wall street's top internet analyst evercore mark mahaney is about to reveal surprising insight he ande have just gotten on where alphabet goes from here and how particularly strong the google search engine still is. now, of course, if you look at these numbers with the dow up 242, the federal reserve chair has a role in keeping the bull's fuse lit today during his second day of congressional testimony, this time before the house financial services committee, he flat out said the central bank does not want to wait until inflation drops to 2% before cutting interest rates. republican congressman byron donalds of florida sits on the house financial services committee. he's getting in front of our cameras on the hill. he's going to join us on that plus he has spent a lot of time lately with donald trump. we are going to ask him about the news, just breaking on politico that house democratic leader hakeem jefferies told lawmakers he will relay their concerns to president biden and how maybe the trump campaign will take that and run with it. back to the markets in this a.i. call by blackroc

evercore stocks at a record if you can believe it.iggest degree since march 2020 with a more than 11% gain. now more than 10%, almost -- almost 11%. moelis rising. lazard hitting a new record under their new ceo. evercore announced record revenue yesterday amid what they hope is continued investment banking rebound. part of that is of course the rebound in capital markets. remember, the sharpest technology selloff in nearly two years is threatening to make ipos and even temper -- tougher sell for investors. there are significant outliers. shares of the fintech platform one street surged in trading yesterday and today we have temperature controlled storage and logistics trying to lineage going public in the biggest ipo of the year. bloomberg's amy or reported on this. she enjoins us now. we had a major selloff yesterday. lineage is still outsized. how much demand is there for ipos in the market? amy: it's hard to say. lineage isn't really tired. the selloff was very tech driven. it's drawn out so much. if there is anything i would rath

this is what evercore is saying, past the initial stage eventually we may see some more optimism especiallyarding french equities. biden getting more pressure to drop out of the race. we are seeking though that the treasury market is more concerned with the fed's path. this week we will hear from the likes of powell on capitol hill. if he reinforces the deflationary narrative we could see a reaction. we have gotten all of the u.s. data recently adding to concerns about the american economy including on the jobs market. david? david: thank you for the update. breaking news. we have been talking about the potential -- we now have this deal valuing skydance at $4.7 million. paramount stockholders with the b class getting 15 a pop. we are looking at a potential investment at about $5 billion. the value is 4.7 5 billion u.s. dollars. it is the latest. the stock to watch going into later today. paramount be holders holding 30%. back to the earlier point, who is going to be on the ballot? president biden remains the affiant despite growing pressure to quit the race. he has touted his global creden

morgan send there will be additional risk premium demanded of french assets but we have others like evercore isi saying this is pretty benign. tell us about the reaction of the euro. mary: there is no question there will be time needed for traders to digest the news. the left alliance winning more than i which was not priced in. that is one factor. the second factor is no alliance has a clear majority so it will take time to form a government and how the formation of the government takes hold will take time. in the meantime, you're going to see pressure on the euro and pressure on french bonds and equities until the election uncertainty wings a little but for now, it looks like election risks are likely to prevail keeping the euro on the back foot against the dollar and sterling. tom: euro likely on the back foot until we get more clarity in terms of what unfolds in terms of coalitions. switching focus to the u.s. -- a big week. jay powell giving testimony and inflation data on the back of a nonfarm payroll print suggesting there is further culling in the labor market. mary: even after we sa

evercore's roger altman is here with us. >>> you're watching "closing bell" on cnbc. (vo) a successful business owner sells his company and takes on a passion project with his son - restoring his father's jazz club, and in the process, revitalizes a community landmark. from selling a business to giving back to where you come from, a raymond james financial advisor gets to know you, your family and the way you bring people together. that's life well planned. >>> s&p and nasdaq pulling back a bit after hitting fresh intraday highs. fed chair powell signaling the central bank may be considering taking a less restrictive r too economic activity. joining me now is roger altman. good to have you back. >> i appreciate any intro. >>> fair enough. what did you take from the fed chair today? did he set the table for heart in year? >> i think the answer is yes. in particular, because, for the first time, at least with emphasis, we talked about the two-sided risks, namely that it's now at least roughly equally balanced, in terms of the risk that the fed waits too long to ease, an

another catalyst, evercore added the company to its tactical underperform list, cutting their price targetbring in shlomo kramer, cato networks ceo. my goodness, the last 10 days, somebody of your expertise and experience, it must have been interesting. what happened? shlomo a mistake had been to mistakes will happen, but what is really important, that mistake caused tremendous disruption. i think what is really important is one is the learning from that mistake? ed: what is the learning? shlomo: we live in a very vulnerable world where everything is digital. imagine if this was not a mistake but an attack. ed: i wrote about this in my column. in the crowdstrike example, microsoft and crowdstrike talked about how only 1% of windows pcs were impacted, but it was go that were mission-critical. think about the cost of securing them. is that just part of doing business in this day and age, something like this happening? shlomo: mistakes will happen. aws had an outage, gpc, everybody has an outage. but you have to take the economics of the outage and learn from it. everything needs to be gradua

. >>> now over to sarah, a chief strategist at evercore isi. great to have you here.say there's -- how focused are investor's attention here, is it obvious what you think the catalysts are? what are you studying in particular now? >> investors are watching this closely, but the election has so much impact on so many different sectors, whether that comes from energy, trade, a whole range of issues. so they're very focused on this. i think we'll be very attune to the press conference today, later tonight that you mentioned with the president. look, i think the senate caucus lunch was important. the president's advisers went up to make their very best case as to the path forward as they see it for the president. but i agree with what your reporters are saying in terms of there's a lot of conversations to be had tomorrow, over the weekend before this settles down. >> nancy pelosi reportedly sort of indicated to people wait till nato ends and if you feel the need to make a statement about where you stand, then go ahead and do that. we've seen a number of people come out ev

we're joined by evercore founding and senior chairman roger altman. >> hey, sara. >> great you have tomala harris? >> yes, and listening to the conversation which you just had, i would observe that her campaign is going to be very well-financed. i think both candidates are going to have more or less all the funds they need, and it won't be money that decides this race. >> what will it be? >> well, i think the race is suddenly upended. joe biden -- let me just say quickly a word of admiration for president biden. he put country ahead of himself through this patriotic and courageous act, and i really salute him, and his decision has upended the race. his biggest liability is age. all of a sudden that is reversed. she's 20 years younger than donald trump, is and then you have the overlay of the rematch which nobody wanted, and that's gone. and suddenly the democratic base has gone from demoralized to excited. so in one fell swoop, the race is upended, and -- and this is going to be a close and fascinating contest, and she's surely going to be the nominee. >> to your point, roger, a couple

then came a note from evercore suggesting a "less bad sales environment."than that. right? really it's all about interest rates. cbre and broader s&p real estate sector stocks popped in the last four weeks because interest rates came down. simple as that. today home builders got a boost again from falling yields with horton and lennar hitting record highs. average rate on the 30-year fix dropped five basis points to 6.86% and the prospect of it going lower this fall is what has the builders so very happy. mike? >> yeah. you said it about all about rates and fed rate cuts matter for commercial real estate if nothing else. thank you very much. contessa, tell us about the deals in vegas. >> yeah. when you're seeing really crazy stock moves. apollo made a $6.3 billion bid for two gaming companies. you've got international game technology, which makes gambling equipment, and software. it will sell its gaming business for a little more than $4 billion and keep its global lottery business. every, leases and sells kmim fintech solutions to the gaming industry gets

evercore's steven kim sees higher valuations ahead for four names in particular and joins us ahead. first, let's begin with the markets, and dom chu is here to help us make sense of it all. >> we are near session lows right now, so you're seeing the bear in the market sell off. let's take you through the numbers. dow, down three quarters of 1%, or 326 points. 40,031 is the last trade there. the broader, bigger encapsulating, bigger look at the s&p 500, the large-cap look sits at 5457, which is down 97 points, about a 1.75% loss, even at the highs we were down 47 points in the s&p. down roughly 102 points at the low. so, again, tilting towards the lower end of that trading range so far today. the tech heavier trade very much weighing on that as kelly alluded to. and that means the nasdaq composite index is down roughly 3%. that's good for 535 points to the downside, 17,461 is the last trade. the two names in particular kelly mentioned, alphabet, the part company of google, and tesla. tesla down 10.5% now, $220 a share. alphabet down to maybe 5% or so, $172.50 per share. mixed earning

evercore said sentiment was at a low water mark and oracle went from zero to hero recently.now they say there is a lot more confidence in cloud growth and revenue reacceleration. tyler, back to you. >> thank you very much. around the horn here, tim, first whack at oracle and/or any of the other a.i. stocks you like or loathe. >> well, again, often as is the case with elon musk headlines whether they are around tesla or some of the other entities in the case of the xai, i think that's just a lot of noise for oracle. those numbers were never -- deal never signed, never listed and counted toward the profile of the company. i look at the eps dynamic and the ultimately the multiple here, talk about the jv and varsity squad. it trades at 26, 27 times, 44% growth versus microsoft at 35 times. i think oracle belongs here and i think you stay with it. >> how about that? >> i agree. particularly if you're looking for a way to trade it now. would i rather own this than nvidia or a leader? no. in terms of trying to get into a trade that clearly is a bit long in the tooth and you had som

as we head to break here are names hitting an all-time ghhi and eli lilly lil', evercore and stifel,t and more after the break. buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories just during our last video call i'm learning a lot something amazing is happening here. retailers are moving inventory quickly and securely. that's because cdw designed and built a solution with cisco security. end to end protection, defends against attacks and makes better decisions in real time. so warehouse and customer data stay protected every step of the way. make amazing happen. cisco and cdw. ♪ >>> welcome back to "the exchange." interesting playing out today, the dow is well off its 300 point highs and the ten-year treasury, that's up almost 25 basis points over the past week to over 4.50. up nine points to 5470 roughly for the s&p. boeing is said to buy spirit aerosystems in the $4.7 billion all-stock deal now. they agreed t

. >> yeah, i like evercore. stars out there, because they are going to do advisory work and become that will go bankrupt and the investment banks are going to handle that advisory work too but to the mergers and acquisitions these smaller companies that are out there under donald trump, under our new president, we're going to see those companies finally be able to go public and get acquired and it's going to be the investment banks from goldman sachs to the smaller ones all the way down that are going to be able to -- charles: as far as steepening yield curve and some of these other narratives, you still say that it's too early on those? >> it is too early and people don't really know. everyone's looking like i keep getting phone calls about do i have any simulations out there that are going to tell us what's going to happen? there's a lot of unknowns but wall street knows one thing. rates are going to get cut and business is going to thrive. charles: those by the way we knew last week for sure after the cpi num

in addition, evercore raised its price target on pulte, kb homes and toll brothers and maintained anumbers as you mentioned mixed. what's the next thing we're going to be looking for in terms of whether there's actually tangible improvement here in terms of turnover activities? >> i think you have to look at the housing starts numbers we get tomorrow morning at 8:30. they're going for june, few construction. the single family side specifically. that's going to tell you where the homebuilders are thinking when we look at building permits because that's an indicator of future construction. new home sales come out next week for june, so that will be mortgage rates based on june but if you look at the drop in rates and get commentary from the builders on their concessions and lowering prices it will give you an idea of what they're looking for in the fall. >> all right diana, thank you. julia, match shares really responding to this activist interest. >> responding indeed. match shares gaining over 7% into the close after activist starboard value disclosed a 6.6% stake in the company. sta

i want to bring in roger altman, founder and chairman of evercore. the weekend, this tragic event, but also how you think it's going to impact this election. >> you got it. good morning. well, first of all, my own reaction like i'm sure yours was was one of horror. in my own lifetime, we've had too much political violence in this country, and had that assassination attempt succeeded in this already deeply polarized country, the impact would have been dreadful. so it was one of horror. i'm grateful that president trump escaped it. it connotes a degree of instability to me, which would cause me as an investor to pull back a bit, but that's not the reaction we're seeing so far. >> so that's interesting. why do you say that would have been your reaction and, therefore, are you surprised by the reaction in the markets. >> well, perhaps i'm just more conservative than others, but that's a degree of instability, andrew, which i don't think is positive for the investment environment, but perhaps investors now think the chances of a republican sweep, house, s

sarah bianchi of evercore.e all know where the noise is a let's talk about the quiet now, the vp pick of donald trump. there are a few reasons. the obvious point is he does not want to be in the new cycle now. the less obvious is how what happens with biden dictates or shapes is vp pick in the coming week, and i think that is the point that maybe needs to be explored a little bit more. annmarie: he insinuated that last night when he called into sean hannity and assess i have to have my vp pick, i have to have it for the convention, i would love to have it for the convention, because it would be exciting, but he said i would love to see what happens with a biden camp but did not elaborate on that. does that potentially mean he needs to pick someone from the african-american community, does he need to pick a woman? jonathan: what are these in -- ♪ we invent them, we design them, we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ (♪♪) (♪♪) (♪♪) (♪♪) sandals rhythm and blues caribbean

evercore said sentiment toward oracle was at a low water mark and that oracle went from zero to heroit was their contrarian pick at that firm. there's more confidence in the cloud growth story and then revenue acceleration. oracle does trade at a discount, if you compare it to microsoft at least. 28 times earnings. microsoft around 35. and then a possible tiktok ban, that seen as one potential hangover on the stock, oracle's cloud, power that social media app. >> appreciate that. >>> come we come back, why a crypto indicator is showing bitcoin could be in for a drop. >>> and watching carvana. a buy of 1.55 targets as the car company has a, quote, compelling future. d) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, ris

joining us david palmer, evercore managing director, restaurant and packaged foods analyst.rating and $300 price target on mcdonald's. thanks for being here. the stock reacting positively. is it this idea that the $5 value meals, those are kind of introduced at the end of the quarter so, perhaps, the outlook and mcdonald's ability to capitalizon the change in consumer spending and behavior will show through at the end of the year. >> it's really not clear why the stock is up today. clearly investors were set up to the negative. the u.s. comp was slightly better than expected but the multiyear trend for that was deteriorating amid single digit type slowdown. it was not an impressive quarter. international on the call things got weaker towards the end of the quarter and that continues into july. it was a downbeat quarter and earnings call. the thing that people may be seeing, in addition to being generally underweight going into this and positioning helping the stock, is the fact that company is scrambling to get value messages around the world to get comps going and this is a

evercore, yum goes to 145 there. >> starbucks, i thought it would be down more because they're sayinga are bad. yum, it's not just pizza hut. people are saying taco bell is weak. i don't know about that because the stocks have been down and down and down. i guess it's never too late to downgrade or say something negative about starbucks. we had a critical conversation with a ceo about starbucks. i continue to believe part of the problem with starbucks was the alleged connection to israel which is nil. so there's a possibility the u.s. could surprise. china is a disaster area. hugo boss -- >> it was burberry yesterday, boss today. >> holy cow. anything that's even remotely flashy is just not doing well. >> there's a look at rich month. shares down 9% in europe. cuts their earnings and sales forecast. >> china is a disaster area. i'm waiting for one ceo to come on and say china is a disaster, we've got to get out of china. i remember when procter & gamble said it and the stock got clobbered. somebody in this business has to come out and say china is a disaster and we're done with it. >>

evercore pointing out that pfizer at this point is not commanding to running a phase three trial andical about this update without seeing the data that pfizer is saying is so encouraging. and there's a lot of interest in weight loss pills since not everyone wants to take a shot like novo nordisk week ago or eli lilly's zepbound. so we'll listen for more updates when pfizer reports earnings this month. guys? >> angelica, when it comes to pill form, who conceivably is, if there is a leader in terms of developing a pill, is it the leaders already in novo and lilly? >> lilly is the leader here and we're expecting phase three data from them next year. they have a pill that's the furthest along, and pfizer, a little bit ago at the goldman sachs health care conference, was saying they see lilly as the leader, them as next and then astrazeneca. those are separated by a few years, so it is a crowded market, and there is a lead there for lilly, but pfizer still thinks they have a role here. >> definitely trying to play some catch-up today. thank you. angelica peebles. >>> still to come the gro

evercore isi chalking it up to the selloff of 2023 winners and uncertainty around the elections withisan support to crack down on chip sales to china. those two positive earnings reports from asml and taiwan semiconductor failing to provide a lift to the broader chip stocks. that was a telltale sign. wedbush writes the trump is not big on the thesis. nvidia's price target is $120. it follows a report last night that openai is in talks with broadcom to develop a new a.i. processor. some analysts, though, finding opportunity in this rec. morgan stanley upgrading arm holdings from $190 to $107. shares are up 2.5% right now. next week we'll hear from nxpi, texas instruments, among other semiconductor stocks. carl? >> seema, yes, thank you very much. next week is going to be very busy, whether that's southwest or the airlines or 3m or gm and some others. a number of eshings movers on the move today. netflix, travelers, axp, we talked about earlier, which was not responding well to numbers. actually, adding to some losses here this morning, sara. >> yeah, we're down 4.25%. didn't express a

the japanese yen i wanted to point out the evercore chart, it's not just me, they said here's tokyo versusthey pretty much -- >> santa clara, explain that. >> the nasdaq, silicon valley, california. >> i get it. >> get it. >> too cute for me. >> they're correlated. >> yeah. >> the strategists when they're doing dollar/yen charts they have to get clever. >> a lot of technology companies that are not there but okay. >> you get it. >> come on. >> i just want to make sure i understood. what's the point of that chart? >> when the yen rallies, it hurts the nasdaq. it's kind of a classic risk on, risk off kind of trade. safe haven yen, it's considered like a, you know, place you go for safety which wasn't necessarily the case. it's also just snapped and unwound from a very crowded trade, but it -- clearly that was all correlated. the backdrop here is that the market is preparing for the fed to start hinting at rate cuts next week. we continue to get data that shows that they can move in that direction. even the gdp that we got, everyone was excited about the 2.8 number for quarterly growth in the

sarah beeianchi is joining us, public strategy at evercore. of president biden and the policies that vice president harris would employ if she was president? >> i don't think there are very many significant power differences. they've governed together for a number of years now. i think vice president harris would be wise to come out with a couple of differentiating issues, perhaps on issues that are on the minds of voters such as immigration, potentially other things relating to inflation, but i think in general that will be on margin, and she will be running on the same platform that we saw president biden running on. and i think governing quite similarly as well. >> you know, we keep talking about big tech. we just -- we're talking about elon musk and all of this. so much of silicon valley -- a vocal piece of silicon valley has come out in support of former president trump. harris, of course, from california. she does have her backers including people like sheryl sandberg, at the same time she was castigating companies like facebook. so i'm

he was chairman emeritus of evercore, senior adviser of warburg pinkus.ternational dude. an international man of mystery. >> i think, you know, because i'm center of the road, show, it's objectionable to you. >> oh, i like that. >> and the gloves come off! >> and let the games begin. >> boxing is just starting. >> in the universe, if you're an object at rest, you don't know whether you're at rest -- i think i'm in the center and you're over here. so who's right? >> you're pointing to your right -- >> i was going to say, he's right. >> you're pointing to your right and i'm definitely not right. >> do we want to get right into telling me how vice president harris is actually business friendly, or do you want to just talk about the overall environment we're in right now? >> i do think she is going to be business friendly. >> you do? >> i do. >> that would be a big shift. why do you think that? she has to? she has to. look, she's running to be president of all of the people, and obviously, our economy is driven by the private sector, by consumer. she's a smar

evercore senior founder and chairman and former deputy treasury secretary under president bill clinton >> there's a lot of stories that are out there kind of swirling about what happens. but as somebody who has been through campaigns time and time again, and who sees what's happening here with the donor class as well, how would you suggest the party move forward from this point? >> well, this is a tough situation. and in many respects, i think it's historically unprecedented. at the moment, i don't see any indication, and i'm not, becky, in the councils of war, but i see no indication that president biden is prepared to step aside. and i think there's an argument for his taking this a bit slow, by that i mean taking his time, and trying, perhaps, through a news conference, to restore confidence and demonstrate, if he can, that the biden we saw on thursday night is not the day in, day out joe biden. i don't have any idea if he will do that or not, but i think that's something that would be logical to try to do and do so this week. >> yeah. i'm with you in that we have not seen this in t

we will catch up with evercore with stocks bouncing back. we will speak with dan ives as microsoft earnings disappoint some investors. and lara rhame ahead of the fed decision. julian emanuel writing, our year and s&p target is intact driven by earnings and a fed about the cut interest rates. there are no signs of imminent recession or excessive speculation that would typically mean that this bull market is over. julian, good morning. we have done about six minutes of this program and hardly talked about the fed. maybe we should start with the federal reserve. i'm sure your base case is september, like so many others. are they doing so because they are comfortable with inflation or increasingly uncomfortable with the labor market? julian: this is one of these times when we look at that history. there has really been only one time where they are able -- were able to cut rates because they could and not because they had to. when you think about the labor market, no question it is weakening, but it is weakening gradually. to us, the bigger stor

evercore upgrading cbre to outperform with a 123 price target.ces firm appears to be turning a corner thanks to upbeat second-quarter earnings. the second call from philip securities downgrading tesla to sell and lowering the price target to 130 five. further margin headwinds due to soft pricing and eu tariffs on china exports. the third and final call from guggenheim, lowering the price target on aaa to $54 maintaining a neutral rating. they lowered the fast casual chain, seeing softer margins upsetting modestly higher same-store sales. that just about positive by .7%. let's turn to the election. sunday marks 100 days until voters head to the polls. if reelected, former president donald trump is widely expected to appoint a capitol hill cabinet that could be full of congressmen including republican senator bill haggerty who is being floated as a potential pick for treasury secretary. senator, it is lovely to catch up with you. i understand you are attending the cryptocurrency conference in nashville, and we will touch on that.i want to gauge on

he was very subdued now it's party time evercore with their salvatore. they're trying to give off. >> i don't end. and this was donald trump that either people had no but when lob are no one don't law. >> and second, who's in the box, right? it's mostly house members. you can see there not a lot of senators. i got shot at the firebrand yeah. well, which is took member tell member, you know, and elisa were more mainstream firebrands you have matt gaetz and marjorie taylor greene? yes, sir. >> by the way, one of the interesting things about emmer's remarks earlier was he, he zeroed in on kamala harris and it felt to me a little bit like you know what, maybe we better hedge our bets? >> a little bit that was interesting. that was interesting he talked about why the president is here tonight. >> the former president is here tonight here tonight because he wants to make a point because she in the hall, when his former rivals particularly nikki haley, give their speeches it's just this goes back to the surrender, the theme of the night is make america safe aga