look. >> alphabet, are you thinking about bouncing it, jimmy? >> absolutely not. i thought i made the case that i think you should add to it here. >> so i cannot after the end of april and i would sell it. >> i'll see you on "closing bell" with dan greenhouse. i look forward to that. "the exchange" starts now. thanks very much, scott. welcome to "the exchange." i'm dominic chu in for kelly evans this afternoon and here's what's ahead on the show. the consumer has not cracked the labor market and it hasn't slacked and economists are sure a recession can be avoided and we have the latest on what that means for the fed's rate cut time line and for the markets overall. plus amazon is now part of the dow. that is one more reason for our guest to like that stock. he sees another 30% upside from here. he makes his case and brings the three tech themes he's bullish

on for the rest of the year, and three more names on deck to report including one our trader says has been left for dead by the market, but it may have a life after all. that's today's earnings exchange and we begin first with the markets which have now drifted towards their session lows. as you can see behind me here, the dow is just about flat on the session right now. let's begin with the economy, though and a big week of reports that could help cement where the markets and the fed go from here. steve liesman has what to watch and what, if anything, can derail the growing consensusfor a soft landing and diana olick has the latest read on the housing market and the one number that stood out to her in the home sales report and joining us as well is the chief u.s. economist, and first, steve, we'll start with you and the rising optimist unlike economists that recession is unlikely. >> yeah, dom, forecasters at the national association for business economics backing off their outlook for below

potential growth this year now seeing higher gdp, less inflation and still low unemployment compared to the december forecast, the gdp forecasted 2.2 and that's up 0.9 and down from the pce forecasted 2.2 and down a tenth from the prior particular and unemployment down 3.9 and a couple of tenths higher than it is right now. it seems that the average forecaster has abandonedthe prevailing idea which has not really worked in the past several years that the economy needs to run below potential with higher unemployment for inflation to fall, and if all that sounds like a soft landing, well, guess what? it is according to these respondents. 76% say the economy issed hadded for that soft landing compared to 16% who don't see it. the survey sees the fed lowering the funds rate to 4.6 this year and that's in line with the fed's own forecast and pretty much in line where the market finally is now and then down to

3.4 next year and a bit more aggressive than the fed has dialed in. this year will be another test to the idea if u.s. inflation can fall without below potential growth and we'll get a challenge to that on friday with the core pce number coming out and the underlying story could be productivity and 41% of those say the big upside risk to the economy is strong productivity. the biggest down side concern is the fed staying too tight. >> let's bring in ellen zellner. the fed's pce out this thursday and how important is it to the overall narrative for the fed's time line whether it be to cut and if so, when? >> so, look, it's extremely important now. do we have a good handle on what we're expecting? does the fed have a good handle? yes because all of the indicators that go into the number that we are going to get on thursday point to that

reacceleration in the fourth quarter. we've been expecting a reacceleration in the fourth quarter and the fed would hold off until june to cut rates, but i think for many market participants that came as a surprise and on the back of all of the january inflation data coming in we see a significant repricing of that expectation in markets, but we do expect inflation reacceleration to be temporary, but that is an open question. in fact, folks are now leaning toward will the fed have to wait even longer beyond june, and i tie that back in to steve's point about the outlook survey where the downside risk with the fed remaining too tight for too long and we are on the precipice here of do they do that or do they start easing policy this year? >> what's interesting here is i want to bring in something that j.p. morgan chase ceo jamie

dimon just spoke about in the past hour on the halftime report and he was sitting down leslie picker of a trade conference in florida about just what the recession context he's putting around the story right now. i'd like to bring that in. >> 70% or 80% we'll have a soft landing and i give it half that. there's also a higher chance in the market with the rates being higher and the other thing that's always a mistake is to look at just the year. all these factors, we'll talk about q.t., fiscal spending and the deficits and geopolitics, those will play out multiple years and they will play out and they will have an effect and just, my mind i'm cautious about everything. >> ellen, this is no surprise. jamie dimon over the course of his career has always been a more cautious bank ceo and almost a couple of years ago when he talked about that so-called economic hurricane that they were preparing for. this is a story that has largely

not played out, but the inflation story seemed to turn a couple of weeks ago just because of pretty decently outsized inflation print. it's maybe one of only two that's set things higher. is that really a trend that policymakers need to take note of or to your point, is the real risk keeping rates too high for too long? >> well, i think it's too early for policymakers to say this is a gnaw trend, but it is not too early for them to say see? we are vindicated and we don't want to declare victory yet and we said we needed more evidence and the fact that inflation would be accelerated in january supports that patience, if you will. i feel strongly there is nothing being debated by the fed right now seriously as to whether the next move needs to be up, so i think we can set that concern aside and it's still about how long they can hold. something that jamie said that

rings true in whatever kind of landing you might be thinking about, it's about timing. so we've had a soft landing call since march of 2022 and i roll that forward into 2023, and guess what? i rolled that forward into 2024 and we will have a hard landing at some point. i guarantee you that. we are all wondering when does that come? and i just don't see anything and this is probably the same way the fed sees it. in the current data, coincident date on the economy ore the forward-looking data, we should be on recession watch right now, but the point that dimon makes is there are these cumulative impacts that build over time and we are in thecamp that we haven't yet seen all of the tightening impacts from monetary policy blow through them so it should keep you nervous. economists were supposed to worry about what eviles lurk arou

around the corner and i'm not on recession watch and the tremendous unknowns in terms of tighter lending conditions and past tightening, and geopolitical events and they're stacking here, but we're still wondering when does that soft landing turn into a hard landing. >> okay, ellen and steve. just hold on one second here because we do have results from the largest five-year treasury note auction ever in history. rick santelli is tracking the action from the floors in chicago. rick? >> yes, dom. 64 billion of those five-year notes just hit the street. 4.32%. the issue, the one issue market was hovering around 4.31% and this option at a higher yield and lower price and that takes off on the grade because it's one of the most important aspects of gradient option is how it prices. there was only one component that was among the ten-auction

average and that was the direct bidders like insurance companies and mutual funds. 19.7%, that was the best since july of last year, but all of the other metrics were below the ten-option average. i gave the grade of c minus and we had the record sized two-year and the record sized five-year and tomorrow we'll finish off 169 billion and boy, these are good numbers with 42 billion and seven-year note. dom, back to you. >> rick santelli and steve, you had a couple of seconds to take a look at those results in the numbers here. we have seen a drop in price and that's continued throughout the course of the day and this is all amongst a lot of issuance by the treasury to finance our government. what does it speak to the economic picture in america right now? >> i'm a little more charitable than rick is on this score. i think if the government is

able to place a record $64 billion in the market and the market takes it down, i give it a slightly higher grade than that. it's been quite astonishing. there were a bunch of sort of folks out there calling for the apocalypse for the amount of debt, and it has been a bad trade overall to make that bed, dom, and i don't know. ellen may well be right. worth pointing out ellen is the head and running the show right now with this great server that we're talking about, but it's worth saying that there may be a time when we have trouble placing this paper. we are paying more than our european colleagues across the atlantic when it comes to that paper and it may be that this stuff accumulates and right now the treasury seems to be doing a decent job of placing that paper and they're doing it with what seems to be at the moment major systemic risk. i get that jamie is paid to worry, but wouldn't it be terrible, dom, to be living

through the soft landing as it's going on right now and not see it or feel it or at least be reasonably happy about it? i get that people need to worry, but if we're going to do a potential growth or higher this year according to that survey. if unemployment will remain below 4% and if inflation's going to come down, i don't know. what do you call that? we may be here already, dom. >> i don't know. maybe some folks are out there are enjoying it and some folks out there are paying and it's what a lot of people are thinking about jamie dimon. pleased, ellen, steve, stay here for a quick second. sales of newly built single-family homes, lighter than expected in the month of january. let's bring in diana olick on the latest data housing point. diana? >> am do, sales rose just over 1.5% in december, but december sales were revised down significantly and the street was looking for $680,000 and we got 661, so softer. why?

these numbers are based on signed contracts and that's folks out shopping for january when mortgage rates were in the high 6% range and that's down from the recent peak of 8% in october and still not enough to juice sales. builders are buying down the interest rates and builders should be benefiting from the tight supply of existing homes for sale. the price of a newly built home in january came in at $420,700 and that's down 2.6% year over year and you kind of have to factor that in to the net of what they're really making on a new home. supplies are still high, 8.3 months and it's homes sold and not yet started and that number's coming down steadily and way off its highs from last summer and october. so the backlog for builders is shrinking and the supply is now more of a factor of lower demand. so we are now if the

all-important spring market, high end builders are still seeing strong demand and others say not so much especially when mortgage rays are down 7%. >> thanks for the update on the housing market. let's share for the reaction and i will turn to you for this. the last inflation print we got with regard to the consumer level driven by the shelter costs because they tend tobacco a part of of this story and we just heard the diane that the house housinging and by epgs tension the is cooling off a bit. is that something to put more stock into or is it too early to tell? >> first of all, i don't think it's too early to tell at all. there was a lot of attention paid to new tenant rent index that came in for the fourth quarter and showed the steep drop. is does take time for that to show up in term of the actual

cpi data that tracks things like rents and other shelter costs, but we know it's coming. the fed has mentioned this. chair powell has mentioned this. the minutes of the fo in, c minutes have mentioned it and it's about a three-quarter lap so we think that you will start to see a faster pace of deceleration and shelter prices in the back half of this year, but that doesn't answer the question right now or alleviate the burden right now that affordability is still terrible. it was very, very terrible, and now it's only very, very terrible, but i think what we've seen with the bounce in housing demand or housing activity on the back of say the temporary drop that we had in mortgage rates is that the demand is out there, leaving an incredible demographic drive for housing in the u.s. we just need mortgage rates to come down further and come down sustainably and for now we absorbed that first drop in mortgage rates when the market

was overpricing what the fed might deliver this year, and i talked to one home -- one real estate agent in california weeks ago and said hey, in january i saw about a three-week bounce from that in interest in purchasing a home, and then it died out and we just need mortgage rates to come down in a more sustainable way. >> steve thsh, this is a weird tightrope to walk. if you can keep rates high that help his the inflationary picture overall. yet you still want people to transact in the market and you do so by keeping interest rates low. there's the conundrum, right? >> yeah. it's huge and this has been a problem from the get go of the fed's tightening policy. you know, i don't know what ellen thinks of this that we need a national conversation about the housing problem. we need to build a lot more houses than we've been building.

i don't know that the answer is available on the national level and it seems like there are a bunch of issues and the bigger story needs to bring moreunits in. the idea has been that these -- the construction of the family which has been pretty strong should bring down thatrent and should bring down that oer, but it just strikes me there are so many 20 and 30-somethings, don, out there that are anxious to start a household and buy a house that we may never really get the housing disinflation that the fed was counting on to bring that cpi and core pce number down from three to two. >> real estate is local, local, local for sure. steve liesman and ellen zentner, thank you very much for your thoughts. thank you. our next guest says the good news about the economy speaking of that story, might already be priced in and that's one of the

reasons why he's cautious on the market outlook. joining me now with more on that -- plus, key takeaways, by the way, of warren buffett's letter and a longtime berkshire hathaway shareholder, as well. let's start, though, with the economic question that we just brought steve and ellen into. it's that there is still a very, very large amount of uncertainty. is it enough to derail the market? >> i completely agree with the part that there is no sign of recession right now and i'm not calling for one. what more is saying, at least the way i think of it is a lot of the market is priced into the soft landing and a good outcome. that means that the outcome, as you know, stocks get priced on expectations, and i think right now expectations have climbed

and again, if it delivers that will be all fine and that combined with obviously, we've seen lots of good news on demand and intelligence and it's been good. really what i'm just saying is it probably makes sense that it tilts a little bit away from the economically sensitive areas because they've run up so much and trying to avoid economic sensitivity if you can when you are investing and that's probably the tilt. i'm not betting against it and just trying not to get run over if the economy does soften up. >> bill, it does appear that there is some worry to affect corporate credit and the reason why i say that is if you look at a numerous series of charts with investment grade, highly rated corporate debt and junk/high yield status debt that are all now trading at some of the lowest spreads over taxpayer-backed treasurys that we've seen in a long time and it

just basically means that people don't have any fear about buying corporate debt and it trades almost with corporate treasurys at some point. is that something to be worried about? >> there's a lot of good news out there and i don't think it's necessarily mistaken if we end up with a soft landing continuing as it is. you'll have corporate profits and we'll be just fine if not continuing to be better. you've had some reduction in cost inputs and then companies being able to price, actually passing on some pricing and there is good reason why it's trading that tight and it's just again, the same thing, right? the same thing that you have to know what's priced into it. so again, i would probably be careful in terms of etch rooing too reaching too far with the lower credits and that's similar on the equity side. >> one company that doesn't have a credit problem whatsoever is

berkshire hathaway. it's got a record amount of cash and th$167.6 billion the highes ever in terms of cash surplus driven in part by better results on its investing and better insurance operations. rail may be a question there. what's your read on just how much of an indicator berkshire hathaway is for the overall market? >> yeah, i don't know. i think for the overall market now and buffett made a good point in his letter he made similar things in the past and it's not likely to outperform much in a really good environment for the world, but where berkshire should shine is when they can take advantage of dislocations like, you know, the globalfinancial crisis is an extreme event and even in recession those kind of things where he'll get an opportunity to buy some things that they wouldn't get to see in a normal

kind of comment because they have, as you mentioned, so much cash and no one worries about them backing away and not able to get financing because they don't need financing and those kinds of things and that's why i think it's a great all-weather stock or a company in the long run. you don't have to worry about the what i always say the risk of ruin because it's just running in a conservative position now. things continue to really cook along and probably can't necessarily keep up, though you have underlying businesses that are very dear to the economy and they'll do okay. >> it's also interesting, as well that you almost at that position want a downturn in essence to take advantage of some of those opportunities if they come. >> one last question before you have to go and leave this conversation, bill. are there any places and stocks in the market right now that do still represent a value in your mind and an attractive pick at current valuations? >> yeah.

i think looking through health care is interesting because it underperformed last year and i'm going on the theme of avoiding some economic sensitivities. i really like medtronic here. they've had a couple of bumps on the road and the most recent being that gop runs would make them thin and you wouldn't have to worry about medical devices and i think they would make good strides in their products including diabetes and they're not getting credit for it. they've had a good earnings report, so i think just recently and it's a good start there. a nice dividend on that one and it's a good place to be. >> bill stone with the glenview company, we'll see you sir. >> thank you. >> on deck, my next guest says there's more and not just intelligence, brent crude will be range bound for the next five years. so how should you position? the analyst behind that call

will join us to make that case. "the exchange" is back after this break. this is "the exchange" on cnbc.

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welcome back to "the exchange." amazon is replacing walgren's alliance and our next guest increased his position on the news and sees the stock going to $225 a share and an almost 30%

upside for some levels and he's been bullish for some time on may 23rd back in 2022 when he said the stock will double within five years. amazon is up roughly 60% since that call. joining me now is the guy who made it. james chuck, partner and portfolio manager at clockwise capital. james, we've talked all kinds of tech during our span together and your time on cnbc. take us through the amazon story in your mindand why there is still more upside left after a big run? >> yeah. i think the amazon story is super simple. it's the e-commerce of retail will continue to go from analog to digital and over 50% of those dollars are captured by amazon and that's the top line story and i think what's underappreciated and continues to be significantly underappreciate side the earnings power of this company, when you look at the optimization they've done on the

fulfillment side and the opportunities of the incremental margins afforded from advertising. all of these will flow down to the bottom line and we just think that the current street estimates aren't estimating that with earnings growing at more than 50% it's a constructive bet to make. >> james, it's been a long time since many of us have been watching, covering either from a business or newsstandpoint, we used to talk about the e-co e-commerce anymore. the real sexy part about this whole story is amazon web services, right? it's all cloud computing. is this the only division now people care about at amazon and the growth numbers there? >> that's a good point. it trades that way, right? on the aws side, i think that the story will continue to be the same. growth rates have bottomed out.

we went through the massive optimization cycles that companies are doing over the last two years to try to right size the cloud spend, and we think those days are behind us. you look at any of the comments from satya nadella to any of the other cloud bosses that -- the cloud-based company bosses that those days are behind us which means those rates have bottomed out and we should be able to get those high incremental bosses as new dollars flow into the cloud and we were at 12% and 13% last quarter and we think it will just continue to incrementally grow higher from here. the world is growing in one direction and as i said on the retail side and from the cloud side and the analog and digital services. >> how aggressively will amazon have to invest cloudback earnings so to speak to support the aws growing infrom structure and by extension, future profits? >> obviously, it's going to require investments.

obviously, when you look at the artificial intelligence investments that are made to improve the cloud-based services and those there ares won't stop and and those dollars will continue to grow and it will have a positive incremental margin relative to what the current margins are as new dollars come on that life will need to remain for the foreseeable period, and i think when you put it all together and the higher incremental margins on the aws side and the improvement on the optimization on the retail side, i think the streets are to them. so, james, because you opened the door by talking about cloud computing and vis-a-vis artificial intelligence, that ai run's been massive. a lot of tech stocks have benefited. are there ones out there besides nvidia that you think represent better opportunities with regard to taking a view, a position on ai? >> yeah. i mean, the thing with ai, every

ceo throws out ai in order to boost their stock price. every company has bein acome an company and that's not how they develop and we spritted ai into two buckets and one is building out the physical infrastructure of artificial intelligence and build out the data center to support and make these capabilities possible and then the second part which will come later in a much more meaningful way is the utilization and the software side and the proliferation of those services. so right now for 2024 we are heavily leaning toward the infrastructure side. you have the nvidias, you know, fmci and that's a company that's growing from double-digit growth rates in the span of a month. you have companies like comfort systems which does the cooling systems for these data centers.

so we're looking at the physical infrastructure right now like the snowflakes of the world and we think that will be much more of a 2025 story and you have to bifur kit and get get the time is critical and you could have choppy waters while you have continued res ilrens and strength on the infrastructure side. >> the ai trade and a deeper dive into that. james cakmak, we'll see you soon, sir. >> thank you. coming up on the show, the supreme court can decide you on social media platforms regulate their content going forward. we'll bring you those details coming up next. ♪ ♪ in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production, efficiencies, and greater agility.

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rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. ♪ ♪ ♪ good afternoon and welcome back to "the exchange." i'm tyler magson with your cnbc news update. a report commissioned by congress following the two 737 max crashes back in 2018 and 2019 that killed more than 300

people was released today. an expert panel from the faa found there was a, quote, disconnect between boeing's senior management and employees regarding its safety culture. a final safety audit on the alaska airlines plane that recently lost a door plug mid-flight is expected in the next few weeks. meantime a federal judge has ordered ex-fbi informant alex smirnov who was charged with giving false information about the 2020 campaign is to stay in jail while he awaits trial. smirnov was re-arrested last week after prosecutors said he was a flight risk. >> and japan's slim moon lander survived the lunar night and re-established connection with earth, japan's space agency said today. the lander wasn't designed to survive all of that time in the dark, but evidently it did. good for it. back to you, dom. >> one small step, one giant leap. thank you very much, tyler matheson. coming up on the show, wti and

brent crude prices are roughly where they were a year ago, believe it or not and bank of america doesn't expect much to change over the next five years. the analyst behind that big call joins us to make this case coming up next and during february, we're celebrating black heritage. here's mnt bank's rene jones sharing his story. >> as a black ceo of a fortune 500 company, i may be an exception, but it's important to remember that there are many exceptional people who create positive change and inspire others every day. black heritage month gives us that opportunity to celebrate the many exceptional, absolutely exceptional people in our black and brown communities across america.

welcome back to "the exchange." oil is changing multiple including warmer winter weather and shale growth and geopolitical risks and west texas intermediate crude is up a little more than a percent while brent has fallen nearly a percent and our next guest expects that sideways trading in

oil to continue into the year 2029 saying prices will stay between 60 and 80 bucks a barrel for brent crude futures. let's bring in francisco blanche, the head of derivatives research at b of a securities. francisco, analysts will get a lot of attention for making bold calls. i think as a consumer of gasoline and fuel that i'm happy to hear that it will stay stuck between 60 and 80, but not everyone feels the same way. why the call and why now? >> well, look, dom, every year at this time we do a meeting firm reyou have. we look at how supply will behave for the next five years and we do the same for demand and come out with a balance, and we look at essentially a slowing global demand picture for oil because of electric vehicle sales, mild hybrids and more efficiency, generally and the

supply trends in a world where we have about 5 million barrels a day for capacity. if you look at the last five years, the average price of brent has been $72 a barrel and the average five-year price of brent which is really what this is also about has to be $62 a barrel and our call not frozen for any means and we are calling into the next five years with more spare capacity, at an opec level than we have in a long time and historically in the last 20 years, we have 3 million barrels a day so we have capacity. the one thing we don't have is, of course, government inventories. we depleted the spr and that supplies a bit of a cushion if we have a recession, but remember this is a long-range forecast that takes into account balances and forecast a recession and cyclical

downturns, right? >> all right. so if i have this right, it means that oil-producing countries and decades ago used to just mean opec and it's most recently come to meet opec and by extension it's the biggest oil producer in the world out there. that does mean those oil-producing countries don't have a lot of power or influence with regard to the bigger and longer term range given that forecast. >> well, the reality is we still see growth in the u.s. and part of the reason why we may be more optimistic than we've been. we averaged $72 a barrel in brent for the last five years. part of it is u.s. shale supplies are flowing down finally, but there's growth in brazil, there's growth in canada, and the demand itself is not going to be as strong as it may have been on a previous

trend basis given the efforts that we're trying to go through. so i think those are the factors that ultimately prevent oil prices from spiking and opec has a firm market power and they have prevented oil prices from going lower and very steep interest rate hikes. remember, we start a couple of years ago with rates at zero and now rates are impacted in and in europe they've gone up to 4% and opec has done a lot of work to balance the market in the context of very fast interest rate increases. so i do think they've actually had a fair amount of power to the down side, protected the down side, but when it comes to higher prices, they hold the spread capacity. they could force someone with higher prices and they could risk also reigniting shale so they have to balance that out and the u.s. is the world's biggest producer of oil and gas today. >> francisco, before i let you go. in the past we've talked about

the structure of the futures market for crude oil and this idea that at times in the past including now future oil prices are cheaper than they are at current spot levels and is there still a so-called carry trade that oil traders can expect over the next several years because of that dynamic? >> i think it's very clear that saudi arabia and opec plus collectively want to keep inventory slow because the structure discourages investment and makes hedging more difficult. if you're a producer you have to hedge the discount, which means by the finishing, some would invest more than you would otherwise. so opec is keen to that and they drained on inhave not ors to create the forward curve and backwardation that is both future pricis and yes, there is a carry and in fact, if you look at commodity investments, even though prices haven't really moved they've done pretty well and it's not only if you own a

full basket of oil futures, not only are you collecting and carrying you describe, you are letting it roll up, but you are also getting paid 5.25%, 5.5% on your collateral. it's in a funded position, so that is off to 10%, 20% a year if oil prices don't move, and i think you'll see more people coming in. >> francisco bhanch, it is always a great conversation. see you soon. >> thank you. coming up in the show, some are calling them the most important tests of the first amendment in the internet era. we'll dive into the supreme court cases that could change social media as we know it comingp teth uafr is m, i cried ♪ [ laughing ] ♪ i am, said i ♪ ♪ and i am lost and i can't ♪ punch buggy red. ♪ even say why ♪ ♪ i am, i said ♪

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welcome back. the supreme court's hearing arguments in two cases that could reshape social media and the controls that companies like facebook have over content. eamon javers has those details now. hi, eamon. >> hi there, dom. the case in florida and texas that provide access to political points of view and prevent those companies from excluding some political commentary on freedom of speech grounds. states argue that users of social media sites have freedom

of speech rights to express themselves, but the companies led by their trade associations argue that it is the companies themselves that have the freedom of speech right to decide what to include or not to include on their own services and throughout the oral arguments that we heard this morning, all sides sought to hear the right analogy to fit the argument of the technology of the future. one a nalogy is that this is muh like a shopping mall that private owners do have a responsibility to allow political activity by customers because the malls are something like town squares. another was boston's st. patrick's day parades where organizers could not be forced to allow a gay rights group to participate because the organizers had the freedom to decide what to include or not to include in their event. justice elena kagan with etsy.

no decisions coming today and these are oral arguments and we do get a sense of how the justices are thinking about these issues. back over to you. >> eamon, what exactly could the business implications for social mead why companies be if these cases are upheld? >> yeah, look, if texas and florida >> those laws have been postponed, they are on hold for right now. if, for example, facebook was forced to require no politicking of any kind on their site and not interfere in any way, it might be the case that they decide to dial back a lot on political content at all because they cannot get in there and mechanically make sure there's some kind of balance. if they are afraid that there could be legal exposure for them , maybe they have to dial back in a big way. that is all to be determined. we will wait and see what the

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welcome back. we have work to do, to be honest. we are talking housework and we have worked day and zoom video. here with our trades, we will start out with lowe's. start 2024, and housing remains uncertain. bank of america expecting weakness into it yourself projects. but it could be offset by lowe's getting shares from home depot. you see this is a bigger picture.>> you know, it's surprising because the fundamentals has been anything but. we can see that the diy trend is down. material costs are up so

business is down by about 11%. as you said, with the rates unlikely to be lowered, it does not -- it's hard to see how this will be a further rally unless you make an all-out better macro in the it is still sustain itself. i think at this point a lot more cautious. >> a lot of housing macros to digest. next you have worked day. up 70% in last year. according to morgan stanley businesses are showing interest and that combined with international growth should make for a strong report. how would you trade workday? >> well, not a cheap stock, but an unbelievable execution of software as a service and has seen its margins go from 10% to 18 to about 20% and analysts

believe it can go to 30%. this looks like a all-out growth play. if you are an investor, you may want to sell 270 puts. long term, it looks very strong in the execution has been excellent and nothing but positive prospects going forward.>> finally got some video. nearly 90% off the 2020 pandemic highs. they look for download and churn data as well as demand for the more is a focused services. what is the trade? would you touch them video?>> the stock, i think there is life in it because it's making a stand, especially in the call center space and telcom. and has excellent brand recognition.

microsoft has thrown everything but the kitchen sink at it and it still holding it's your. it has a chance to shine going forward. at this point it's so chief. it looks like a bargain. >> thank you very much a we will see you soon. that does it for the exchange. coming up, shares of dominoes are high on strong earnings and a 25% dividend hike. we will join tyler and courtney. were back after this qck ui break with the dow off 55 points. [disconcerting stomach gurgle] not again. maybe i should get this looked at?

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slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. good afternoon, everybody. glad you could join us. coming up we heard from two big names in business. we will break down what they said about the markets and the economy. we are breaking down the healthcare industry and art weeklong ecosystem. we start with a look at health insurance companies. let's start with the check on the markets. we have the major averages in mixed territory. the nasdaq composite leading the way by just under 1/10 of a percent. the dow jones