you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. good afternoon, everyone. coming up shares of boeing down big today. a tour plug blows out. just the latest problem with the 737 max series.

stocks are higher across the board. even with boeing, the dow is positive. were the declines last week a healthy pullback in what is still a strong market? here are the numbers right now. it is up 23 and the nasdaq is up almost 1%. the s&p 500 -- nasdaq is up 1.7%. >> and we have more formant deals to tell you about. the move would boost the cancer portfolio. >> shares of cytogenetics they are up as much as 16%. the company has been going through a sale process. there -- we start with the

leading story of the day. boeing shares down sharply today after a tour plug throughout on a 737 max mine. the faa ordering dozens of those planes to be grounded. what is the latest? >> as this investigation continues you have the ntsb investigation into the incident itself. let's start with that part of the news. the ntsb regulators looking at not only the plane but the fuselage plug that was recovered in a neighborhood outside of portland. the faa has approved the inspection process that it worked on with boeing. that allows them to say to airlines who have grounded

airplanes, if you meet these inspection protocols, if everything on their matches, those airplanes are closer to resuming flight and i would not be surprised if we see them reenter service tomorrow. in terms of the number of airplanes out there that are grounded, you have 218, 171 grounded around the world. united has 79, alaska has 65. they have the most of all the airlines. six other airlines have 74. united an alaska are feeling the ripple effect of this. united canceling more flights not just because of the max 9 but the republic the ripple effect. not only have they pulled them out of service, but the ripple effect means 143

flights canceled today. don't be surprised if we see some of them reentering service tomorrow or the day after as inspections take place. a couple of other things. as you look at this from the perspective of a shareholder, what does this mean for their production? there will be a safety town hall at the plant in washington and that will happen tomorrow. the focus will be on building the safest planes possible and making sure they are doing exactly what they should be doing and not letting quality control slip. as you look at the shares they build 38 737 max nights per month. some of the increase is scheduled to be happening in the first half of this year into the second half of this year.

>> i'm curious as to why you say that some of these grounded airplanes could be back in service as soon as the next couple of days when it does not sound like the investigators really know what caused this anomaly happen? >> i think that can tell you something. they may not know exactly why or they are not saying publicly why they believe that this part of the fuselage was ripped off, the faa is confident of working with boeing in terms of making sure that whatever issue might be a cause is not reflected in these other airplanes. they put this process together. the faa would not approve it if they were not confident that these planes are safe to fly.>> is it only 2% of the backlog is these kinds of airplanes or those that have this feature?>>

it's not that they have this feature. it is the max 9. it is a small part of the backlog. the bulk that are built, and, by the way, the backlog is about 85% 737 max the bulk of it is max. the max 9 is a rather small number. 218 have been delivered. then you look at the backlog. there are a lot of orders, especially southwest airlines for the mac seven and then there is the max 10, the extended version. that has also not been approved by the faa. but that is in the backlog.

>> but not so much for the max 9. for more on this fallout, let's get to our panel. and the chairman of the boyd group. what is your reaction to this situation? >> a piece of an airplane fell off and it's not as simple -- i wonder if it is simpler than it is going to be. we had an airplane that had a structural failure. bill said the faa will be very circumspect about it. the good news is it will not affect the air transportation industry in america. it will hurt alaska and effect united. going forward it may go beyond the next couple of days.

>> i asked phil the question about allowing these airplanes back in the air before it would seem we know exactly what happened. and his answer was they would not let them back in if they were concerned that they did not meet the standard. and my understanding that correctly? >> absolutely. i think something as serious as this we have a you/failure in flight, i think it will be a lot simpler than looking at a. alaska let 16 of them back in the sky and the faa said no. i hope we are right about that. >> a lot simpler. what you mean by that? >> what i am saying is what we have is a simple situation where we have a failure of a structure of an airplane.

that is a serious problem and i don't think the faa will let anything hit the runway until they are sure that it and the airplanes that has been built are completely compliant and safe. >> the stock is moving. and the max 9 appears to be a small fraction of the backlog going forward. you say it's the only configuration that has this door configuration. is that right? >> that is the one that has this door. it flies more dense seating configuration and needs the extra doors. other airlines are not plying it in such a dense way. i think it is important to note that these doors have been in this going back to the ng

program. and that was in the late 1990s. the max has been in service since 2015. keep in mind, this is only a couple of months old. it is not entirely clear what happened, but it is pointing to something to the near-term versus a design issue. shares are down because people have to discount some level of risk associated with this. i think the financial implications will be -- particularly if we get airplanes back up and flying. >> it sounds as though the immediate >> reaction is overblown. >> for sure.

last night we noted it was about $70 million per month in compensation charges that they might be facing. and then maybe 3% of the target is at risk. if they were not able to convert those orders -- i think they would likely do.>> what about the reputational damage to boeing from now -- 1/3 widely publicized event affecting this series of jets because they max eight was grounded having to do with software issues. how damaging could this be for the reputation? jason, why don't you go first. >> i will be really brief.

it depends on what the root cause of this is. if it is a design issue, it is a bigger problem. if it is the operator itself and this ends up being at the feet of the operator, i don't think there will be long-term reputational damage.>> it is a blessing that the seats immediately adjacent to that door were not occupied. >> it is correct. this will be forgotten, but the problem is going has been squeeze. other places in the world there may be reticence to order more. but you have boeing or airbus. in the near-term there may be

something but in the long-term it will not have any effect. >> thank you very much. let's move on to shares of some other chip names. we are starting to get from the consumer electronics show that is about to get underway in las vegas. >> nvidia is announcing three new graphics cards for video gamers which have been leaked in the past few weeks. along with some updates to generative ai. the stock is up about 5% -- over 5%, as is the case amd.

the chips can power local generative computers, a popular theme. they are computers that can run powerful ai software. amd said it will revitalize the pc market. and all these new gaming chips and they can be shipped to china. >> you mentioned china. nvidia making ai chips for china and trying to comply with u.s. regulations in the process. >> we know that they been blocked by the u.s. government. nvidia has been working to create these lower powered chips. they will be in mass production or china in q2 of this year. they are working with the u.s. government. the second point, which was a

news clipping that you just saw that some of these larger once in china don't want these. they may opt to go for local alternatives. if that should be the case, it means that nvidia will lose more market share in china because of the u.s. export controls. a note was put out to say that it is a net positive that they can make these chips, but in the long term it could mean they lose market share and they no longer dominate the ai chips space. >> thank you very much. coming up markets stumbling to start the year. a combination of suboptimal headlines. is any pullback in this market

good for stocks in the long run? and is the lowest snowfall hurting the ski industry? we will talk about that when power lunch returns. ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall.

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this prove that last week's pause was a healthy pullback? michael? >> it suggests that. after today's gains there's no saying that this period is truly over. we could go down a few more percents. up 17% over the course of two months, down a couple in the s&p is no big deal. there were no tripwires that were breached that would say that this is something more. the volatility markets have been firm. you've seen the nasdaq 100 type stocks have a deeper setback because there was more air under them. the issue is that the rally at the end of last year was the markets we are taking credit for the soft landing being executed. you have to constantly monitor that. there is more confidence on the inflation side that maybe growth will be resilient.

focus on soft patches and fourth quarter earnings forecast is probably the next test. the rally cemented market status for this it means the benefit of the doubt goes to -- >> let's bring in our chief investment strategist with hightower advisors. happy new year. michael just laid out the idea that the rally maybe frontloading the presumption that the economy will achieve a soft landing. do you agree with that, and you believe that a soft landing is what is pulling out in front of us?>> there is no question we are seeing a soft landing this moment. what happens 8 to 12 months

without is the big question. i think that the surprise all of last year was the resiliency in the economy. last week we got more proof not only in jobs, but we got factory orders and durable good orders. capx numbers were better than expected. wages are sticky but down from the peak in the cpi number will be big this week. to add it up i have three takeaways. the strength of the economy is going to mean that the fed does not cut as much. i think it's starting to get priced in. but also i think the better growth means better earnings. and the better job numbers mean better consumer and consumer is 75% of gdp. maybe we did pull in to mike's

point on the soft landing thesis to the markets overall, but earnings will be better than expected, so therefore, we will not only continue to see the market grind higher but we've seen it brought now. do not give up on tech but look at these other names that have been beaten down and will participate on the earnings story. >> energy is gaining so poorly and you would think there are plenty of catalysts and maybe putting too much on the commodity versus stocks. this -- you pointed this out. how much dealmaking have we had over the past year? it feels like a near-term negative for buyers maybe but what they have to do in the long run. >> on the healthcare side it is so exciting. >> biotech twitter is like a buzz. everyone's trying to find the

next big one. >> i'm trying to find the ones making the acquisitions that build on the pipelines that can facilitate long-term growth. the stocks, all of them, but almost all of the pharmaceutical companies are supercheap. bristol is a name that i owned that i bought and have been buying. they have done $115 billion of capital and and a. they have to because they have a lot of products going off patent. it has gone unnoticed. they have a lot of free cash flow and they have in our oe of 20%. but then today we had three

deals nnounced also. it keeps on growing and building and that's why i think that sector is exciting. >> stephanie just taps into the idea there is a lot of deal activity in the pharmaceutical business. what is the view on wall street as to whether 2024 will be a better or a much better year? >> people will always points to the ingredients of more active deal activity. what is interesting -- credit spreads have come in with deals going down. the corporate credit expense has come in a little bit. it took the pressure off and it did release some pent-up appetite for getting bigger in that fashion. whether that spills into the rally to last long enough to have ipos -- it's easy to point to the hype over ai and some areas of biotech and say this

has gone too far and we have over discounted how big these opportunities are. if all that happens and there is not the ticker of the day, it is not usually the way bull market ends. >> stephanie, you mentioned a couple of names that you have added recently. bristol-myers, johnson & johnson. schwab and exxon mobil. the theme is not necessarily sector specific but these were also-rans last year.>> i am big into reversion. exxon mobil down 4% over the year. great assets and i love the pioneer deal. they have 38 billion in free cash flow.

compared to 7.9 times average. bristol-myers, we talked about that. that one is very appealing. schwab down 15% on the year. as a yield curve, i think you will see less cash sorting, which is a good thing. i think interest margins have bottomed. so says the ceo. the stock is trading at about 13 times what i think there earning power is. johnson & johnson, i love the acquisition they did today. i love spins. they spun off consumer business and now they can focus on med tech and pharmaceuticals. i think the stock will be great. they've increased their dividends 61 consecutive years

in a row. i count on this year being 62. >> michael always mentions them. thank you. further ahead looking at the startup. we have details.

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, which is raising concerns that they see the market at is oversupplied. they slashed prices for asian customers for 2 dollars per barrel. the official selling prices are at a more than two-year low. opec and allies try to put floor under prices. there might be a limit to the market share saudi arabia wants to see amid record production, including the u.s. ongoing protests in libya at 300,000 barrels a day is shut in but that is not enough to counter the fears of this oversupplied market. natural gas was in focus last week jumping 15% ahead of the winter storm but now it is up 3%. the mid-january forecast is not enough to counteract high storage that is about 13% above

the average. even a severe weather event would create fireworks but do little to support the medium to long-term outlook. this is always a volatile trade. >> great to see you. thank you. let's go to julia for a news update. the pentagon said lloyd austin remains in the hospital today. a spokesperson said he's recovering well and prognosis is good. he's no longer in intensive care. the pentagon did not sure details on what procedure he had. he is facing backlash for keeping the president and other leaders in the dark about this hospitalization. a white house official said president biden is not considering firing him. the red cross is issuing an urgent call for blood donations. they are facing an emergency shortage that is leaving patients at risk of not getting

blood transfusions. the number of donors is at a 20 year low. and the company behind the first commercial robotic launch to the moon said there's a failure within the propulsion system. the team is trying to stabilize the loss. the rocket launched this morning and was supposed to land on february 23rd. >> that sounds like a real setback for that program. coming up vail resorts down 14%. one factor holding back the stock is warm weather. we will discuss more coming up next.

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a weekend storm is lessing some green northeast mountains as near the city years 700 days without an inch of snow in central park. are skiers happy? of course they are. or are they changing their plans? joining us now is a deutsche

bank capital markets. >> thank you for having me. >> if you are sitting where you are looking over central park, there is no snow. 10 miles west in new jersey there is plenty of snow. that being the case, snow has been later than normal in many of the northern mountain areas of the united states. i hear that whistler has not had a lot. montana has not had a lot of snow. how does that affect vail resorts?>> many years ago before they came along with the epic day pass, which is the big offering that lets you go to any resort on one pass, they were dependent on the weather. now they get about 70% of their revenue from the advance sale.

it is nonrefundable and have to get up before the season starts. and then you are at the mercy of the weather. they have done that to eliminate that. fail is more diversified than they have ever been. they have 37 resorts in the u.s. versus five when i started covering the company.>> the epic day pass has been a game changing product. nothing is quite as large in scale as the epic pass. i gather that the unit sales are a little down even though total revenues are tracking where they thought. >> as of the latest update they were actually up 4% in volume versus last year on a presale basis. that does not mean that is where we'll end up.

that is partially dependent -- that is a partially sale number. it will dependent on if there are people who want to go skiing if conditions are less than optimal. there are other options like restaurants and spas. but for others they are going to go a certain amount. it works better if there is snow. >> so much of this is you have to decide in september whether you are going to purchase the past and you have to have it. so if somebody like me wanted to show up and ski, what would my options be? can i still go?>> that is what is difficult compared to what it used to be. you have to buy an advance ticket. you can still do it with relatively short notice, but they are eliminating walk-up sales. and if you go to vail and try to purchase something you will

pay well over $200 for a single day of skiing and if you have a pass you can get that ticket for between 75 and $100. >> i understand economics, but after couple of years without snow, people will hold off. how much is man-made? >> at this point in the season they are making a lot of snow. fail and sister resorts have got more snowfall. i know there's more in the forecast. in november and december, they are making a bunch of snow now. >> how big of a portion of fails business is real estate related initiatives and how have those been tracking? >> tyler, that is no longer part of the business. less than 1% of their revenue will come from real estate.

back in 2006 it was significant. >> do you go skiing a lot?>> i don't go a lot. i go occasionally. i'm trying to pick up snowboarding. >> i have been afraid to try snowboarding. i figured i'd spend most of the day on my backside and the evening taking advil.>> vail has some good instructors. ski schools have been part of their business. and that's from kids to seniors. they will try to teach anybody to ski or snowboard. that is a component that has grown over time. >> they do have a tremendous reputation in hospitality and in ski schools. thank you very much. >> thank you.>> and i know all

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welcome back. one of the fastest growing weapons in the fight against global warming is the technology to remove carbon dioxide from the atmosphere. it's called direct air capture. >> direct air capture is one of the hottest technologies to cool the planet with the u.s. government investing billions. the method requires a lot of water, which is a downside. one startup is about to change that. sucking carbon out of the atmosphere is becoming big

business firms are using massive plans. most of these technologies consume vast quantities of water. a startup does just the opposite.>> we produce -- we don't consume any heat, which is the major differentiator and we are more resource efficient and more scalable than other solutions. >> they have invented hybrid direct air capture which uses dehumidification to produce five tons of water per ton of co2 capture. others consume that much or more. >> we have the opportunity to turn a caused blind item and spending money to a revenue line item where we can generate revenue by selling water that we produce directly. >> water and captured carbon can make sustainable aviation

fuel. that was attractive to this investor. >> it's a cheaper way to pull carbon from the air. >> in addition to jetblue ventures, they are backed by a climate opportunity fund. total funding so far $35 million. like other companies, they are benefiting from government tax credits and direct funding. critics argue that it will never remove enough carbon to make a dent in the 50 billion tons of co2 emissions. but this is one tool in an ecosystem that includes renewable energy like wind, solar, and geothermal. coming up, a story on

record revenues for t 23. we will trade it and other big movers of the day. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. time for today's three stop

lunch. we will trade some big movers and today session, today with trades david wagner, portfolio manager and act as capital adviser. up first is bowing, stop the day, down following that incident with the 737 max nine. what is your trade here? do you buy this, sell off? it's a sell-off overdone? what do you think? >> i think it's overdone here. i thought the price action we saw this morning was a bit draconian. luckily, the stock has started to rebound since the opening bell. i see this price action is overdone really because of two different reasons. first, the max 9 represents only about 60% of the max and the max 9 is only about 2% of the companies backlog. secondly, it seems like this is a one-off manufacturing issue. as earlier generations of the 7:37 years i had the same exact approach to the store and there was no incidents on 1 million

or so flights. i don't think this incident should have a significant impact on the boeing manufacture ramp. but it highlights a history of quality escape problems for the company and these problems just aren't acceptable in this type of industry. hence why you are getting a bit of a discount there. >> for the record, do you own it personally or does your company have a stake in bowling? >> our company has a stake in bowling. >> okay, great. >> let's move on from going to crocs. going the other way, today posting impressive guidance and strong outlook for 2024, shares are surging 20% now. they just keep going. david, are they ever going to go out of style? >> i hope not, because i'm wearing them right now. unfortunately with socks. i've been noticing this program for a long time that i don't believe that brands matter unless your crocs or busch light. the announcement you saw this morning at the icy our conference in orlando shows the powerful growth story for the company. not only how the brand matters

in the u.s. it domestically but also internationally. we know that china grew by 90% last year and there still appears to be a long runway for growth in asia as a whole. more structurally, i think investors have learned that crocs brand is one of the few brands that performed well during covid and out of covid. most other brands really can only say they did that on one side or the other but not both. if there was a black eye for this company, i think it's easy to point to that hey dude brand. accounts for one quarter of the company. more of a turnaround story but the good news for me in my opinion is that the company de-risked that narrative on their last earnings call. -- i think you really strap these clogs on, put them in four wheel drive and hang on for the ride. >> let's go to five, below the company expecting strong fourth quarters and full fiscal year 23 results. shares of the value retailer down today about 10% in the past week. how do you trade this, one david? >> i'm not a buyer here on five

below for a few reasons. if i was a buyer in this, name it almost feels like i've really missed out on the story, given where the name trades from an evaluation perspective. the evaluation isn't valuable for me whatsoever, traded 32 times four earnings, then i would say that some believe it is warranted. the story for five has always been about unit to store growth. find me another retailer that has grown its units stores by 15% on it annualized basis, not just in the past but in the future. you really can't. understand where they got this multiple but the thing i have my eye on is some of the -- this morning -- the expectation model regarding -- so, if there is -- really go to the wayside. i think the shares could hit even more of an air pocket. that's why i feel like i missed out on the story and i'm remitting on the sidelines.

>> thank you very much, david wagner, atlas capital. >> somebody, headlined so little time. left let's power through as many as we can in closing time, next. you were always so dedicated... ♪ we worked hard to build up the shop, save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor, you're an owner. setting up the future for the ones you love. that's the value of ownership.

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fell more than 30% last week compared with the remaining flat for competitors like shall meet and huawei. geoffrey singh iphone sales volume could fall double digits in china this year. that is a stark decline. >> it really is, -- and huawei have come on and even some share. it's not just that apple sales have, cooled it's that some of this are coming on and competing very effectively. >> for what it's, worth apple finally breaking its losing streak with 2% gains. >> moderna says 2023 covid vaccine sales plunged by two thirds year over here to 6.7 billion dollars at fewer and fewer people opt to get immunized. that figure was actually aligned with the companies for your forecast, but was still a giant drop. the 18 billion dollars in voxels at the company posted 2022, i think people are just sort of feeling as though they've had enough vaccinations it will take their chances. >> although i just got the rsv

one and that one has been rampant this year. who knows. but for, percent were moving -- >> for the record, i did get jabbed, there you go. >> and how about this? tiger woods decades-long partnership with nike is officially over. he announced on social media today that his time with the iconic sports brand is come to an end. he has worn 90 since he first signed with the company in 1986. no word yet on his future endorsement plans. >> will be interesting there, i think he is with tailor made for golf equipment, now that nike is out, basically, the gulf equipment area. let's talk about a hot, ticket the average price for tonight's college football national championship game, diana's family will be watching very closely. between michigan and washington, now tops 20 $100. according to cdc, that is the highest figure since 2017's national championship game. 1100 dollars more than last year's title game between tcu and georgia. the game is, tonight it is in houston.

the wolves and washington huskies. >> remind, me are they changing it next year? >> expand the playoffs to 12 teams, can't come too soon, i believe. >> after the season. >> thanks for watching power lunch. >> closing both the dow not only reversing its losses but up 150, points starts right now. kelly, thanks, what are the closing bell. i'm scott walker live from close nine at the new york stock exchange. this make or break our begins with the bounce. whether the major averages can resume their rally during this critical week. we'll ask our experts over this final stretch. in the meantime, there is your scorecard with 60 minutes to go in regulation. pretty nice move today in the mega caps and that is helping that nasdaq perform today. nvidia is leading, there makes a new a.i. related announcement. what does that mean? well, a more than 5% gain for that. coming, up we will ask tops chip checker stacy rasgon what it means going forward.