only at vanguard you're more than just an investor you're an owner. that means your priorities are ours too. our retirement tools and advice can help you leave a legacy for the ones you love. that's the value of ownership. good morning, afternoon, everybody, and welcome to power lunch. alongside kelly evans, i'm tyler mathisen. glad you could join us for a monday. stocks heading lower. the nasdaq, in particular, getting hit hard, down more than 1%. so is this just a normal pullback in the midst of a larger round or a sign that markets maybe have come too far too fast, kelly. >> on that note, what does the rise in gold and bitcoin say about what's happening here. gold hitting a new all-time high today, over 22,000 an ounce.

bitcoin above 40,000. levels not seen since april of 02. 2. >> and shares of saic hitting all-time highs after that company's results and improved guidance. the company does i.t. for the defense department. we'll talk to the ceo coming up. >> plus, shares of uber are higher after being added to the s&p 500, as we thought it might. stock has doubled this year. analysts think it can still go higher in 2024. we'll get technical support later. >> let's begin, though, with the markets as the soft landing thesis, which has basically been working for the past month is being maybe a little bit tested today. some of the big tech names in the magnificent seven are leading us lower today. nvidia and alphabet both down 5% over the past week. let's bring in mike for more. is the soft landing thesis still in tact, mike? >> tyler, i actually think that the market is increasingly embracing it, correctly or not, they are. i think weakness on a relative basis in the large mega cap tech

stock, which is now favoring things like banks up 1% today, transports up 1%, small caps outperforming. that reflects greater comfort in the idea that the economy can remain resilient as inflation comes down and maybe yields are more benign this. rotation we're seeing -- and the big cap indexes without a doubt have come far in a hurry, five weeks, 12% in the s&p 500, plenty of room to cool off. the way it's doing it right now is -- not saying this is a lasting leadership shift. there's been false starts in this direction, most recently in july. and back then i also think it reflected a very broad consensus that the soft landing scenario looked more likely. i don't think it can be disputed, but there's not going to be a noement time in the next four months or something where we say we achieved it. it's just an ongoing reevaluation of whether we're

tracking in that direction. >> michael, stay right there. let's keep the conversation going. while the odds of a soft landing are higher than they were, our next guest says that doesn't mean we can escape a recession, so how should you position here? let's bring in david smith, chief investment officer with rocklin trust. >> i agree with mike. we're not going to know for sure until we get through the other side of this thing. it's been months and months and months of people discussing this soft landing idea. i think ultimately we won't know until after it's kind of begun to recover whether or not we got off the soft landing. it's difficult to look forward and say for sure you're going to get it. i will say that i would -- the likelihood of a soft landing seems to be now higher than it has been in my 30-year career of doing this, it's kind of magnificent they were able to manage to the outcome we've seen so far. >> since you have that 30-year career, does it make you nervous

to say that? declare mission accomplished? >> i don't want to say it's mission accomplished by any means, but it feels like there's a reasonable chance of a really good outcome here, meaning we get inflation under control without a pullback in gdp, an incredibly difficult and challenging thing to do, particularly after the fed was late in getting started. >> you know, if you -- i think you pointed out in your note that if you strip out the magnificent seven, the market is close to its forward p.e. with that said, are there particular stocks, david, that you favor right now that would be well valued, i guess would be a way to put it? >> to mike's point earlier, the market is broadening out a little bit, which is good to see. we tend to be diversified and don't complicate portfolios at rockland trust. we like exxon, a great deal of companies trading a little over

ten times its earnings. a nice dividend yield of over 3%. and a deal that's been announced we'll think they'll get done that i think is constructive for them moving forward. we also like chubb a great deal. kind of out of favor in financial company, but it's a real hot market happening in insurance and chubb, we believe, is the best in class property insurance company on the planet. happy to be involved with that one a little more than ten times. >> but they don't have jake from state farm, david. >> no, no, no. >> or patrick mahomes. >> they don't advertise as much. they tend to focus on a higher end client who's more stable when it comes to premium increases and more able to take those on and continue to have the coverage they wanted. some of the lower end folks are going to deal with people pulling back on their coverages. i think they're very well positioned with this hard market to continue to do very well.

>> you also like google. are you concerned that the magnificent seven has been underperforming? >> we want to be exposed to some of the magnificent seven. we don't own all seven companies. we like google a great deal. a company whose earnings have grown 2x ahead of the s&p 500 at a multiple that's a slight planup, where historically it's been a 25% premium. we have a 25% earnings growth directory on top of the potential of a multiple growth here. >> mike, let me ask you a question. i was reading something this morning where, as is often the case when cash begins to pile up in money market funds or in treasuries or in other repositories of cash, the argument is always made, well, there's the rocket fuel that's going to keep the market moving higher. that money's going to come out of cash, and it's going to go into the market, lift everything higher and so forth. i wonder whether that's true,

because here for the first time in a decade and a half cash is actually paying a return and maybe the people who have put money into cash and are now collecting 5% or more like the idea of having cash making 5% and it ain't going to go into the market. >> no, there's no doubt about it. and i think that that probably is one added reason why that is not cash that is somehow poised to enter stocks. but i'm generally skeptical of this idea that there's this bucket of cash here and it moves into the market and by the way when the money market holders buy stocks from somebody else, that turns into cash. what do those people do? you can't really make the constant argument that it's just about these discreet piles of capital. what you can say is i don't think right now -- even though we've seen speculative froth and some of the trading activity has gotten frisky in terms of short-term chase of momentum and low quality stocks, i don't

think in general we have massive balances. that's one thing i would say in -- equity market cap in '08 or '09. a lot of it's replacing bank deposits. i don't see it as a key swing factor. >> gentlemen, thank you very much. david, we'll give you a pass there on chubb and not having patrick mahomes. they don't even have flow, but that's okay. we'll let it go. all right, thank you. what'd he say? >> you. >> yeah, me. all right, let's get to the bond market and its moves in gold and bitcoin. rick santelli. i'm fired up today, rick. >> yes, fired up, everybody's fired up today. if you look at interest rates they're moving to the up side. that's after testing some levels we haven't seen in over a decade. of course, those were the

intercycle lows that we had on friday, but maybe the big story today, obviously, what's going on in gold and bitcoin. when did the dow make their all time high? which they're very close to right now, in early 2022. let's start the charts in january of 2022. remember, it's always about location, location, location. well, look at that chart and look at the spikes. now look at gold. how many closed over 2,000? see those spikes? see where we're at relative to the dow. gold's up here making new highs. what about bitcoin? same thing. when was the last time it was over 40,000. when was the last time it was over 45,000? beginning of 2022. it's all about investors willing to take more risk on, and why? thank the fed here. let's talk to a trader. hey, dave. >> i'm making some sweet trades, rick, what's happen something. >> the big story today bitcoin, gold -- gold making all-time highs, bitcoin back above 40,000, even though these markets are reversed, what do

you think's going on there? >> it's a risk on trade. there's panic in the air. gold traded the all-time high this morning. it's down 2.5%. weird fluctuation. >> well, i don't know, we really say it's a panic? stocks have been on a tear, the dow's within striking distance forgetting what's going on today with regards to its all-time high in 2022, it seems like there is no alternative to stocks, but stocks are an alternative, and there's a variety of other alternatives. >> there is a big variety. i think the ten-year note, i think it's hanging on there right there. i think there's something to that. >> interest rates have reversed off that magical 5%. you could argue they're holding around 4.25%. if you had to decide what you think the drift will be for equities for the end of the year and next year, should we be welcoming santa claus with milk, cookies, and our investment dollars? >> possibly.

the tendency is going to be to come off a little bit. want to go higher if that's the case. >> from my vantage point after talking to traders, it seems, though, the big mantra for everybody to pay attention to is is the fed done raising rates, and the second part, many expect them to ease rates. if the fed doesn't ease rates, do these markets become tops to reverse from? >> you'd think. there's a risk on trade there. and i think, yeah, i think we might go back. >> all right, thank you. dave, we send it back to tyler and kelly. >> all right, rick, dave, thank you very much. coming up, shares of sac higher today after reports the company does i.t. for the defense department. and a big deal in the airline industry and big stock moves as a result. alaska and hawaii teinamg up. the 49th and 50th states. more on that as power lunch

rolls on.

welcome back to power lunch. ai has been a hot topic for markets all year long with practically every company trying to stay ahead of the competition. same is true of countries, which are trying to avoid falling behind their rivals. margaret brennan joins us now, just back from the national defense forum with more about all that. >> that's right, this is the

reagan national defense forum, takes place every year. the defense department is not just focussing on restocking weapons piles but how it's adopting new technologies like artificial intelligence. i asked frank kendall how he -- as he focuses on the pacing threat that's china how ai will be deployed on the battlefield and how it won't. >> there will always be a human involved. the question is the degree of direct connection to the decision making process. and i think our key question here is to figure out how as we apply these technologies we are still able to hold human beings accountable for their performance. we've had autonomous seekers on missiles, on weapons systems for a long time on munitions. my hawk air defense system in the '70s had an automatic mode i could have turned on. but what we need to do at the end of the day is ensure that people are responsible and accountable for the performance of the systems. >> so ai is being used for

everything from intelligence surveillance to drones, missile defense, there's a big autonomy push across dod called replicator and for the air force specifically a high profile example is the collaborative combat aircraft, the loyal wingman, that will fly autonomously and more affordably along the sixth gen fighter jet being developed in secrecy right now. companies, a flurry of start-ups, are working on military ai application, but while there's been some degree of machine learning and autonomy, as was hinted at by secretary kendall, within the force for decades now, these new capabilities, dual use capabilities, are where the future is headed. >> is ai for the u.s. military, the development of ai, both offensive and defensive? >> yes. >> in other words, we're trying to play both sides there. we're going to use ai to be a more lethal, potent threat, or

to defend our national interests -- >> yes. >> -- but also to protect our national interests against incursions by ai from other countries. >> yes, i would say all of the above. a month ago the dod released an ai adoption strategy. i think to use an industry term here, i think the takeaway here is that the u.s., including the military, are going to be very ethics driven in terms of how they use the technology, how they deploy the technology, and where it falls within the so-called kill chain, meaning there will always be some kind of human involved in the kill chain -- >> of making decisions to strike a certain house in a certain country. >> yes. >> based on ai that says -- >> so i'll give you an example of how it's being developed and how, you know, it is potentially being used or could be used in realtime. i was with palmer lucky from a

well known unicorn defense tech start-up. last week they just unveiled a new reusable missile or intercepter or jet-powered drone, all of the above, it's going to have different types of mission sets and can be tasked for such. they built the hardware, but the hardware is around the software, which is ai driven. being that this particular intercepter could be launched, once it is into the air, it can go out and do what it needs to do accordingly without a human having to say, like, control from a joystick from somewhere far away and can be relanded and reused at a future date. all of this driven by ai. >> was he the oculus guy? >> yes. >> now he's working on this. wow, impressive. raises some issues as well, but that's a great example of it. >> thank you, morgan. nice to have you back. good. speaking of defense, our next

guest runs saic, which provides i.t. services to the department of defense and other government agencies. joining us now, the ceo of saic. welcome to you. welcome, and congratulations on your new appointment. how's it going so far? you've been on the job two months. >> two months in and great q3 earnings. it's been a wonderful step in. as i said to people when i first was announced, i've heard from saic alumni and military government leaders around the world, they said you've joined a national asset, and i'm learning why that is so here at saic. >> for those who don't know what saic is, what it does, and with all due respect, i know there's a lot you can't tell us that you do. what do you do? >> look, saic for over 50 years,

saic has used deep science engineering technical expertise that they've gained with all of our mitt tear services across our commands, across the intelligence community, and parts of our civilian government. think of ourself as a mission integrator. we think about merging technology, the topic you were just discussing, these emerging technologies in data, computing, ai, multilevel security. we are the group that helps the military and all other forms of a national security organization integrate that in a very open architecture so you can plug and play from many different types of products and software and innovation that are being created and drive the mission outcome rapidly, realtime at the core. >> what does the strong financial performance in the quarter and the stock performance, what does that tell you or should it tell us about the strength of demand there? >> well, look, it speaks to

couple things, if i can just initially say that as an organization we'd beat our quarter, we beat our call 11 quarters in a row. some of this is around the momentum happening in this company as we are, if you will, getting more refined in our capability as well as our ability to drive sustainable growth. on the demand side for our customers, absolutely we see the growth as they're looking to integrate more and more commercial technology from providers from all sectors. they need integrators that can make that happen in a secure way in very complex realtime mission space. we see growth across our entire footprint, including our national defense work, and we believe that growth is going to continue. >> i'm going to ask you an odd question. maybe it's not so odd, where do you recruit your talent and are you having a hard time finding tal innocent. >> you know, it's been a great year on talent acquisition

another saic. we are over all of our targets in terms of number of individuals we've brought in, how we are retaining our talent. we've been beating our expectations each quarter in regards to talent. we are looking for computer scientists, data scientists, engineers, those who understand emerging technologies around digital engineering and cloud computing. we go to the same types of talent at universities across the different parts of the market to gain that talent, but we also have a unique flavor. we are looking for individuals that want to be front at the mission, meaning they want to be integrating into very real mission environments, not necessarily academic, esoteric innovation, but true applied innovation at a mission level in some of the most important missions this country has. >> it's kind of reassuring as well, but i'm surprised the stock has done so well and your demand has been so consistent

when we've been through a year of multiple potential government shutdowns and debt ceilings and all the rest of it. how does that affect your billings process or your customer acquisition process when there are giant questions about budget not just next year but maybe next week. >> it's a fair question. we're tracking this all the time. you're aware that the budget environment as well as the labor market are all super sensitive in this part of the world relative to what's happening in our macro factors. we've had a phenomenal year in being able to both attract talent, to drive on contract growth in the contracts that we have. we've had some uplift in some of the ramps on different contracts that we've won early in the year. all of that's been contributing to our favorable performance. and quite frankly, we're getting demand signals based on unique differentiators in our portfolio we will carry us into the next few years. >> what do, for lack of a better

word, crises like the one in ukraine and the one in gaza, what does that do to your business and the requests made it to? what does it change for you? >> well, i can say uniquely relative to the most two recent crises that you mentioned, we haven't seen a direct correlation in terms of a shift in our business demand and supply metrics. however, as a -- you know, we are two-thirds department of defense and intel sector versus a third in our civilian business. and look, as a any time the threat level increases. the demand shifts. and particularly the demand for integrating technology in the information space. i.t., decision support, artificial intelligence. all of that demand goes up, and that's where we happen to be

positioned across the dod. >> congratulations on your new appointment continued. good luck, and if i inadvertently said whitney when i introduced you, i apologize, it is whitley. >> thank you, sir. >> i was going to ask who's done better her or her college roommate, if i'm not mistaken, that was michelle obama. congratulations to both of them. shares have tripled in 2023, on pace for the best year ever. is it too late to buy into the rally? power lunch is back in a moment. across the globe, industries are transforming and businesses need to navigate the changing landscape to stay ahead. when you partner with barclays, every change leads to a bold possibility.

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oil prices are lower today despite missiles hitting ships in the red sea. >> oil is once again lower today, posting negative for six straight weeks. it does speak to lingering disappointment, skepticism in the market over whether the opec+ production cuts can come to fruition. they are, of course, voluntary, which means they're harder to enforce. and rebecca babin said for so long the -- increasingly the supermarket -- so the market is overlooking any potentially bullish head winds -- tail

winds, including over the weekend when we saw three commercial -- the military group claimed responsibility for that. a uss carrier ship shot down several drones in the region. so usually this would have a bullish effect for oil, but the fact that it's not, and with the u.s. saying that iran is behind this, the fact it's not having any sort of impact just tells you there's no conviction in the market right now. >> and people are still, i think, kind of sorting through what the administration's plans are with the strategic petroleum reserve. >> and it's at that price range. any action is going to be very slow at best. i mean, we have 180 million barrels to refill and there are some constraints around how fast that can be done. that is very slow. that has been providing a floor to a certain degree in the market, but i think the pace of that is really slow, and what's

happening now is the demand outlook for next year is being revised to the downside. and so while there's been so much focus on the supply side and what opec can do, there's only so much they can do if demand is falling. that's what the market is focused on right now. >> pippa stevens. courtney reagan now. >> as israel expands its military campaign across the gaza strip, 218 americans and u.s. dual nationals crossed the border into egypt. according to the egyptian red crescent a total of 400 evacuated. comes as gazans say there is no reliably safe place to go. the white house joined in the condemnation of a group of protesters in philadelphia who demonstrated sunday night in front of an israeli-style fa landfill shop. a spokesman called it anti-semitic and said it's unjustifiable to target restaurants that serve israeli food over disagreements with

israeli policy. and the treasury department announced a new strike force today aimed at keeping fentanyl out of the u.s. the department says the group will collaborate on strategies to keep the potent opioid and drug making materials from being trafficked into the country. the crackdown comes after president biden and chinese president xi jinping agreed to stem the tide of illegal fentanyl following a meeting in california. back to you. >> courtney, thank you very much. ahead on power lunch, just the ticket. alaska air agreeing to buy rival hawaiian in a $1.9 billion deal. the second proposed merger between rival airlines in less than two yrs. taeadeils and a report when powr lunch returns. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy?

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i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. welcome back to power lunch, everybody. a big merger in the airline business. alaska buying hawaiian. let's get to phil lebeau for the impact of this deal and a discussion of whether the antitrust folks are going to let it go through. >> that's the big question, tyler, will this go through. on paper, the deal makes sense, especially if you talk with the people at alaska and hawaii. of course, they wouldn't do the deal if it didn't make sense. $1.9 billion is how much alaska is paying in order to acquire hawaiian, and $900 million of

its debt. also both brands will remain. they continue to fly. that's important here, under the corporate umbrella run by alaska. they expect to improve in 18 months. when we talked with the alaska ceo earlier this morning, he gave this explanation when i asked him whether or not the doj would push back on this deal. >> when you think about the expanded international footprint, we will become a bigger, stronger carrier to compete against the big four that control 80% of the domestic market share. we feel we check both those boxes and we're hopeful that it'll be seen in a positive light. >> they have agreed to pay hawaiian shareholders $18 a share. that's why you see hawaiian moving up as much as it has. plenty of skepticism about whether or not the doj will approve this deal. we did reach out, they said we have no comment initially. we will be, obviously, weighing in on this if there is an issue

in the future and a lot of people expect that there will be some type of pushback from the doj. too early to say for sure. back to you. >> let's switch to your other area among many, ford sales out this morning, talking about demand for hybrids. what did we hear from ford? >> we found out that hybrids remain red hot. tyler, we have talked about this for some time. this is not a market where ice models are selling like they used to sell. take a look at the overall sales from ford down just under 1%. ice models, though, down 6.5%. look at the hybrid sales. up 75.2% compared to november of last year. ford as compared with gm and stellantis has done this pivot and has already had a strong portfolio in hybrids. that's reflected in the sales. it also had a strong month in terms of its ev portfolio, the lightning is most notable here. best monthly sales ever for the lightning, though still coming

off of a small base. but still, they are ramping up the sales as they have increased production. as you take a look at shares of ford, keep in mind that what we have talked about for some time is what we are seeing play out. hybrids are in demand, and that's the reason why you see more and more people moving in that direction as opposed to moving quickly to evs. >> you instructed me last week -- and you were exactly right -- ford has had the lead among the domestic automakers in hybrids. i think the other would be toyota would be a big player in hybrids. why haven't the other u.s. automakers been as adaptive of hybrids as ford? >> well, ford always had a little bit stronger portfolio of hybrid offerings compared to gm and stellantis. what gm did -- started doing a couple years ago, and ford, and obviously, stellantis as well, they really went hard into the infrastructure for electric vehicles.

and ford did as well. but remember, when they started to see things falling short of expectations, you might say, a couple of quarters ago, jim farley did not wait. he said, you know what, we clearly see the demand increasing for hybrids, we're going to pivot that way. they're not giving up on evs, still investing there, but they are putting greater resources into hybrids. and so, gm just has never put in as much resources into hybrids. neither has stellantis. right now ford is benefiting. >> let me take you back to the hawaiian/alaska deal. why is alaska paying such a premium? one of the biggest premiums we've seen for any deal of this size ever. and it would seem that, if anything, you could get a deal on buying a rival airline right now. why are they paying so much and is that why their shares are down so much on this news? >> their shares are down on this, two things. one, it's a nice premium they're paying here.

where was hawaiian's shares on friday? $5 a share? if this goes through, it'll be $18 a share. the other reason they're down is because there's a lot of skepticism that there won't be -- that the doj will sign off on this, guys. most people are looking at the biden administration going, they fought the jetblue deal, their alliance with american. they're fighting the jetblue/spirit merger, and they're going to fight this as well. that's the thought process for a number of people. there's a fair amount of skepticism out there. >> maybe we can show the year-to-date chart, but to pay $18 a share for a company trading at $4 or $5, i don't understand why. >> ultimately, kelly, it's the premium you think you need to get in order for the hawaiian shareholders to approve it. they've been talking about this for some time. when we talked with alaska's and hawaiian's ceos, discussions were happening. i think they had to get it over the finish line, and $18 is where they came in at. >> it does take them to the

territory we saw in january and february. good deal for hawaiian if it goes through. we appreciate it today, our phil lebeau reporting. coming up, cashing in their chips, shares of invid ya have more than tripled this year. the best performing stock in the s&p. so why are corporate insiders unloading their shares? we'll get the key details when power lunch returns.

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welcome back. time for today's tech check and shares of nvidia have rallied a stunning 210% this year. it's the best performing stock in the s&p. now company insiders are unloading their shares. christina joins us now with some of the implications and speculation about that, christina? >> well, with that kind of rally you just mentioned, there's no wonder insiders are looking to cash in. they filed paper woushg with the

intent to sell 370,000 shares of envideo. worth $180 million at the time they filed. shares, though, of nvidia have been steadily falling, actually, since mid-november, november 20th to be exact, and are down today. a few reasons, insider selling that may play a role. there's rotation into risk away from the magnificent seven, which includes nvidia, along with comments from the commerce secretary over the weekend who said she's keeping a close eye on nvidia's ai chips destined for china. she said, quote, if you design a chip around a particular cut line that enables them to do ai, i'm going to control it the very next day. well, nvidia has designed chips specifically for china that fall within u.s. export controls. those new chips are set to launch in q1 of next year, but the comments have some worried right now and investors that the

new workaround chips for china could get blocked, further impacting sales. nvidia's management warned on its latest earnings cal the export controls would, quote, significantly -- of total data center revenue. i reached out tone vid ya and they said, quote, they are engaged with the u.s. government, and, quote, are offering to offer compliant data center solutions. that was a response to the secretary's comments. nvidia epu, the hottest ticket in town. competition could be wrapping up. a competitor will launch its own ai. that's why i'm here in california. and i'll be interviewing the ceo at 3:30 p.m. eastern on wednesday. and then you also have intel with its own ai event, less the chip thing, but that'll happen on december 14th next week. there are going to be definitely more movement in the coming weeks. >> i was at a family dinner last

night and my son was asking about nvidia, because he happens to own some of it, i said nvidia is the hot ticket right now, but don't think they're not going to have competition coming down the line. >> excellent point. even my 19-year-old cousin in vancouver was asking me about nvidia, whether he should be buying it. the reason it's the hottest ticket in town is because it provides the gpus in order for companies to train large language models. the second part of that equation is inferencing, spitting out the answers to your questions. that's where amd could play a role. their memory they're going to provide in their new chip also competes. and hyperscalers are creating their own chips. smaller start-ups too. competition will ramp up. >> all right. reminded me back of the year 2020 or 1999 when we were all talking about the internet stocks, whether it was cmgi or whatever it was. >> we saw what happened to them. >> and we saw what happened to them. >> exactly. >> you were in second grade, i

was here. whatever. >> no. maybe second grade, yeah. >> see you. we were going to ask you another question but we don't have time. that's okay. we'll get to it next time. still ahead, some technical support. we'll check the charts on high flying stock this is year that are below their average price on the street. power lunch will be right back.

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lunchtime for some tactical support. today, were placed three names for the cnbc stocks, greener looking at stocks that have doubled this year but still below the average target price. here to chart is airy walled, managing director and head of technical analysis at often higher. first off, is cooper slated to join the s&p 500? about 100 42% this year. as greenish is the average price target implies about a 5% upside. what is your take? draw me some pictures. >> sure thing. i'm going to call it a study, our analyst jason houston put it out this morning on when stocks are added to the s&p

500. as weber was today. typically, all the gains come in the first day. over the next few weeks, you typically see strength subside. this is probably in near term top for uber. with that said, it's a stock both jason did i have liked and continue to like in the coming months to quarter. here's what you're looking for. near term over bought, look for a little bit of consolidation. the big level is $50, that was a pi breakout level. i don't think it makes it all the way down there but you are looking for a time correction. move sideways, consolidate, the moving average catches up the price and then the -- >> what is that blue line there? >> i am highly the prior breakout above the summertime peak. very often, prior resistance becomes important. i don't think it makes it all the way down. >> you don't think it makes it to that blue line. let's go to meta, shares are down today as ceo mark zuckerberg sells his first meta shares and two years. it is rallied 164 this year, company continuing to cut cost. your take, sir, on meta?

>> again, balancing the time horizon. some near term concerns. the rotation is out of some of these mega caps into small caps. you had a point where meta pushed above a key level dating back to where it was really starting to break down at around 3:27. broke out, it couldn't hold, it it moved back within a range. that is called a failed breakout. it indicates there is more time that might be needed. listen, i'm a trend, guide trend is higher. as long as you're above two 75, again, it's another one where i think it just need some time to correct before moving higher. >> is it captured in this area here? or is it likely to break above there at some point? what do you think? >> now you are back in the range. i think it is range bound for now. as far as which way it breaks, go with the trend. the trend ultimately breaks higher. >> finally, let's go to one that has nothing to do with the prior to. royal caribbean, shares up

about 100 30%. your take on rcl. >> beta term -- this is a broad theme in cruise lines, mixed action in iran-backed group. if you want to own one, this is the one to own. this is the best of the group if you are looking for a long short pair, long this, one short maybe one of the others. what is to note is that, after moving above in the second quarter it's prior highs of 21, it came back in, tested that level, tested the 200-day, moving back up to the upside. not very much resistance to point to until you get to 1:35. that seems to be the next stopping point for royal caribbean. >> is it one you would be comfortable owning? >> i like it. it works a lot, i don't like the theme. in terms of pecking order, not a top idea but a positive. >> but in the space, this is when you like? good to see you, sir, airy walled. kelly? >> thank you both.

so many headlines you get to syabus a little time. we will power through as many as we can in closing time, next.

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all right, tandy, what's it gonna be, the drink made from whatever was laying around, or the one made with your drizzly haul? drizly! welcome back. stock up today, sip well, tomorrow. drizly. little less than four minutes in the show, several more headlines to get to. let's start with beyoncé, now queen b of the box office with a renaissance toy movie taking a $21 million of the weekend. second concert movie distributed by m c after taylor swift's a erez tour opened in october. i needed the context here because i thought 21 million

with decent. turns, out for this particular weekend, one of the highest box office totals ever. >> the weekend after thanksgiving. thanksgiving movies typically come out then but then there is a lull in the pre-christmas window. this can do anywhere near what taylor swift did, but pretty good for that day. >> yeah, a difficult time to be opening. also a couple dollars more each for the tickets, i believe. >> let's talk about spotify. higher today after it announced it's laying off 70% of its workforce. third round of layoffs this year. ceo daniel x says the company will focus on a leaner structure to let it be more pacific about reinvesting profits. wall street liking the sound of workforce cuts, up 8% today. >> this one is such an interesting side of the times. you talk about how the liquidity in 2020 and 2020, one they have possibly over-hired, now they are right sizing for leader times. even as we talk about a soft land, and you have to keep your eye on stories like these to make sure that these people who

are laid off can quickly find new work. especially in, check the headlines -- >> how many of those are u.s. job losses as opposed to european control? >> scandinavian or something, it's a great question. but, again there talk about 6% of the workforce at the start of the year and then 2% and now this. shares of virgin galactic are -- after richard branson ruled out any further investment of the company. he told the financial times his business empire no longer has the deepest pockets post covid, sounds like what we are just discussing. virgin galactic should have sufficient funds to function on its own. >> i wonder if this is also a tacit recognition that virgin galactic is not the strongest player in this commercial space. that amazon is ahead of them and mosque and spacex are ahead of them, and there may be others that are in europe or elsewhere that are ahead of them. that this is a tacit recognition of that. >> if you're jeff bezos, maybe you don't mind funding your company of the was it because you have billions and billions.

>> if i'm not mistaken, they were basically a space tourism launch, not a space cargo launch. >> that's right, yes. some investors have literally said, should they just pivot an offer faster global flights here? with that technology instead. >> from space to taking up less space, rochelle is the latest pharma giant to enter the white law's race. said to introduce -- in a 2.7 billion dollar deal. carmot currently has a weekly injectable in phase one trials and it's probably not going to be available to patients until 2030 at the earliest. but that is late. late to be entering this. >> not just, that look what just happened with pfizer. halfway through that trial they had to stop. >> presumably there in phase one right, now presumably it will go better. but it shows us not without its potential stumbling blocks. and maybe looking the part really can help you land that job. i know, it's what our parents told us.

a new study from the harvard business cool fan certain accessory physical features gave job candidates an edge and landing certain roles. >> even if the interviews are on zoom. you just wear a nice suit and jacket and tie. with your gym shorts. >> tweet your plant, move it over, here makes it look like it's coming out of your head. >> thanks for watching power lunch today. >> see you tomorrow, closing bell starts right now. thanks kelly, welcome to closing bell. i'm scott wapner at the new york stock exchange. that's because of the future of the rally and whether a new bull market is just getting going. can bonds continue their own remarkable rally of late? we will ask black rocks rick rieder, he will join us momentarily. in the meantime, your scorecard with 60 minutes to go in regulation looks like that. tech names are the biggest drag on the dow today. the dow is coming back a little bit but apple, microsoft, salesforce all slipping today. how about meta? that is driving the nasdaq lower onward that founder d