics reporter and by the way, bryn, some folks think they're just too obsessed about inflation and the fed anyway like mike wilson who said it's yesterday's news focus earnings risk. it's the beginning and the middle and the end of the story where earnings come in and maybe, what multiple you want to throw on that, that's a whole
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game in town and if they're worse than people think, we've got a lot of problems and if they're better than we can have a different kind of conversation >> i don't think you can ignore the fed and it's been for well over a decade and don't fight the fed all year and maybe we're tired about the fed and that is front and center and the fed liquidity and what the fed does and the messaging sets the tone for anything and we won't know anything about earnings until mid to late january. that to me is a hundred years from now when i talk about positioning and the market, and i think people are all over map on this earnings recession that they may or may not have, and there there a got earn in technology and
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they're cutting and so many of the industries are still doing well and i still see the bifurcated environment where tech companies are in a, quote, resessions while other companies are naff gating and have more levers, and i also think talking about a recession, to me, what i can't get my arms around is we're still such short workers and wage growths will still be strong and how do you have a deep recession when we have the high wage fwrgrowth and we're sl short so many workers and ex technology the fed, inflation and oil traders that commodity markets do crude is at 73 bucks and it set it better than 2.5%. how do we see this playing out and for those that have a lot of energy exposure like a lot of people who come on this program seemingly do like most of you guys have a fair amount because that's been a place to be.
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is it still going to be a place to be? >> i think that's a place where you have to be, and by the way, natural gas is up right now. >> that's the concern surrounding supply i think it's a place you have to be from the perspective of your allocation doesn't need to be really that significant. you can -- 5% to 10% that i've said on air right now and the quality of momentum strategy and the etf is sitting below 10% for energy exposure, but i think you have to think of it almost as an alternative equity strategy and people want alternatives right now, and i think energy is providing that, and i also think there is the commitment as we've spoken about the balance sheet and that's what the c suite for these energy companies are focused on, not increasing production, but taking the incremental dollar and putting it back into the balance sheet >> jonathan krinsky on this very
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topic. he points to precious metals versus bonds and stocks. we don't give a lot of due on this show to precious metals and maybe we should. >> well, we should now because they're working, but it's a relatively small asset class they're inflation hedge or better than inflation or they de-risk your portfolio, et cetera, et cetera. it's not for speculators and it's for investors and i wouldn't go there. i go there occasionally and it's nothing that i would recommend to the average viewer. now that i've calmed down and now that you stopped getting under my skin, and i know that won't last >> like you so deftly do at
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times. >> i'm not going to go way back. >> hurry up. >> i'll stretch your attention >> you're stretching commercial time let's go >> okay. the debate is not if we're -- if we're going to be in's recession. the debate is are we going are we slowing the earnings will come down. that's all we have to know small landing, hard landing. just the right spot. thank you for your patience. >> my pleasure, steve. >> mark fisher, famed oil trader commodities trader really and mbf clearer will be up at 4:00 eastern and don't miss that for the very latest on where this market is going. coming up next here apple and the price target cut today what do you do with beaten-up tech we discuss that next with some ideas from a top analyst as well we're back right after this. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience.
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♪ all right. tech stocks among the top performers today and the sector is down 25% this year and despite that underperformance, the street is out with a number of bullish calls on the space. it seems like that happens almost every day there are bullish calls and then there are bullish calls. dan ives, liz young, web bush.
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expect a choppy, yet bullish tech tape in '23 here's where it gets really interesting. we believe the overall tech sector will be up roughly 20% in 2023 from current levels with big-tech software and semis leading the charge despite the macro and fed, wild cards abound it could have easily gone to weiss, but can you imagine what he would have said about weiss, and i want to give weiss a few minuteses to think about what he has to say 20% in 2023? >> i love dan. i actually just had dan on my podcast. >> that's okay we can still slam dan. >> no, i'm not going to slam dan. we don't have wild cards in the scenario and that would have to come about after a recession and after inflation has been taken care of and there is a fed pivot or maybe even cuts i don't see how we have that
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much upside in tech unless we're cutting rates and everything is coming back down to earth from an interest rate perspective and a policy rate perspective. >> joe, it's hard to put the macro and the fed as, quote, unquote, wild cards. they're the game the performance of the techtrade matters most on where rates go, what inflation does and what the economy does, right? that's why people think that it's out of favor now and why there's been such a movement toward value stocks? is this going to turn around to the degree he thinks it will in 2023 then we'll get specific names, but that's a big call. >> if the fed is going to pause, then the ability for that to occur is there if the fed will have to have this fight in 2023 against inflation then technology front and center will be the one sector in which you'll see further multiple contraction and you will see the pressure on earnings and you will not see the expected earnings growth
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that's being talked about right now from a lot of the investment banking and research this call is basically, i'm going to say that i read it as don't believe the value hype because it's hype, and it's outperforming now and everybody wants to say it will continue to outperform and it will have its big moment and growth will fall to the wayside and don't believe the hype and that will revert back to what's got you here in the first place when the market works back to what are hopefully higher levels next year and it will do it with growth and not value. >> well, i agree with that growth as a strategy is not going away without a question, the highest sensitivity and the strategy that has the highest sensitivity to a fed sitting on their understand thats is growth it's the type of growth that you want to own. do you want to own the non-profitable areas was growth? no, i don't think you do do you want to own the profitable areas of growth like an adobe or in semis or in texas
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instruments or microchip >> he says you want to own microsoft and sales force. those are his favorite cloud names if we're talking software. >> check the box on that i agree. i like that. >> the fed is sitting on their hands. >> the fed sits on their hands, salesforce if the fed sits on their hands, yes. >> why is it relative to what the fed is doing with sales force? there is the correlation that's been consistent. it's been clear. it's been in place and effective technology as a sector and favoriteoverall tech name is apple and which i'm sure he will tell me continue times in overtime today, but is that the favorite overall tech name of yours? >>. >> i would put, if i had to put the big four, i would say apple, microsoft, amazon and google, i would pick apple number two, if
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i had to pick with those four. tim cook would go down as one of the most legendary c ceos/statesmen and they've been navigating so many macro headwinds and satya nadella -- i love the ceos and how they've been able to execute and that's why it is so important, and i do think we are late stage and as we continue to slow, enterprise software which will be partially microsoft could be under pressure and then apple obviously is having an issue at foxconn getting enough phones in so i think it will come down to what multiple the market wants to pay for these two iconic companies and that's all that matters. what multiple will people pay with the growth they expect and so i don't think either company has to have a 12 p-e i just think that the market has to recalibrate and feel confidence that they'll grow and i do think that big tech is the trade after the trade and wait for the slowdown and that will
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be the buy signal to go back into these names the trade after the trade. weiss, i think you sold apple not that long ago? the price target cut that we referenced in the intro comes from oppenheimer today from 170 from 190 >> yeah, look. i think apple. i think tech will lead in the second half and we'll be back to, yes, what got us there they'll be rock ney y in betweed the cautionary note is microsoft's investment and stock exchange they didn't do that because they want to be invested in the stock exchange they did that because the cost of admission and the cost of buying the cloud contract has gone up exponentially? so with the london stock exchange it was brilliant and you put a meaningless because you don't control anything and won't give you our cloud contract, think about that and that becomes very expensive when you question when are you going to make money? so what are they telling you, basically is that cloud still
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grow like a weed, 35% or whatever, 40% two quarters ago 25% last quarter it's got to be slowing down more than we thought and if now you have to put capital up to work the accounting game. so, look, they look cheap, but you had qualcomm downgraded today and looked pretty cheap to me any stock, any large cap tech stock you want to buy, three months ago i can't get it cheaper you have it a lot cheaper and that will be true for the last six months contessa brewer. russian attacks are continuing in ukraine and the fighting is most intense in the eastern and southern parts of the country. we're getting reports of strikes in donetsk and ukrainian officials say the recently liberated city of kherson has come under massive fire and they keep bombarding even though they retreated last month. the accused was tried and convicted in less than a month after allegedly stabbing two
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members of iran's security forces this is the second execution of its kind that we know of, but activists insist at least a dozen people have been sentenced to death in closed-door hearings. and the operator of the keystone pipeline system says crews have now contained a major league a failure in the pipeline spilled an estimated 14,000 barrels of crude oil in kansas last week. the affected section of the pipe has been closed and the epa says no drinking water has been affected "halftime" returns right after this it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality...
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welcome to the etf portion of the "halftime report. i'm dominic chu. the world cup, maybe the season, and there's plenty of move bubbling under the surface of markets and we've seen heavy activities as well as inflows into key segments of the market that have bucked the trends including etfs tied to china and the emerging market and single-stock etfs that allow investors to make leveraged or inverse bets like tesla. the vice chairman of vedify and
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the ceo of granite shares. tom, let's talk to us about some of these hot trends in the etf business what are the strongest themes as we close out the year in 2022 and gear up for an uncertain 2023 >> i think you have to look to china, as you mention, dom, the government is on a mission not only are they supporting real estate in a big way, relaxing chinese protocols regarding coronavirus which is really, really important for the economy. we're also seeing casino traffic back at record levels. we haven't seen in a long time you have companies like matthews asia that are diving into the etf space for the first time they are seeing valuations more favorable than they've seen in decades and generational buying opportunities they're calling them i think these are going to be some of the darlings as we look at 2023 and then the fixed income market. we saw negative flows in the
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first four months of the year and most recently as the fed has done a pretty good job about being transparent on their flight plan and also the first time in 40 years where we've seen negative bonds and stock returns and you're seeing the tech loss harvesting thing gearing up in a big, big way as people are selling fixed income mutual funds and buying picked income etfs as they're more comfortable with kind of the path of fixed income down the road so almost $600 billion that we will see for the year. >> you yourself are rolling out a suite of single-stock etfs tomorrow why is now the time and why have single-stock products like the etfs gained so much traction in 2022. >> i think it's what you said in the preamble which is the stocks have attracted trading volume and they're popular with investors looking to take leverage that amplified and
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that's on different companies and so this is the first exposures that we're going to see in the market to companies like meta and nvidia and also alibaba and as tom said, the fact that china will be a big theme, china is an important market so having exposure for something like alibaba would be a big proxy for investors looking for magnified exposure and the market has evolved over the years and people are looking for more concentrated exposures and a different type of exposure other than what tom was saying your broad-based exposure that haven't worked this year >> will and tom, thank you both for that we'll have plenty more including single-stock etfs at 1:00 p.m. including the convoluted picture of commodities as we have conflicting crosscurrents both here and in the u.s. and abroad and that's all ahead on etf
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♪ ♪ i've got a nice little gain goi going and it's called invest my trade. bryn is going to grade hello, halftime, my name is richard kay from new jersey. i wanted to ask you a question in recent weeks i sold common stock equal to my equity exposure, specifically adobe, blackrock, emerson electric, google and procter & gamble and with that money i bought jepi and jepq with the ratio and thanks for having you grade my trade. >> thank you, richard, for the question. >> bryn, we'll have you do it. you own the jepi and the jepq. what do you think about this specific trade >> yeah, richard nice job
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obviously, asset allocation is personal i like your three-to-one ratio and that's the bottom line of how we have those sized and with volatility elevateded this year, they're generating 14 and 20% call premium respectively and so looking into next year if we have a sideways yet volatile market where capital appreciation is harder to come by, i think these strategies continue to deliver. i like your rationale and i like your rating so i'll give you an a. >> thank you, richard in new jersey. dempsey says, quote, i waited and waited on the buy and then i bought estee lauder in the after-hours session of 2022 at $184 on a violent earnings reaction i want you to do it, joe, because you own ulta in the joe t., but what do you think about e.l. grading this trade. >> dempsey gets what stephen weiss never got in school. an a+.
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this is an -- that's a good one. [ laughter ] this is an a+. >> invited to the best parties what >> on november 3rd the day session low was 186.47 so dempsey in the after hours on november 2nd buys this stock below the regular session low. this is -- this is say great trade. this is, you know, 25%, 30% on the upside, yes. ulta beauty is where we are positioned with joe t. and a little bit of a geographical sf split and ulta is a little bit cheaper and estee lauder a little richer in valuation, but this is a great trade. a+ >> good stuff. >> thank you, richard and thank you, dempsey and keep your trades coming in you can reach us via email and ask halftime at and twitter and we'll continue to grade them with the investment
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committee. up, in,next, mike santoli has te last word. we're back after this.
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you want the job. the is always over a. that's why we don't offer a car. we offer the car. ( ♪♪ ) sixt. rent the car. ♪ ♪ welcome back senior markets commentator mark santoli joins us from the new york stock exchange with his midday word. what's on your mind today ahead of a couple of big days? >> yeah, scott it makes sense that the market
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would pull itself neutral ahead of the cpi tomorrow. the big question being whether the number can change the fed's forward estimate of where rates go to, right so can the cpi, one report coming tomorrow really alter the dots that we're going to get the next day that's the main equation right now, and i think the market has almost been frustratingly indecisive here and the leadership hasn't looked great if you'll get a sense of economic strength underlying it and the banks are bouncing and they've had a rough go and oil's not doing that well and on the other hand still holding in the range and it is tough to make these declarations of exactly what the market is expecting here, but you do see indications of volatility bracing for the potential for being one of the last news, catalyst-driven news. >> we weathered the ppi storm pretty well, remember? it started out bad, finished not
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so bad at all, and i wonder whether you could have a similar situation with the cpi, if it comes out to be a surprise to the negative side. >> sure. >> but everything hinges to me on what powell says on wednesday afternoon. >> the number has to be enough different from expectations to really up end the broad sense out there that obviously, inflation has peaked and it's declining at some pace unless something complicates that picture, i don't think it's decisive and one of the things that's keeping the market in check, too, in both directions is the fact that no one number and no one fed meeting is going to be that final determining argument as to which way we go here, soft landing, no soft landing, no landing, however you want to formulate. >> i'll see you in a few hours and that's mike santoli. ystong up in the calls of the da, p picks and semistocks the committee debates analyst calls. we'll do that next
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if we get another stab down in the market, that's when i would start. >> lam research, upgraded from buy to hold. target go from 500 target 255 to 60 >> it's cheaper for a reason micron has pretty expressive that it's going to be reduce inventory. you have this krein in samsung that's expandling. lam research a bit more expensive. i like the economy equipment name i think the valuation reset has occurred in the stock. >> brynn, you own it.
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>> i own it. i want to add more i think it's too early lam research and nvidia charts look identical one has a 12 p/e and one has a 70 so it's kind of interesting right here if they stabilize, you know, this is an area with lam and nvidia i would be looking to add lam and add more nvidia next year. i think it's still too early i'm in liz's camp. >> would you look at some stocks on your radar? >> no, i wouldn't take a look at them surprise to you, scott semi stocks, why would i own it that it's cyclical and shown that they're cyclical.
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>> since that was too obvious an answer, obviously, for you, so we know that smartphone demand is still good, right apple told us that you have liked some of their suppliers on the chip side in the past, so if you know that demand is still good, why wouldn't you at least take a look at some of the names you have owned in the past, and if not now, when? >> six months or so, look, demand is only one part of the market skyworks has an usually large -- well, at least 50%, which makes them a declining environment their margins can be put under pressure i just don't know how it will play out with china. number two, when people go back to work, you know, you are we
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get to go need more laptops? more semiconductor-powered equipment? i just son think so. you have irrational pricing, which joe pointed out with samsung. they do look cheap, but all they're trading is what they have traded at historically, which is about ten times earnings before you have the free money cy cycle, that's where they should hold out for a wlehi quick break, final trades are next rtphones. that's right! but what if i'm already a customer? oh! no problem! hey, cam? wow! same deal! yeah! it's kind of our thing. wow! that's a great deal! what if i'm new to at&t? cam, can you? nice! hey! but what about for existing cust- it's the same deal! it's the same... is he okay? “it's not complicated.” with at&t new and existing customers get our best deals on every smartphone.
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mark fisher at 4:00 on exactly what's happening right now in the energy market, most importantly how to trade it. adam parker, dan ives as well. victoria green will be there we also have earnings, a big one is oracle. i hope to see all of you later on brynn, final trade. >> xle, but wait, it looks like it's going to tough the 200-day moving average be pave, wait for it to come down i think that will be a good entry point. >> steve weiss >> rivian, i'm crushing. liz, i'm happy to be a higher on your behalf. >> i don't know, that phone call may never wonderful.
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[ laughter ] liz, final trade. >> short-term treasuries particularly the two-year. it's start to make it's way to. >> joe t.? >> personally long in visa good stuff, thanks everybody. "the exchange" begins now. we'll look at why and what that could mean. plus, welcome home the housing market getting a reprieve as rates pull back from the highs. why aren't more buyers ready to jump and set to be grilled by congress tomorrow as


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