and frank holland has the headlines. frank? >> listening to just now, the ceo focusing on efficiency and a leaner fedex he said global volumes have fallen even harder than he previously expected. when he issued a dire recession warning last quarter >> the declining demand trends we saw at end of q1 softened further in the second quarter. and we're moving faster and with more determination than ever to accelerate the cost actions. today we will provide more detail on those cost actions >> yeah, so he said that inflation was also a factor in softening the volume so overall, when you look at the results, the margin could be a sign that fedex plans are working to cut costs and become por efficient. and they reduced capex and they're announcing a driver initiative and the company said they're going too provide an update in the first half of the next year. back over to you. >> frank holland tim? >> it is great to hear about cost cuts but that is on some level efficienty is something that fedex needs badly, that is why it trades at a

frank holland here on walmart and michael ye on moderna. we are accelerating, a leg higher, up 124 on the dow. started the hour, went negative at one point still not the kind of gains we were expecting when we saw the reaction to the inflation report this morning it is real estate at the top of the market with energy the reits had had a tough few months are bouncing back on the rate release. >> yes as well as big tech driving a lot of the s&p 500 gains as well aside from the energy move, it is just sort of a reversion to the mean action with stuff that has been beaten down a lot if you wanted to look inside the market and say is the market now more confident that the economy is going to be in good shape, well, not by -- we see banks are down, consumer cyclicals not leading, materials not really doing anything industrials as well sitting it out. there is a general sense out there we're able to move a little bit beyond the acute inflation fears and assume the disinflation is now the trend while also being wary of what it is going to mean for

i think that's why it makes sense. >> morris, frank holland here. i wanted to touch back on the stocks, especially meta and alphabet you say both of them are cheap right now. both trading about 17 times forward earnings the nasdaq trading at about 21 times forward earnings have you factored in the ad-spending slowdown so many people are forecasting i look at insider intelligence, and they say ad spending increased 8% this year, only going to increase 4% this year that's not factoring in any real economic downturn. so if ad spending doesn't show the growth that 4% growth we're expecting, are these stocks still cheap when you look at especially alphabet, 80% of revenue from ads, meta almost all revenue from ads >> the short answer is yes there was a great graph today which shows what happens to meta's multiple. meta is a very profitable business it's got phenomenal audience size with things like instagram, and nobody ever said that mark zuckerberg wasn't brilliant, which he is. they make mistakes they lost share of audience to tiktok, and that's just

. >> and frank holland here. how much of your outperform rating is based on the demand for the new iphone and some of the other services that apple provides and also are you factoring in the money it is spending on apple tv some estimates say as much as $6 billion a year apple has its own issue with a lot of spending. of course they have a lot more money 24than pretty much anybod but are you concerned about that in the streaming space and also their core business of iphones >> yeah, hey, frank, we actually do have iphone revenue declining. they have flat units but we have revenue coming down and so services growing a bit. a combination of that kind of rating along with our valuation. the risks obviously is i don't worry too much about the apple tv plus spending apple a year and a half ago was doing almost $18 billion in buybacks so $6 billionage sl annually isa big number for apple and i would say services is part of the pieces. and that is one of theh what he iphone numbers and could service actually decelerate.

frank holland joins us with december's move and what it could signal for 2023. >> a lot of red here on the nasdaq a 9% decline this month. a 33% decline this year. apple having the biggest negative impact on december, dragging it down 147 points. tesla more than 109 points investors have a lot of concerns about elon musk running twitter. winbush lowering its estimate for deliveries chips again under pressure micron's disappointing earnings. job cuts weighing on the space overall. we're talking invidia. we are looking for names moving the nasdaq higher, especially today. likely names you don't associate with the nasdaq. trucker, old dominion moving the tech heavy index higher today as investors looking for other names in the nasdaq. and moderna having the biggest positive impact on the index in december in fact, it is one of only ten stocks moving the nasdaq 100 higher this month. back over to you. >> frank, taking it broader than the nasdaq, you know who's having a great year so far t-mobile up 20% box is up 17.5%. and ibm is up 5% on the flip side, more of those kind of newer start up

i'm frank holland in for brian sullivan futures are muted. a flat open on wall street we are still well, well, well before the opening bell. also a check on the bond market. this is something to watch with the fed meeting next week. the 10-year treasury at 3.44 the 2-year treasury at 4.27. that is 50 points from a month ago. the gap with the 2/10 year it is widening again certainly something to watch this is seen as a recession indicator. we want to get a check on oil. wti down 10% week to date. right now, we see it is trading at $73 a barrel. brent crude at $78 a barrel. >>> turning attention to the top stories with silvana henao she is back with those good morning, silvana. >> good morning, frank frank, the former business partner of elizabeth holmes has been sentenced in the failed start up the judge sentencing sunny balwani to 13 years after 12 counts of fraud. balwani had direct oversight over the lab where is the biggest examples of misconduct took place the sentencing comes after elizabeth holmes was sentenced to 11 years in prison las

. >>> good morning i'm frank holland in for brian sullivan let's kick off with the check of the markets and how they are shaping up on the 1st trading day of december. futures in a holding pattern down right now s&p just slightly in the green nasdaq slightly in the green moving slowly negative to pos positive stocks rallying on the back of the statement from the fed chairman pulling out of bear market territory. the dow and s&p both gaining more than 5% in the month. the nasdaq up more than 4% on the heels of the rally by stocks, let's get on the bond market yields are lower than they were yesterday. the 10-year treasury at 3.62 it was 3.75 yesterday. we still have the inversion in the yield curve. a lot of people are calling that a recession indicator. >>> turning to energy. oil moving higher over the week ahead of the opec plus meeting wti is sitting at $80. earlier it was $74 brent crude at $87 a barrel. >>> look at crypto on the back of sam bankman-fried speaking out on the collapse of his firm. andrew ross sorkin doing amazing in the interview bitcoin topping $17,000. ethereum and

and that's where we are with bret bret is leaving at the end of the year >> let's bring in frank holland. part of this story has to be the remaining performance obligations over there at salesforce indicating a slowdown in 2023. part of this whole story we're seeing play out in enterprise overall where for every company that's a little different but pockets of weakness or at least question about how much demand there's going to be in an uncertain economy. >> absolutely. demand is the question across the board when it comes to cloud. we saw salesforce issue lower than expected rpo, again, often seen as an insight into demand going forward. then on top of that, marc benioff in the call and in the discussion with cramer, he laid out there's a lot of headwinds, ceos across all industries are slowing un, maybe stopping spend when it comes to i.t. and marketing. even when he spoke to cramer, he mentioned he's been through some economic crises before, some economic slowdowns before, but this whole currency thing blindsided him he said last year we were setting out our guidance we had no idea th

. >>> welcome back to half time report i'm frank holland. here's your cnbc news update at this hour. russian president putin leaving up the possibility of future prisoner swaps the news comes as brittney griner returned home this morning after being held in russia for nearly ten months putin saying contact will continue between russian officials and new exchanges are possible in the future american citizen paul whelan still remains in russian captivity after arrests. the ongoing diplomacy comes as russia's invasion continues. russia is providing quote unprecedented level of support to iran. officials say the relationship between the two nations is transforming into a full-fledged defense partnership which poses a threat to regional safety. >>> and as china continues to loosen covid restrictions there are reports of a new wave of covid cases. while official data shows cases dropping, there's social media reports of closed businesses and lines and hospitals as the country grapples how to emerge from zero covid. that's the very latest >> apprec

cnbc's frank holland has the story as we brace for earnings tonight. and boris schlossberg joins us with our trades today. he's managing director of fx strategy and a cnbc contributor. welcome, guys. frank, what are you watching >> kelly, one of the points right now, fedex chairs up 12 points this quarrel, doubling the s&p 500. a lot of consensus, the bad news has already been priced in this stock. today, we're looking at more details of that 2.2 to 2.7 billion cost cutting plans $1,700 million of those savings are supposed to happen in this quarter. another question is, with all of that cutting, are they able to keep this holiday season as profitable as possible and looking forward into 2023, lunar new year, coming up on january 22nd, do they have enough capacity in place to handle that? big questions for the ceo. in his second report of that dire earnings warning where he forecasted a potential global recession that he said was weighing on their volumes, something to watch a couple other factors according to analysts, the estimates for fedex's operat

. >>> good morning, happy friday, i'm frank holland. let's kick off the hour with a check on u.s. stock futures. they are pretty much flat. not a lot of movement. but however, also want to keep track because there could be a lot of movement later on in the day when the jobs report comes out. we also want to check the bond market as we see, yields are down a little bit from what we saw earlier this week. in fact the ten year is about 15 basis points lower than it was as to start the bike two year note, almost 25 basis points lower than it was so we've still seeing the inverted yield curve but the spread is starting to close just a bit, something to watch. we often call that recession indicator. oil prices are up slightly this morning. wti crude at 81 bucks a barrel, brent at 87 bucks a barrel both five or six bucks more than they started the week. and pay attention to crypto. we're seeing bitcoin back below the 17,000mark that somehow became meaningful. ether, xrp and cardano both down and early trade in europe, let's go to the london newsroom with much more on that. happy friday >

frank holland has some of those re >> i do. layoffs in the broader economy on the minds of these tech leaders, ctos and cios and more than a third say right now, today, we're in a recession. we'll show you the numbers in a second another third believe we could be days away forecasting a recession in the first half of 2023 we see 13% optimistic. they're saying there's no sign of a recession on the horizon. our survey began on october 18th we were in the middle of a wave of layoffs at tech companies an estimated 50,000 in november alone with some signs that more layoffs could be on the horizon. it was in that environment that 57% of tech leaders in our survey believed the layoffs are an opportunity for their company to bring in top-level talent while 35% said they expected to face issues keeping their top-level talent due to those same layoffs and job cuts. 9% believed their company would not be impacted. another snapshot of the job market, 43% said finding qualified talent was about just as easy as it was in the same time period

frank holland, thank you very much up 1.5% into earnings. mike, want to hit the broader market because we are seeing a big rally. we talked about it ahead of a bigger inflation report for the month of november due tomorrow up about 1.36% so within the inflation report, i'm going to be watching food because that one's been st stubbornly high, especially at home as an indicator what else? rent prices have been a big component for why inflation has remained high. we hear anecdotally they're starting to roll over but who knows. >> it won't show up in a timely way in the government numbers. rent in general, the services side of the economy is where people are more concerned about the stickiness of inflation. blackrock saying it doesn't look like it's easing up, they're bearish on stocks because of that but i do think that that's going to be where the focus is and then of course is the number going to be any different than consensus to the point where it disturbs the current outlook for what the fed is going to do in, say, the next day. is it goin

frank holland on oracle. a huge tailwind for a lot of companies. any companies that felt the pressure from a stronger dollar, tim. what do you make of these numbers. >> i think the second quarter numbers are very strong. when you think about the cloud business, there's a tailwind here if you look at the company from a valuation relative to its peers, some of these other folks are trading significantly higher multiples. oracle is down 5 to 10% this year and if you think about the performance, some of this is multiple this should be trading 17, 18 times which puts this stock closer to $100. >> speaking of outperforming the group, from its low, the tech sector bottomed on the 13th. this bottomed on the 29th of september, two weeks higher. it's up 33%. that's triple the performance of the tech sector. to some extent you favor this kind of thing. >> is it overdone? it's had a big move. >> but it's not that steep relative to its 150-day moving average. >> karen. >> i thought we traded at an attractive pe. the pe is well above market. maybe that's fair, i

frank holland. >>> still ahead, delta shares are flying high after the airli airline upped its guidance big-time we've got the news and what it means for airline travel in 2023 >>> plus, tesla's wild ride, morgan stanley making ait a top pick shareholders voiced concerns weavalthlaitr.ocus on twte he l e test, straight ahead. e first person to live to 150 has already been born. it could be you! wow. really? of course, you'll have to eat your greens, watch your stress, wear sunscreen... but to live to 150, we're developing solutions that help doctors listen to your heartbeat while they're miles away, or ai that knows what your body will do before you do. cool. introducing elevance health. where health can go. it's hard to run a business on your own. with shopify, you have everything you need to setup your online store, to connect with customers, and to bring your dream business to life. because when we work together, the future is bright. these days, your customers are not just down the hall. they're all over the world. so cute. it doesn't have to be lonely at the top. join the millions

i'm frank holland in for melissa lee. this is "fast money. we have tim, dan and guy and off the loads and the new headwinds bearing down on santa after the harsh outlook this morning on "squawk box." a higher than expected read on the high read of the gdp adding to the bearish move, the dow dropping and erasing most of the 500 point rally and the s&p and the nasdaq falling more than 2% here is the market moving comments from tepper. >> leaning short on the equity markets. you know, so right now because i think the upside downside doesn't just make sense to me when i have so many people tell me so many central banks telling me what they're going to do. >> so, tepper echoing the mantra that this desk had been trying to hammer home all year long guy, is he just preaching to the choir? >> well, i mean we took the mantra from him in the first place. he would come on when the fed was easing free money, zero interest rates and say, listen, i'm not the smartest guy he's self-dep rick atsing and he happens to be brilliant but in this environment if yo

holland in for melissa lee. on the desk tonight to my right we have tim seymour, steve grasso, main line in philadelphia, go birds it's going to be a long show if you are a giants fan look at tim shaking his head the market rebound, final week of the trading was enough for the dow to reverse the third losing week in a row the nasdaq and s&p 500 still falling a little bit short up today however is trading right around its pandemic lows that's right, it's lows. a new report said finding some historic selling, value equity funds, largest weekly outflow ever hitting more than $17 billion. tax law selling likely behind the record outflows, but can this all be a setup for january buying frenzy? great question, tim. >> buying frenzy >> frenzy. frenzy is something i'm not sure i'm ready for. i think there can be allocation. if you look at the outperformances of the industrials. if you look at different parts of the market structure that are changing with some of the reversal of flows, i think there are opportunities the

everybody gets paid more it's a cycle >> frank holland >> happy new year. >> i'll see you. >> see you in a bit. >>> when we come back, we will talk about the fallout from the china surge in covid cases former ambassador to china gary locke will join us next on what it means for the economy "squawk box" will be right back. >> announcer: ring in the new year by bringing in cnbc pro invest like a pro in 2023 with a special year-end offer by going to cnbc.com/pronewyear or scan the code >>> welcome back. more countries are requiring more tests for travelers with china's reopening plans. will this wave lead to fallout and economic supply chain issues joining us with gary locke, the former ambassador to china ambassador locke, thank you for being here let's talk about the requirement from so many countries china is acting if they have no cases and flights are showing up in milan where half of the travelers are testing positive what's going on? >> thanks for having me, becky it is a smart move by countries around the world china is imposing restrictions on some travelers entering china given

. >> thank you, guys >>> cloud stock exchange among the big losers today as well frank holland joins us to talk about how much is related to rates. >> general rate pressure, not today rate pressure. obviously david tepper's comments that everybody should believe the fed and calling christine lagarde a grizzly bear are just realistic, because we haven't heard any indications that the fed has plans of course, as always, when we look at the wcld, it moves inseriously to the a different part of the cloud sector we don't often talk about lowers levels since notify 2020. we also heard from investors themselves in general there's two choices when it comes to the cloud and enterprise stocks. either we know exactly what -- or you can do what multiple venters do we've heard that that foreign minister analysts, one focus sent simply enough it's not rate pressure today there's still about 50 basis points from the high we saw this year back in october. >> pretty interesting, mike. cloud is one of those areas where the street is trying to get ciritical. >> there's probably not enough in the way of

let's get to frank holland tim scott. tim scott. glenn youngkin frank holland with a look at this morning's premarket mover back from atlanta. >> hey, guys how are you doing? segue, talking a little bit more about -- i'm glad to be back thanks for having me joe's selling tesla's. last week it was real human hair who knows what's next? tesla getting a downgrade and advocating for a more agnostic approach saying the stocks that power evs are a better way to play in the near term. shares are down 30% since the twitter deal closed. a lot of investors worried elon musk is distracted it was a trillion dollars back in march of this year. moderna moving higher in the pre-market the drug maker saw its stocks soar 20% after they issued promising data about the cancer treatment. they announced a melanoma treatment cut the recurrence of skin cancer 30r%. >>> marriott though downgraded by citi. the downgrade in travel. shares are down a percent and a half it came with a broader downgrade of the entire hotel sector in crypto check, the spf drama

holland in for brian sullivan let's look at the snap of the losing streak. futures are flat nasdaq doing the best. up very slightly right now, as we always say at this hour, it is pretty early. we want to check the bond market something to watch with the fed meeting next week. we are seeing the 10-year treasury at 3.48 that inversion still going on. the gap not closing. a lot of people consider that a recession indicator. >>> oil off the lowest close of the year it is higher right know. wti up 1.5% higher both about $10 a barrel lower than they were to start the week >>> cryptocurrency we are seeing movement bitcoin now is higher. back above the $17,000 mark. different story for ethereum lower for the week >>> let's check on the action in asia and europe. we have a special guest appearance julianna tatelbaum back from great reporting in the netherlands on the energy situation. she is now in the london newsroom good morning, julianna >> frank, good morning thank you for the warm welcome back it is not so warm in the studio. it feels chilly in london. let's ta

i am with frank holland, back with me on the desk despite that karl and dedra are off again floors and ceilings, providing a ceiling that the bulls can't seem to cross. while private equity buyouts and mna staying active, despite the floor. more news on the ceiling after the bank of japan, widening their target range, hawkish behavior from central banks that could mean more pain ahead for growth stocks. let's get to mike santolli with more that's not what's happening today? >> exactly look, i think that has been the general macro overlay that caused a rethink of valuations yields have been part of the story for gross stock underperformance this year but if you look back at prior cycles, it is not the full driver to me the absolute level of valuations at a time when the big growth stocks are not showing growth is the story. this is the forward price earnings multiple of the nasdaq 100 relative to the equal weight so basically the typical stock blended in for the s&p 500 this was the premium in late 2020, into 2021. that's because we thought these big platforms were pep pet rpeta earning

fedex also one of the big names set to report after the closing bell frank holland breaks down the key numbers to watch for so, frank, this is obviously one we watch for because of the economic implications. what should we be keying on? >> well, dom, the big thing here to watch is the latest on fedex's plans to cut 2.2 to $2.7 billion in costs of course this follows fedex doing an earnings warning last quarter. their ceo coming out saying we're on the precipice of a global recession that's hitting its volumes both in asia and europe of course here in the united states $700 million of that is supposed to happen in the quarter that is reporting after the bell so a lot of questions about where those cuts come from they're supposed to come from reducing worker hours and also reducing capacity in its warehouses how does that also work with the holiday season of course e-commerce ramps up there. we're also looking for any guidance about the next quarter and of course for the full year. in the current quarter, it starts on december 1st and ends on february 28th during that time we have christ

holland has been in the room as marc benioff delivers his keynote. he has some highlights for us. what is he saying? >> yeah. marc benioff speaking right now. upbeat tone and very much sticking to the talking points about salesforce successes and the future growth of the company. i had a chance to speak with him briefly, shake his hand. he gave me a wink. he was very much the rock star of wall street walking around the room with thousands of people in that room definitely making a point to make eye contact with different people and be personable the elephant in the room is the high-profile departures of not only brett taylor but the ceos of slack and tableau marc benioff did not reference those departures he talked about the unified community of salesforce. anybody who knows the company knows we're at the campground of the company and the company tries to have a communal situation when they meet he was talking not only about the successes of salesforce but the growth of it, the organic growth and the inorganic growth. definitely referencing some acqu

. >> frank holland here. you mentioned china a second ago. when you made the call, hard to believe you knew that the zero covid policy in china would extend this long i don't think anybody knew that. also factors china will reopen seeing signs and reports and chinese people will not only get out of their house, travel around their country and to other countries as well? >> absolutely. in our low case for demand around the world, half come from china believe it or not. a complicated story in china the big growth of new oil demand is going to be clearly on the aviation side. we're seeing international flights already starting to grow at an incredibly rapid rate. there's another hidden thing we don't much think about and that is what it did last year last september when they started having fwlblackouts stopped exporting petroleum products and they started slamming that down. they were exporting last summer, a year ago, in summer of '21 around 1 million, 200,000 barrels of day petroleum product and stopped doing it altogether last september and n

. >> frank holland here. happy holidays, by the way you took the words out of my mouth, fleet corp. they supply cars for trucking companies. i want to ask about streaming. aren't we in the very early innings of streaming we have mega sports deals to be sorted out and the distribution of movies to be sorted out maybe in consolidation why are you so long on those two names? >> yeah. when i'm looking at something like warner brothers, frankly, and paramount, too, these are turn-around stories. i agree with you this is a tough spot it is getting to be very crowded right now. i think even names like netflix on the streaming side, you know, they probably have gotten pretty close to peak subs would be my guess. although, that company is not at ludicrous valuation anymore. it is traded as a growth stock right now. one of the reasons i'm not interested in it right now is because it's had such a big run off the bottom from last year. i was long in stock and ended up peeling off a little bit too early, i would admit, to get into some of these more distressed names is what i will call them. but

holland is breaking it down for us. hi, frank. >> cloud enterprise and cybersecurity stocks have underperformed big tech. if you look at the qqq etf, in q4, these stocks weighed down by elevated valuations and the rising doweler however, the doll pressure has eased up significantly it's fallen 8% to the yen and the euro has risen to the dollar that's how these are measured. in relation to the currencies cutting it in half, and globally, a positive tailwind for the transition to the cloud. spending has leveled off in the first half of the year, but every month, more than 20% year over year growth companies that issued bullish signals have been rewarded s.a.p., a german cloud providing, forecasting tw26% in cloud revenues okta, especially in multifactor authentication raises billing guidance up. box raising eps guidance, showing margin expansion you see shares are up 26% in q4. however, high valuation names or stocks not seen as mission critical under pressure in q4. snowflake, classic case, trading at more than 500 times

holland here. i'm hearing your point on aus. have we seen a pull forward of demand for infrastructure when it comes to cloud computing for chips, laptops and other tech things and part two, when we look at the holiday season, we have heard a lot of holiday reports of manager a meh holiday season. mastercard data shows overall sales are up 10% in e-commerce 5% in high margin categories like electronics and jewelry, but that's not really what people go to amazon for anyway isn't it bullish to see that 10% in e-commerce spending >> yeah. i think, look, e-com continues to gain share. we're going back to basics we're not about buying high-end jewelry or we need clean supplies and basic things for amazon i think that puts them in a good position versus other e-com vendors. to your second point about pull forward 100% there was pull forward. every one of these tech companies came on your show and says there is no pull forward. the pandemic didn't pull forward demand that is nonsense there is no question t

when they reopen, we'll probably see prices go back >> frank holland has the cnbc news update. >>> democrat chris mays will be arizona's next attorney general. his margin of victory narrowed to just 280 votes out of roughly 2.5 million ballots cast >>> in jackson, mississippi, residents are still suffering from another water crisis. people are waiting on long lines for bottled water. this is after a huge winter storm burst dozens of water pipes. a city-wide boil water notice remains in effect, and a number of city ace cross the south are facing water issues including atlanta and selma, alabama >>> and brazilian soccer legend pele has died. he'd been hospitalized the last month with multiple ailments including colon cancer he led brazil to three chipotles. his effortless play and charisma made him one of the most known athlete athletes of the 20th century. he passes at the age of 82 >>> still ahead on "power lunch," a special tech-themed power runout first metaverse hype to burning out. after years of buildup, are fans of the virtual world snap back to reality >>> and media giants betting bi

frank holland joins us how much of today's stock performance relates to taylor's departure and a result in guidance >> many believe his departure is the reason for the price action. that includes wedbush's dan ives they put a price target out of 135. that's a 35% rice from where it opened today but the company's miss on a current obligation, that's a metric and proxy for demand. that did raise the eyebrows. the company guided for a 7% increase in crpo that would be well below the kind of increase we've seen in previous quarters and also be below estimates. the question is demand slowing down or are deals taking longer to close as marc benioff has disclosed. he mentioned taylor had to be let out like a tiger in a cage, needing to be let out. there's an elephant in the room. there's the impact of the dollar rising but the strength of dollar has weakened significantly since salesforce yesterday it's fallen 5% since then. a lot less pressure when it comes to that. again, the real question, is demand lessening, or is it taking longer for deals to close. today the question is about brent tayl

holland here to talk salesforce we'll kick it off because we're seeing an up day for the first time all week. for the first time in five days. the s&p is up about a half a percent. we built on that strength into the close. you have most sectors higher only ones lower, energy, communications services and financials the chips are leading. what's causing the strength. >> i think it's a little bit of a bounce in things that have been hit the hardest if you look at broadly across tech except for tesla, has been bouncing hardest that's been the epicenter of the declines also an uptick in bond yields so they look stretched in the short-term to the codownside the one you haven't really seen is crude oil which rally attempt really didn't take hold. so that remains this disinflationary maybe slower growth story, but the rest of the market has been okay with it today. still a neutral setting for the stock market >> let's get to the breaking story of this afternoon, which is the ftc suing to block microsoft's takeover of activision blizzard on antitrust concerns brandon ross from light shed par

holland now for a cnbc news update >> here's what's happening at this hour. the department of justice is suing amerisourcebergen. prosecutors say civil penalties could total billions of dollars. amerisourcebergen says government lawyers cherry picked data from five pharmacies out of tens of thousands that it supplies >>> brazil's incoming president desilva has chosen someone who works to protect the amazon's environment minister maria silva returning to the post that she held from 2003 to 2010 during that time, she set up programs that sharply curtailed deforestuation, but drew criticism from businesses seeking to expand into the amazon >>> across america, nearly a thousand small towns and cities are losing their designations as urban areas starting today the census bureau is reclassifying them as part of rural america. about 3.5 million people are affected rural and urban areas often qualify for different kind of federal funding. >> frank, thank you. >>> coming up, the renaissance ipo etf trading near its lowest level since the start of the pandemic we'll lo

. >> frank holland, with the business week, the wall street speak, and ron, let me go to you. what would there need to happen in the coming year to have in order, as frank says, a piv in the fed. is there any signal, anything by the fed that says they would not rate as much as they did or at all. >> sadly, no. there is nothing that they would admit to right now that would cause them, except for some financial calamity where something breaks and threatens the viability of the financial system, they will not admit that they will change policy in any way shape or form. the reality is that the fed has maintained stances like that in the past, something break, a recession gets too deep, some other factor overcomes the fear of inflation, and forces the fed to either boost stock raising interest rates or second, start cutting them. i think at this juncture, it is too early to say. and they seem committed to one quarter point increases in early 2023 and the unemployment may go to 4.6% and nearly a full percentage point higher and that woulden indicative of a recession and at some poin

the leading leading expert, frank holland, he said, yeah, you are gonna get five feet. but he had lived on tariffs for 15 years, and he changed his assessment and said, it is not going to even approach three feet, three feet. the admirals paid no attention, no attention. in other words, the conditions were lousy, they were dangerous, and the admirals knew it, and the excuse, which makes no sense to me, is that we could not delay, this battle had to go off on november 20th, 1943, despite the fact the day was delayed, okinawa was delayed, battles are delayed. and this was not a pivotal battle in terms of strategic purpose. they built a landing strip that they barely used. in other words, a title muss. there was no way of accurately predicting how high the tide would be that day. too many variables, they could only literally go on a hope and a prayer. the educated guesses of war that too often turned out to be fatal ones. the attack went ahead. the tide was three feet, dead in the water. now, imagine you are 18 years old. this is your first fight. you are terrified. but wh

the leading expert, frank holland, he said, yeah, you're going to get five feet. but he had lived on tarawa for 15 years and he changed his assessment and said it's not going to even approach feet, three feet. the admirals played no attention, no attention. in other words, the conditions were lousy they were dangerous. and the admirals know it and the excuse which makes no sense to me is that we could not delay this battle had to go off on november 20th, 1943, despite the fact d-day was delayed. okinawa was delayed, guam was delayed. battles are delayed. and this was not a pivotal battle in terms of its strategic purpose. they built a lightning strip that they barely used. as it turned out. in other words, a tidal mess. there was no way of accurately predicting how high the tide would be that day. too many variables. they could only literally go a hope and a prayer. the educated guesses of war that too often turn out to be fatal. the attack went ahead. the tide was feet dead in water. now imagine. you're 18 years old. this your first fight? you're terrified. but w

melissa, back to you >> frank, thank you. frank holland. our next guest says the options market indicates investors are worried. joining us now is the writer for markets live at "the wall street journal. good to have you with us put/call ratio is often considered a contrarian indicator so this spike might be a good thing >> in one way, the options market is flashing red right now with the put options trading relative to call options hitting a high, so people are positioning for a potentially bigger drop in the stock market after an already terrible, terrible year for wall street. what is really interesting is that a lot of this activity has been concentrated in ultra-short dated options. i was looking at some of the data from yesterday, and eight out of ten of the most actively traded contracts in the entire market yesterday expired yesterday alone, so that means people kind of closed out their books before heading home. as you pointed out, though, some people do view this as a contrarian indicator, meaning, people are asking, are traders s

tell us what you have on tap over the next couple of days and i know frank holland is with you is going to bring us news throughout the program. >> we're missing you, andrew yes, he's doing a great job. becky mentioned the moon and what opportunities exist there and i think she said it's 1800s all over again that's applicable to this as well 1800s was the -- after the civil war was the reconstruction period and it was doing well. it was putting america back together with everybody contributing and then of course politics and folks who are obstructionists stopped the progress i think we have a shot of that at all over now to get everybody into the economy so the color is not white or black or red or blue, it's green and we have the ceo from walmart, he's here the ceo of delta air lines, ceo of paypal, he's here, ceo of iheart radio, he's here, a bunch of other ceos, they're traveling here physically. the ceo of pfizer. you have leaders like jakes and ambassador andrew young who was here with dr. king six years ago and, of course, you have entertainment leaders like charlamagne tha god. i

holland has more on the quarter. >> shares moving higher as investors trying to figure out if we're seeing the bottom or the beginning of fedex's issues when it comes to volume. eps beat moving the stock higher that could be seen as a sign that the ceo's cost cutting plan is working at the same time, a revenue miss on lowered expectations and weak forward guidance again on lowered expectations is raising questions about the freight environment, especially in china. major revenue driver for the company's signature express air delivery service >> volumes declined across all segments, primarily express, down low double digits as such, revenue was down 3% driven by a decline at fedex express which was partially upset by growth at fedex rate and fedex ground. >> fedex clearly maintaining express pricing power while the volume down 8% freight, fedex operates in primarily industrial trucking. elf fant in the room continues to be the cost cutting plan. saying they plan to cut a total of $3.7 billion with 2.5 billion in the current quarter and fourth quarter, that includes christmas and the

frank holland joining us with the results. >> a lot of interesting data more than a third of corporate financial decision makers say inflation is the biggest risk to their business that's actually an increase from q3 as we've seen better-than-expected inflation reports. it still remains a long way away from the fed's target of 2% inflation. you can see other things haven't changed. at the same time, almost two-thirds of cfos say inflation has peaked more than half say the fed has done a good to excellent job of controlling inflation. you have to remember the survey was taken between november 30th and december 20th. during that time we saw china covid cases speaking, november cpi better than expected the fed hiked rates by 50 basis points, binging them to their highest level in 15 years. it was in this tiermt with those headlines that more than 85% of cfos forecasted a recession in 2023 we've got 43% saying that economic downturn will happen in the first half of the year 43% say the second half of the year 9% forecasting the so-called soft landing that's inflation under control with no

i'm frank holland with your cnbc news update. >>> after nearly ten months in detention, brittney griner is back in the united states. she was seen getting off a plane in san antonio, texas, this morning. federal officials say she's headed to a medical facility for treatment and for counseling asked if other prisoner swaps could happen, russian president vladimir putin says everything is possible. >>> arizona senator kyrsten sinema is no longer a democrat she registered as an independent because of the, quote, broken partisan system in washington. she does not plan on caucusing with republicans democrats will maintain their narrow majority in senate. >>> homeland security is seeking $3 billion in new border funding. the agency wants the money to prepare for a possible surge of migrant crossings when covid restrictions end this month. republicans have been reluctant to fund new democratic initiatives. saying they want the border secured before any more money is spent. that's the latest. david, back to you. >>> the federal trade commission suing to block microsoft's acquisition of activisi

i'm deerd yeah bosa with julia boorstin and frank holland we're discussing streamers shifting their focus among recession concerns we'll cover the stocks set to benefit. plus, tesla continues to be a battleground stock, down almost 40% for the month of december but it's rebounding strongly today. so is it time to buy the dip >> plus, we have exclusive data on the fintech sector pointing to more volatility in the new year we'll discuss how to play it and is there more cybersecurity opportunity ahead? we have the 2023

i'm frank holland with your morning movers we begin with tesla. shares falling, musk sold 22 million shares shares down 1.5% another fact putting tesla stock under pressure a lot of people believe musk is distracted after purchasing twitter. side note, art fund bought 12,000 shares of tesla yesterday. verizon shares moving up citing cash flow. will only approve the capex spending and at&t is down 1.5%. american express named as a top pick by bank of america and payment and credit card space. the big bank saysing the confidence in the revenue guides and growth and business model and possible recessionary environment could maybe a mex top for investors. you'll see that. those are the morning movers andrew, back over to you >>> welcome back to "squawk box. the bank of england voting just moments ago to raise its key interest rate by half a point as expected the rate hike coming after uk inflation came in slightly below expectation at 10.7% joining us to discuss the economy, nicholas lyons. he's the lord mayor of london. he's the ambassador for the uk

holland with a look at this morning's movers >> let's start with apple. hitting a new 52-week low yesterday. it's been caught up in this big s tech sell-off. tax law harvesting is being considered for the company's 3% decline this week. >>> we've seen a pop in the chip sectors. take a look at this board right here we're seeing the chip etf almost up a 1.5 and nvidia and qualcomm up, as well as amd. amd and nvidia were picked as top tick picks >>> record revenues for the quarter for the egg producer it's comments on the avian flu outbreak that continues to drive prices sharply higher. there have been no positive tests of avian flu at any of its facilities eggs 49% higher year over year according to the last cpi report >> thank you. >>> when the clock strikes midnight in two day and is we ring in the new year, the clock will start ticking on the need for corporate america to refinance trillions of dollars in debt. that's something steve liesman has been digging into. this is a big deal, steve. >> yes, it is. because debt makes downturns worse and wall stree

holland with a look at the premarket movers. >> happy friday, becky we're looking at netflix, moving higher this morning after a big upgrade from wells fargo the bank is bullish on the ad-supported tier. price target raised from $300 to $400 a share a $25 upside netflix is having a big q-4. however, shares are down 45% year to date deutsche bank is getting bullish on betting, they're raising their price target they're expecting growth to accelerate gaming stocks in general moving higher this morning. wynn is up more than a percent and a half penn national up more than a percent and a half right now. >>> docusign up almost 12% this morning after strong earnings yesterday. metric of demand up, beating estimates. they raised its full-year guidance shares up 12% this morning. >>> lululemon shares falling this morning really on that soft forward guidance from their earnings, also rising inventory puts shares under pressure concerns about china demand. shares of lululemon down 7%. >> i saw the picture you posted on twitter it's amazing you with marc benioff. i guess are two giants who make

tunnel, they put that in quickly they're fast let's get to frank holland he joins us with a look at this morning's top stock movers you don't know whether it is -- no, it probably is no relation. >> no. no relation. by the way, joe, don't ruin the magic of tv. everybody thought you ad libbed that transition. don't tell them it is in the prompter salesforce down and you could see shares down almost a percent. the software giant on a double-digit slide, benioff said the business is shifting and the ceo plans to step down since then the ceo of slack and bab low has said they are leaving. and seen ow is up almost 17% and juniper networks moving high and all three big outperformers in fourth quarter up more than 20%. and chinese casino stocks as investors get bullish on a full reopening of the chinese testing and quarantining requirements and jd and alibaba up. and to candy makers. moving in opposite directions after a ubs upgrade for hershey despite headwinds, mondelez down but raised by a dollar and hershey shares up a percent right now. andrew, back over to you. >> thank you, sir. an