it has fallen on three of the last four earnings reports cnbc energy reporter has the story on occidental. >> hey, well, expectations are pretty high heading to the report given what we've heard from energy companies this quarter amid the surge in oil and gas prices they do predict the company will report a nearly 50% jump in revenue year over year they hedge their dividend from 1 cent to 13 cents and a $3 billion share repurchase plan in place. and given they loaded up on debt back in 2019 another key factor to watch is output policy with a lot of executives pledging to keep production steady edespite the surge in oil and gas occidental has been in focus with warren buffett buying up shares and they're the largest shareholder. oxy has nearly doubled this year, making the top performing s&p stock. high expectations ahead of the report >> this is the other side of the coin, right? energy has been doing really well should investors worry this is the top? >> i don't think so. and it was my friend's mothers -- >> right >> and their mothers were off doing their job but they became very good co

i highlight occidental petroleum, another buffett purchase trading 7 times earnings and coattara, energy production company that is gushing profits and paying big dividends to shareholders, dividend yields almost 8%. jack: all the shale chiefs where they got religion on capital discipline and the shareholders are loving it because free cash flow is great. consumers are not loving it because prices are high at the pump, how long will shale drill is get away with not increasing demand are keeping free cash flow going but keep gasoline high? andrew: there's enough pressure not to drill too much and difficult for them to drill if they want to. shortages of steel, concrete, not sure if they can ramp up production if they wanted to. jack: it was a volatile week for the market, what should investors expect the next? next? is it too late to sell? i am asking ned next. i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to di

[laughter] phil, i know you're buying occidental, up about 7% right now. scott, what are you buying? what do you think is now attractive? i mean, you've got apple at a 2-year low. >> apple absolutely was, and i think yesterday's selloff there was a little bit of a panic selloff. and, you know, has it hit bottom? maybe not. maybe it goes into the mid 130s or so. but long term you're not going to go wrong buying apple. mission to occidental, two other stocks that i'm really keying in on, one is clf, cleveland cliffs. stock probably got way ahead of itself a month or so ago. it has been sold off back down to its 200-day moving average. they've had big insider buying with over the last few months. earnings, revenue, cash flow all very positive. so that's one. the other one at the top of my list, and it's up nicely today -- that's not why i'm saying this -- is micron. i believe it's the poisedded to hold its value on any further weakness in the sector and has significant upside potential. their earnings and growth estimates for last quarter really great, projec

, are both popping right now with occidental up 5.25%. one thing the two stressed during the meeting, berkshire " is forever" their succession plan is in place with berkshire energy greg able in charge of all non-insurance operations and ajet jane heading up insurance on the right but i noticed a big change, for the very first time, buffett didn't do this and venture into the crowd as he's always done in the past. no eating his traditional dq ice cream bar. he really limited his duties with zero indication he will retire soon, shareholders did tell me they wonder, what happens to berkshire stock when the oracle of omaha finally passes the baton, but one thing he made crystal clear this weekend? he will never buy bitcoin. coming up, you will hear what he and charlie munger said and how they are not doubling but tripl ing down on their doubts about crypto. now while we spent the weekend with warren in omaha, charlie gasparino is out at the conference in beverly hills as we look at bitcoin, ethererum and litecoin it's the ripple ceo brad gar

i also think you need to own some of the stocks like occidental you are reverse the ten year down turns. >> one more. you believe investors slept on powell's statement that the fed is not considering the 75 point hike in june a rally yesterday and the selloff. they have another night to sleep on it. are the markets still shaken up of not actively considering? >> i would not be surprised to see a relief rally today s step back. it will be just a relief rally look for it to move higher and sold again. >> craig johnson we appreciate you being here thanks >>> now to the morning top corporate headlines. fda announcing limiting the use of johnson & johnson covid vaccine for adults citing a risk of the rare blood clotting it can be used in instances where another approved covid vaccine is not accessible or not using of the pfizer or moderna. >>> lucid has 30,000 orders for the sedan. the company saying the r reservations do not include any from the agreement with the saudi arabia government for up to 100,000 vehicles. lucid says customers making reservations after june 1st will have to pay $10

occidental petroleum still getting a next boost. tom: what do you think, john, never again? jonathan: i don't mind the bearish tilt. lisa: it was not bearish. an aspect of bearishness. jonathan: we alternate between bram out and tom doing this. tom: i would just do dow stocks. jonathan: they will be data-dependent. tom: very importantly, we have two big figures on the vix. equities deteriorate. jonathan: we are down on the nasdaq, not getting a bounce. tom: we have been short here on the jobs report this morning. we will adjust that right now with a phenomenal said to committee analysis. bloomberg economics. if the participation rate moves, things happen. if the participation rate covers about half to the pre-pandemic high, it would only take employment growth to 350,000 per month to get to a 3.0% unemployment this year. that is a stunning piece of what-if research. julia coronado is expert with this with macro policy perspectives. what is the level of fully employed? julia: the level in terms of numbers of jobs that we have left to fill? tom: helpfully employed r.o.e.? juli

berkshire hathaway has bought up almost $6 million more in shares in occidental. occidental was the best performing stock in the s&p 500 during the first quarter. the price has regained the most in more than three weeks at a time when there's growing concern about a food crisis. a heat wave has hurt indian crops this spring. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> going back to the 1930's, we have never been able to reduce inflation by more than 2.5% without inducing a recession. so even if we don't get close to the 2% target, it is very likely that we will have some kind of an economic slowdown well before we get to the desired inflation target. jonathan: he wasn't talking about the bank of england. he might as well be. good morning. after a big move higher yesterday of almost 3% on the s&p 500, the nasdaq 100 and by about 0.8%. yields higher by a couple of basis points to get the main event looks a little something lik

pantalla) se incrementarían recursos legales para restringirlo wisconsin, arizona, michigan, virginia occidental y carolina del norte podrán imponer sanciones que, hasta la fecha, no eran posibles gracias a esta ley. en otros estados, no existen normas en contra del aborto. a propósito del tema, varias compañías fijan las posturas al respecto, por ejemplo amazon dijo que cubrirá $4000 por gastos de viaje para trabajadoras que radiquen en estados donde se limite el aborto, beneficios similares trabajadores de empresas como uber y lyft, entre otras. >> (música) (música) (música) >> infraestructura para las fronteras, transporte binacional, manejo regional de flujo migratorio y oportunidades de trabajo fueron los temas de marcelo ebrard, secretario de relaciones exteriores de méxico con el secretario de estado antony blinken el secretario de seguridad nacional, alejandro mayorkas en su visita a washington dc. esto ocurre en un momento complicado por el masivo flujo de migrantes en la frontera. >> lo que no vamos a permitir es que se asuma con o sin el problema del título 42 o lo que suced

la mayorÍa de los casos de viruela del mono a nivel mundial se han reportado en África occidental o África central, los casos han estado relacionar con personas en contacto con animales, en 2003, un brote que fue controlado rÁpidamente. carolina: afortunadamente se reporta en este momento un caso en este momento. gracias. mientras tanto, hay cable en todo el paÍs ante la falta de fÓrmulas para bebÉs. la casa blanca toma un plan de emergencia, llamado operativo por fÓrmula. cÓmo funciona? te explico. ♪ [mÚsica] ♪ bÁsicamente exige que los proveedores de fabricantes de fÓrmulas en este paÍs cumplan con ciertos pedidos antes de que a otros clientes, en la denominada fÓrmula da luz verde a utilizar aviones comerciales para transportar la leche de una forma bien rÁpida. ocurre cuando la empresa abbott revisa protocolos y procedimientos de seguridad antes de retomar la producciÓn, el problema comenzÓ allÍ, cuando a raÍz de una baterÍa en su leche, su plan de michigan fue cerrada por semanas. borja: tenemos una alerta para padres de familias que buscan desesperadamente la lec

leon: quejÁndose de que occidente estÁ llenando de armas a ucrania, rusia bombardeÓ hoy estaciones de tren y otras lÍneas de abastecimiento al tiempo que la uniÓn europea propuso prohibir las importaciones del crudo ruso, misiles rusos destruyeron instalaciones de electricidad en cinco estaciones de tren y la artillerÍa de los aviones atacaron bastiones de tropas de ucrania y depÓsitos de combustible y municiones. patricia: la estaciÓn espacial internacional tiene un nuevo comandante luego de —— entregara el control al cosmonauta ruso. el traspaso se produce cuando se rumora que rusia se retira de la estaciÓn espacial tras su invasiÓn a ucrania. algo que la nasa ha negado. se acerca el dÍa de la madre. ¿cuÁnto gast pensÉ que iba a estar calvo ya muy pronto. intentÉ varios productos y nada funcionaba. y ahÍ es cuando encontrÉ a keeps. keeps es muy fÁcil de usar. una pastilla y un poco de mousse en el cabello... y ahora, estoy lleno de pelo. ¡keeps funciona! un Écord este aÑo para leon: se espera que el gasto por el dÍa de la madre vuelve a batir un rÉcord de est

también el hecho de que las carreteras aledaños donde la población si necesita ayuda estén bloqueadas el occidente inuó respaldando al gobierno de (nombre extranjero) cada vez son más las visitas que recibe el mandatario este lunes recibió el primer ministro (nombre extranjero) y el domingo a una delegación de legisladores estadounidenses encabezada por la presidenta de la ámara de representantes nancy pelosi que prometió impulsar más fondos para ucrania en el congreso asistencia de la que depende ucrania en una conferencia de ministro de exteriores dijo que la realidad es que la victoria de su país en esta guerra depende de las armas y las acciones contra rusia y una membresía en la unión europea el diario washington post dijo que la mayoría de los estadounidenses apoya los aportes multimillonarios para ucrania pero seoponen a una intervención militar por cierto el arzobispo de nueva york está de visita en ucrania esto como parte de su viaje a europa el arzobispo han estado en polonia desde la semana pasada donde se ha reunido con representantes de organizaciones de ayuda adscritas a

you may have heard about chevron in ecuador occidental petroleum into watcher tory or northern peruvian amazon. that's in the western amazon dot in the most bio diverse part of the amazon an area that we call the sacred headwaters region. it is the most bio diverse culturally diverse part of the amazon. and it's in the western amazon and these are the fossil fuel reserves across the amazon dot these companies and governments would like to get their hands on. there are many protected areas throughout the amazon indigenous peoples territories that are protected in the amazon in ecuador for example. indigenous peoples have rights to their ancestral territories but they don't have rights to the subsurface mineral minerals so t goverent could still go in and- drill. a concession off territories. mike this. these are indigenous peoples territories overlapped with oil concessions and this is been the model. for decades. and as i mentioned i was just in ecuador last week with- some of my colleagues and standing with indigenous peoples- in meetings actually we were in meetings. to talk about the

que incluye 850 restaurants que dan trabajo a 62 mil personas por lo que es la Última coorporaciÓn occidental en salir de rusia el gigante justifica esto por la crisis humanitaria cauada por la guerra, y dice que su negocio no es consistente con los valores de mcdonald. >>> no se vaya tenemos mÁs. >>> la joven inmigrante argentina julieta gana el premio en pantalla y habla de su mamÁ. >>> y muchos maestros prestan >>> y muchos maestros prestan para ayudar a prevenir las encías sangrantes. prueba decir hola a gumwash con parodontax active gum health. mata la placa bacteriana. y despliega un escudo antibacteriano. prueba el nuevo parodontax active gum health. si pudieras comer solo una cosa por el resto de tu vida, ¿qué sería? fácil, un bufet. ciertamente eso no es una cosa. bufet de barbecue un bufet es todo lo contrario a una sola cosa. está bien, un bufet de costillas con salsa barbecue con salchichas y pollo con salsa barbecue al lado. ♪♪ como mama, siempre quiero lo mejor para él. antes de pediasure, me preocupaba que él tuviera retraso en su crecimiento. y me di cuenta que r

laura: they have increased the stakes in occidental petroleum and hp, most interesting where the increase in stakes in chevron. that now just stands shy of $26 billion. activision blizzard the gaming company has gone over to microsoft for $69 million, and warren buffett enacted an arbitrage play by increasing their state to 9.5% which signals conviction in his view that deal will go through. but no extra news from 91-year-old warren buffett and 98-year-old munger, greg abel is the lightweight heir apparent. -- likely heir apparent. tom: we discussed that next. this is bloomberg. ♪ tom: welcome back to the open. we are 30 minutes into the trading day. top stories. economic havoc. china's factory and services activity plunge with lockdowns with the president under mounting pressure to support growth. and independence. germany says it could reduce reliance on russian oil by mid summer. it vows to veto any u.n. sanctions on the nation's energy. warren buffett undertakes his biggest shopping spree in at least a decade splashing $41 billion on companies including chevron last quarter. let's c

he's been building a stake in occidental. now he's doing a similar thing with chevron. the growth story in china outweighs the buffet bid and you can see those oil names and the copper names all down on those china growth fears. >> in addition to some of his 90 plus-year-old fellow officers talking about how it's fair to show everyone they still alive and kicking. that was one of the main themes of the affair. >> he wants to let everyone know he's alive. >> it's fair to let you know we are here and we are fine. i think it was interesting that they were buying stocks because of the inflate -- inflation call and not necessarily because of value. really one of the key questions i have, have we really priced in peak inflation fears over the longer-term with the move we've seen in the 10 year rate. i'm glad to have leslie here because you've weighed in pretty significantly. do you think it's time to start buying that 10 year treasury? what gives you that conviction? >> simply because liquidity as you know has been very poor in the treasury market plus volatility is high. as

laura: they increased their stakes in also dental petroleum -- occidental petroleum. most notably chevron. activision blizzard, microsoft put a bid for the country at $69 billion, a classic deal arbitrage play for warren buffett. he has increased the stock to 9.5%. signaling his conviction that the deal will go through. dani: laura, thank you. rounding up that event in omaha. as we close out the hour, we continue to look at european futures moving lower, playing catch up with the u.s. story on friday, and ugly day, the worst day for the s&p 500 since 2020, the start of the pandemic. cross assets continue to be about king dollar. yen and euro weakening, pushing financial conditions to the tightest since 2018. will it get more ugly? we are looking at two year yields charting higher, the highest since 24 -- 2018. this is bloomberg. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this pho

warren buffett is boosting its back on occidental petroleum. berkshire and previously built up estate and more than 40% of the company. the best performing stock on the s&p 500 during the first quarter. bmw posted first quarter profits that beat estimates. german automakers have been hammered by the semiconductor shortage so they have shifted production to higher-margin models. bmw deliver 6% fewer cars but revenue rose over the previous year. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> u.k. gdp growth is expected to slow sharply over the first half of the forecast period. that reflects the significant adverse impact of sharp rises of energy and good prices on most u.k. households. tom: the governor of the bank of england with a very difficult task ahead for the unique economy that is the united income. it was not that he shot to the world of finance, it is the dissent. lisa abramowicz, it was a disse

alix: currently, the top forming socks -- stocks, occidental, that is how you are going to position somewhat in terms of inflation. do you want to be investing in those or do you need to be buying the beaten up apple and google, they are not going to lose their revenue like her vona , but have been beaten up quite a bit. -- like carvana, but have been beaten up quite a bit. elizabeth: you have a long-term high-rise in these like nvidia and some trading at 14 times, google asbestos alphabet trading at 18 times. there is availability but overall i continue to think large value outperforms. guy: in terms of the multiples you have been naming, clearly not all tech is the same, but ultimately tech has benefited from higher multiples because rates have been superlow and been there for a long time. we talked to a guest who was suggesting that if rates stay at an elevated level from here, what you are going to see is a more permanent shift lower of the valuations you can ascribe to some of these names. do you think this will be the case? even if they bounce from here, are they going to bounce that m

they made a tremendous stride when you look at chevron and exxonmobil and occidental and their focus. i think it is important to not just focus on one particular sector because you see a tremendous amount of innovation. that is what is driving our pipeline are all of the sectors. >> new scale small modular nuclear reactor company. we had them on lynn, in five or ten years, can we still walk down to the corner and get to the store they have been saying that for a while that the nyse is going away. >> they have been saying that for 230 years. we celebrated our anniversary on may 13th this year in my opinion, the most tech forward markets really focus on technology and coupling that with human judgment. that is 100% what our floor does if you look at our systems, they are processing halfages a day. the only way you get a good outcome, a smooth outcome over that voluatility is to have tha data i think about the role our floor brokers provide, they really dampen volatility. that is we have seen less volatility at the open and close this year. it is really helping dampen volatility and our

bank of america, occidental, citigroup were among some of the biggest sellers in the investment firms. warren buffett was a big buyer of those. looking at what kinds of hedge funds they are doing in this environment, the long short managers. some of them doing well. it's heavenly not all of them. stocked out by surprise in the market. it's really the macro funds at the end of the day which is not there that are by and large doing well in the most recent environment. guy: there is pain, but is it real or manageable or problematic? >> there's a couple reasons, there still a lot of leverage in the system. if you look at the prime brokerage data is how much does that hurt the cost of leverage starts to go up as well. to your point we talked to bruce richards. liquidity in the market but that looks for, these stocks as well as others as well. think about how much these funds tried to diversify into private markets that are not even started to see the brunt of the pain the public market has seen and to go the market to market losses burn these players as well. guy: bank of america -- alix:

the top group this week and month and year rising 54% for 2022 occidental and marathon and halliburton among the top import impot performers in the meantime, dom, this commodity price surge is a big part of the inflation we're seeing around us >> pippa, we know how strong the momentum has been. it is impossible to miss the surge of the gas prices. is there any relief coming for people at the pump i drive nearly 100 miles a day and fill up multiple times a week i feel it. >> you know better than p anyone we got a record today. $4.60 a gallon according to aaa. california is above $6 demand destruction would have kicked in at this point, but with the pent-up demand coming from the pandemic, 40 million people are expected to hit the road this weekend. that kicks off the summer driving season we are not seeing that demand destruction yet. that is the only thing to bring prices down. americans are feeling the price increase across the country right now. >> pippa stevens with the gas trade ahead of the memorial day weekend. we appreciate it. >>> on deck for the show, stocks looking to keep up

occidental is up 147% and we know when you look at prices across the country, $4.62. and $150 more than a year ago. oil and everything, brian sullivan is here to talk about this >> cost me $100 to commute here to studio and that's not an exaggeration >> there are going to be people who work at home to avoid the fuel hit and specifically what europe has announced is a, they're not going to allow ship imports but they can do it via pipeline for the sake of hungary. b, that the natural gas continues, which is more important for the economy. and c, in a weird way we bear the brunt because the economy is still relatively more sensitive to that than europe. >> car based i paid $6.06 a gallon in new jersey yesterday this is a single station, one owner. he was taking aed a vant thoq situation. from an interngzal perspective nothing has been announced yet eu floated what they think they'll do tomorrow they'll vote. you're right they're trying to wean off russian oil by the end of the year largely by making it impossible to insure tankers with russian oil on them. greece doesn'

. >> it's right behind you on the screen >> take a look at this, right, it is valero, occidental and phillips 66. each within the top five exxon is also in there five of the top ten top holdings >> are they in the s&p 500 or not necessarily? >> russell 1,000, screen them for the highest free cash flow yield. >> and soap the highest free cash flow yielding company would have the biggest percentage in the fund >> each is capped at 2%. >> he has all the answers and the best etf name ever >> listen to us on the power lunch podcast on your favorite ach. >> and watch "closing bell ". >> coming up right now >>> stocks are solidly higher with the nasdaq taking the lead for a change at session highs as we head to the close the most important hour of trading starts right now welcome to "closing bell." i'm mike santoli take a closer look at the markets. the s&p 500 now up 1% building on modest gains earlier in the last hour or so after the fed minutes from its last meeting a few weeks ago did hit. nothing new, hawkish seem

rather own oil now tremendous economics in the oil business now >> but you continue, you initiated occidental, xle, exxonmobile, imperial oil in april. there's a developing school of thought, rich, that those trades are topping out and that money is coming out of that and go into tech, which people perceive to have bottomed, and that's going to be an interesting dynamic that a lot of investors will be caught by surprise by. >> so the world uses 97 million barrels of oil a day russia's 4.7 million, there's 2% excess capacity, okay, so where are we making up the capacity from these oil companies have gotten tremendously more efficient, their operating cash flows are 10 to 20% now. they're generating tremendous amount of cash they're going to be returning it to shareholders. in an environment where i see tremendous volatility, i think it is a great place to hide out. we're very overweight in oil i am not worrying about rotation i don't need 150 bucks a barrel in oil for these names to work out. and finally oil has proven an elegant way to hedge the s&p now. >> you see the xle moving to highs of

liz: oh, yeah and you saw that 13 of buffett's filing for berkshire and occidental petroleum and activision blizzard, thank you, charles. dow bulls making a late afternoon stampede, the blue chips down as many of 268 points this morning, now, up about 241, the s&p up 12, as it joins a late session reversal of fortune the nasdaq still lagging as former goldman sachs ceo lloyd blankfein now warns about a recession ahead. our floor show traders are here

energy stocks led gains with occidental petroleum up nearly 6%, nrg up more than 2%, spirit airlines up after jetblue offered to buy spirit for 30 bucks a share. and that energy stock rally, because oil prices are surging again, rising above 114 bucks a barrel, two month high almost with worries that it could go higher. covid rockefeller centers in ch -- lockdown in china have zapped energy. and easing the lockdowns could mean higher oil prices ahead. and they are hat rare at record. >>> a new hitch in emolon musk' purchase of twitter. he says he won't go forward until he understands how many accounts are fake. he accuses twitter of refusing to show proof that his estimate is right. and shares shipped 2.2% pre-market trading. and he made comments at a conference in miami that are getting a lot of attention. >>> starbucks is offering to cover travel expenses for workers seeking abortions that are not within 100 miles of their employees. a company executive says that regardless of what the supreme court ends up deciding, we will always ensure our partners have access to quality health

devon since july, 2014, all these haven't had this level occidental, december of '18. pioneer, august of '97 valero, 1980 just when you ask the question can it really continue it does. >> it can, these companies are minting money. that's the theme here. even if oil were to go back to prewar, $80 a share. these companies have gotten more religion in terms of esg and returning free cash flow to shareholders i have been doing a barbell within energy. chevron is a dividend pair slumber jack diamondback, they offered a special dividend on top of increasing dividend, so they have so much cash they don't know what to do with >> josh you own ieo? >> few months ago i put on two etfs i felt were defensive and right places to be this year one was defense, ita the other ieo. u.s. oil and gas explorers and producers etf. top ten holdings, every win of these to stephanie's point looks incredible c not only is the fundamental story that wind at their back, but the stock market is buying the stocks on every dip. i think the etf will take out a record high, recent record high it set on

africa kiss, classic levy the new i'll false a we don't to don't to look see don't on to clearly pay occidental says actually i can take is knox totally feel makes pre made to leave him key. there fe, express mean south in the ivr insulting the falls the, the, the was the that africa. oh okay. lead will go, in essence with a nurse shift, shan, okay, i tell it available on did the ballad or some of those some the 2nd is she only like when he's shown these actually can like, will the soon these image gray aid ever this, he did fear she them apart, he q, i can play it, don't keep goodness said per dirt. the jockey pavilion day, he said on senior. he said more, there was something else in the cinema or a la, her power power the can call the ship constant them me there me it city around the out. he vs encore play. was hong kong play. assume see, book would prove my book prove my e mail to was yes. me person that he did a don't city some palm. you feel more don't quit dish. never, jamie tower, you position then march of events. that concept they don't call was not enough. a city upon your fax, talaya

former ambassador to finland, now professor of diplomacy at occidental college, derek shearer, thank you for be, on the show this morning. >>> one last development to get in. law enforcement in fiji has seized a massive $33 million mega yacht belonging to a sanctioned russian oligarch. these are pictures of the 348-foot-long luxury vessel the u.s. says is owned by a multibillionaire with close ties to the putin government. the seizure was made at the request of the u.s. government and coordinated with a justice department task force. >> by the way, i just checked on it. the distance between the finnish border and st. petersburg where putin was born, about the same distance between new york and philadelphia. it's about a two-hour drive. that does it for us this morning. jose diaz-balart picks up the coverage right now. thanks so much for watching. go, dodgers, giants, padres. >> good morning, 10:00 a.m. eastern/7:00 a.m. pacific. i'm jose diaz-balart. happening right now in ukraine, heavy fighting is under way in mariupol as more civilians escape the relentless violence. >>> back in w

in the s&p and oil prices continue to climb higher the stocks dominating the list of 52-week highs occidental and devon energy and let's bring in paul sankey to break down the moves good to have you with us how are you seeing oil prices and how they play out into the year and into next year. >> it looks like today we broke out to the upside for people would like to read charts. so that is a big move today. and this week russian oil officially should leave the market in terms of traders being able to buy it we'll see what actually happens there. but there is more crude to come out of the market. and then as you know, it is extremely tight on the diesel side particularly which prices around $160 a barrel, at $50 above crude prices, it is a pretty dramatic environment. not so mention $8 natural gas. so everything on fire at the moment >> it is karen, thanks for being on so how long will it take until we see some supply risk bonds from the u.s.? i know that people -- companies are probably a little timid giving this administration's prior stance, so how long do you think it will take to see that

he now has a more than 15% stake in occidental, he was buying chevron, activision blizzard, what do you see today? charles: let's not forget he was buying up apple, and he said the only reason he stopped is it went up. liz: liz: not today. charles: you're absolutely right, he's probably someone our viewers, long-term investors funding their 401(k), looking to make a little extra money than they have in traditional accounts on the street, you know, this is a lesson they need to be reminded. so i don't think it's about pinpointing the exact bottom. it's more of a question and certainly if there are names that you like, look at them through price to sales ratio, even more so than price to earnings because even there i look at price to forward earnings. we're looking extraordinarily cheap. oracle of omaha, he's buying oil just as we keep hearing oil can't go that high because of esg and other things. he's loading up on apple whenever it gets hit. it's the most amazing company in the world, i get it. everyone has to make a decision though, liz, and this is the tough part for our viewers, the

conoco phillips, mike, highest level since 2002 occidental back to 2019 levels the sector is up another 10% this week. who would have thought that energy would be the port in a storm when it comes to fed concerns and economy concerns? >> right, exactly. the commodity, as you said, the bull case is china is obviously partially shut down and yet the chart still looks pretty good. i guess you could also say people are restocking for sure there's some geopolitical premium in there there has been some chatter that monday is victory day in russia, maybe that means there's going to be occasion for further escalation i have no idea if there's credence to any of that. but people lean in the direction of just in case type buying. when it comes to the stocks, there's been reiteration of capital discipline by all the companies reporting so investors do love that they're winning with the windfall and higher prices and getting the capital return. >> block is trading in the green today. missing earnings estimates but not seeing a slowdown in consumer spending. other crypto-related stocks underperformi

liz: oh, yeah and you saw that 13 of buffett's filing for berkshire and occidental petroleum and activision blizzard, thank you, charles. dow bulls making a late afternoon stampede, the blue chips down as many of 268 points this morning, now, up about 241, the s&p up 12, as it joins a late session reversal of fortune the nasdaq still lagging as former goldman sachs ceo lloyd blankfein now warns about a recession ahead. our floor show traders are here to tell us which stocks to pick whether blankfein is right or wrong. the crypto bargain hunters nowhere to be found in the wreckage of last weeks crypto crash, the so-called stablecoins terra and luna at this hour near worthless after melting down last thursday, below their dollar peg. we caught up with bitcoin mega bull tim draper at a major crypto conference in new york city. find out what he really thinks about stablecoins, if you should actually be worried about a coinbase bankruptcy, he's an early investor in coinbase, and which tech giant he says bitcoin resembles the most. he makes the comparison that i think you need to hear. retail in

and it's all loyal and the philips 66, the refiners have been hitting new highs and deafon energy and occidental petroleum all hit new highs earlier in the day today tech is the real story to watch. the nasdaq composite 10,315, that was the low on friday, as i recall, the closing lows and we may violate that and hit a new low on the nasdaq today and if you wonder what people are trading, you want to watch the etf space and it is all leveraged and inverse plays on the nasdaq 100 there are the pro shares and ultra pro qqq and what's that? it's three times what you've got for the qqqs here. ultra pro, qqq, tqqq, and i know it's hard to figure out here, but the bottom line is it's three times the nasdaq ultra pro short is three times the inverse of that, and then, of course, you get two times the inverse and the ultra one down there on the bottom qid and people are making tremendous leverage bets one way or another on the nasdaq 100 and that's really where the actions we're seeing incredible volume in these particular stocks right now. so a lot of speculation one way or another courtney, back to you

degree the money isn't turning over stocks >> he used the purchases that berkshire recently made in occidental shares as examples of this berkshire bought 14.6% stake in the last company he said it was hard to imagine he could buy that much so quickly especially when big institutions own about 25% of the float of occidental. those are the long-term investors, and those are the ones who don't sell. he said the ones who weren't selling, he's letting it go on a day-by-day basis when the stocks fell in early march, buffet got really active. he increased his stake in chevron from $4.5 billion to $26 billion and there was news berkshire increased its stake in apple during the first quarter i ran into him after the first meeting. he told me when apple shares fell three days in a row in the first quarter, he bought about $3 million he said unfortunately the stock went back up, so i stopped otherwise, who knows how much we would have bought. he likes when they go down because he gets more at a better price. activision blizzard, the buying slowed, but the market has been down the first month of the quar

warren buffett's firm boosted its stake in occidental. it's been buying shares of hb, and at the berkshire hathaway annual meeting a few weeks ago, buffett said his firm owns 9.5% of activision blizzard which would imply they've been building on purchases of that merger we should get the filings after the close today including berkshire hathaway's very much >> thank you very much you looking out for any -- we always look at these 13 fs and they're kind of backward looking. but given they're recently backward looking and the environment is so messed up, maybe they're more interesting in most periods. because you want to see the trends that emerge from this >> what's interesting is the transparency in cathy wood's arc fund and think for a moment about sentiment in the market. her aum is still strong. in fact, it grows. what does that say overall about people's risk assumption when they're looking at these innovation hypergrowth stocks. that have thad chain saw fall on it >> those stocks have come down a lot. this is what people have said to

. >> we added occidental petroleum. one of four names. energy exposure relative to 4.17% for the s&p 500. >> i'm looking at paramount, jimmy, 52-week high. $30 and a lot of the stocks have sold off hardly. are >> we're going to have to see if they add the 5 million subscribers we think they are. netflix was industry wide or company specific >> guys, thank you i'll see you in the o.t. "the exchange" begins right now. >>> thank you, scott i'm kelly evans and it's a new month, a fresh start and we were hoping maybe a fresh start for the market but the worst month in 14 year wheres. the nasdaq joins the dow and s&p, which have also turned lower. one of our guests insists we're close to the sell off. weal are say why and what are his plays. weal are look at the least bad stocks and we're just 48 hours away from a huge fed meeting everyone expecting a half poin

occidental now has a 14% stake and chevron makes up like 25 billion of the portfolio. also take a look at phillips 66 it's at 86 and change now, wells fargo gets them $114 price target. stuart: bath & body works. lauren: i always mix them up with bed, bath and beyond as well. this is bath & body works my six -year-olds favorite store and i bring that up, they got an upgrade at cohen to out perform they see the price going to 82 because the young consumer is there. stuart: would that be a solid gain? lauren: yeah. stuart: when? lauren: this year, soon. have to pull the exact report to get that. stuart: let me see netflix and meta. lauren: look at this , you've got up nearly 4% for both stocks that were questionably oversold. not only last month, but this year. i mean the year-to-date performance for netflix is down 68% facebook down 40%. we're talking about, you were talking about reasonable prices. what is a reasonable price for names like this? they have got a huge hair cut. they are still very popular companies. stuart: so, speak even though you don't like to mention

. >> huh >> he's big in chevron, big in occidental. >> well, thank you >> you're welcome. you're welcome listen, jim, the debate rages here as well you know, cathie wood who we talked about a lot has been in attendance, continues as you might expect to talk very positively about many of the names in her portfolio you got ken griffin on the other side and this debate continues to play out take a listen. >> these are very trying times because the pie is getting smaller. really difficult to maintain your purchasing power, your nominal equity we've had difficult days over the course of the last four months has that pie has gotten smaller. so i would say that for the -- for all investors, these are really trying times. >> and then there's cathie wood responding by the way, this was not a debate we're just pointing to two separate sort of schools of thought here we've obviously talked a lot about the ark funds and their performance, especially from the top, you can see what it's been year to date that looks a lot like tiger global, by the way, numbers of which have just been rep

berkshire hathaway bought another 901,000 shares of occidental petroleum last week that raises its stake in the company to as much as 15%. he's liked occi for a while. he liked it on the credit side when he did that great preferred some time back he got 8% on $10 billion then. he's been buying the stock for quite some time. >> once he gave them that money, you knew they were going to be viable, so why not the acreage they bought was very good acreage i think the problem was obv obviously they overlevered, but he's kind of solved that for them in the meantime, energy has been an amazing bet and it will continue to be an amazing bet because it's something we have a lot of >> wasn't that long ago we were talking about the debt load at occi, that company having potential significant issues when it came to cash flows and they did the anadarko deal they paid a huge price for it, but that's long ago. $60 billion market value company, the stock is up 155% over the last year >> congratulations my problem with that deal is that the way the oil companies were doing, it's going the other way. oil co

the ceo of occidental petroleum is warning her expectation it will get worse for consumers. new production is insufficient to meet demand. oil will continue to stay at high prices and gas prices will stay high as well. so wish i had better news, dana. it doesn't look like gas prices will improve anytime soon. sounds like they'll only get worse. >> dana: good to be honest with people what they could face this summer. >> bill: in the meantime black lives matter in hot water after tax documents show how the nonprofit is spending its donation. they made a lot of money, took in a lot of money. foundation paid more than $2 million to a consulting firm run by a member of their board of directors. 1.4 million spent on lobbying. another 1.8 million spent on people with close ties to co-founder patrice cullor. 2,000 was given to the trevon martin foundation. they bought a house, the group did in los angeles. what do you make of the findings thus far that the state of california is pursuing? >> i think one of the family members, by the way, was the mother of the co-founder patrice cull

he is focusing on one company in particular, occidental. that stock is up five, almost 6% today, 5.7% i believe it is on the daily trade. is making a right bet there? >> look, warren buffett is notorious buy when blood is on the street, be greedy when others are fearful. a little bit interesting with oxy, energy, david, last year, coming into this year has been the best performing. when you look at that on go forward basis not quite as cheap but he is also dipping his toes into names he likes like apple which is beat up a lot more here. as an investor you have to take a look at your portfolio. in my view probably not the time to start adding to winners that are up 30, 40, 50%. i would rather be looking at stocks that have gotten beaten up, a lot of names down 40, 50%. you're probably better off putting your money there. david: i want to stick to energy for a second here. we said earlier in the program, there are politicians calling for price controls on oil. of course that would hurt earnings terribly and really could be tremendous damage f

we knew that berkshire bought 121 million shares of hp and increased they're stake in occidental by $7 billion this weekend we learned about new investments made during that period he revealed that berkshire increased its is thatic in apple during the first quarter i ran into him yesterday after the meeting. he told me when apple shares fem for about three days in a row earlier in the first quarter, he bought about $600 million of the stock. that will be revealed when berkshire makes its 13 filing quarter public he added, unfortunately, the stack went back up, so i stopped. otherwise, who knows how much we would have bought? it's just a reminder that buffet likes the stocks he owns to go down if he really likes them, he will buy more he filed a 10q showing they bought big into chevron, adding an existing stake of the energy giant to $26 billion that's up from just 4.5 billion at the end of the year chevron is now one of berkshire's top four holdings. it joins apple which sits at the top of the list along with bank of america and american express. buffet said saturday he wanted to make

another warning about the price of fuel from the ceo of occidental petroleum says her expectation is it is going to get worse for consumers, new production is insufficient to meet demand. oil will stay at high prices and gas prices will stay high as well. i wish i had better news but this is the ninth day in a row we hit a record high for the national average for a gallon of gas. stuart: look what it is doing to the market, moving further south, the dow is down one. 56%, we have recession fears, rising interest rates and energy price inflation, markets down. stephen short is our oil energy expert. why is gas going up so much so consistently? is it a supply and demand thing? >> absolutely. the great thing about comedies is supply and demand and how they interact across the x access price. gasoline prices are victim to an industry that has not invested with infrastructure. in philadelphia we were and still are a shell of ourselves, the houston of the east coast, the primary epicenter. when our refinery capacity, east coast refinery capacity has been cut by 40% over the last three years

nationa nat gas is low occidental is indicative on the u.s. side up 2.3%. >>> mega stocks in focus we are seeing losses with apple, microsoft and alphabet after these three stocks posted 5% to 7% gains over the last week. off the recent lows. the notable exceptions from last week's trade were amazon and tesla. amazon is down fractionally right now. it was up about 11% over the course of the last week. tesla shares up 21%. a lot more volatility with amazon and tesla trade still keep an eye on the mega cap tech trade especially with a little more down side volatility given the futures picture. beck becky. >> thanks, dom. >>> coming up on "squawk box." it is jobs week. the read on the small business sector with the ceo of paychex we will speak with brian deese about inflation and mu me.chor dom just said oil is up. we are back right after this only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership.

occidental, more buys of chevron. these are all companies that have pricing power which i think, you know, look, again we know inflation's going to be higher than the last decade, warren buffett if when -- greedy when others are fearful. he's picking up companies that have great dividends, great pricing power. this is what you should be doing with your money right now. warren buffett knows you need to get a return on your money, you can't sit in cash, maria. this is textbook buy right now while, essentially, the megaivity's in the air. maria: well, dennis, i know you're on the other side of that trade. [laughter] i want to ask you about tech conference yesterday where elon musk was out, and he was commenting about the macro story. he says we're probably in a recession right now. he noted that the recession could last up to 18 months, dennis. what's your take, and are you surprised to see such a strong number in home depot, a weak number at wal-mart this morning somewhat does that tell you about the macro story? >> wel