this thing, that could slow any kind of sale. >> the u.s. wants to sell it now, put the money in escrow, and then fight over that escrow. so at least, yes, they won't get the money, but at least we won't have to be paying $1 million a month to maintain it. so, you are right, the actual proceeds could take months or years to actually receive and get to ukraine or whatever the u.s. ends up doing with it. >> we have got to give away $1 billion to med schools -- forget the yachts. >> i was a great story. >> all right, thanks, robert. and thank you, for watching "power lunch". >> "closing bell" starts right now. welcome to "closing bell", item scott walker, live from the new york stock exchange. this make or break our begins with three big stories on our radar this hour. turmoil at new york community bank. shares plunging as it races to raise new capital. this happened multiple times today. that story continuing to develop. we have the very latest coming up. fed chair jerome powell on the hill before the house financial services committee with a more dumpy stone than folks expected.

the rally itself to resuming, but weakening into the final stretch, all following yesterday's steep selloff, perhaps on continued hopes today and expectations of rate cut sometime later this year. we are going to bring in our experts on all of that in just a moment. let me show you the major outages. we have been green all day but weakening as we enter the final stretch. we are still holding on, but the dow is only good for about 15 points. nasdaq has been the out performer. cut those gains in half, the mega stocks, many of them bouncing back. nvidia is still positive moving toward $900 a share. meta is in the green, as well. apple, microsoft, alphabet, tesla, are all ready now. how about crowdstrike? those shares are higher after his own earnings report. a lot coming in after palo alto and that stock went down, not so much for crowd. a lot in today's session, near 11%. that takes us to the talk of the tape, rally and risk, how many are front and center,

given today's developments. let's welcome in steve liesman, leslie picker, josh brown. he is here, post nine. leslie, i want to begin with you, we have had a crowd over my shoulder for the better part of the last half hour. is this stock open? it was halted, it has done about a 65% round-trip today. take us through what the latest developments are? >> the saga of the stock today is just a microcosm of what this bank has gone through over the past few weeks, or so. the announcement, quite striking today. a whole shift in the management team, a refresh of the board, really, an infusion of $1 billion in capital. you see shares currently somewhat stable compared to what they have been doing earlier today, so i can run you through the details here. the liberty strategic capital -- that is the firm managed by the former treasury secretary steven mnuchin, as well as hudson bay capital, reverence capital partners, and citadel, hedge fund, not the security

firm, as well as some other institutional investors -- are making a combined $1 billion investment in this company, subject to finalized regulatory approvals here. according to the terms of this agreement, nycb will be issuing an aggregate common stock at a price of two dollars per share. they are also giving investors 60% more in coverage to purchase nonvoting stock with an exercise price of $2.50 a share. so, those are the terms of the deal. again, subject to regulatory approval, and then there is a change in the c suite. you have joseph vaughn, who was formerly with the occ, former comptroller of the occ, sorry about that. he is taking the c suite row and becoming ceo. sandra demello, who was just named ceo a week or so ago, is going back to nonexecutive chairman, a role that he held

for just a short while following that moody's downgrade, and before he became ceo last week, and they are adding four new directors to this board, and shrinking the size of the board to being nine members. we saw one defection from the board once dinello was named a ceo, so this has been a saga, to say the least. but of course, the announcement today at least clarifying what is happening with this capital raise. as one alias described it to me, comfort capital for investors who just want to know what is happening, what the status of this bank is. >> you stay with me, leslie. i mean, for anybody that has been -- i don't know, stuck somewhere where you didn't have access to any financial market information today -- if you just looked at the screen today and you said, new york community bank, the stock is up 3% -- it misses the whole story because the low of the day was a dollar 70. the high of the day, four dollars. so, we will continue to watch

that. i have josh brown next to me, and i remembered half an hour ago that it was about a month ago where i think you bought this stock, you owned it for a minute. but nonetheless, you looked at something for a moment and said, hey, i'm going to take a shot. and then, when you saw things looking like they were going to get bad, you would like, i am out. >> yeah, this is playing with fire. anybody who bought the stock at a dollar 70 was probably gambling or had information, because the fundamentals here are absent a deal -- this thing was done. once they get those downgrades, then you start talking about deposit flight, and you can't only equity of a bank when there is a deposit flight underway. for people that hadn't seen that happen in '08, '09, even in 2011, this was like a nice lesson for them. for people that had seen that before, they understand that. so, there were people that, i guess, won today by buying $1.70, two ollars, prior to

the halls. but, i think what is good about this, is this is almost buffett- esque. this is the former treasury secretary of the united states now involved, and he took stock, in addition most powerful hedge fund manager in the world, he is taking stock, in addition -- otting, who will be the new ceo, worked with mnuchin at bank west. so, there is a history of these gentlemen working together at a commercial bank. this is not something where it is just like, you know, let's throw a dart. so, i think the equity is okay. the longer-term ramifications of this, though, i think should not be left out of the conversation, which is, we are now going to take a second, third, and fourth look at a lot of regional banks and a lot of nontraditional lenders. and of course, there is an idiosyncratic issue here, which is the un-stabilized departments which were so concentrated in new york community bank's books. fine. there were also those

idiosyncratic issues last spring with the venture capital concentration. but, when you have so many banks that each have their own issue pile up, eventually, it stops being a one-off situation, and it starts to be something where we start using the term "systemic more." so, i don't think we have gotten to that point, but it just reintroduces that fear back into that conversation, after a full year since the last go around. >> steve wiseman, undoubtedly, any other day, the fed chair testifying on capitol hill and coming off more dovish than the market had inspected -- expected would be the obvious lead. but here we are talking about bank stability and the irony is, so is the fed chair, because he was asked about it, not sarat sethi specifically, but this was unfolding as he was in his seat in the house today. >> yeah, and i think as usual, josh put his finger right on

the issue, which is the extent to which this is systemic. i have this formula that i use, scott, if you are interested, which is that the systemic risk nature is a multiple of the amount of money in question, multiplied by the opacity of the problem. the question here becomes, do we know where the losses are? do we believe that the regulators understand where they are? and are they addressing those with the banks? powell tried to convey the idea that he does answer both of those in the affirmative, that he is working with the banks. he said it is more small and medium, but i don't know if this has the potential to grow to becoming a systemic risk issue. it does not appear to be residing in the larger banks that are out there, and to the extent that they are, i do know that some of the banks have taken out reserves against those potential losses. so, we have to watch it, and we also have to know, i think -- mnuchin, who we know to be a smart guy, what did she see in this bank that worked for him,

that made him come in and take the equity? was it a benevolent bailout? or, was there a profit motivator that he sees? and that can help out, by the way, other small and medium banks in there. i will mention one other thing, scott, that i think is interesting. one thing i have been impressed with is the ability of the market to distinguish between office commercial real estate problems and the other commercial real estate sectors that are out there, from the data centers, to the shopping malls, to the apartments. it does not appear as if all cre is being treated by the market with the same kind of response that they are saying, okay, this is an office problem, not a cre wider problem. >> i think that is exactly right. one of the end jokes right now on wall street is, every firm has a rescue fund they are lodging for cre, specifically. >> right. >> like, goldman sachs has one,

everyone is already talking about the rescue before the crisis can even happen. so, it feels like there is a lot of capital, it feels like there are a lot of layers who are like, begging for a blowup. there is a kid doing 600 million square feet of san francisco office real estate, i believe, right now. they wrote him up in the journal. there are a lot of white knights. there aren't enough crises for all of these white knights to fund. so, it is a little bit ironic, and it doesn't mean things can't get worse. but, right now, when everyone is already launching the rescue fund, it is really hard to start panicking over the potential for systemic risk. but of course, we are all adults, so we keep it in the backs of our minds. >> steve, i think josh said it best when you said that investors are going to be taking a second and third looks at the regional banks now, even if you believe this is idiosyncratic and it is not -- you are going to be going over these with find tube combs

before you put money at risk. and i would gather that fed officials are going to be doing the exact same thing, making sure they fully thinks they know where everything is, so to speak. >> yeah. i would just point out, usually, the thing that whacks you on the up side of your head or the backside of your head is the thing you didn't see coming. maybe there has been enough visibility of this problem. again, it doesn't mean that there would be losses, that some banks won't go down. but, how is the market treated? is it treated that you hear news of a bank failure and you sell the entire original index? or, is it possible that the market starts to make a differentiation between these banks? so, i think that is important here. nobody said there won't be losses. there will be losses. there will even probably be some bank failures, but it is a question of how contained it is. and the regulars, how they say they are, if they are on top of

the issue. >> this falls on the shoulder of banking reporters like our own leslie picker. you have sz b, you have this, and now i am sure you are trying to figure out exactly what all of the loan books look like, what the balance sheets look like, and what could be out there that you could be reporting on in the not-too- distant future, we hope is not the case, obviously. but, you just don't know. >> ann scott, another idiosyncratic aspect to this bank in particular is, new york community bank did two very sizable deals in the last year, year and three months or so, what put it above a $1 million threshold. they bought flagstar and some of the assets and liabilities. all of that together put them in this different bracket for regulation. they were getting this new scrutiny from occ, and part of

that has created this pressure on them to mark their loans sooner rather than later. so, i think there was this idea may be in the investor community that they get this blessing from the regulators, to take some time, kind of work through, phase an approach to criticize -- phase for the criticized loans on their books. instead, according to reports out there, they got this pressure to mark those pretty quickly and that came as a surprise to the market. you saw it in the fourth quarter earnings at the end of january, called them to set aside a lot more reserves,/the dividend, and that is what really started that whole spiral for new york community bank in the first place. credit quality has been a big concern that is out there. there is, you know, it depends on the firm, the kind of disclosure you will get on that front, which makes it kind of hard for investors. interestingly, this regulatory bracket that they have found themselves in has created an

additional layer of difficulty as they move through those loans. >> right, and one aspect of the idiosyncrasy is that this is predominantly new york state real estate loans, and we actually had a real change where the rent-stabilized apartment business have been a great business for, i don't know, two centuries, or -- >> since '74. >> yeah. well, now, you have this situation where the landlord cannot to building wide improvements and push those through, the price increases, to the renters, which drastically changes the funding situation, the liquidity, the interest in these properties. that is why the marks had to move when they had to move, because there was a fundamental change on the ground in this specific market. so, i think a lot of people are going to look at this and say, oh, it is like new york city stuff, this doesn't apply to austin, texas.

this doesn't apply to nashville. and they would be right! >> you know what, steve? the other issue i think we are addressing here is the idea -- at least when it comes to financial institutions, it is why people like mike mayo suggest that goliath is winning. because, do you think it is an accident that j.p. morgan is at a new high in the last several days? or, that bank of america is in the new high in the last several days? j.p. morgan did his own deal in the aftermath of svb that was very beneficial to that firm. >> right. >> you can certainly understand why you would continue to seek capital flows from investors going toward the larger in the -- financial institutions, because at least you can put your head on the pillow, you think, and sleep well at night. >> i think that is right, scott. i think that diversity in those banks, and their banking, their loan books, is something investors can feel better about, rather than this possibility that -- sort of what josh and leslie were talking about -- there is some regional banks someplace that

has an enormous amount of office or commercial space in a particular city that is not doing particularly well because of the aftermath of the pandemic. that would not happen in the big banks. one other thing worth noting, though, scott, part of that whole thing is this other story that was a big park, a bigger part of the monetary discussion, was the coming apart of the basel three proposal. it is a big loss, i want to say, for this administration. it is a big loss for ichael bart at the federal reserve. they are getting their head handed to them on this one here. i don't know to the extent powell embraced all this, but he is not one cooler move away from the proposal. now he is talking about the idea of -- if i'm using the word correctly -- broad-based changes or even repurposing brazile three. i would take a step back, scott, and watch the banks in

however many years it has been -- almost 15, 16 years since the great financial crisis -- where they have essentially been very much -- i mean, not quite nationalized. but, words of the state s the best way to put it. but, here they are, fighting back against something from the government and appearing to win this. so, there might be some care or change here in the position of the banks, relative to regulation at the regulators in their success in beating back basel three. >> no one happier, i'm sure, in hearing the fed chair then mr. diamond, solomon, and some of the others running the largest banks in those companies because they have been in those very seats on the hill in the last six months to the year railing against those regulations. oh, and steve, by the way, the fed chair actually talked about monetary policy today. >> [ laughter ] >> may be what he said was a stimulant, in some respects, for the stock market, because you said earlier he came off more dovish than other people thought he would. >> and as a reporter, i'm duty- bound to tell you that not everybody agrees with me.

there were people out there who thought it was the same old. but, i thought this idea of saying big, more evidence is not a lot of evidence, just big, more evidence. and also him saying, we don't need better inflation numbers, we just need more of the same inflation numbers. that tells us, scott, that we are already there, even accounting for the january numbers, that we are kind of there. he thinks the number is going to improve because the old numbers are going to bounce out through the base effects. so, i think we are there, we just need to see -- as powell said -- these numbers repeat themselves, not necessarily improve, to set the scene for the rate at the fed. >> and i am going to keep going with new york community bank stock. i want to go back to josh brown who is sitting next to me, what is your big take away from -- you know, yesterday's market selloff was rather dramatic, and you had the fed chair today not really -- he didn't tell us anything we didn't know, i

think you could say. we still expect rate cuts to come later this year, he said as much. where are we in this market with the otation that has been pretty substantial? mega cap stocks remain a little unsettled. what is your deal? >> one by one, we are losing the magnificent seven. i mentioned on halftime yesterday, i am now seeing research notes, they are referred openly as the sensational six. i don't now if we become the fab five next, but, meta seems to be hanging in there the best other than nvidia. we have lost apple, it is's lower highs. we have lost alphabet, that is now below its lowest trend line, not looking great. amazon is just okay. so, that theme feels really tired, and it should. these stocks have done a lot of the work. so, from my perspective it is not, do i no longer want to own tech? it is, where am i looking for my next opportunities? i just don't think it is a $500 billion tech stock. and there are others out there, there were some big tech names that i think were well- positioned. but, we have done this ai theme

to death at this point, and i just feel as though you are feeling this shift below the surface, you are seeing a lot more names in the s&p 500 at 52 week highs hat have literally nothing to do with tech, and i love it. i really like that set p. >> i was going to say something that alluded exactly to that, that there are many other market periods within this rally over the last couple of years that you would say, well, if we lose a mega cap, we are in trouble. >> well, that is not my stick. i never believe that. >> well, maybe it was the case back then. it is not the case now for the very reasons you said. there is enough stuff under the surface of mega cap text that has actually been picking up the slack quite nicely, and there are a lot of people who think that is going to continue, and that is why this rally has legs, they say. >> there are two things going on

simultaneously, and they sort of dovetail and sort of feed off each other, which is kind of cool. the first is, we are literally re-industrializing the economy. used to giggle at jimmy lebenthal two years ago when the infrastructure act and the inflation reduction act, and eventually the chips act -- but, now you are starting to see that in the actual earnings for industrial companies. that is why the xl eye looks like it is an ai in tech, those stocks look unbelievable. all of them are going up with very few xceptions. if you re in mid cap, or a large cap, or a giant industrial stock, you are probably above your 200 day moving average right now, and you have probably made a 52- week or all-time high within the last six weeks. that is not happening by accident. that is not serendipity. there is a genuine driver there. the other driver is that wages are now outpacing the growth of inflation. this is so, so important. that is two legs to the stool. there is a third leg that the strategists are talking about, and if you get it by the second half of this year, ai will play a role in this, super meaningful, that is productivity. so, if we can get productivity, we can get this continued

domestic spending, or reassuring, or whatever you want to call it, and the consumer range and labor picture stays healthy. no one is going to be looking for rate cuts, because they become not the thing that matters. so, that is the reason to be bullish, from my perspective. i don't care if powell does his first 25 pips in may, june, or september. i just don't think that is terribly important, right now. if i were very stern looked and i was running starwood, i might think differently, but i am not. i am a stock guy, not a real estate guy. i don't think the rate cuts are this essential ingredient we are all waiting for. we are at all-time highs -- all- time highs! home prices are bouncing back. what do you need the rate cut for, right this second? i don't see the need. >> you know what, steve liesman, i will give you the last word, because i don't see, and i don't think, and i think the fed chair has made it pretty clear himself, as have other fed leaders, they don't

see a need, either, and they are not in a rush for some of the reasons that josh said. >> i hope they are not watching but corn, because then there are no rate cuts coming, ever. >> no rush, but i do think we need to cut. we talked about the idea of restraint. i was actually concerned, scott, today, ahead of the speech, that he would embrace more of that "we don't really have much to do here and it doesn't feel like we need to cut rates," he did not do -- embrace that today. this is a fed chair that does believe rates need to come down, and it should come down. but, josh is right. he doesn't feel the urgency about it. >> no, you are right. and look, i think he made his point today, they are close. he almost as comfortable enough to do it, just wants to see a little more information to let him put his head on the pillow after they do it. guys, thank you so much. >> i would say, scott, i would just say, two more months to

prove that january was an anomaly. i think that is the key, right there. >> i hear you, steve, thank you so much. leslie picker, thank you to you, as well, for hustling this story on new york community bank. josh is coming back in the zone because we have some crowdstrike to talk about. in the meantime, i will send it to kristina partsinevelos now for a look at the stock she is watching into the close. >> i'm watching palantir, their shots are up 10% today, the software platform builder announcing a new, $178 million contract from the u.s. army to develop 10 ai powered ground stations as part of a project called titan. palantir has a long history of providing ai solutions to the u.s. government and its allies, so investors are betting these initial 10 systems could mean more future contracts, we will have ore on this deal on "overtime" today with palantir's chief technology officer. brown-forman moving in the opposite direction, the maker of jack daniels slowed its four year guidance, and cut its annual organic sales forecast, a sign that higher prices might be waiting on consumer demand for whiskey and other shares.

shares down over 8%, scott. >> we are just getting started here. up next, one of the top strategies, wells fargo securities chris fargo says that will remain your friend. live from the new york stock exchange, you are washing "closing bell" on cnbc. weilbe wl right back. ♪♪ ♪♪

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rebounding stocks losing some steam as we head toward close we are barely barely hanging onto positive. join me now to break down what is next, wells fargo's chris harvey, welcome back. what we make of what has happened in mega cap lately, and what has help and -- happened elsewhere? >> if you have momentum, it is great. no momentum, not so good. everybody talks about the may

caps, but if you look at the mega caps that are in the momentum and the ones that aren't, significant difference in year-to-date performance. apple, tesla, not in there, and the rest, they are having negative returns this year, the rest are anywhere between 25% to 29% on average. big difference. it is not just a large-cap issue, it is a momentum issue across the board and also goes down to small-cap. if you look at the return to russell 2000, russell 2000 growth, s&p growth, the big driver, supermicro. supermicro accounts for almost 100 of the year to date return. >> stock only moves 50% a day, one way or the other. >> are you positive on the market? one thing that is interesting to me - and it hasn't happened to everybody -- but, this market has turned bears into bowls. yourself, included. now, are you feeling now -- even though we have come a long way since the october, november

beginning glow -- that we still have a lot of weight to go because of the fed ultimately cutting rates? what would you say? >> the answer is, i don't know. the answer is, what you want to do, is you want to be able to participate, you want your portfolio to be able to participate, you want something in there to hedge, because you can say, this market will blow up. >> is that the case, that it will? if so, what is that built on? >> when i say "blowup," it means both ways. you can make the case that the fed is going to start cutting rates, mma will take one step higher, that macro is good enough, and this is a momentum market. in a momentum market -- i haven't seen this kind of market since the late '90s. and we don't talk about the market so much, we talk about positioning, sectors, and stocks, because that is what happens. the disparity between winners and losers is phenomenal.

so, you can have a situation where the winners just keep running, similar to the late '90s. what is different between the late '90s today, the fundamentals and valuation are so much better than they were back then. if the fed starts cutting rates, if the gop takes over the senate -- which means that regulation will change -- you are going to have a really big room in activity, which means you are possibly going to have more speculation. on the reverse side, if i'm looking at the fed and saying, fed expectations -- or, fed's guidance and some of the fed numbers are too conservative, right? they are saying gdp will be one and a half percent. i highly doubt we are going to have a 1 1/2% gdp environment. i think it is similar to 2 1/2. that is true. three cuts, highly unlikely, and maybe no cuts this year, and that is a very different environment. >> i would say it is a bit of a

stretch to think that we are not going to get any cuts this year. but, the chair, himself, would probably think that is an outlier review, because they know they need to cut, and steve liesman very well articulated all of the reasons why. but, it is within the realm of possibilities, right? we think there is a realm of possibility, there is a realm of possibility we could get hit by a bus out of here, is it a high probability? we are going to look both ways before we crossed the street. >> this is not the type of environment you typically cut rates in. economy is better than expected. unemployment, less than 4%. you don't cut in that kind of environment. >> you do, if you raise by 500 basis points in 16 months. >> but, what is breaking at this point? >> you want to wait until there is a credit issue, and then they are reactive? >> well, that should be showing up in credit spreads, but they

are not. >> of course it's not, now! >> we can wait a little bit, but you asked me, can we go up, can we go down? i can make a plausible case we could go both ways. it is more likely there is more pressure to the upside, but there is going to be risk at some point in this market, and that risk will probably be related to fed and fed expectations. >> of course, there is risk every day. there is one risk above both our shoulders, trading right behind us, new york community bank. right? so, you see how these issues come front and center. do you believe this is idiosyncratic? do you feel like there is anything worth keeping your eye on? anything to do about anything big? >> what has caught our eye, a couple different things. rates in the last two weeks have come down in the 10 year about 20 basis points. is that related to new york community bank? maybe. what article -- what also concerns us is, we go back to some of the biggest momentum markets in '88 and 299 into long-term capital -- which was an idiosyncratic issue -- you had the s&p down 10%, small caps down 20%, soak in a

momentum market, you an get some big booms related to idiosyncratic issues, or other events. >> people look at the market and say, you know, it is actually a good thing that momentum is going to take a break, because if i look at, i don't know, materials, or financials, or industrials, or the cyclical areas of the market, if they weren't reacting well, i would say, well, houston, we've got a problem. but now, it is actually a good side, isn't it? >> it is a positive, but the average stock is still not doing that well. right? >> when you say "average stock," are you talking about from the russell? >> from the russell 3000. if you take the russell 3000, the average stock, if you look at the average stock in the s&p, they are not doing that well. if you look at every single embassy, they are all top-heavy. if you took out the returns of supermicro, the returns of nvidia, super others, the returns to the market look a lot different.

i have a portfolio i oversee, we have 10% in cash, and that thing is outperformed by more than 2%. the reason being, we have some of the right stocks that are working, and working in a good way. that shouldn't happen in a normal type of market. that tells you a lot about the average stock. >> great conversation. i loved it. thanks for being here. chris harvey, wells fargo head of a executive strategy. next up, jenny harrington. you know by now she owns the stock, she was here with us today on "the halftime report." she was feeling pretty lousy, she might still be feeling pretty lousy, but she is going to tell us what is going on with this trade, with what is going on with it now, a far cry from what it was doing, then. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights.

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welcome back. let's get back to new york community bank announcing a $1 billion capital raise, a leadership shakeup, as well. we take a look at shares, which were as low as $1.70 today. they are well higher than that on this news. jenny harrington owns that stock, she joins me now on the phone. we are watching the stock trade north of three dollars on this noon. honestly, i am not making light of anything, i know how lousy you felt when we spoke earlier today. now that you have had a chance to digest some of this news, can you tell us some of what you are thinking about this stock? >> sure. what i am thinking is that over the past month, the excessively stupid missteps we have seemed

to make, today it is the opposite. what they have done just now is had an extremely smart course correction. so, when we look at who is coming in, i think actually the new board of directors is the most important to me, so, lewinsky ran the goldman sachs group, created a, steve mnuchin, who is a goldman partner and former secretary of the treasury, and one board member will be the new ceo. so, when i was complaining before a year ago when they bought those signature assets, they should have brought people in with big bank experience, they have done that and done it in a major way. so, what i need to do now -- you know, i always say, the starting point is today, so where do you go from here? so, my job now is to do the following. one, i need to continue to fall out of the stop -- stock. i need to do that as quickly as possible. that doesn't mean i just throw it out. there is too much ambiguity. i need to figure out what they

are doing with he dividends, and then for taxable accounts, there is that big tax loss that is valuable. then, i am going to let the dust settle, figure out what tangible book value is, find out what the new manager is doing, and then after that, i would consider buying it back, because this is such a great new management team and such an important addition to the board. so, it is dicey, but it is interesting, and earlier when i said, too, well, what is upsetting me the most is that there is these really, really great assets they have and vultures are coming in and picking them off. as a shareholder, you get to keep holding those assets and they are aluable. >> so, you used the words "course correction." i know you are specifically talking about the company and you laid out all the steps. but, you know how this is. once a narrative develops around a personal stock, you can scream, this is better, the fundamentals are great, until you are blue in the face. is it a course correction,

necessarily, for the stock, over a longer enough. time that would allow you to stay in it, and even the chance that you would buy more? because again, i look at a move like this and i am saying, jenny is telling something she has been selling something here and there, and she is going to get out. >> no, i am going to finish selling it. i am mostly out of it, i need to get out of it. there is too much ambiguity for here and now, today. my job is to give my clients a very steady income stream from dividends that they can depend on. i don't know how steady and secure that is right now. but, i will sell it now, i will do it smartly. clearly, down $1.86 this morning, it was oversold. i think it is still probably worth north of four dollars, probably more than that. but, that is where i will let the dust settle and i would really consider going back. i am extremely enthusiastic about the development of who is

investing, it is steve mnuchin, reverend capital, martin berlinski, citadel, those are really heavy hitters that can actually affect change at a company, and i think those guys can change the narrative. and the board is impressive, the new ceo is impressive. i like that they are keeping alessandro dinello along, he knows everything at the company at this point. so, i think they are on the mend. on what magnitude that means, i don't know. >> we will leave it there. i appreciate your time, jenny, thank you so very much. up next, we are tracking the biggest movers into the close. we are back with kristina partsinevelos for that. >> we have lower prices helping one e-commerce platform and rv dealers are feeling the pinch from higher interest rates. those stock movers are next.

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markets. on the downside, though, for thor industries is slumping today. the rv manufacturer cut its sales and earnings guidance just before it's peak retail selling season heading into the summer. the parent company is in double digits and dragging down competitors, winnebago industries and camping world, with it. the word, down 15.5%. >> appreciate you, mnuchin. straight ahead, trying to ttg in on crowdstrike, shares hiinan all-time high today. we will find out if we are sticking with it next, or taking some profit. we are back with "the bell" right after this. i try to provide a really accessible way of them learning about religion and spirituality, that's not intimidating. somebody in the comments said, i have no idea how i got on nun talk, but i'm not mad about it. i'm going to teach you how to pray. i'm going to teach you how to meditate, how to connect with a higher power, because we need that. we need strength and comfort.

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mike santilli here to break down the crucial moments of today's trading day. plus, rick holmes is back with us, we would get his reaction on crowdstrike. mike santilli, we had a lot to get through today, and we are going to do it, and it looks like we are going to finish green across the board and i will put the russell in that mix, too. >> it is green, picking up about half of what was lost yesterday in the s&p. it shows you that there hasn't been some kind of a selling spiral unleashed by a down 1% today. but, i think it is a bit of a nuance to set up right now, the market has done absolutely nothing to make you doubt the overall trend, it didn't even pull back to its 20 day average. 20 stocks making a 52-week high today on the new york and nasdaq. it is all good, but i do think

it has made sense that we flatten out ere. yesterday's low was basically where we reached first on, let's say, the 12th or 13th of february. so, it goes back three weeks, and that is the kind of thing i think is probably better, letting the market cool off and go from boiled to simmer, because otherwise it feels as if it could get a little bit too jumpy. again, i might be too cautious there, because with all the nine macro, yields coming down, and the fed likely going to cut within a few months, it is hard to find the thing that is going to be the trigger. but, for now, i do still think you would love to see sentiment cool off and get more of a gut check. >> as e were spending much of our time, mike, saying the fed isn't going to cut what we initially wanted and how much we initially wanted, powell gave you the chair, of course, gave you a reminder today. he reminded the bulls, we are still going to cut. >> that's right, because the broad framework hasn't changed. this is a committee, and the

committee is on the record with the consensus outlook even if it is not developed in that way which says, 5 3/8 on the fed funds rate is extraordinarily high relative to the rate of inflation. our models say that is restrictive. we could say the economy is acting like it is not being restrained very much. that is pretty much true, but the job market has softened, it is less tight than it was. you know, you still do see these things like nonmortgage debt rising to record levels. in other words, there are reasons for them to be on alert for not being too late. and she said the risks are balanced and we can deal with that. i agree with josh, though, we are not so finely tuned to when it happens, or how many cuts we have. it is just about having the potential for easing in reserve. >> crowdstrike doesn't care. up 10% today on the back of those earnings, mr. crowdstrike investor. >> i was going to say, the first rate cut is actually a better thing to have to look forward to.

>> i joke. it is the carriage hanging out in front of the donkey to keep it moving. >> it is like the distance between two things that you never actually reached because you keep getting cut in half. >> asymptote. >> it is asymptotic when we get that first cut. so, crowdstrike is a beggar. what else is left to say? people say, it is 80 times earnings, yes, earnings quote was 37%. what should it be? so, this is the gift that keeps on giving. just when you think the momentum simply has to slow, not only does the cybersecurity paya keep growing, but crowdstrike finds a way to take share from other players, because not every cybersecurity company that reported this quarter had a nice reaction. crowdstrike's reaction stands out. it is not up as much right now as it was last night after the close, no big deal. the stock looks fantastic. it is the second largest market cap in the russell 1000 that is not currently an s&p 500 component. i think they need one more

quarter of something to qualify or to get in. i think that is something i would look forward to happening over the course of the summer. >> do you want to talk about pfizer, too? what you said was one of the best stocks to buy in this market. you said that the other day on "the halftime report," and it is up today. let's talk about it. >> i got lucky on the timing. i think it was added to the schwab dividend dtf, which is a massively large gtf. it is in a lot of schwab portfolios for wealth management, retail, et cetera, so i think the addition to that is the reason behind today's big jump. i wasn't counting on it or expecting it, but of course i will take it. i am not giving it back. >> lucky to be good, right? sometimes, they work. >> but, the fact remains, this company did a huge acquisition. the fruits of that acquisition will not be coming in calendar

2024. you have to have division to understand, this is not the first near-death experience that pfizer has faced from a drug expiration standpoint. and it won't be the last. but, they are set up to revamp the portfolio, get away from the covid stuff, and move more toward oncology, which is a growth market, and some other areas. >> by the way, did i see people exhibiting morgan stanley being down almost 4% today because it didn't get into the etf? >> you and i read the same tweet. >> is it true? >> i am running with it. >> you have different standards than i have. >> i am asking the question here. >> did they get bounced out of the etf? >> there was anticipation that it might go in, or something. let's not get into it, but morgan stanley is down 3 1/2%, 4%. >> well, i can't know the reasons, so -- >> we will go with that. >> courtney reagan is watching

some of these retail stocks that are not having a great day. >> a lot of retail stocks tumbling, a lot of nuance as to why. footlocker tumbling 37%. staggered results are better than expectations, but it expects a two year delay in achieving its previous earnings and margin potential that it laid out in its march 2023 investor day. abercrombie again put up a strong quarter x ahead of expectations. among if not the strongest results of these retailers, several quarters in a row. but, shares have run pretty far up as a result of today's downward move, and nordstrom, too. meeting consensus for revenue. shares, down something like 16%. draft business turning in much stronger sales than the full- line department business, so that tells ou consumers are really focused on looking for those value conscious kind of items. scott, back over to you. >> courtney reagan, josh brown, we have about 90 seconds to go. give me something on uber, which i have been watching the last few days? doesn't look too great, down 3%

or so for the week, thus far. one of those stocks that was up an awful lot, and there is a bit being trimmed off of it. >> it is my biggest holding, it is a stock that has had a huge run going into the earnings. the earnings confirmed that it deserves that run, but like all other tech world stocks, even though it is industrial, the question is, what have you done for me lately, and what is next? we will see. but, i am not going anywhere, i'm sticking with uber, i think it is a $100 stock, it is just a matter of time. but, i do think they have one of the best ceos in all of tech right now. this is a guy that literally took a carcass of a failed startup that had like, lived past the finish line of going public -- they had nothing going for them, and this guy figured out all of the moving pieces, what to get rid of, what to keep, what to double down on. survived the pandemic, survived the post-pandemic, so i want that on him in the future.

>> tesla is down another 13% for the week. >> an honorable mention, scott, they continue to suffer. although, apple being oversold as china continues to find its footing. >> guys, thank you so much, appreciate you having today. mark is closing in the green today. we will see you again tomorrow. we are out. now to "closing bell ot" with morgan and josh. well, we did snap a two day losing streak, the s&p above 5100, it looks like even the russell did great, closing off, the highs of the session. that is the scorecard on wall street, but the winners estate late. welcome to "closing bell overtime". i'm john ford with megan brenton. >> consumer discretionary, the biggest loser for the s&p. palantir, a big winner, after becoming the first software company ever to become a prime