eamon, thanks. eamon javers reporting from washington you have ever been hacked? >> i don't think so, but i feel it could have happened and maybe i didn't know it. >> i have, but it was taken care of rather quickly. i did have a, an episode like it, but it is a very disturbing moment thanks for being here. >> thanks for having me. >> great to be with you. thanks for watching "power lunch," everybody. "closing bell" starts right now. and welcome to the "closing bell." at the new york stock exchange a strong pre-market picture giving way to down beat session on wall street nasdaq sharply lower as we head into the final hour of trade. >> ping-pong session i'm morgan brennan in for sarah brennan. tech under serious pressure and adobe and chip stocks seeing biggest declines and mega tech apple and tesla falling as well and investors trying to make sense of the fed's latest guidance including a more

aggressive taper and rate hike signals for next year and bank of england anonounced a hike thi morning. and housing starts showed a big beat got 59 minutes left to go in the session. will >> coming up on the show today, a pair of key earnings hitting off the "close." the first report since going public and hear from fedex, significantly undertomorrowed this year. the president of fedex joins us to break down the quarter ahead of this call with alice. focus first of all on the big stories. >> dom chu has a report what's pushing the market lower breaking down the market action and meg tirrell latest on covid and omicron front. dom, start with weakness in tech >> playing out morgan will lrd what's happening in the nasdaq composite specifically intraday basis down 414 points, right about as session lows.

down just north of 420 points a few momentsation with regard to a sector perspective. look at the outperforming ones financial materials, call it the value trade. meanwhile, under performers, communications services, media, discretionary and technology massive under performers on the day. take a look at some of the names watching closely apple, microsoft, alphabet, amazon, all down big today between 2% and 4% losses there why important? 37% those four stocks of the nasdaq 100 21% of the s&p 500 also watch's what's happening with regard to other certain parts of the market. namely accenture and adobe, tale of two tech companies coming up there both on earnings reports, both generally on the more positive side of things, but outlooks for what was troubling for adobe. a little less than analysted expected for the comes months. meanwhile, accenture raiseds its outlook above analysts expectations

best performers, accentures and s&p, one of the worst in adobe cap things off with chip stocks like broadcom, skyworks falling on a bloomberg report saying apple may have ambitions to take some of the shipmaking process in-house that could impact some of those products of those companies according to sources familiar meanwhile the ripple effects all over nvidia, advanced micro devices, xilinx and wilford attracts it. a small sampling, back to you. >> dom, thanks. any reason, trigger, for the last hours' worth of more pronounced selling >> more exacerbated move only because what you're seeing is a little more pressure brought specifically on some of those mega cap technology names. very much has been more the last several weeks growth versus value. seemingly playing out again today. more specifically in what's happening with, like, amazon, with alphabet, with microsoft and apple. keep an eye on those names

most heavily weighted in the industry, guys. >> thanks for that, dom. discuss it further bringing in phil camprely great to see you, as always. what do you make of the fact of positive futures market this morning? obviously a lot of red across the screens now? >> yeah, wilford a lot of digesting what's going on if you told me six months ago, that the fomc would be doubling their tapering pace and putting three tightenings to next year, i mean, i would have thought you were crazy, wouldn't expected it and probably had an underweighted to equity. we don't -- okay you mentioned day-to-day volatility that's expected. there are a couple of signals, though, really important to us the reason why we have the most equity in our portfolio today than at any other point this year start with the first piece on the fed. yes. at first blush, very, very hawkish. look under the hood what i keep

telling people, they are coming from an absolute position of strength on both monetary policy and on the economy on monetary policy, ten-year note at 140. doesn't matter what the fund does or two-year note. ten-year matters last year tapering close to 3% in 2013. second piece, of course, going to be financial conditions of the consumer and the fundamental story. the fed also upgraded a growth forecast for next year to 4% that is double trend growth. double where -- double than at any point in the last cycle. that fundamental story is still intact the other thing, wilfred, market always moved where the market got over the past couple weeks. the last part will important i was on set with you, 2018, fed meeting there and all heck was

breaking loose in the market the reason, so much uncertainty how long the fed would go. not many are talking about this. from early 2024, wilford, fed expects to be below. still accommodated in their minds. yes, we'll see volatility especially in the nasdaq parts of the nasdaq that are junkie companies it's a story today but these fang stocks are great companies we hold them in our portfolio. it's more of a rotation into the value, but the growth story for us, fundamental story, keeps us overweight. >> phil, dig out a little more the fang stocks, mega cap tech stocks, have such an oversized impact on the major averages case in point, trading action we are seeing this afternoon. when you talk about the rotation

out of growth, where do you put your money to work in 2022 is i realize you're still bullish on eck kquities overall still hold some of these names, but how much there versus other parts of the market? >> morgan, make no mistake about it we're long s&p when you're long s&p as you said and said a couple minutes ago you own a lot of the fang stock in that environment. okay but what we're really telling clients to do is be open to the value trade. we're coupling in s&p 500 trade, with something like a large cap value trade or a multicap value manager. and when you do that, then you'll have the ability to really stay in the market instead of being just whipped around more value in the portfolio than earlier in the cycle but still are subject to moves like today where the s&p is just kind of being whipped around by high-flying names. again, to reiterate, these are really good companies with mot

moats around them. not a famed story more than sentiment around the names and as you said, the amount it has. >> okay. thanks for joining us today to kick off the hour. turn now to the latest on the virus. regeneron out with data about its antibody treatment and efficacy against the variant meg tirrell has details. >> reporter: morgan, it hasn't been expected base and modeling but now regeneron confirms its antibody cocktail loses potency against the omicron potency. that potency against the delta variant, currently the one circulating in the united states omicron is growing quickly across the united states regeneron saying it has next generation drugs active against both omicron and delta as well as other variants of concern and could start human trials first quarter of next year we talked to the ceo this

morning about this finding here's what he said. >> excited to say this morning that we actually have a whole host of new antibodies which can work against both omicron and delta. while the current cocktail doesn't, this sort of emphasizes the need to play the long game here. >> so a big question, of course what is the regulatory pathway of that look like? lilly has a new antibody holding up against omicron and advisers to the cdc is meeting to discuss whether to tailor the recommendations for j&j's covid vaccine based and very rare blood clots and voting shortly whether or not to recommend the mrnaal vaccines. it's possible they put the recommendation into fplace.

back to you. >> meg, if cases and rates in places like the uk are anything to go by, we can expect a big surge in omicron here in the u.s., which is sort of started already. why are we still sort of behind the curve in terms of data, certain data, of the severity of this variant because it's been around for quite a while now and still seems to be an open question whether it might prove to be more or less severe? >> yeah, you're right. we have seen data from hospitals in south africa. suggested it appears to be less severe fewer patients on oxygen hospital stays shorter, but questions about how much that has to do with the existing immunity any that population there's been a lot of infection and some folks are vaccinated as well so we are still waiting for more of those data. haven't had a lot of cases they've presented information on in the united states just 43 last week. undoubtedly there are more now, but you're right still waiting to really get

definitive answers to that question. >> nice trial. thank you for bringing the latest. and we will ask the ceo of snacking giant utz if its company is seeing rising prices and what he's observing from consumers in the grocery aisle you're watching "closing bell" on cnbc.

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>> announcer: on "squawk box" -- future of race and inflation crucial investor

welcome back commodity prices on the rise food categories seeing biggest year over year increases corn coming in higher by nearly

35%. among the companies that could feel impact from rising prices is snack giant utz brands. the company had a rough year falling by nearly 25% so far this year. bring in utz brand ceo who joins you in a "closing bell" exclusive interview. thanks for being with us today i mean, my goodness. got inflation running at a near four-year high, fed striking transitory from its statement and fertilizers prices doubling in some cases tripled since start of this year how is all of that playing out in food and what does that mean for the company both in terms of cost and pricing power on store shelves? >> yeah. first off, thanks for having me on the show. it's a first for me to be on your show. really appreciate you having me. yeah everything you said is true. we really started in early 2021 calling out what we thought was going to be about 4% inflation in february and march, thinking about the full year 2021, and then all throughout 2021

agriculture costs, labor costs, transportation costs increased really ended up, probably end up being for the year a little over two times more than we thought from an inflation standpoint everything you speak about, foreign costs, wheat, freight is a big unknown sometimes to get your handle on the freight costs, and so what we're doing is, we're trying to find productivity initiatives within the company to take cost out, mitigate that increase on consumers, but in some cases we are raising prices done a few sefts pricing in 2021 have a little set for 2022, beginning of 2022 as well, just because, as you indicate, those costs continue to climb and we're trying to make sure we're taking care of our customers best as possible. >> as you look into 2022, how would you expect those pressures to -- evolve would you expect that in the first half of the year

you start to see some costs subside, or are you planning for a longer-term scenario >> i think we're planning for a longer-term scenario you know i think the government is trying to do some things around freight and transportation that could be helpful to the entire industry it's hard to look out, but we still believe that like you noted corn costs, edible oils, soybean and cotton oil and things used in the manufacturing process, still see those to be elevated labor costs, guessing, will still be elevated d into 2022 s were el. we don't know the times, but layering in, getting the benefit of price increases we put into effect in early '21 will lap into 2022 some productivity initiatives kicking into gear start to ramp up i mean, it's not -- it's not going to be easy street in terms of looking at those increased

costs, but doing a lot of planning and a lot of work behind it to mitigate those ultimately for our own company, but as well for the affect on consumers and prices >> do you expect to see any shifts again with this new variant in terms of the amount of people either home versus eating out, and any long-term consumer taste changes following the entire pandemic period >> i mean, wilfred, we lived through it march 14th of 2020, april of 2020, just started ramping up with a lot of eating at home that kind of abated in the second half of last year so as we're lapping the second half of '20 and the second half of 2021, the demand is really high, and i don't think it's a matter of variants or omicron forcing people to stay at home everything i've seen from travel and everything we've seen from just, you know, off-premise,

on-premise, traditional grocery, traditional masks, club, sea stores, drug stores, everything very busy from a demand perspective. we haven't seen a big shift at all yet in consumer demand, but it's been very elevated and continues to look like that's going to be so for the future. >> rise of salty snacks. inquisitive this year as well. will you continue to look for other companies to buy or to purchase >> well, yes i mean, we've done essentially five m & a transactions since we went public in august of 2020. some of those were somewhat small. a lot of those were supportive of the demand cycle. meaning, the last two transactions we did, rw garcia just in december of this year as well as festiva in 2021, whether to primarily support the extra

demand getting for our products and we've been doing a lot of m & a, because we think it's one of the bullets we have in our pillar of successful weapons that we can use to continue to grow our scale and relevance as we look into 2022, my guess, a little slowdown on that as we work to integrate those into our platform, and really work on trying to meet the excess demand right now in terms of supply so it's supply chain initiatives, capacity building initiatives within our plants as well as these newly acquired plants we think will help long term continue to win. >> thanks for joining us good to see you. >> thank you very much for having me. still to come, eric johnston tells what he makes of the day's technical change and a big payday for jpmorgan's president. we'll tell you about a massive stock option and signals about potential succession plans at

the firm check out today's top tickers on cnbc.com, the ten year yield on top followed by apple, tesla, nvidia and at&t. "osg llut he two mineser onclinbe."as your has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that

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♪ you've got stuck in a moment ♪ i'm not ready. just sing. welcome back to "closing bell." rough session for tech a look at the nanasdaq session lows down 2.5% now it is adobe leading everything lower after a disappointing forecast with earnings reported this morning also semistocks under pressure and those mega cap tech names. everything from amazon, apple, netflix to, well, tesla. put tesla in that bucket as well, wil. >> i wanted to hit a story, morgan, that broke yesterday, extra color and reporting. coo daniel pinto stock option

worths $25 million terms restrictive. vest five years during which time the entire can be called back and then hold the stock a further five years before he can cash them in so terms, in fact, similar to the $50 million special award chairman and ceo jamie dimon received earlier in the year pinto in the moment in the process of becoming sole president and coo due to gordon smith the retirement end of this month. additionally with yesterday's announcement all other business heads now report jointly to both dimon and pinto. previously just reported to dimon. ultimately, the award making sure pinto stays despite not being number one and clearly signals if anything happens to dimon in the short term he would take over. we all knew that part but signal as slight change in time frames we've talk and

younger potential leadership candidates now really need dime ton stay a full five years to have a chance at being his successor. if it was more like three years, then it would probably be pinto who is 58, but would succeed dimon. so nothing massively new here, morgan perhaps a change around the edges in terms of potential time lines of who would take over when and certainly in the short term, pinto, the definite front-runner if anything were to happen to dimon anytime soon. >> yeah. great reporting, as usual, wil i wonder, a bank with such a strong bench of talent, what that change of timing could mean to that bench. >> yeah. i think, again, everyone else is a bit younger, and probably not desperate to become a ceo in the short term so i think they've still got quite a decent plan here in terms of the succession with no imminent departures, but seeing that extra award of $25 million

ahead of, by the way, a month away, we're going to get the pay for this year. just kind of make sure that there's no interest for daniel pinto to depart, and that's pretty clear, i think from this announcement. >> okay. still to come, fedex keiring up gearing up for the holiday season, supply chain and focus those results. and exclusive interview ahead of the call with analysts. as we head to break, a check on bonds moving lower today ten year around 1.43%. "closing bell" will be right back.

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welcome back just a little balance off the lows dow positive on the day. let's have individual market movers morgan stanley closing of warner discovery deal 2022 creating a stronger communications company and unlock value stock up 7%. excuse me. bank of america down grading wayfair to underperform saying customers pulling back from spending and notes could see a shift towards spending more on travel and entertainment in 2022 stock down about 10% today jim cramer spoke about wayfair the best thing sign up at cnbc.com/investing or

click on the qr code on the screen. and happening this hour, kentucky governor andy beshear saying 16 people remain missing from deadly tornadoes. beshare saying the storm's death toll has risen by 4 to 75 people and at least one more death confirmed later today. congress approved new trade restrictions on china. the bill bans imports from the xinjiang region unless companies prove they were produced without forced labor president biden supports the measure. in chicago, aging dolphin named lucky getting cancer treatment. the team at the brookville zoo is freezing cancer growths back of his mouth more difficult getting the 500 dolphin into the clinic for ct scans. this could advance medicine for animals and keep lucky splashy lucky is 47 years old and think

this will add a few more years to his life. back to you. >> there we go 47 and counting. rahal, thank you. mcdonald's reached a settlement with former president and ceo steve easter brooke over sexual misconduct claims we have the details. >> you mentioned mcdonald's reaching that settlement with steve easter brooke. he's returned equity awards and cash currently of more than $105 million, which the company says he would have forfeited had he been truthful at the time fireds in 2019. fired for cause instead of without cause. accused of having sexual affairs with employees and pushed them to throw out the case saying the evidence was easily found on company servers. in a statement easter brooke says i failed at times to uphold mcdonald's values and fulfill my responsibilities

as leader of the company apologies for doing so mcdonald's stock higher by just under half a percent today back to you. >> kate rogers, thank you. 27 minutes to go before the closing bell where we stand, largely lower for major averages dow jumping back right above the flat line. up about 11 points a big swing for all major averages s&p down 0.8% and nasdaq down as well. when we come back, weighing in on today's nasdaq sell-off and what is expected for year end. plus, rivian, first report since going public break down the numbers and exclusive interview with fedex's president and coo. that is coming up. so stay with us.

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earlier post rally losing steam with all average averages except the dow moving lower on the day. nasdaq worse performer of the indices down more than 2% off session lows bring in eric johnson, head of equity derivatives at cantor fitzgerald great to see you thanks for joining us. a glimpse yesterday markets

might have taken the more hawkish trend and rallying to year's end does today's action show also that likelihood? >> it does not i think what we saw yesterday is likely going to be more of what we'll see over the course of the next few weeks the trade really around the fed was really pre-traded starting about six weeks ago. so over the course of last six weeks all of the secular growth names and speculative most helped hit very hard tesla down 25% from recent highs. arc, 25% the technology software index hit hard so a lot of that damage and really crowded hedge fund positions also hit very hart a lot of that has been done and is continuing today ad adobe, apple, making ships inside the company, and then the boe raising rates. that is continuing but that

derisking of crowded positioning is actually in the ninth inning, and is going to radically rally over the next few weeks. ed fed meeting truly was an event people had on their calendar now behind us. a cleansing event. i think now risk will be put on over the next few weeks with no real big, macro catalysts ahead of us and positioning a lot lighter. >> do you buy the sort of small, mid cap tech names sold off, or do you want cyclical exposure going to this type environment >> cyclicals and small cap are where you want to be over the course of the next month i would say in the next few days i think a lot of these crowded secular growth names will get a little bit of a bounce, but looking further out than that. the next one to three months, i think small cap, cyclicals what is levered to what is highly likely to be a very strong

economy. despite what's going on with am cron, despite the fed raising rates, the economy should be very strong the next six to nine months we are going to see rates rise should be positive for curriculums and small caps. >> eric, it's morgan i want do go back to the bond market whatsignaling now and how much do equities take their cue from that, based on your answer >> interesting what's going on in the bond market, look where a lot of the indicators were and where a lot of bond market was trading pre-k versus today market has an unchanged view around what the fed hikes look like in 2022 look at real yields, not only yields less inflation break evans, they're also unchanged relative wherto where we were market and bond market really priced in exactly what was going to happen yesterday and that caused the initial spike in equities being very in line.

obviously today some of that is being taken away, but i think ultimately the bond market is saying, we knew this we priced it in over the next, over the last month, month and a half, and now we can move forward. i think, also, one other point would be that the january meeting becomes a lot less important now that there was sort of the pull forward of the increase in taper and the increase in the rate rise in 2022 so that sort of becomes less important. it's less of a risk, i would say, to investors as people look out on the horizon over the course of the next, you know, two months. >> okay. eric johnston, thanks for joining us today. >> thanks for having me. a market flash on a firm, and we have details. >> hi, morgan. buy now pay later gaining steam in the united states that the consumer financial protection bureau is launching an inquiry into the trend and asks companies to provide information. companies such as affirm, why

you're seeing the share price actually drop down 12% off the lows earlier down well, down 13%. what the consumer financial protection bureau is doing, seeking information on ability for consumers to accumulate debt this is popular with the younger generation when shopping and secondly as well data harvesting because of that news you see it weigh heavily on companies like affirm and block there as well as paypal. paypal after pay zipco, companies requested to provide information into this trend to the consumer financial protection bureau. back over to you. >> thanks so much for that breaking news, meantime, on j&j. meg tirrell? >> hey, wil. advisory panel to the cdc voted unanimously to have a preferential recommendation for the mrna vaccines either pfizer or moderna, over the johnson & johnson vaccine. this after a meeting that

started at noon today where prime playerly the discussion was around the risk of the very rare blood clots that have been seen with the j&j vaccine and with the astrazeneca vaccine, same technology. not limiting its use but putting out a preference that the mrna vaccines be used, because of that risk, and suggesting education for folk whose still prefer to take the j&j shot. not seeing huge reaction in j&j stock over this. they've pursued this vaccine and on a not for profit basis during the pandemic it is less used already than the mrna vaccines. but a change in policy from this group. guys, back to you. >> thanks so much. appreciated. straight ahead, gearing up for reports from fedex and rivian look at what investors need to watch out for next in the "market zone."

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contract prices around. get e*trade [ding] and start trading today. the "market zone" sponsored by etrade. welcome back we have a great lineup coming your way in the second hour of "closing bell" today the president of fedex joins us right after their earnings hit the tape and ahead of his call with analysts and break down rivian's first report since going public one thing that makes the company stand out. tell you about the millennial crypto millionaires and ask about expert what bitcoin prices, where they could be heading and how covid outbreaks in major league sports is wreakinwreak ing havoc on the sports betting market. and today we have a market strategist with us and kt

stockton, a very good afternoon. katie, start with you in these market levels that we're seeing. the intraday moves we're seeing, what you make of them? do you support levels below or breakout levels above when you look at the s&p 500? >> i think pretty surprised yesterday by the fomc announcement with the rally but right up to its final res resistance, watching 4719 on the up side where it stalled and reversed tope. the action overall is more neutral than anything else our indicators, we check about four over short and intermediate time frames are balanced or mixed, suggesting that this consolidation phase may took hold and no shortage of day-to-day volatility within that context support for the s&p 500 is 45, 46 in our work, defined by former resistance from the

september high essentially the last break outfor the s&p 500 >> victoria, how do you see the market here at these levels, and what do you see as the next key catalyst >> obviously we have volatility the last couple days i think yesterday that rally we saw in the market after the fomc meeting really was perhaps a combination of things. unfinding some hedging trades that people had on maybe the market surprised that it was a little less hawkish and anticipated or fed has control what's happening with inflation and telling us it's not concerned about tremendous amount of high inflation op the long engd of that. that was yesterday today one-off issues regards to the tech sector driving things, but i think once we get into end of this eye, into january, the next catalyst is earnings season watching the supply chains, watching to hear about capex

feeds through to the labor supply, feeds through to productivity it's only 13% or so of gdp but bodes through to a lot of other things earnings i think the next catalyst which way the market moves hitting the new year. >> lots to dig into there. the nasdaq is falling. we have more on the weakness sees in software >> start with semiconductors hit hard starting with etf smh fallsing, boy, almost 5% and taiwan semiconductors nvidia, asal down over 2%. asal down and semiconductors at&t and brought com, a sea of red across the screen. and adobe down over, bring it up, over 10% cloudflare as well as zscale

lower than 4%. keep in mind earlier in the week jpmorgan an rooialyzed and issu high valuations, downgrades, for all of these companies. >> katie, your thoughts what we're seeing in tech and whether it's a more meaningful rotation? >> i think so. we downgraded the technology sector from equal weight to overweight this week and we did that alongside upgrades for more defensive sectors of the market. utility, staples, real estate, health care. now overweight, those sectors based on the breakouts and certainly improved relative strength at the same time the technology sector is start stoing too looka bit tired. by that we apply to ratios, things like smh versus the s&p 500, or xlk, technology spdr

those started to see signs of exhaustion base and the demark indicators, if you're familiar with those and enough to tell us probably time to take profits in that segment of the market also seeing it in consumer discretionary. there's no real major breakdowns yet. you know, discretionary is largely driv bein a pullback in amazon, but for microsoft, one below the moving average, and loss of momentum we should be respectful of it. >> and victoria, what about in light what we learned from the fed yesterday, what are you looking for? >> balanced portfolio for clients, whether equity or within the sectors themselves. on the equity side, trimming growth names some of the ones seen hit today. trimming those names and going into more cyclical or value names to make that a little more valid. you look at those fixed income

holdings, too. on the fixed income portfolio manager, we look at it have a short duration positioning because we think yields have to catch up to some of the inflation expectations that are out there at the ten-year part of the curve i think yields will continue to go higher. a sure dur agation and we like credit held in well pretty consistent in a consolidation phase from february all the way until now, which spikes here and there. we think it can actually go tighter. if you have high-quality credit names on your fixed income side of your portfolio that would work well for you during this volatility >> off the bat, earnings from fedex and morgan, having a look what we can expect from these results? >> yeah. the dow transports not immune to selling seen this afternoon. fedex in that category, starting the day higher now slightly lower set to report earnings after the bell

off a rough start tos fiscal year after cutting full-year outlook last quarter thanks to supply chain disruptions, a labor crunch that dinged profits. key question today, is the worst of cost pressure in the rear view also on tap, just a little over a week out from christmas. can you believe it fedex predicted a 10% jump in peak season volumes versus this time last year and delivering that many packages, and what, from the service time standpoint has it actually take ton do that wall street estimates for fisca q2 on 24. 7 billion dollars in revenue. don't miss our exclusive interview with rob subramaniam breaking down after crossing the tape in the 4:00 p.m. eastern hour and wil from one fed to another because they touch so many different types of goods across

so many markets in the world in many ways an economic indicator and early indicator like the supply chain disruptions talked about all year long. >> great word play there morgan, appreciate it. up there with nass splat from our production team. >> not as fabulous as that, but i'll take it thank you. >> katie, i want to come to you on what you're seeing on the dow transports alone >> fedex in particular has been trending lower for some time, but within that down move you have a loss of downs and momentum transports more broadly driven largely by the rails look going for a momentum perspective fedex, what we should watch on the back of their earnings report, two very tight levels. gotten wound up in what i call a triangle formation a consolidation phase above that 249 would about breakout as a positive technical catalyst whereas a breakdown below about 237, 238 would be significant

and support down side follow-through tight levels to watch for fedex going into earnings. >> also results from rivian and it's the easy company's first report since going public. phil lebeau has more for us. >> get the numbers in a couple minutes. again, do not get caught up in these numbers. the final q3 results pri primary results ipo last month not changing dramatically. expectation for a sizable loss in the third quarter it's what they say during the conference call on three areas that people will be focused on first, what's happening with orders and deliveries for the r1d electric pick-up truck and r1s suv, and 2022, production plans. again, look at shares of rivian it is the conference call with

ceo rjscaringe, on it and have more then. >> look forward to it. victoria, any of these stocks pulled back for you to get involved >> not for rivian, per se. when we look at that ev space, really, the way we want to play it is with having ford ford named in our portfolio and like what they're doing in ev space. when you listen to the report you just heard from phil what are they talking jab the losses they're going to have they're a new company. it's really hard to gauge metrics too much for them, and tesla, it's just such a high multiple on that stock right now. a little bit of -- really we like ford with margins they have, balance sheet they have and that's where we like to play in the ev space. >> katie your thoughts rivian specifically with those rault results in a few minutes or the sector more broadly and the transformation under way >> rivian doesn't have enough

maturity to analyze from a technic the perspective but we can set the tone from a name like neo and they've broken significant support in terms of momentum as it gets a retest a lot of these high-group texas setups are pretty oversold short perp perspective even a neo that has broken down, a lot a bounce for a better selling opportunity. i think expectations more likely for a break -- seen elsewhere -- short-term support level -- long term -- has been for deeper corrective phase and support around 900 >> okay. great. got about 45 seconds until closing bell here. a sea of red in a ping-pong session for major averages starting the day firmly in the green. dow down below the flat line

s&p down nasdaq down about 2.4% now major averages firmly in the red for the week after today's trading and nasdaq have a third negative week can't erase that some breaks. more defensive stocks coming through. what has been outperforms electric, high there, for example. welcome back to the "closing bell," everyone. i wilfred frost along with morgan in for sarah. and we'll hear from shipping giant fedex and fed ecke's president and coo will join us in an exclusive interview moments after the numbers cross, and also speak about the company's views on shipping delays and shortages

victoria fernandez is with us, and katie and adam parker from trivariant research joins the conversation and come to you first for your take on what we've seen this week clearly, a nice bounce yesterday but weak today down sharply for tech stocks >> i think when people think the fed might act more aggressively it cause as bit more of a rotation, but frankly, i'm bullish on equities. i don't think there's a lot of evidence if they raise interest rates the stock market goes down frankly, i don't think they're going to raise the three times that might currently be priced in plenty of things you could buy on weakness. >> katie, what do you think in the short term is the sector you want people to avoid most of all? >> you know, in terms of avoiding a seconder i would say probably industrials and communications services. those still are in down trends relative to the s&p 500. and i keep looking for some

signs of downside exhaustion they're not quite there yet. encompassed, of course, industrials, the transports which look a little better than average, but those are the most beleaguered setup it's we've come across. that doesn't mean we wouldn't be reducing exposure to stocks that have over bought downturns of which there's a lot more of those in the last weeks or so than we've seen of late, and this pullback that we've seen in software is one example. since november, negatively through the run in september because look at the long-term charts starting to see some signs of exhaustion there, that could carry us into a corrective phase more likely mid-january or beyond. >> and do you think we're going into a significant inflation environment? and how's the best way to play that >> you know, the -- i'm sorry. go ahead. >> go ahead, adam.

>> i really don't think so sorry. i think things changed in 2019 deglobalization trends, perhaps. maybe sustained fiscal stimulus and in various areas i tend to think the job really is to figure out what's mispriced relative to the probabilities. i agree with industrials underweight. machinery and capital good stocks, missed earnings estimates and probably can't pass on pricing. some good industrials. carrier, others, great well-run companies. generally they have high margin expectations making me more cautious you have to own the businesses either growth businesses with positive cash flow and pricing power. health care services, maybe large banks, and energy. those are kind of how we're thinking about it. pricing power part i want to hit on because i'm a small business. i think about who i pay in my business i pay salesforce.com i pay microsoft, i pay spgi for data all of those have pricing power over me.

they go down i toned like them more. >> adam, they might be watching. you shouldn't make that too obvious. >> what am i going to do that's the point, right? pricing power. i think that makes earnings expectations probably more -- >> shhhh victoria pivoting there in terms of the smaller midcap tech stocks that sold off so much pelotons of this world and so on and so forth are you tempted? >> not at this point in time actually a short on peloton now on the stock look, i get up every morning and ride my peloton bike and love the product but the stock now just isn't performing. we are not tempted to get into those now. really, we're focusing more on some ofthose financial names we like the financials and we also like some of those consumer-facing names. saw the fed upgrade the growth projections going forward and think a lot of it lies on the consumer and strength of the consumer

we like some of those names as well. >> katie, in terms of what the u.s. dollar has done of late, are you expecting a significant rally as the fed does get more hawkish or not >> look at the dollar. see a pretty big double bot numb place this year for the dollar suggesting it will continue to strengthen in the coming months. we're looking for more of the same from the dollar with this positive momentum behind it. same time, yields are sort of grinding sidew ways to lower, expect more of the same there. what we're watching is gold. a bit fickle, you can imagine, and on the chart, end result is quite neutral. so with these wild swings on a short-term basis with gold, best thing we can do adhere to short-term gauges. watching for a short-term m

momentum buy signal on gold. very, very close to that first time just yesterday afternoon and today we saw real signs of life for gold and precious metal stock so that's something to watch here in the near term and obviously becomes a bit of a hedge for some folks as we go into the new year. >> adam what do you think was the trigger this morning to turn futures around and lead us ultimately to these low closes that we have not surely the bank of england rate hike. why anything of relevance here >> i wouldn't think so i just think people are digesting what was it, short-term hawkish and long-term dovish or not from the fed, and trying to figure what that could mean i focus on earnings growth i know other folks are experts at technicals. i focus on earnings growth whether earnings are achievable. how to buy winners and move relative plenty opportunity for s&p to go higher over the next 3, to 6, to

12 months. earnings expectations look reasonable get a buyback, a dividend making equities in the u.s. look a lot better the right idea is buy these growth stocks with pricing power. agree with the point on financials, although in particular large cap banks for me, where the return on tangible, and balance sheets that market relative to regional banks and don't trade much prep premium. a lot of opportunities with the equity market and what people should focus on. not whether people think the fed's going to raise three times. and they do zero or whatever it is that's just a fool's game. >> let's get some earnings fedex. morgan, diving into those. what's the headlines >> diving into those and headline now is that it's a beat on the top and bottom line you've got 483 adjusted per share for fedex.

fiscal kq2 similar for revenue. $25. billion bet than expected company saying operating income of $1.6 billion up year over year 11% adjusted basis new $5 billion share repurchase program authorized including $1.5 billion accelerated repurchase share, and guidance closely watched. earnings per diluted share of $20.50 to $21.50, retirement plans accounting adjustment and excluding at&t and integration expenses and a number of other items. that is higher than a prior forecast of 1975 to $21 per diluted share and higher than street expectations as well. shares jumping now up almost 7% in after-hours trading. in a few minutes we're going to dig into the results even more with president and coo of fedex,

raj subramaniam. joining us in an exclusive c nbc interview and we have a lot to talk about. all right. now that we do have those headline numbers, victoria, to you first. reaction from this name given the fact that it is in many ways an early indicator what we're seeing with supply chain and labor and cost dynamics and how it does for 2022 and that next market catalyst you talk and earlier which is earnings. >> exactly, morgan they have some good number there's. we see the stock jumping you said about 7%. interested to hear the coo talk about margins and increase in costs they have for labor. also for the actual delivery of items. i came home from work the other day. two moving trucks in front of my house. i couldn't figure out why. turns out we will divry drivers

renting moving trucks because they don't have enough of their own vehicles to make deliveries. i want to hear what they're aing in regards to increasing costs and what it doing to their margins. right out of the gate looks like a pretty good report from fedex. >> victoria your zone in best idea of the day. >> i mentioned earlier we like the financials have actually been purchasing bank of america and jpmorgan we think rates are going to rise i mentioned earlier that longer into the curve needs to catch up to inflation expectations. we think we're going to see rates go higher. these names are actually cheap to the market. i mean, you've got jpmorgan and around ten times bank of america like 12, 13 times. they have strong balance sheets. better than where they were in previous cycles and we think there's an upside he for the dividend we think dividend can go higher in 2022. all that laying groundwork we like financials. banks especially

those two names one being more institutional with jpmorgan and one titled a little more that the company and regards to retail side with bank of america we like them both and have them both in our portfolio. >> thank you to our panel. breaking down the market action just a few moments after the close here we're just getting started on the sebtdscond hour of "clos bell." up next, president and coo of feds ex. results just crossed, and before he speaks to analysts on the call in the next hour plus talk to coinbase's first employees about the rush to cryptocurrencies and the two company leading the way for growth in 2022 so keep it right here. we're back in two. thinkorswim® by td ameritrade is more than a trading platform.

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welcome back rivian's results out phil lebeau? >> final q3 results. had primary ones and estimates all over the map loss of $12.21 a shareship saying $5.50 or $6 a share don't get caught up. $1 million the estimate, what it was in terms of actual $1 million in revenue remember, just starting to deliver vehicles it's the production and future commitments people will be focused on with regard to that, rivian says it has produced 652 r1 vehicles. the r1p pick-up truck and the electric suv delivered 376, significantly, first suvs delivereds in the

past week. haven't moved stock yet but significant overtime company committing to a new final assembly plant southeast of atlanta a plant that will have capacity to build 400,000 vehicles. production starts in 2024 once they have built this plant and employ up to 7,500 employees take that plant along with the plant in central illinois. total capacity rivian will have in the u.s. by 2024-2025, 600,000 vehicles nap is substantial capacity that the company lans to bring online already have normal in place they'll have georgia in place by 2024 again, rivian committing to a second final assembly plant. that announcement taking place as we speak with the governor of georgia down in atlanta. guys, back to you. >> all right phil lebeau, thank you. speaking of earnings movers, shares of fedex popping after hours on back of an earnings beat and the company authorizing

a new share buy back program joining us, fedex president and coo raj subsubramaniam thanks for joining us. >> nice to see you again. >> talk a little about how you were able to navigate a challenging environment. the fact there have been labor issues, supply chain disruptions, and yet operating income for the quarter of $1.6 billion was up 9% year over year how were you able to do that >> you know, we are very happy with the quarter 11% -- adjusted basis. i think what i'm even more excited about is actually the future we are in the center of a fast growing ecommerce environment. we actually have taken up the range for the rest of the year, and setting up to a great fiscal year '23 as well so the whole point here is that we had head winds in the first

quarter. head winds in the second quarter. as we have the last week that 111,000 applicants in the fedex family think about that in context, in may the number was 52,000. we have significantly more applicants coming into the fedex team and because of that the head winds we saw first half will recede in the second half and we're in the middle of a very strong demand in pricing environment. >> interesting i want to dig into that more why do you think you're seeing more applicants come to fedex now? >> we have, taken very bold action, whether wage rates, whether it's benefits, whether flexibilities of working hours, the way we approach. so combination of all of those activities and we are seeing great momentum here. because of that, we expect that the margins in our business get better in the second half. >> yeah. talk a little about the -- keyed

up on outlook. safe to say worst of the labor and supply chain costs is past for the company? >> we had roughly $470 million of head wind in this quarter, that's what we expected. we don't expect that to continue in the second half if that's what you're asking and we also feel because of the value proposition and demand we have in the marketplace that we are able to improve our operating profit and operating margins in second half also see here you higher revenue shipment at all transportation segments as well peak season. holiday, keyhole day shipping season so far what are you seeing you forecasted 10% rise in holiday package vol a age volue versus last year are you on track to reach those targets? >> right in the middle of peak

season and we are a strong peak season difficult to tell you where we're end up this much, first cyber week, 100 million packages in fedex ground system, over 35 million, we're on our way. >> able to deliver all of those packages on time >> we'll get it done >> so talk a little about pricing power, since increased rates, surcharges. expectations for that versus capacity as we do go into a new year >> well, you know, i think the important thing to realize here is that the industry is finally recognizing the value that our industry provides in the ecommerce ecosystem. secondly, our strategy is unique we have invested into driving growth we have moved into the commerce space doubling down on that, in fact before the pandemic to put it in perspective in 2016 our industry had 50 million parsals per day.

now 130 million by 2026. we are right in the center of that growth. these strategies that we put in place before the pandemic, the pandemic simply xaccelerated th trends we were right in the middle of a very robust growth story here. >> when i hear you cite numbers like that, sounds like despite the fact of a pull forward thanks to ecommerce, they will grow strongly in the years to come >> ecommerce is a story here to stay, and value proposition we have, we launched seven-day service, in fact, i think launched with you, a couple, two, three years ago that's a match in the marketplace. also i want to take this opportunity to say this. don't forget the network that delivered b2b shipments, health care during the pandemic we've delivered hundreds of millions of vaccines

in fact, december 14th last year delivered the very first vaccine to boston medical at 5:52 a.m. there is that piece that we are very proud of, the job we have done there as well. >> another 7.2 billion dollars looks like in capital expenditures where will you put that money to work >> that point. doubled down on investments. literally in the last six months have 14.4 million square feet of space, and come online, all of these facilities just come online just before peak and it's about matching growth here, and 7.2 billion will be less than 8% of our revenue historical terms about right. >> raj, finally, a little over two years ago you and i spoke and fedex was starting the process decoupling with amazon in terms of shipments here in this country the message was short term, might be pain. long term better for this. since then we see new market

share but largely many billions of dollars amazon invested into its own transportation network as well. you've been able to pick up business from some of those amazon rivals, too how do you see this competitive landscape evolving from here >> what we see is ecommerce is far bigger than any one player i just gave you the market space numbers, but you can see we're not going for growth last two fiscal years we're going to grow in the range of $20-plus billion historical perspective, very, very strong. never seen anything like that in the history of our company and not hurting for growth obviously also working hand in hand with the retailer to produce their omni channel strategies when you see strong numbers on omni channel, ecommerce and retailers, you can rest assured there's a fedex story right behind that. the strategy is working out very well. >> raj subramaniam, thanks for joinings us here on cnbc on the heams of these results got a beat on the top and bottom lines and a raise infull-year

earnings guidance. thanks for being with us. >> thank very much. stock's up nicely indeed after the trade analysts call, yet to begin. up next, soda stocks tumbling on the backs of new regulations. buy news after the break. as we head to break another look at the ev maker reporting moments ago down 3.5% or so. break down analysts and key joiners for the stock in just a couple of minutes.

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welcome back soda stocks slipping in today's session. we have more >> soda stocks sharply lower building on heavy declines from earlier in the week. a couple things at play. the build back better plan has a lot of money for reinitiatives in limbo meantime, california regulator are considering slashing incentives key to the industry's growth solar stocks getting burned. down 28% and 22% on the week and sunnova down and solaredge in the red also. equity adviser peter krall noted

on a malty year basis up significantly and the pullback is an opportunity to add quality names like first solar an sunrun, the company remains clear leader in the space and selling thanks to california, it market isn't just california about rooftop solar and storage throughout the u.s long-term optimism but a lot of red here, guys back to you. >> thank you. shares of rivian lower as well after first report as a public company we will break that down with an analyst right after this break. and sports betting, surprising downfall. covid causing major headaches for oddsmakers we'll explain that as well when "closing bell" com bk.esac

♪ welcome back some news crossing on gm

phil lebeau? >> general motors stock slumping ceo of the cruise subdivision. autonomous unit development in san francisco is leaving the company. in fact, left the company, immediately. kyle bode, president and chief technical officer and who actually founded cruise back in the day, just a start-up, now interim ceo. has gm under pressure right now. no indication by dan ammann chose ton leave or asked to leave. unclear what exactly were the circumstances there. simply dan ammann is not longer ceo of cruise, left the company. general motor shares under pressure. >> talk autonomous technologies or ev technologies, so much is

in a way personality driven, and the folks able to execute on some of these longer-term visions. the fact is stock is under pressure does that speak to you how the market sees dan ammann in that light? >> yes 100%, morgan 100%, because dan ammann has been very clear as the visionary for where general motors believes cruise will go. in a statement announcing the change in leadership they plan to accelerate their overall plan for bringing autonomous vehicles and autonomous ride-share through cruise to california and other markets ultimately as well one regulator approval away from offering autonomous ride-sharing in california. haven't gotten that approval ut but one regulator away clearly investors saying, what happened here? really bought into the vision dan ammann laid out for us

not that we can't buy into a future vision with kyle, but exactly what happened here >> pretty extraordinary when you think how potentially close it could be in the biggest state. >> sure. >> phil lebeau, thanks for bringing breaking news. a news alert out on the nfl on covid protocols for that we turn back to christina with the details. >> morgan, given the outbreak in covid cases nfl issued new protocols s with a statement, immediately, preventive measures proving effective. remote or outdoor meetings eliminating indoor eating and we strongly encourage booster shots as most effective. not requiring it but encouraging booster shots for all teams, staff and anyone involved with the nfl. back to you. >> now time for cnbc be news

update with shepard smith. >> hi, morgan. covid rules and world changing around us as we speak. long lines for covid testing back as well check out this video from miami. dozens of cars waiting their turn in a six-lane operation more than 4,100 cases reported in that state yesterday, according to the "new york times. california has just tightened workplace covid rules. hear this. now all workers who come into close contact with someone who's infected must stay home for 14 days even those vaccinated and with no symptoms. in addition, testing negative will not allow workers to return either and the defense has begun presenting his gamits case in ghislaine maxwell's case never saw epstein or maxwell engage in any misbehavior but admitted to prosecutors she

verver worked at any of epstein's homes, which is the location of the sex abuse allegedly occurred tonight the story of a truck driver who received a prison sentence of more than a century and a close to 2 million people who signed a petition against it that's on the news right after jim cramer 7:00 eastern, cnbc, back to you. shares of rivian and first report as a private company. bring in an equal rating on the stock, $122 price target before we get to rivian, though, i wanted to ask your immediate reaction the news phil lebeau brought to us, departure from ammann from gm >> a bit of a surprise clearly the market debate is what does it mean for potential spinout of cruise? we have been adamant argo publicly talking about seeking

pub luckily financed whereas mary barra when we pressed her on cruise, said they like it and like their ownership that's the takeaway that the market's tableking from this but who knows what the real circumstances are. >> referring to the numbers, early stages, numbers perhaps not the key things yet, but what was your main takeaway >> two parts of it one i think that setting the stock cap. positives, pre-orders of 71k had 51k as of november looking for increase more into the mid-60s. above our expectation in tracking the credit card data on the orders second, the georgia plant coming online in 2024 was in our model and expectation, but to see it lock down thisser is a positive. on the other hand, the production ramp, a few hundred short for the quarter is short-term concern

you know, kind of recalls some of the early issues around tesla and frankly i think a lot of the investors base, some of whom very skeptical of tesla including myself in those days are willing to cut rivian some slack for production. >> where i was going with you. tesla demonstrated perhaps better than none how hard it is to get production off the ground as a new oem so how does rivian learn those lessons from tesla and how is it maybe not in the next quarter or several quarters, but how does it pull off basically three times production ramp in the sense that it's three different vehicles simultaneously trying to turn out? >> yeah. it is tougher and it is something when we toured the factory earlier in the fall. we pressed on a few things first, they have more modern equipment than tesla had when it launched the model s, because of huge backing even before the ipo

from amazon and ford second, veterans at the plant both came from tesla and from established legacy players like niece san with well-run established factories built in the u.s. we think it's the right combination of skills from the legacy and from the start-up, and then finally, you know, rj comes from a culture, his education at m.i.t., business stress at the program on manufacturing the toyota approach, team approach to manufacturing and definitely trying to be leading edge, top leading edge on the factory floor. teslas problems, trying to overautomate shanghai once they got it done went much more smoothly. it's not great to hear a couple hundred delay. partly could be because of their focus on quality, but it does, especially due to the ramp delays a the tesla in context a few hundred in a quarter may not

make a big difference a year from now. >> obviously how they compared to tesla what about to the other newer ev entrants are they ahead in the curve relative to them and how significant is having that amazon partnership >> the amazon partnership will help on the van side still in production, pre-production on that van you know, in terms of the other start-ups, you know, lucid is up roughly the same place physic fisker outsourcing and the legacy companies, they really, you know, shouldn't have the same issues production ramping on making a vehicle, but issues around battery and drive trains are likely to present themselves. >> all right brian johnson, thank you. after the break, bowls, bears and millionaires results of latest survey of wealthy investors incruuducly w

they see the market in the next 12 months. stay with us. like to ♪ move your student loan debt to sofi— you could save with low rates and no fees. earn a $1,000 bonus when you refi— and get your money right. ♪ ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪

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account. estimates at $2.13 billion, why you see shares sell off slightly given the news back to you. >> interest toing. strong year and curious. thank you. cnbc millionaire survey how wealthy investors view the market a look at results. >> morgan, millionaire investors turning more cautious about the economy, marx and fed compared to the spring according to the millionaire survave. polled investors with $1 million are more in investable assets. up from 19% in the spring. 41% said it would be strong. that is way down from the 65% that we showed in those results. most expect the s&p to be positive over the next 12 months but only modestly. most saying about 5% or more they expect their own personal rate of return to be 4% or better big worry right now, not surprisingly, is inflation

inflation being the top risk for the economy for the first time in recent history. government dysfunction being the other top risk millennial millionaires, most bullish by age especially in crypto majority of millennials have at least half of their wealth in cryptocurrencies see how long that lasts given recent decline in crypto prices. morgan >> all right robert thank you. and there we go. robert, thank you. for more on the crypto space in particular, bring in capital founder add cio, and a crypto financial firm that works with investors and businesses to develop development of cr crypto cryptocurrency my question, how many currencies you think will be successful and hold their current leveling in the median to long term? >> one of the beauties of this entire sindustry is anybody in

the world can create a crypto assets whether a technological platform orsatti representing an interest in some decentralized organization, all based on the internet i think there will be thousands of successful projects out there. it's really all about replacing these traditional financial rails, traditional marketplace models with software systems that are global and operate 24/7, 365. >> in terms of the best ways for investor to play this space. clearly underlying cryptocurrencies and others that relate to the crypto space what would you make of those equities or are they getting disproportionate amount of attention because the first to list and actually a lot of better companies are still in private hands? >> i do think there's a lot of high-quality companies in private hands. although the companies that are

public, for example, coinbase, i actually view as relatively undervalued. if you just look at the growth of this entire industry, you know, the number of developers that are leaving traditional web companies to build in the crypto landscape, the advent of moving financial rails into software systems on blockchains moving the corporate structure itself on to blockchains and redefining legal contracts with your software systems is a total paradigm shift unlike anything we've seen to me a lot of investment opportunity across the currency landscape that will be reflected both in public equities markets as well as in the crypto assets themselves. >> olaf, where do you see it going and what does it mean for your future investments as well? talking to silvergate capitals earlier today. they junk launched a venture capital fund, too, and focused on the future of fintech and the role crypto and blockchain will play in that really the year of the explosion

of coins, and institutional investors flows into some of these cryptocurrency assets. as you think about defis and blockchain, think about some of the broader capabilities of some of these technologies, where does it go from here >> yeah. the macro picture here is that we're in the midst of the largest wealth transfer in modern human history as we replace monetary systems, financial systems, online web marketplaces and other web platforms, all with kind of a pure software system that's embedded inside these blockchains. what that means is, it makes everything open source, open access and online 24/7, 365. sort of tamper-proof from any central party. whether that be a specific country or a specific company or a specific person. so the disruption we're going to see here is not just the financial marketplaces, already well under way over 250 billion dollars already

is held in this decentralized financial system embedded inside blockchains. in addition we'll see disruption of many of these classic kind of web-two companies with a choke hold on their relationship between content creators and content consumers. so the disruption of these big platforms whether they be a marketplace like ebay or uber or social media networks like instagram, facebook and twitter, this, all of these systems disintermediated and sort of replaced by these software systems ept bedded in blockchains. it's a very, very important thing that's happening right now and part of the reason we've seen explosion in interest is people are waking um as this is happening. >> olaf, a lot of different views on the likely direction of bitcoin prices in the short, medium and long term and so on, and so forth, but is there anything that could kill crypto in its entirety? what is the single, biggest risk out there? >> yeah. i mean, at this point genie is

out of the bottle. momentum is there. something like 100 million user globally that number is growing very rapidly. i don't think at this stage there's really anything that could fundamentally stop this. it's sort of like the creation of the internet itself right? different regions maybe adopted the internet as different paces. the industry was built in many different geographic locations but end of the day the promise that technology is so powerful it's basically inevitable, once that genie is out of the bottle. >> thanks for joining us good to see you. >> yeah. thanks for having me up next, your earnings score card from fedex and rivian dig into what's driving those moves hoed. plus a gambling game-changer, rocked during this latest omicron variant we'll discuss. >> announcer: krmt.

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welcome back here is a check on our after hours earning. rivian is reviewing. the revenue was in line with estimates. the stock down about 1.3% after hours. fedex announced a $5 billion buyback and the stock is up a healthy 6% after the break, gambling stocks, why the group of stay at home stocks could be derailed, next bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan.

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>> this time on kellogg, christina? >> it seems like kellogg has reached attentive agreement with union workers. it addresses increased health

benefits and pay they say the average employee makes about $120,000 members will meet on friday to vote if they ratify this agreement, so it could be completely null, then all workers would return to work ondecember 27th so, again, kellogg reaching attentive agreement. >> wow, $120,000 >> i know! >> the sports betting world is being impacted by covid this week contest contessa brewer has details. the browns started and then baker mayfield and 13 others

tested positive and it changes eagles went from being four-point favorites to 9.5 favorites against the team that has 17 players on the covid list unless a game is canceled, all bets will stand. right now the nfl isn't postponing any games if that were to happen, that would make parlaying that a chaotic mess the nba has canceled or postponed games. >> i was about to say, if we are matching the uk 2, 2 1/2 weeks ahead of omicron cases , it seems /* /* it seems inevitable there will be pauses in the playing schedule over the

next few weeks or months >> they are talking about the covid protocols and whether they should change them the owners are meeting in texas. the omicron is a top topic for these franchises you know. >> i would like to come back to fedex. great results. up 5 or 6% last time we looked insightful comments. >> higher full year earnings guidance as well they initiated a share buyback program much i think from an investor standpoint, there has been a lot of focus on what will happen with that guidance in large part because of what has been interrupted by the labor

shortage another $470 million in incr increased costs associated the company has been able to raise rates in surcharges. that made up the difference. we will see what is said on the call at 5:30 eastern as well >> some sectors up more than 1%, some down more than 2% we are out of time "fast money" starts now. >> this is "fast money." i'm melissa lee. tonight's lineup -- tonight on fast we are charting the sell-off the next key levels to watch following today's major sell-off in tech. and stocks on the move amid earnings fedex call kicks off at the bottom of the hour