[ no audio ] >> and just looking at the regime in their view being shaky because of competition from amazon, and you don't have inflation to help grow revenue. carl, thanks, welcome to "the halftime report." surging assets and it is much more than stocks that have been on a tear over the past six months. the investment committee debating what will work. joining me for the hour jenny harrington, jason snipe, kevin simpson, steve weiss all at post 9. the dow pacing for five up weeks in a row. guys, yields have really stabilized. that's been part of the story. i love what i read today, jenny, about investors striking gold, so to speak, all over the place, that investors have rarely had it this good. i want you to take a look at this wall that we made to show you what we've done over the

last six months. and i say far more than stocks and you will see why. because, there you go. the s&p is up 17% as is the russell. the dow good for 14%. far from just that, copper, 34%. have you been invested around that? made a lot of money as with silver and gold. bitcoin, of course, has rallied back up 82%. pretty good to be bullish. >> pretty good. so we went into this year saying that there's really going to be two things -- and that wall is a beautiful thing. i love seeing comer, i love seeing gold, but the reality is the only two things that are really going to drive the market this year are earnings growth and falling interest rates because falling interest rates support valuations and earnings growth keeps the denominator up, right? so what i think is interesting, those are very much on track. we've had plenty of fears of, like, oh, my gosh, is it going to be three cuts, six cuts, two cuts, no cuts? but the reality is, we're going to have a couple cuts this year, and the direction -- oh, sorry -- and the direction of

interest rates is headed down. the direction of earnings growth is headed up. those support the market. so even though you said it's a really feelgood goldilocks market, i actually still look at a lot of nastiness in the background and things like consumer trends aren't great. there's still geopolitical turmoil out there. elections are coming up and those are divisive. there's a challenge to the individual investor and to the professional investor to let the noise of all of those things derail you and square you and think this is a bad year. the earnings growth and the decreasing interest rates, those overwhelm everything else out there and i think that's what we're seeing. >> i think you can make the argument you're only half correct -- >> okay. >> -- if you look at what we showed you on the wall from six months out, weiss -- we don't hit dow 40k.

we don't recover the way we did from the april low without earnings because, remember, six months ago we were worried about higher for longer. when are we really going to get these cuts? we think we're going to get seven, then it gets reduced and the economy has hung in there. that's why a lot of these asset classes have rallied. i like what josh brown told us yesterday about why it's been so wrong to be a bear. let's listen. >> the number one thing that the bears got wrong was not the macro. in fact, the bears, who were talking about persistently high inflation and higher for longer interest rates, they got all of that right. the thing that was missed by the people who were telling to you get out of stocks or to prioritize money market funds over, you know, long-term investing, what they missed was the unbelievable earnings power at the 500 best companies in the world which comprised the s&p

names, and that continues. we're seeing some of the best earnings growth we've seen in years. >> weiss, it's kind of been the great miscalculation this notion that higher rates were going to kill multiples, were going to put the economy into the can and all of that, it turns out it hasn't happened. now the bears may, you know, get pieces here and there, but what do you make of josh's point and what we showed you on the wall here of all of those things that have worked quite well for investors over the last six months? >> the only thing missing from that wall, the only thing not increasing is my hairline. i would trade that for the gold and copper. >> i'm short that for a long time. >> that's been a good trade, a good bear trade. >> by the way, that's not for a trade. that's an investment. >> long term. i know you're a long-term thinker. what josh said, he's right. but, guess what, that's the same view you could have had because the markets go up 90% of the

time. so there are periods when it's been right to be bearish, to keep some cash. 22 is one of those. we can talk about earnings, but that's not really what it is, in my view. that's what you believe it is. i believe the fed has topped out. powell's commentary has been very supportive of a higher market. i spoke to him after that conference, as i did with tepper and saying, what do you think? what happened? i said, i thought he was very dovish, and that was really ringing the bell saying, okay, take more risk. so you couple that with, yes, earnings aren't as bad as feared. let's not forget earnings estimates came down to about 2% from 7% before we went into the quarter. so the setup is nice, right? generally 75% of companies outperform expectations. >> relative to where earnings were and relative to some of the horror stories that were going to be told coming in, they were

much better than that. >> incredibly, at least in my view, as i see it, i wasn't bearish. i've been invested. i've been cautious where i've been. i recently over the last few weeks got real fully invested, which i haven't been, as we talk about last week in a long, long time. i always had exposure and compensated for not having that. where you're right, dead right, and i'm still perplexed and still don't believe we're out of the woods is when you've had rates this high for this long, which has been unprecedented that it has always damaged the economy, it always hits demand. what iattribute to it in part, if you've been invested the last 15 years, always a v-shape recovery. even '08, not quite a v-shape, but pretty close. everything else go down, go up, there's been something to save you. >> so, jason snipe, we go 40k this week. we hit these new highs and now i think everybody is thinking,

well, how high can we go? what more is really left within this market? now steve talks about just sort of the unprecedented things that happen that have driven us to where we are. rick reiter of black house made the case you have an unprecedented level of both spending and investable income and assets from baby boomers as a result of all the stimulus, all the money in cash in the bank. you've been making 5% on that now for a while. that just lends itself to reinvest, respend, however you want to characterize it. i ask him how much more upside is left? he was with me on "closing bell." listen to rick rieder. >> the earnings are good. stickiness to margins. the software development, a.i. implem implementation, et cetera, earnings are still pretty good. anyway, i know we've talked about it a bunch of times, i think people underestimate,

could you get another 10, 15% of the equity market this year? i don't think it's much of a stretch at all. could you get more than that? i think you could. >> i sat back in my chair, 10, 15%? okay. >> yeah, yeah. i think the one thing you just mentioned we haven't talked about yet is the fiscal. the fiscal part is a huge undertow for the market i think it play as role from here on out. yes, earnings have been strong. interest rates are quiet and they pull back. the ten year and the two year, the five year, whatever you speak to, is down 20 basis points the last two weeks. so that's been supportive to the market. yes, earnings, 80% beat rate. i think there's a lot of strength in the cyclicals going forward towards the end of the year. so i think absolutely we can see ongoing strength in the markets, and i think, obviously, that's what we've seen the last few weeks. >> kev, it looks to me like your buying is away from the crowd,

so to speak. you bought more amgen. it is the best performing dow stock this month up 18%, but it's not -- look, health care has done well. from the april lows, it's up 5%. but it's not tech. it's not utilities. it's not staples. it's not real estate. it's in health care. why? >> i think you want to look for things that haven't moved and that's the thesis we have with most of our trades. can the market go higher? is rick right? i think the markets can go higher, and they can go higher for a lot of reasons, to jenny's point with earnings, that's incredibly important. that's why we bought amgen. horizon therapeutics, talking double digit revenue growth, double digit earnings growth. just an incredible pipeline, so it's these sectors that haven't moved that i think create opportunities. >> you had duke energy called away. you can address that now if you want to. we talk about the things you're in and what drives you in the way you trade using options and

covered calls and things like that. you got that called away. >> they have been trading like a.i. stocks. we got an opportunity to write an option. sometimes you sell a covered call, things get called away. we got called at $100, brought in $1.50. effectively we're out a couple pennies from where it is now. you never lose money taking a profit. the 18multiple on duke with a utility that's government regulated, probably has 3% to 5% growth. i don't mind selling it in here. i will get back into that position, scott. >> weiss, you bought more caterpillar. >> i did. caterpillar traded down yesterday in sympathy with deere. deere is not caterpillar. i've been cautious on and haven't traded for a while. the farmer is under pressure. they have declining crop prices. at the same time the financing prices for farms and equipment has remained stubbornly high. they're getting squeezed.

i don't think it's just them getting squeezed. as we've seen cracker barrel today, starbucks, you can go on and on about those that are saying, hey, the consumer is having a tough time. so, yes, the upper end of the consumer is doing fine. the middle end still doing okay, but the lower end is doing fine. >> talking yesterday, it's like the younger and the lower end are the ones who are hurting. the higher end and the older, the baby boom ers i would suggest, they are looking at this data and it's compelling. >> they've always lived paycheck to paycheck. even though we're a consumer fumed economy, it's never been them. your heart goes out to them because their financing cost have is gone up. the credit card growth from visa and mastercard is putting more

on credit instead of cash. back to cat. we have the chips act. we have onshoring from the rna act. those are positive for quite some time. >> the question is, do we think things that str gone up a lot -- kevin was saying utilities have been trading like a.i. stocks. a.i. stocks have been trading like utilities lately. citi says the recent crowding in those areas could unwind. they still look at them as defensive plays, right? >> yeah. >> that's just the way utilities have been generally looked at. staples up since the low. utilities have surged. >> the word crowding is weird that would imply everyone is getting in there. there's these big, hot valuations -- >> don't you think it feels like everybody is kind of talking about utilities? >> more people are talking about utilities -- >> but, guys, the bar --

>> generally speaking interest rate proxies. now everybody, literally, is talking about utilities as a.i. plays. >> okay, but the bar was, like, zero for interest and utilities and the multiples are completely rational. so, for example, we'll pick on dominion. i bought it when it traded below 48 about a month ago. prior to that it had been trading around 53. it's trading around 53 now. so consider where we came from and where we're going and if you look across, nexterra is still way off its highs. we own which trades like the equity. it's still about 4% or 5% where it was a year ago. they had a move off the bottom. i would not consider it crowded. i think it's just kind of moving up from the really low that it sunk to. >> utilities are up 13%. come on. that's not normal. >> you bring up a good point. nothing in the market is normal.

nothing moves the way it used to. there were 16% divergence between value and growth. those used to be 3%. everything in this market for the past five years moved with intense divergence and tons of mania. maybe they shouldn't have been down 13% before that. it's just catching up. i don't think it's a crowded trade. >> to your point on the a.i. play, what people lose sight of, they don't set their own rates utilities. the public utility commissions set the rates. they have to go with the nextera. that's not necessarily true. you have others that do. generally utilities, they are at the good graces of the pucs who, by the way, don't want to raise rates too much because it's political. so it's a tough thing. >> it is. >> the sheer fact we're having this conversation proves your point. >> yeah, right? >> well, he started the conversation. self-fulfilling prophecy. >> everybody i keep talking to,

various guests, continue to bring up the fact they like utilities in a way that we haven't heard very often. >> it's true. >> fair enough. >> the reasoning behind the trade is something we haven't heard. jason, there's this other view that, okay, a lot of money has gone to the other areas, technology has done the best since the april low and goldman sachs' pasquariello psays take more. keep up eye on the ball. understand why mega caps continue to outperform. think about the capex. think about the buybacks. rick reiter talked about the buybacks and the massive ones. we'll get a good test. we're going to get a real good test next week with nvidia and those earnings on may 22nd. how should we think about that going in? >> scott, for me, it's really simple just to think about all these earnings calls, the

enterprise spend we have seen and the capex cycle we've seen for the a.i. arms race, and clearly nvidia is the one that will benefit the most and has benefited the most. up 88% year to date. 209% over the last year. earnings expectations are high, but, you know, when you look at the spending that's happening in the space and you think about the race that's also playing out, they stand to benefit the most. i think they will hit it and surpass those numbers. >> kevin what do you think? >> the whisper numbers far in excess what we hear and talk about for the fact set. i think they'll deliver. this is a stock that, to jason's point, has to cover the entire market. i will be shocked if they don't. >> web bush expects they're going to beat and raise the bar with guidance, therefore, justifying the multiple if they have to justify it. i don't know that they do. it comes in as the stock has gone up. >> that's true. when you have that kind of growth, it's naturally going to reduce your multiple, and that's

been the case. look, i'm not telling you there won't be a knee jerk reaction one way or the other, but i don't think it's going to be an intelligent reaction, because whether they miss by 10 cents or 50 cents or lower the forecast, we've done a lot of work on a.i. away from research analyst and it is the fastest adopted technology ever that includes the internet, that includes cloud, all the other innovations. it's going to keep going. so nvidia is not going to be a proxy for the a.i. growth. it will hit those stocks the day after. >> oh, come on. come on. >> it will hit the day after. >> it is the greatest proxy for the a.i. stock surge. >> that's not what i'm saying. i'm saying the earnings report will not be a proxy for the a.i. movement. that's going to continue even if they miss -- >> i think that's debatable. i think that's a great debate that needs to be had ahead of the earnings report. >> if they're up 40% instead of

50%, do you think it's over for a.i.? >> i don't know what -- if their guidance doesn't meet whatever high bar is now demanded by a $900 plus price, the stock is up 250%, something like that. >> right. >> on the year. over the last year. >> i'm not saying meta or microsoft won't come down. it will come down, knee-jerk reaction, but then off to the races again. what did jensen huang say last quarter? if i can only get more capacity from taiwan semi, so he somehow is limited his growth by taiwan semiwho is the fab. they make the chips. if they can't give him that capacity, his growth can't continue. >> the day that nvidia misses whatever whisper number is out there for guidance will be an interesting day in the market. it's not everything will be all roses and lollipops. >> he said the poster child for the a.i. growth stock performance, which is very, very different than the poster child for the a.i. growth stock like

beneficiary or recipient and i am convinced gilman hill will be one of the best beneficiaries of a.i. of them all. i get frustrated with huge multiples and the focus on nvidia. the breadth of who benefits is extraordinary. it's the poster child. we are talking about such an entire moment in time in the benefits of a.i. and what they can do for businesses. it's frustrating to see the focus on nvidia. >> what do you mean? we're talking years and decades of transformative technology. what do you mean moment in time in? >> where all of the focus on benefit is just the chips makers. right? and it really has been. every time we talk about a.i., we talk about nvidia, not the others -- >> we talk about microsoft and meta and alphabet. >> i'm talking utilities. so now the conversation is slowly start to go spread out, and that's still a myopic conversation. a.i. adoption is going to take a lot of energy. >> i don't think that's

accurate. >> it is. you're going to benefit. i'm going to benefit. grocery stores will benefit. >> but that's been discussed. >> not very much. >> people bought deere because of their a.i. crop machinery. >> all the focus is on -- >> it's not a matter of who is going to benefit. benefit is the wrong word. it's who is going to drive the transformation, the kinds of companies that will be at the forefront of driving, picks and shovels, software companies, not -- of course every company on the floor of this build something probably going to benefit in one way or the other from a.i. >> right now we're focused on a handful -- >> that doesn't mean you buy every stock because a.i. will transform the way we work, live, and do everything else. >> that's a conversation here on the show right now. it's not the conversation out there. surveys have been done, even for small business that is are typically slow adopters, record adoption. >> yeah, yeah. >> record use cases.

>> microsoft will be in the news next week, steve kovach, they need to deliver because they need to keep up. >> reporter: they're the perceived leader. that's the build conference following google this week. expecting to hear the latest a.i. update from the leader in a.i. and all the news that's happening monday and tuesday a big part of that is copilot. microsoft has been making a huge push to sell it to businesses. it changed pc keyboards to the copilot buttons, on the corporates of nba playoffs and hired a new ceo to run microsoft a.i. focusing mostly on copilot. it's not cheap, $30 per month, like we've been saying, and for now investors have little clarity how well it's saying despite the hype from microsoft. i spent some time catching up with ctos and other execs who

decide to buy tools like copilot to see how it's being received and the answer is mixed. no one i spoke to is ready to deploy copilot widely across their company. they're mostly just testing with a couple hundred employees at a time. they say, bottom line, it's just too expensive while the benefits are unclear. one cto of a large company told me copilot would have to be 80% cheaper to consider deploying it to thousands of their employees, but it's not all bad. almost everyone i said love how copilot works with video meetings and the teams app, keeps that transcript handy so it can summarize everything that happened and says it's useful for catching up on the piles of missed emails. one common problem, those props, that's the questions you ask an a.i. assistant like copilot to get what you want, many don't know what to ask to get the most out of copilot. it requires some training. and this was also interesting. instead of copilot, some companies are making their own custom a.i. assistants using

a.i. tools from facebook and others, a cheaper option and more targeted niche. microsoft has given nuggets on copilot performance, announcing coca-cola is testing internally and i.t. company cognizant bought 25,000 seats for its employees. do the math there, see how much microsoft is making. one thing everyone agreed on, tools like copilot will improve and become another tool in modern work life like email is today this isn't some dreamy fad like the metaverse and next week we're expecting to get the latest updates along with a slew of other announcements. customers or potential customers are hoping for cheaper pricing options, scott. >> well, i guess when you have first mover advantage, so to speak, you get to charge a premium, and then we see how everything sort of shakes out. steve, thanks. steve kovach, we'll look for you covering this throughout the day. jason snipe, how about this microsoft?

>> yeah, so, you mentioned it, scott. first mover advantage, and i think it's been quiet around their story lately. i think google and meta and amazon have kind of taken the lead in terms of just where the conversation around the market is going. i think a lot of these new technologies are always expensive to start. the focus is going to be on productivity. once productivity increases, you'll see pricing come down on the consumer level and will be immersive for most folks. to generally's point in terms of a.i. and how revolutionary and how productive for all our businesses and enterprise, i think that's where microsoft sits and i think will continue to benefit from the story. >> kevin, you've owned this for a decade. >> we expect a lot out of them. it will be hit and miss. there will be problems in terms of pricing. clearly that's a big number. this will bring surface pros, will bring the hardware. you're putting a button on there, trying to make explorer work from an a.i. perspective.

i believe strongly in copilot. they have the infrastructure. we're using the companies and pricing is something they'll be able to navigate over time. >> by the way, it's not just -- it's non-mag seven tech that's been doing well, the nvidias, to generally's point, microsoft, crowdstrike, working well. crowdstrike is up 17%. palo alto up 14%. they report on monday. you own it. >> palo alto, if you think about what happened after the print, the stock down 30%. really about this new go to market strategy and the market didn't like that. they cut by about 600 million, so that was a lot about the story. but, again, i think as it relates to cyber security,keep hearing about all these breaches on data, that, unfortunately, story has only gotten more steam. i expect to see a recovery and expect to see more momentum

going forward. >> so let's take a quick break. when we come back, i have a move from jason in the financials. i have a move from jenny in health care. and i have a move from kevin in retail. we'll get to all that next. >> announcer: are you following "the halftime report" podcast? what are you waiting for? look for us in your favorite podcasting app. follow "the halftime" podcast now. (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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all right. welcome back. let's go through these moves that i told you we had coming up. jason snipe, goldman sachs has been trading at a record high, right. we talked a lot about it. you bought more . why? why continue to buy at these levels? >> i think what's happened for me, i think banking has clearly, if i look at last year, it bottomed. there's ongoing momentum. private equity, if i look at their private equity business, which no one talks about, is up eightfold over the last year. there's an upturn in underwriting. so even though it's up 21%, i

still continue to see runway going forward. >> weiss, you own it, too. it's a big position. what do you think about add to go it here? jason's move brings up a good point, i think, for everybody watching. record highs for stocks. a lot of things are up and to the right over the last -- we showed you top of the show. go down sectors that look like the wall we did for various asset classes. still okay to buy into this move. that's the question, even for a goldman. >> i think it is because of the ipo cycle and the m&a cycle. private equity, they don't get paid until they deploy capital and they're not booking any revenue -- they're booking plenty revenue from fees but they're not going to book so much revenue until the m&a market picks up and guess who will handle that for them. goldman, morgan stanley, citi, barclays. however, i don't see the ipo market opening up, and this has been told direct to me, bankers,

as a matter of fact, for a company we're looking to ipo, until next year. maybe you get surprised early in the first quarter, but generally they're thinking mid-'25. you have that expectation. sometimes the expectation is better just as we see with interest rates, but the pipelines are huge. >> which is why there's optimism about capital markets returning, right? it becomes a trickle, the spigot opens and it's a rush of activity. >> right. you've only had four ipos this year for tech companies. only four. think of how many want to come public. it's going to be great, a great business. yeah, i see nothing wrong with buying it here. if you didn't buy it when i bought it, jason. >> he bought more. he probably owned it before you got in. >> he didn't listen. >> worrying about his hair lines. >> wouldn't you be? my wife won't give me a straight answer either. >> jenny, you bought

bristol-myers in your dividend income portfolio. >> we've owned it in the growth portfolio, which sounds ironic. in the dividend portfolio where we try to maintain that 5% or better dividend yield, i just waited and waited and waited, and, as you know, for the better part of the year i was holding cash and the short list was dominion where i waited and finally got in. bristol-myers, waited and waited. finally under 48, the dividend yield was higher than 5% and we stepped in. but the thing is, you're going to look at this and think i'm nuts and it's really ugly. what you see are earnings that are declining. even if earnings decline to consensus estimates, the stock is still trading at eight or nine times. the free cash flow that they're generating is off the charts. it has like a 17 free cash flow yield. this year will generate $17 billion. $13 billion next year. they've got a 5 and change dividend. earnings aren't growing, the dividend itself is actually growing at about 7.5% a year. and what are they going to do

with all that cash? flash me back to 2018 when i first bought abbvie and they had their huge drugs coming off patent. that's what's happening here, too. you have those coming off patent but when you generate this much free cash fle,ow, you buy your y back. bristol is going to do that. i want to make one or point. one of the chal mention researching bristol, the glp-1 like a.i. is touching every investment decision that we make. so when it used to be, okay, what's their portfolio, a heart drug, a diabetes drug, cancer drugs, they're all growing. the glp-1s have changed the investment process. now looking at other large pharma companies, if they have a portfolio heavily dedicated to heart, cardiac and buydiabetes, could decrease the sales and the

needs for those. so one of the things i thought was interesting in a depressing, sad kind of way, looking at bristol, it's a really cancer heavy portfolio, which isn't under threat or attack from the glp-1s improving health overall. >> do you still own organon? >> yes. >> it's health care, a pharmaceutical company, right? somebody on social says i can't believe you're not talking about ogn with jenny. it's been a great call by her from late '23, good growth, dividend. i looked at the return and it's been a really good call. year to date -- >> about 50%. and still has an -- >> so now we are talking about ogn. >> now we are. thank you. so ogn was a spinoff from merck. what we see over and over spinoffs get thrown out, and organon got thrown out as if it was nothing. it had a pushing 7% dividend yield. it was saddled with debt, but, here we go again, huge free cash

flow generator. they're taking that debt, taking that free cash flow, paying off the debt. and the stock was oversold by nothing that had to do with the company, but i like these. i'm brave and i have a strong spine and i don't mind going into something where people are going to look at it, wow, those are ugly earning. if you take that three year and five-year view, you fine some gems. >> that's a good one. one more from you, kev. you bought more tjx again. you continue to buy. why? >> we're going to continue to build on the heels of the walmart earnings, the higher end consumer trade down. if you think about the home goods, the tjmaxx, the marshalls, they can do well in a slowing economy. you don't want it to roll over. talking to jenny about free cash flow, $4 million in free cash flow from this company. a little bit smaller dividend, 1.6%. it's growing at a 10%, 11% clip

the last three to five years. they stalled after covid. they had to catch up a little bit, which i think they've done so. this is an investment for us longer term. it sells off, we'll add more. to the headlines with contessa brewer. israel has denied accusations of genocide during a hearing today at the united nations top court. south africa asked for that emergency hearing and requested a ceasefire. it claims israel's military operation in rafah threatened the very survival of palestinians in gaza. israel insists it's doing all it can to protect civilians there. ukrainian forces have reportedly slowed the russian advance in the kharkiv region. president volodymyr zelenskyy said today russian troops have advanced about six miles into ukrainian territory in a week. that incursion has raised fears ukraine's second largest city could be vulnerable to attack. and chairman of the senate judiciary committee, dick durbin, called for supreme court justice samuel alito to recuse

himself from cases related to the 2020 election and january 6th. "the new york times" reported an american flag was hung upside-down outside alito's house in mid-january 2021. hanging the flag that way has come to symbolize former president trump's false claims of election fraud. alito says his wife placed that flag as a response to insulting language on yard signs in the neighborhood. scott? >> contessa, thank you. coming up, the trades on abbvie and netflix and chevron. there's analyst activity and all and more. we'll do it next.

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an electric vehicle that recharges you. how we get there matters. ♪ let's do our "calls of the day." we'll start with abbvie, overweight. that's at cantor fitzgerald. price target 200. blue skies is how they're looking at it. talking about a play on words

with their key drug up for a sixth straight day. jason snipe, you own it. >> as it relates to abbvie, one, i think the concern early in the year is humera coming off patent. they have diversified their pipeline and their other drugs are doing well, skyrizi is doing well, their pipeline is strong and i also just think in terms of r&d, they're spending money there and i think it will be creative in the long term. >> let's talk netflix. you had a bunch of reiterations today. some are hold, some are outperform. some are buy. the stock is up more than 80%, weiss, in one year. what do i do with netflix today? bad news on the nfl, you had an update on their ad tier subs this week. you've had some news regarding a stock that has done quite well. >> it's up 80% but it also

decline before that. >> it went from 700 to 400. >> it's a big move. >> we're at 620. >> i still think it has room. >> by the way, when it had that plunge to 400, did you ever think in that reasonably short period of time we would be talking about netflix the next move may be 700 in whoever knows how long? did you think it would come back that quick? >> no. if i did, i would have bought it then. unfortunately, i got in much later than that. i have the acknowledged leader even by the competitors of a company not only the leader as i said, but has cash, can finance it, can have more content as others are peteerring away and there are too many streaming options out there. with a consumer retrenching somewhat, you have to pick and

choose, go to the one with the most content. and then that has cheaper pricing if you're willing to go to the ad model. i love this. i think it continues to grow. >> price target does bump down by a buck to $1.75 for chevron. kevin, a thought on chevron. >> we own the position. we sold about half of it within the past month, month and a half. you soldit a long time ago, touche. this is a stock benefiting from tremendous cash flow. we still love the multiple. we love the dividend. we own conoco phillips. we own chevron. we've had it for ten years. we own less than we did a month ago. >> mike santoli will be next for isdawo" ghafr t te th break. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that -

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let's bring in our senior markets commentator, mike santoli, for his "midday word." i like talking to you on fridays, because we've had a chance to take everything that's happened this week, and it's been a lot. how has it colored on where you think we are and where we might go? >> i think it's more about kind of confirmation that we remain in the relatively benign world we thought we were in the first quarter. the question is, how much more can we expect to get out of those same things? those themes slow and steady growth, earnings forecast being supported for the full year looking out, and then, you know, inflation is on notice for continuing this decline, but it's good enough. i have noted the last couple of days treasury yields have stopped declining. they are settling around this 4.40 on the 10-year level. we'll see if that gives any excuse for a market in the short term is up and add a new high.

we're get to go an options expiration today. probably doesn't mean a lot in terms of today's action, but it will clear the deck in terms of exposure into next week and might actually free up the indexes to move. >> all roads lead to nvidia earnings on the 22nd, right? >> exactly. it will probably be material for even the s&p 500 tiestimates gog out from there. that's where we're fixated, the known catalyst moves. >> see you at 3:00 to get your final word on "closing bell." two of jenny's holdings are tryi fngor 12 straight days of gains. we'll tell you what they are next. drive, resilience, - wow. - get it there. and sometimes luck. but what if luck had less to do with it? what if we had the tools to help us practice smarter, the insights to gain an edge, and the data to inform our strategy? taking our games from that... to this.

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williams and trying for its straight day of gains. flex did 12 in a row. what is going on here? >> it goes back to the beginning of the show when we were talking about utilities. and so as we think about ai, the demand for energy as i kra and argue like we need to talk with more, the really it is there is a huge demand for energy in the u.s. these companies have pipelines that carry natural gas. where does it go? it goes to energy generation plants. utilities. and so you know what it is, just a refocus. none of us these are up for anything to with themselves. just a focus of investors saying hey, where is it going to come from, who are the other beneficiaries. >> 3 m up seven days in a row. >> yeah, that one is 100% its

own merits. a lot of really good stuff going on. they clarified the dividend and lowered it which is fine. they brought in a new ceo and they actually announced settlements on the pment if as and ear plug lit face. analysts are starting to pay attention. there is renewed attention because the company is doing well. investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow.

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did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com a record setting week and we'll take you through the final stretch of it at 3:00 on closing bell. hope you'll join me then. let's do final trades. >> alphabet, it has been on a roll and will continue to be. they had a great developers conference, great announcements and it is getting traction. >> big week forment ac mai comi. >> and i have honeywell. they teamed up with nl north america to shore up the power grid. increasing cash flow and

margins. i expect analysts will increase estimates and price targets. >> and you prudential, solid growth 4.4% dividend yield. >> and jenny. hercules technolo. no drama, 8.3% dividend yield. >> and great stuff. have a great weekend. the exchange is now. thank you very much. hi, everybody. i'm kelly evans. here is what is ahead. does the rally have room to run? it does for a specific reason. and what name to be bullish on. and it is not costco. so plus openaiddit as they rac