back to you. >> obviously the company themselves hinted more could be coming on twitter this week. >> julia, thank you. >> thank you for watching "power lunch. get the digital baseball cards. >> have a great weekend. >> you, too. "closing bell" starts right now. happy friday, everybody! welcome to "closing bell." i'm sara eisen at the new york stock exchange another mixed session on wall street trying for an eighth win in a row and the nasdaq also pulling back dow positive still near record levels. >> holding up reasonably well. i'm mike santoli in for wilfred frost today. tech stocks are tumbling today after earnings shocks. we'll have more on the moves in a moment american express helping to boost the dow after record card

holder spending for a beat bitcoin is pulling back after record levels on wednesday. coming up, snap, crackle drop we'll ask dan niles if the problems at snapchat spills over plus the chairman of boston beer joins us to discuss slowing growth josh lipton with the latest on intel's plunge julia with with a stock. >> intel here is on track for its worst week now in a year now down nearly 30% from the april high on a weaker than expected sales report and impacted by the shortage and the ceo gave color ant the big plans there and ramping up spending on the company's manufacturing technology to bring its latest

and greatest chips to market and a newfound ri business and all this costs money capital expenses as much as $28 million next year and trying to sound upbeat on cnbc this morning. >> we feel very confident in the plan or we wouldn't have laid it out. as you have known from the prior ceo role at vm ware i'm a beat raise kind of guy and laid out a plan that we think is clear, executable we'll demonstrate what we are saying to go do. >> on a tough day, how do bulls respond here a valuation is attractive he tells me here. he says in fact there are signs that they are doing so and the market is ripe he believes for a new number two foundry player and intel could be that player

back to you all. >> down almost 2%. wow. thank you. shares of snap also falling off a cliff today after the company warned of slowing growth julia boorstin with more julia? >> that's right. shares of snap plummeting today after missing revenue estimates and guided to lower fourth quarter rev knew first supply chain issues is impacting advertisers. so now snap is rushing to build its own measurement tools. >> while we anticipated some degree of business disruption the new apple provided measurement solution did not scale as we expected making it more difficult for the partners to measure and manage the ad campaigns for ios.

>> other social platforms trading lower. we see facebook off 6% twitter down 4.5%. and alphabet parent of google down over 3% coming to snap 71% of analysts have a buy rating on the stock the augmented reality and ad products set it up for long term fundamental success. >> thank you now to the broader market. the fallout weighing on tech shares sending the nasdaq lower. mike the dow is up. >> yes almost perfectly mixed in terms of volume up or down the market trying to set aside the weakness in the nasdaq down 1%. the s&p 500 has been kind of bumping around the flat line up 6% in less than 3 weeks

looks like textbook low formation there. doesn't mean you can't slip back it looks poised to you would logically perhaps have a little bit of backsliding but if it's less than 3% doesn't change the story that we have in this seasonal transitional to strength later in the year in the fourth quarter look at the average stock versus the s&p 500. the russell 1,000 good gauge of the typical large cap name is doing. this is gapped out multiple times. it was doing really well the average stock beating the s&p as the mega caps lagging and then the roaring return into the market peak there in early september and now in gear again so you can't complain too much about the breadth of the market even if fatigue might set in with the rally

american express very good earnings strong stock response to the numbers. if there's a silver lining, the fed talk, yields going up, it is the consumer seems to be in good shape. this is discover and capital one financial strong all year. here you see american express big move basically catching up to the other names in consumer finance. >> just looking at the sector performance for the week everybody's up as a result of the switching off except for communication services best sector is real estate and financials got a little defensive and cyclical thing going. >> that is not as contrasting as i would think. real estate is an inflation play pricing power. real assets. able to raise rents. the sector is in cell towers

where you can raise prices and fed expectations to rate hikes next year. >> mike, see you in a second. after the break, hard seltzer loses the sparkle. the company's chairman joins us to discuss if it's a start of a slowdown you are watching "closing bell" on cnbc.

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welcome back there is one name that does stand out today among those is digital world acquisition corp. for a second day in a row. this is the spac taking former president trump's media venture. it was up i believe as high as 175 and traded closer to $12 billion worth of shares today which is a second day in a row for that level almost twice as much as amazon or apple trading today and a viral buying stampede to go with the usual suspects the 10-year note and intel big mover. >> and backing the spac before they knew and now ones that are backing out. bloomberg reporting they want out on an ethical basis.

>> right a lot of hedge funds spread the bets around the spac world so you have to decide if you want to be in business with whatever the target company. >> on top of the meme stocks. >> down significantly today stealing that energy. >> all the oxygen is going to trump. boston beer reporting last night reporting with a loss of more than $4 a share due to significant temporary charges. analysts expected a $4 profit. shares plummeted but today recovered. now joining us is boston beer chairman jim cook. welcome back. >> nice to be back. >> what is happening in the hard seltzer category i feel like the stock is in the penalty box after the shocker

last quarter and still concerns about the growth slowdown in this business. what's happening there >> yeah. i think that's true. hard seltzer has been this amazing phenomenon it's an idea that we at boston beer came up with about five years ago in a conference room with this beautiful, clean malt base and figuring out what to add to it to make something new and interesting and came up with truly seltzer. this really nice, bright, refreshing fruit taste and biggest thing that happened in the beer business since lite beer 50 years ago and just took off. it is now about 10% of the beer business from nothing and obviously it wasn't going to

grow forever the growth rate would slow down. in 2019 it grew 100% last year close to 100%. beginning of this year like 50%. and the growth tapered off more slowly than we thought and just about anybody else thought and boston beer we play to win we were very aggressive about adding capacity, adding inventory, buying raw materials like cans and flavors and frankly we overbought and when the growth stopped we had more of all those things than we were going to be able to use because there's a shelf life we want truli to have a fresh, bright taste and will crush millions of cases of product before it goes stale we were going to find a needy

fraternity and thought that was a bad idea so we'll crush it. >> maybe not on that destroying product and the one time charges why didn't you just take promos like we would normally see in food and beverage >> sells lots cheap? >> discount it. >> that's not what we do at boston beer company. our mission is to sell high quality products and to build high quality brands so rather than take a chance of it getting in the market and going stale and consumers having a bad experience we decided to eat a lot of product just to make sure that consumers didn't get stale product and have a bad truli. >> given the fact that you have been positioned as a premium brands, wanting to kind of have

a distinct profile in the sector, is it something you can't break through at this point? how do you do it it seems like maybe there's less differentiation in hard seltzer than for example with beer. >> yeah. after the growth of the last three or four years there just came this crazy gold rush. hard seltzer and not only a big alcoholic beverages companies rushing in but they were mimics and not as good and then names from everywhere coming in. fast food chain coming out with a hard seltzer i don't know if you saw the "saturday night live" skit last week about jcpenney hard seltzer and it is almost a joke that

everybody's piling into it and they're going to end up going out and i believethe category will clean up. i believe that it will evolve the way the energy category has evolved. very healthy, 20 years of growth and dominated by two very strong players. red bull and the great folks at monster and they have innovated, met consumer needs and together they own 70% of the energy drink category with white claw together and close to 70% and then a lot of clutter and i think that clutter will go away and be very helpful for long term growth of the hard seltzer category because consumers won't be so confused. >> i think jiffy lube is part of

the skit jim, to that point, you're partnering up with pepsi for a hard mountain dew and questions whether a beverage company can be successful in this category how high are your hopes for this product? >> yeah. the whole thing is a pretty wild idea but i loved it when we first started talking with them. i believe on a sort of very fundamental tectonic kind of shift in beverages there will be convergence and blurring of the lines that you're going to see people getting out of their lane looking for growth like pepsi trying to figure out can we put alcoholic versions of the existing or new brands to create on the trucks and get the economies of scale and

efficiencies that will happen. so you get convergence and then we're also getting this consolidation of people getting bigger and finally at the consumer level there's a blurring of the lines. used to be there's beer and wine and liquor today there's a fourth category with attributes and brands from the other categories and even from nonalcoholic companies and the consumers are very much accepting of it. obviously seltzer is the biggest example of it but you are getting like canned cocktails in the cold box next to beer and margaritas made out of a wine bass and the consumer is new and they're open to that they're kind of alcohol knostic

but want a product that tastes great in a convenient package with good nutritionals with a strong brand those things have become more important. is it made out of vodka or made out of rum or a beer base or a wine base? these in my mind create opportunities for companies like boston beer company that are very aggressive and very innovative and very, very focused on high quality products that taste good. give you a one more example. it's something that we're just actually introducing as we speak. it is called bevi, the long drink and probably never heard of the long drink. it's the national drink of finland so it's very refreshing. it's an interesting flavor

combination. like a paloma with more botanicals grapefruit and then the herbs. and things like wild juniper berries in there and delicious we think the alcoholic beverage consumer today is ready, willing and desirous of those flavors and experiences. >> yeah. all right. maybe -- >> i'm googling it. >> maybe going to scandinavia for the next party appreciate your time today. >> that is great do i get to open my beer nonalcoholic. >> the weekend for you. >> it is friday. cheers next time i'll send you guys a beer. >> send the hard seltzer before destroying it. >> good idea. after the break, we have moderna. it is losing momentum. shares of the vaccine maker falling today.

we'll tell you what's behind that call when "closing bell" returns.

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welcome back to "closing bell." moderna shares hit on a bearish analyst call today and pfizer releases new data for vaccines for kids hi, meg. >> let's start with pfizer the company posting new data this morning for kids 5 to 11 on the vaccine ahead of a fda advisory committee meeting on tuesday and in that document they showed 90.7% vaccine efficacy in that age group and a time when delta was the prevalent variant. before this we had seen antibody data expecting it would be good protection and the safety profile is good and that will be the discussion on tuesday with the advisers ahead of a fda decision and the cdc the following week taking on this and potentially becoming

available to kids by 5 by the first week of november to moderna and initiation bank taking issue with the valuation of moderna saying it's 30% overvalued right now it would have to maintain double digit billions in covid revenues or to get there with other products and they don't seem to think that that is realistic they're also warning about competition in mrna saying gsk and others have woken up while pfizer and biontech are key competitors. i was hoping wilf would be here to say whilst to a guy that says it all the time. >> i noticed it all the time odd but you were reading the research note. >> sharp edged initiation

calling moderna a concept companies and questions the effort to try to replace the covid vaccine revenue and lead them to make big bets and maybe not be disciplined about it. >> yeah. it was you rarely see sell ratings on stocks on wall street. especially not in bio tech and thought that was interesting very skeptical and even if it works they say there's no upside here so, you know, we have to see how this goes because i talked with a biontech cofounder last week saying this is like the birth of monoclonal antibodies as a drug class so that's huge. >> thank you. still to come, tech analyst dan niles said the tech tumble is a step of advertising space

in particular. he'll tell us what it means for the other mega cap techs dollar is weaker so some of that tension relieved after a steady climb up for most of the week. we'll be right back. this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth.

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holmes lost a third juror the judge saying he found good cause for the dismissal. holmes faces a dozen counts of fraud about the company. in russia a massive explosion and fire at a gun powder factory killed 16 people. nearly everyone working in the plant at the time. officials say 170 emergency workers battled the fire. queen elizabeth is back to work today after spending wednesday night in the hospital. prime minister johnson said she is at the desk in windsor palace and everyone in government sends her the best wishes, the first overnight hospital stay in years for the 95-year-old monarch. fun fact, the queen is the only person that doesn't need a license to drive in the uk mic drop. >> she can drive without a license? >> yes

exactly. >> she is incredible 95 >> 95. >> amazing a good fact that i didn't know if only wilfred were here. >> everyone knows that. we have news on hackers targeting the u.s. eamon? >> yeah. american companies and government agencies should pay attention to this flare-up to see on the dark web right now with the risk of increased hacking activity starting with the u.s.s launching an attempt to bring down the servers of revil but today the conti attacking group issued an epic screed against the u.s the hackers essentially are complaining that it is unfair and illegal to hack them that's right the hackers are complaining about hacking. in the post the group says an

attack against some serbers which the u.s. security attributes to revil is what we know the bandit mugging behavior of the quite in world affairs they also complain that the people that launched the campaign are quote vampires, drunken by impunity and blood and another gang called groove is also now calling for all hackers to unite and fight the u.s. and urging them to unite to destroy the state sector of the usa to show who's the boss so heading into the weekend companies should be awire about this rage on the dark web among the hackers and the rhetoric calling for targeting of americans with the potential of blowback if they coordinate and work against the united states in a political use of the criminal gangs and haven't seen before and appears to be

changing before our eyes. >> that's scary. any types of companies in particular >> it seems should be rage at americans specifically and talking about u.s. government agencies and companies could be the victims as well. they talk about journalists. critics of journalists part of the twitter brothel as they say. the statement is epic and criticism for a lot of sectors there's a vulgar threat against president biden, as well. >> thank you 25 minutes to go before the closing bell dow's up 100 that doesn't tell the story because the s&p 500 and nasdaq are under pressure big tech is hit. amazon, facebook, intel, google, microsoft not to mention snap's big 25% decline all weighing on

the nasdaq. facebook is gearing up to report next week diving into data around the user engagement numbers and find out what it means for the big report on monday. dan niles weighs in on the market and where he sees opportunity and the one space he favors now into year end we'll be right back. and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today.

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shares of snap cratering today. the company noted the apple ios privacy changes disrupting the advertising business and global supply chain disruptions weigh on advertiser spending and other names lower including facebook reporting next week. let's bring in anthony

boratlocci good to have you here to tell us what your numbers say about this the snap quarter did not really focus on user engage with snap or time necessarily. it's a revenue per user muss and what is your work say about user engage with snap last quarter or ongoing basis? >> yeah. hi, mike thank you for having me on it's buried with the changes to apple's privacy guide loons and the way in which advertisers collect data about users and hurts snapchat monetization but what we saw over the summer months was that snapchat time spent is down slightly year over year and not awful because in 2020 you remember we were in the throws of covid quarantines and people were spending much more

time on the devices looking for escapes so hanging in there is okay with the up 20-something percent user growth but what's illuminating is just the disparity between snapchat and tiktok from a time spent perspective. coming into the summer tiktok has a big edge on snap and the other social media platforms so snap's holding in there with the users but not seeing the gains like tiktok. >> what about facebook facebook core and instagram. are they suffering because of tiktok's gains >> a little bit. what is apparent in the data and there's mobile users that provide us with the data, what we see with facebook blue is there's not overlap with tiktok.

it is a different demographic. i think that speaks to some weakness in facebook blue and did see a material decline year over year in terms of u.s. user time spent per week. close to 25% which is a big number and again the caveat that 2020 saw pronounced engagement on the services and if you look at instagram it's up 5% year over year in the summer with u.s. user time spent but we have been keeping an eye on this because in the summer facebook management made it known that they want instagram to behave like tiktok and looking at the engagement patterns we don't see it take off where people engage with reels like they are in tiktok. >> do you track, anthony, age

data on the engagement numbers that highly coveted 30 under group which facebook has wanted, it is now having to take some pauses on rolling out the kids' instagram and criticism for the impact on teens and internal documents are showing facebook users under 30 are in decline. is that what your data shows >> so we because of the way we collect data we don't ask for users to provide us with age information but we can draw inferences in overlaps in use and probably fair to say that if you are a tiktok users with high overlap with discord or playing a lot of roadblox you skew younger. we don't see the overlaps with facebook blue and the data will

overlap more with sort of like a banking app or something to skew toward a different demographic. >> yeah. older. you can say it not just different we appreciate it good color on this thank you very much. >> of course thank you. all right. up next, shares of beyond meat sink we'll dive into that drop. we'll dive into that drop. that's next in the market zone - [announcer] bito, the first u.s. bitcoin-linked etf.

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now in the "closing bell" market zone today we've got nancy tangler back welcome back mixed picture for the major averages the dow is higher. on track for a first record close since august 16. the s&p is pulling back from a record close and headed for a pretty positive week overall for stocks. >> pretty resilient. good excuses to back off and banks up 1.4% today. turbulence around the interest rate conversation and bond yields and not working against outright parts of the market i don't think the nasdaq is down on yields. so i think the market is in better shape now than it was three weeks ago but i think folks have also started to decide to try to chase and might

be in for a little bit of a pause tactically. >> nancy, are you taking the opportunity -- would you buy any of the names hit on a digital advertising slowdown that are down in sympathy with snap ahead of earnings? >> i don't think so, sara. we already own them and i think these companies are fraught for the near term. there's a lot of issues they face led by facebook clearly and i think apple's privacy requirements are telling when you see 25% of snapchat's users saying yes, okay, you can track me so i think there's kinks to be worked out. we are not adding to the names in here and unlikely to do so. >> nancy, i mentioned the banks being strong do you think that that's making sense? an is consensus idea to be a good bet here. >> yeah.

i think particularly the regionals. we own a number of the big trading names like goldman and morgan stanley but the performance comes from pnc recently and own that. i think that's where you want to be for the next move in rates but long term i think you want to own the big money centers with levers to pull and not as sensitive as the regionals. >> elsewhere in financials american express posting a beat. r kate rooyenney has that story >> i spoke to amex cfo jeff campbell saying the driving force and put it they are outrebounding the overall rebound from the pandemic. seeing 30% growth in card

spending and older generations are cautious coming to in-person spending restaurant spending is now back above the 2019 levels but it is an uneven recovery with travel lagging. >> younger people leading the kind of turn to services and traveling. nancy, you mentioned regional banks. what about the consumer finance area and amex? >> we are big owners of amex and we like it a great report the number of new cards issued is telling and square we think long term it is going to disrupt and it is really going to be a come pet toer to some of the most traditional consumer lending names and american express is a high quality holding and client

base but square is another way to play this and we think they're really strategically doing the right stuffer. >> what about the exposure to travel related or reopening plays or is that over at this point? >> i don't know. i kind of think so in the spring we went in when technology was weak because we thought growth was going to slow and just the math. we went in and added to the technology holdings. in late summer we added the sectors to do traditionally well in high inflation environments materials and industrials, energy part of the reopening is new energy we own southwest airlines. i'm sorry to report. and we're reviewing that holding and taking a breather to add to traditional travel to find other ways play reopening and then

chipotle that was an awesome report the companies that have pricing power that can really protect the margins in an inflation environment and adding to select names there. >> why is that off down 3%. a strong report. ran up too much into it? >> had a great run and scrutiny over the comp store sales guidance which was sort of like to mid double digit percent tajs which is great but consensus is right around 15% so maybe a slightly conservative number i think it's a besign sell on the news reaction and expensive stock that probably has to reload. >> the margins were solid. snapchat losing a quarter of the value today after reporting. while the company did beat on eps snap posted weaker than expected revenues saying the

advertising business took a hit. here's the ceo on the call discussing the move by apple >> this is a frustrating setback for us but i think over the term the privacy changes and protect privacy for users of ios is important for the long-term health of the ecosystem and fully support. >> nancy, you like some digital advertisers. is snap one of them? >> no. facebook but i'm not -- i think that -- i don't like that deal i think some of these names have to recalibrate because the models seems to be changen and investors -- snap cited supply chain disruptions and i think we'll see more of that

apple changed the model for a number of providers. >> nancy, i noted earlier with the decline in facebook today it now has a forward pe that's a discount to the s&p for the first time ever. is that enticing justified to be valued with the market >> yeah. with all the growth. that's why we're able to own it. it isn't expensive google isn't really expensive either but i think people are always talking about the pending death of facebook. i'm not advocating that. i think you want to own the stock and might be pick away here and might get a better entry point because there's issues that the company has to work through not the least of which is pr profile. this is not a likable management

team and not one that many trust. you go in when it sells off and the model's hard to argue with. >> looking at the commentary on snap because one said stick with it lowered the target to 76 from 90 others lowered target. for the most part lowering the target but it sounds like they think the ios problems mostly temporary. >> temporary and an industry problem. >> transitory? >> yeah, too it is about get the work arounds to get ad measurement back to where they wanted it it had a great run and giving it back beyond meat sinking today after

cutting the revenue outlook. kate >> beyond meat cutting the revenue forecast this morning. the company said it now expects revenues of $106 million analysts were projecting revenues of $133 million this is due to delta covid, lay your shortages and severe weather. demand is taking a hit and the restaurant business has yet to rebound and the stock around 12% to 24% on the year hitting a new low today. >> thank you rough year for the beyond. nancy, also this was a $230 stock briefly over 2 years ago why what do-- what do you take from it?

>> i think it's a hard space to be when you're first in. think about coach years ago. the margins were spectacular and then everybody saw themargins and the market opportunity and they stepped in with competing products competition will be a headwind for beyond and as consumers examine this space i wanted to like beyond meat and looked at the fat content and said i'll take a pass and still some product development to be worked out and the supply chain hurts them with competition. >> there was weather that impacted a pennsylvania plant to get water which was a totally new one. >> and the price of pea protein apparently gone up with a lot of other commodities and exposed on many different fronts for a company that's in a crowded

spot. >> all of them two minutes to go. what are you seeing on the internals? >> very mix jd the market is pulled in a few directions happens in earnings reporting season it's been similar to that the last few days in the sense of index moves not always matched by what's going on below the surface. transports have been quite strong and had this strong catch up move you might say to the rest of the market and compared to the airline index airlines are a component of transports and transports have raced ahead and airlines themselves backed off. truckers, rails doing well for the transports and that's been the theme. the volatility index looks like it will close in the 15s

up a little bit today. we'll see if it can get -- as we go out s&p 500 barely below the flat line. up about 1. 7% on the week the dow with a gain for the week and the day and the nasdaq is the big drag on the day. ♪ welcome back to "closing bell." if you are just joining us, i'm sara eisen and mike santoli in for wilfred frost. there's like 100 people here wall street, the dow closing higher by 75 tft the outlier and finished the week higher. third positive week in a row for the dow. american express today, biggest

negative is honeywell. s&p 500 closing down still higher for the week. as far as the story today, communication services we know is worst performing sector consumer discretionary, technology and materials weaker. financials leading the market higher the nasdaq down .8%. big tech hit hard today. amazon, apple, the biggest drags. microsoft as well. tesla with a good day following a strong one yesterday netflix up a third week of gains. coming up, talking to tech investor dan niles and what he is watching on the big tech earnings and why he has more shorts than longs in the portfolio. pfizer says the kid sized doze of the covid-19 vaccine is nearly 91% effective to prevent

infections dr. levy is back on the show to weigh in on when the shots could be approved for that age group on the markets nancy tengler is with us and david joins the conversation first, though, going to you as always on another positive day looks like we got through earnings and last 24 hours misses and the stocks punished for that. >> moving in the right direction in the terms of beat rate and the growth big potholes the market is kind of manages to side step for now. if the faang stocks are down 2% for 3% and the nasdaq 100 off it is a win to have the overall s&p not give up very much.

banks up mini rotation seeing today s&p closed exactly at the former intraday high. seems like we completed the round trip everyone seems to be on board with the idea of a fourth quarter rally and see how we can plow through the remainder of earnings season and the fed meeting on november 3 that's working the way in. >> we heard from fed chair powell today, not a ton of ground broken though he did seem concerned about the inflationary picture and didn't use the word transitory and did play down the lack of employment progress that they still need on raising rates. how do you take the messages from the fed >> hi, sara. >> david, sorry. >> jim is a good guy but the fed isclearly acknowledged that inflation is higher than

expectations we expect it to moderate into next year and interest rates are moving up on the expectation that the fed might need to hike rates by late next year. we think very, very late next year but good for the banks and why financials are doing well on top of leading the earnings season off to a strong start. as mike said, other firms the earnings not as strong as the banks so far better than feared and the beats are bigger than usual. but bigger than the past few years and while the s&p 500 is near the fair value top of the range estimates for right now it could go higher if the earnings outlook keeps up the momentum and long term interest rates don't shoot upward and we don't think they will and that should

put a darper on the inflation fears. >> nancy, you know, some interpretation on what's going on with the fed rate hike is that the market is saying maybe the fed will have to chase inflation higher but maybe that's not the antidote to supply chain problems because longer term yields didn't go up as much. how would you feel about that? do you think that the markets are braced for something like that >> it is so curious the way the bond markets act i think they took a run at the yields at the moment but i think what we also know is that the fed is most likely going to be dovish with the new appointments and don't know what will happen with fed chair powell so i think what the market is saying we have a floor around the market and we know that companies have

announced more share buybacks than prepandemic and growth is slowing duh robust and margins are decelerating from the second to third quarter by almost a full percent they're healthy and companies do have the opportunity to raise prices. if you go back and look historically in the last five raising interest rate environments technology j outperformed that may continue to provide legs to the market moving into 2022. >> yeah. absolutely a counter to what people are used to. david? >> i would agree with nancy and worth saying because it's while we welcome financials doing well and energy's having a month helping value stocks but as they rally technology and growth in

general is continued to grind higher particularly some of the strongest of the mega cap growth stocks and coming to the fed and what happens to short or long term nominal interest rates long term real interest rates are still at the bottom of the base. negative 100 basis points. tech may be long duration but it's long real estates have not gone up at all. >> billionaire hedge fund tapper gave a down beat outlook on the investing landscape right now u go down different asset classes. the stocks -- i don't love stocks i don't love bond or junk bonds. it's a question. what's the best looking investment versus other

investments when nothing looks that great you stay invested. i don't think if you're -- you don't have the highest concentration to ever have but you continue some investment and expensive to sell and pay taxes and i don't think we're in that market where you have to worry to get out no matter what and go short the market you know but i don't think it's a great investment here and because i don't know how interest rates will behave next year. >> david, so you mentioned earlier you feel that for example the s&p is roughly fair value. it seems like stepper is saying it doesn't seem like i have an edge or a strong view that valuations can improve quickly from here. what would you say to that >> david is right. nothing is cheap it makes sense to look for the

best alternatives out there and there is no alternative being offered by the bond market long term real estate rates are a negative and haven't moved up. now we are not the most bullish we have ever been on equities athink there's room for upside in the u.s. and abroad and not giving up on growth and technology stocks but trying to find alternatives. we have been overweight financials and health care an enthat's a sector where people overlook that this is a few sector with on demand valuations versus his ji an innovation and that's where we need innovation over the coming years to make sure that the inflation threat we need innovation at a health care companies, the medicine makers and devices

i think they will continue to deliver. >> nancy, another tepper point is to invest in stocks and gain exposure but doesn't have the highest concentration in stocks that he's ever had what about you how all in stocks are you at this moment? >> thank you we are -- we like converts better than bonds. we like stocks better than both but around the edges we added to the inflation strategy to focus on the metals and miners that drive decarbonization with a hedge to oil and trying to find noncorrelated to put money and we moved the portfolio to a focus of dividend growers but we think that investors are willing to pay up for growth so we want

to own the most growth that we can at a reasonable price and not growth at any price although as mike pointed out chipotle is an expensive stock companies that can deliver pricing power, growth and not trading at huge multiples. >> what's the next chipotle then >> i don't know the answer to that but i do think a favorite name and expensive and that's square which i mentioned earlier. i think you want to be in the disrupter spaces and then i think you still have to be exposed to cyber security. the cloud servers. i still think chips will even though there's analysts to downgrading them they're omnicritical and omnipresent in our lives and maintain the exposure there. >> nancy, david, thank you for

your time today. >> thank you. >> sorry about that, david. >> have a great weekend. when we come back, investor dan niles selling the position of a big internet name this week, what it is and the names he likesnsad w itehen "closing bell" comes back in two minutes. sustainability is essential to creating a better tomorrow. that's why cisco is committed to achieving net zero emissions by 2040. and we believe our smart buildings solutions can help. providing power to reduce emissions, intelligence to eliminate waste, and collaboration tools that help the workplace and the planet. between meeting human needs and a sustainable future,

there's a bridge. cisco, the bridge to possible. (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. in business, setbacks change everything. (crowd so get comcast - bit business interneto! and add securityedge. it helps keep your network safe by scanning for threats every 10 minutes.

and unlike some cybersecurity options, this helps protect every connected device. yours, your employees' and even your customers'. so you can stay ahead. get started with a great offer and ask how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. nasdaq worst performer today closing lower by nearly 1% ahead of a slew of big tech reports next week. let's bring in portfolio manager dan niles to talk about this space and his portfolio in general. good to see you. obviously a pretty sweeping kind of response. the aftershocks of that snap earnings and warning going across social media stocks, advertising based businesses does that make sense to you? how would you play it from here?

>> it absolutely makes sense this is a lot like amazon's quarter. three months ago where you had a lot of information that told you there's a problem. when amazon had the prime day they put out stats and see unit growth decelerate. fedex said the business massively slowed down and nobody cares and then amazon reported and everybody's like oh my gosh. adobe september 21 said business is content creation slowed down because people have gone on vacation this summer next day facebook with the blog posting saying the ad changes affect the business. people wrote it off and said that they said that in june and that's not new and then omnicon came out and said we expect growth to slow down 3% to 8% from the third to

fourth quarter because of what delta has done so there's sort of a steady drum beat and then snap reported to say we'll grow 30% and not 50 and people that don't have products to sell don't advertise. if you don't have a car why would you advertise? i worry what will happen coming up because it's not just snap. there's been data points and vefs with the market going up it determines the fundamentals and so takes the earnings to change that. >> a line that was pretty popular i think today looking at the damage done is that a company like alphabet might be least exposed to the pressure points that are impacting facebook and snap with regard to ios changes. but that's not something you buy i gather >> yeah. for us we are looking at the data points and making us

nervous and google up close to 60% so as we've had the interviews with sara and you and wilfred that's the favorite internet stock but the thing's up a lot they kind of benefit from the things that apple's doing because if you can't get the measurements you want from apple why not advertise on google? the problem is the other part of the issue is that if you don't have a product to sell you're not going to advertise and that affects google also. from our perspective we decided we don't need to take the risk into earnings. thinking about snap and wish we had shorted it but everybody is leaning bullishly on the internet ad names and now you have to think about it because when the data tells you something's changing you should change. >> isn't it just changing temporarily if it's the ios

apple privacy changes? if we are in a healthy growth environment and doing well and spending on advertising shouldn't that keep the names going strong >> it's a great point but here's the count irpoint to that. think about china, number one buyer of smartphones and electric vehicles and talked about evergrande before but with energy going up and factories shutting down, issues around supply chain shortages and looking at the monthly numbers from china for cell phone demand that's interesting looks like things are slower than i anticipated so going into a fourth quarter where expectations are high you may have seen the adobe analytics report of last night saying it's

up 10% in the holiday quarter. a year ago up 33 those are things to think about with stocks up where they are and you have the fed on november 3. they pumped $4.4 trillion of stimulus and that's why stocks are up the market up 16% last year in a global pandemic. does that make sense you don't know how much everything iss inflated. i think we'll find out. >> so i know you have been on the side of the argument that inflation is higher. where does that leave you if it's fed writing checks opposed to earnings? >> the good news is if you look at energy and financials which two of the five top picks coming into this year is the xle up i

think 50% this year and jpmorgan the banks and energy, inflation is good for them energy is causing the inflation moving to green energy you don't invest in dirty coal, oil, et cetera and then if rates go up and we think they go higher and 2% that's good for banks macking loans. we cut back the energy and financial exposure the stocks ran a ton we think we can buy them back lower post-november 3 but right now we sit on the cash in the portfolio. we have a lot of shorts. more shorts than longs i think at this point and so we are happy the market is where it is at near record highs and think we can buy back the favorites like google and banks in no. >> did you make any changes to

the viacom position? you loved this idea. it's done a lot of nothing >> i'm sorry which one? >> viacom. >> oh. sorry. yeah we actually like viacom still. the stock is obviously as you said done nothing. incredibly frustrating but the way i look at it is this right now investors love disney, netflix. maybe disney less missing the numbers but viacom will have good numbers and going to be the stock next year and not surprise me and may make it a top five next year with sports betting names and it is about getting the timing right ford and gm didn't do anything and then people decided maybe they're okay in electric vehicles and the stocks are up 50%. i think volkswagen up 80% this

year investors latch on to momentum and as viacom shows it's a winner and not a loser that will do well and trying to be patient with it. >> always good to talk to you. >> thank you. >> thanks for going through the names. hitting the strip. sotheby's is shifting the usual strategy heading to vegas. plus, much more on the world of alt investment collectibles ckl rht bell" wilbeig ba

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sotheby's is changing up the traditional strategy and heading to vegas robert frank is here with more on that. >> mike, well now with auction bids going digital and the wealthy spread out around the country the houses are following the money. sotheby's opening pop-ups in monaco, the hamptons and now las vegas. traditional bidders can still bid online and the company hoping to atraktd a new client base there on the west coast who may not have attended the new

york sales first auction at the bellagio on saturday with a collection of 11 picassos they could fetch over $100 million. the paintings are sold by mgm resorts including a famous portrait of marie teresa and then on sunday sotheby's brings out the bling with a luxury sale with jewelry, handbags, cars and watches, and a signed pair of michael jordan sneakers the size 13 of 1984 nike air ships, a first pair that jordan ever wore in a nba game. bids have already hit $1.1 mil million. that could become the most expensive sneakers ever to sell at auction sara, when sotheby's is selling sneakers in vegas you know it's

a new world of collecting. >> i was going to ask you if the air ships would show up at the vegas auction. i think most expensive sneakers ever sold at auction because the nikes at the grammy for kanye was more. >> you are a sneaker expert. sa they went for 1.8 million i know. >> a private sale and top the anxious record i think half a million or auction sneakers. >> incredible. robert, thank you. why aren't you in vegas? you should be there. rally which is a platform to allow users to buy and sell fractions of items like cards, cars and wine closed a late ers round of funding raising $15 million. the investors are celebrities. joining us now co-founder rob

patroso. how is business doing right now? it felt like there's a burst of enthusiasm for fractionalization of everything. is that still going on >> thank you for having me i think it's as the last story told us it's happening i think it's where people are into collecting with the assets and more than a ticker symbol and can get educated and become an on-ramp for first generation wealth to invest in the things you care about and to do that at $10 or $25 is appetizing to the investors. >> even if you can't necessarily tack it home you have a piece of that investment i i think the equity is so important, especially the investors on really.

going into new asset classes, nfts or banseball cards, it is true investment and they come in knowing a little bit and have a diversified portfolio quickly. >> is most investing happening by way of cryptocurrency seems an interpretation of what's happening in nfts is on paper wealth in crypto out there and a convenient way to utilize it, diversify away from other areas or is this dollar based? >> it is all dollar based on rally and a big advantage to what we're doing in the nft space. we have blue chip nfts on rally. but for a lot of people, to be able to sort of invest in the n

23ts with the headlines and proven themselves it can't be done with crypto or linking a wallet we want to make that on-ramp as accessible as possible seeing new investors coming to rally to invest in something they understand and first time and to do that with cash and investing capital is unique. for us building the on-ramps is what we want to do this is a big value added for investors. >> i mentioned some of the investors, kd, bill simmons, john stamos. celebrities are the new venture capitalists. how do you tack advantage of this to get the word out about the company? >> for us having the team and kevin durant and bill simmons part of the table is bigger than

the investor or the celebrity name on a piece of paper for us they are collectors and proven with the expertise in the individual domain. to bring them in to educate and build the on-ramps and with the wheelhouse team to think about a television show, podcast, more live con thtent with names and faces that people recogniz takes away that intimidation factor but to connect in a way that the visuals and the video, the audio that goes with it i think putting the names as a part of this company and p partnering on the future is a huge part of that. >> how much competition is there among middlemen for collectibles in the assets that have a historical, cultural value,

celebrity recognition? it would seem if you can kind of monetize something you have a lot of options right now. >> i think that speaks to the fact that -- handbag, as well. that's an earliest there were the assets and the items. an nft or a vintage watch that has this amazing and rich history that people tracked for a long time and what's missing is our platform. we pioneered the space of fractionalization and doing that within the construct to work doing it in a safe way it didn't exist before rally so what you see isn't necessarily this rush boointo te asset classes but to get equity in the things you always cared about. we see a ton of sort of families and the kids learn about the

assets and coming to events and a big part of what we wanted to build. connect with the things you choir about. seen them go up to the right for a lonk time. the access lane for a select few. to buy something like the broadside of the declaration of independence you get something really meaningful to a lot of people and don't have to shell out millions at anxiouction to o that you now have access to and always been part of the mission. >> or the michael jordan air jordan 3s that you are selling the signed what is it? 1980s? >> yeah. we have jordans from every era and a little be the of a personal thing for me. the idea that i'm from new york and everybody's in a sneaker war. i think that the jordans and the

brand has extended so far beyond just jordan and on rally we have a dozen pair of game worn jordans and the ring and the staff of the team and to build the stories around the lelgends we don't want people to choose between buying a pair of $800 jordans. we want them to do both. >> i thought you were going to say so i refuse to sell anything from a chicago bulls great like jordan. >> no, man he transcends state. can't take loyalty with the g.o.a.t. >> thank you. >> competing from a new york team >> you don't have to get into that necessarily.

>> the marlburys. >> greatest sneaker in new york. thank you so much. >> appreciate it. up next, pfizer out with fresh data on vaccines for kids. we'll break down the results of the study and what could be next with a member of the fda advisory committee apple and amazon on tap. at wwhe will be watching ahead on "closing bell." tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.

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time for a cnbc news update with kelly evans. >> hi, everybody lev parnas is foundguilty. they were convicted of using money of a russian man for candidates all in an effort to start a marijuana business he was also convicted of illegal donations to political action committee. walmart is recalling nearly 4,000 bottles of a room spray linked to four cases of a rare illness that resulted in two deaths this spray sold at walmart under the better homes & gardens

brand. general electric employees are staging a protest following a similar mandate protest by ge employees in south carolina yesterday. tonight the latest on covid vaccines on the news after fast money 7:00 eastern on cnbc i'll see you there sara >> see then. thank you. up next, mike goes to the telestrator with a deep dive on inflation trends, the impact it could have on your money straight ahead (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. ♪

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let's go back to mike santoli looking at inflation and the potential impact on stocks and bonds. >> a long term view. maybe a tidal shift going on this is from 314 research. this is the durable goods inflation. look at this really downturn landing. china in the wto all the productivity and trade innovations and broken for now and then the correlation of stock prices back in the '70s and '80s and yields down stock prices up. that changed here when the main enemy is deflation and not inflation. most of the last few decades trending lower what about this? in the process of breaking the uptrend? might change the way people set up portfolios in general

sara >> mike, thank you i guess it depends on how long the inflation story continues. >> right. the question remains will schools mandate shots for children we'll discuss what's at akste we'll discuss what's at akste with dr.y get headty candi

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call today. welcome back pfizer out with new data showing the covid vaccine is more than 90% effective in kids 5 to 11. survey says americans are divided coming to mandates for children steve? >> mike, hey, yeah the survey showing americans differ on mandates and especially coming to extending the mandates to children 49%, a near majority of americans, approve of mandates for kids under 18 and compared to 43% that oppose there are divisions across demographics 23% of the republicans approve measurable gaps with women

supporting more than men older americans much more than younger adults there are starker differences even looking at just the parents. take a look at the next charts 34% of parents support mandates. that reverses to a 56% majority in support looking at the views of vaccinated parents. that big oirng bar on the right 95% of unvaccinated parents oppose mandates for kids support of man dates overall went up a bit from the last survey likely reflecting the idea that more americans are vaccinated and not support of 25% to 40% of americans oppose mandates maybe the number goes up on the child mandate when more kids start to get vaccinated. >> i'm surprised it's as high as

49% as a mandate i think -- >> where do you stand, mom >> my kids just had covid so i don't think i'm rushing to get them vaccinated but i would like to hear from the expert. steve, thank you. >> yeah. not on national television wait you have a guy coming up. >> maybe maybe we will. dr. levy joins us. a director of precision vaccines program at boston children's hospital doctor, what do you think about mandating children's vaccines? is it the same as for adults >> thank you for that, sara. this is a critical question now and it is of course a critical public health question and touches on the social dimensions how do we organize ourselves as a country and balance individual

aautonomy against the needs of the american people as a whole to stop the pandemic severe disease is low in children but about 500 american children have died of covid to date and that's not to mention those that have been hospitalized or gotten very ill and children spread to other individuals and those individuals are at even greater risk of severe disease so let's see. i don't want to prejudge the data but if the data shows safety and efficacy then a good case could be made for a mandate. >> okay. so you are going to judge the data make this decision with the colleagues will you worry about longer term consequences for children opposed to adults? >> well, you know, there are not too many examples in the global

literature of vaccine given to a child and then months later a side effect showing up we have the first days after a vaccine where you could get local pain, redness, a fever many of the viewers are familiar with that from the vaccines. and -- red next there are rare cases that emerge weeks later with side effects that are unusual but in terms of something that appears months and months later, there is not a lot of evidence for anything like that setting aside coronavirus vaccines, any vaccines we will look at the safety data. there will be a certain time frame for follow up and there is surveillance data. there is safety surveillance ongoing. your viewers have seen with j&j or astrazeneca an entire vaccine

program stopped for rare reasons where modification is made to the level. we give vaccines to keep people healthy so they better be safe >> doctor, before there were any vaccines available, there were estimates how much of the population would need to be vaccinated to bring the pandemic to a standstill. i don't know what those numbers might have been. but when it comes to children, setting aside mandates, what proportion of children do you think would need to be vaccinated for us to move to the next level where it is not as much of a critical threat? >> that's a key question and relates to herd immunity when we get to a level where the virus isrunning out of people

to affect and that's when we see a drop in the pandemic dr. fauci put it well. we only know when we reach herd immunity when we are there and then we go below it, it comes back we know that with measles. you need 90% vaccinated. if it drops, you have measles outbreaks. we suspect that it's well over 80% for coronavirus. we need more data. the israeli team presented some data that started to show with their impressive campaign and boosting, perhaps some evidence of herd immunity, but we don't have all of the numbers yet. >> as far as boosters we had this decision from the fda, the approval of mixing and matching boosters but what is not clear is

recommending it. if you got j&j, would you get a moderna because you could have fuller protection. what are the answers and there doesn't seem to be answers on that >> this is bewildering to health care providers the j&j vaccine was rolled out as a single dose vaccine it is a safe vaccine, but with one dose there is not enough efficacy so we authorized a second dose of j&j, but with that said, it seems there isn't as high a rate as with the mrna.

we found that if you mix them, you wind up with higher antibodies in general we believe a high antibody level is important to protect your body. if you got j&j, moderna may be a good second dose for you much but that said, we are still learning about this. we are looking at a second booster of j&j there is the most information for boosting with a second j&j getting a second moderna, that's authorized there is a scientific rationale. each group is different depending on age, health, medical background so i recommend people check in with their medical providers >> we are looking at the uk and

the rising delta caseloads is it ever going to end? >> right now delta plus is a variant emerging in the uk and gaining traction it is going to be monitored in the u.s. and other parts of the world. it may spread easier we are not sure. there is no evidence it's more severe, but we have to keep an eye on it. we do think the vaccines will protect against it so that's the good news. in the uk, it looks like the uk will have to look at public health measures and may need to shift them >> doctor, thanks for joining us stay close, we know you have a number of other decisions coming up >> always a pleasure have a good weekend. up next facebook gearing up to rea rul omoayelseestsn nd

thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.

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another huge week on tap for earnings on monday the big name everyone will be watching is facebook julia has a preview.

>> mike, facebook's revenue growth is expected to slow to 38% down from 56% in the second quarter and on the heels of snap's major sell-off makes one wonder and whether issues will heart facebook as much as snap more than three-quarters of analysts have a buyer rating on the stock. and fourth quarter ad revenue. and we will be listening for response to whistleblower exposes that are out >> we will be watching earnings heavyweights, ups, microsoft, boeing, apple. >> about a quarter of the market

cap of the s&p reports next week amazon was down about 3% i wonder if that's an advertising play a lot of indications, but maybe not bad for facebook >> it's going to be quiet. it will be heavyweight earnings. stocks with near record highs. that's going to do it for "closing bell" on a friday "fast money" is up now this is "fast money. i'm melissa lee. tonight on fast, intel on the out. shares sk teeing their biggest drop andcleveland cliffs is soaring after nearly 15% earnings. wh