top story of the hour, apple first trillion-dollar u.s. company by market value. hit that milestone a short time ago. share price more than tripling since the pandemic lows of march 2020 up 250% since crossing a trillion three and a half years ago. >> maybe that's the ceiling? maybe 2 trillion people go maybe 5 trillion thank you so much. been a pleasure. thank you for watching "power lunch," everybody. "closing bell" starts right now. ♪ thank you welcome to "closing bell." i'm sara eisen first trading day of 2022. both stocks and treasury yields higher nasdaq and small caps in the lead heading into the final hour of trade. >> i'm wilfred frost happy new year to you. tesla the standout after fourth quarter deliveries trounced

estimates. reopening stocks like airlines, tsunamis and cruises popping despite omicron cases. 59 minutes left of the session, sara. >> near the best levels. 200 points higher on the dow luke ventures gene munster said two mega caps will duel this year he'll have naughts on apple. shining the light on the forten 40 jon thain boyar with a list of you be loved stocks to tell us the picks and favorites in a bit. >> let's get straight to the big stories. mike santoli is tracking the market action. josh lipton with the apple milestone and a guest to start

us off up over a percent on the nasdaq. >> s&p 500 up. big winners near the open. microsoft is a drag on the index. a huge faang and winner last year seeing basically is migrating back up to what were last week's highs. above 4800 on the s&p. closed in the 4790s so we have lifted back up to that zone. are we continuing that line from april of last year defining the upper end and 48 something. 4850 let's say so far so good yield moves in the bond market absorbed banks are strong today because of that. take a look at the cyclical areas where you would have

called a reflation trade this is eight or nine months commodity index broadly speaking and a hugerun pre-omicron. a big sharp sell-off epa partial recovery transports didn't get as high before and bank index bouncing there's a little bit of that value orientation at work as well take a look at cyclical. goldman sachs keeps the baskets. this goes back to september of 2020 that was essentially when you saw the peak in the growth stocks and since then a series of peaks, little bit of a higher low situation. cyclicals did not give up the advantage. it is a mixed picture but i think people with yields moving

expects recovery. >> i was going to say, the biggest story is surely the move in yields. >> yeah. and the 2-year up toward 80 bases points seems as if at year end there's whether it has to be banks parking cash, rebalancing flows out of equities or whatever it might be on the first day the affects released and yields bobbed higher and resteepening as you mentioned to inch up more. >> starting off in a good mood mike, thank you. apple now officially the first u.s. company to reach 3 trillion

valuation. >> sosa ra, put that number in spet when tim cook took over of apple in august of 2011 market cap about $350 billion now it's spin forward appling with a market cap of $3 trillion with a strong portfolio of products that continues winning over kuts hers analysts point out wearables and accessories now a $38 billion business services with app store, video, music and payments $70 billion annual revenue business. and of course hot talk of what could be coming next apple doesn't talk but some predict that next year apple will unveil the mixed reality headset. back do you all. >> this year i think, josh, would be exciting. >> you're right.

i'm still catching up. >> welcome to '22, josh. tesla the other big tech story of the day a winner in the market after record deliveries in 2021 why more than 936,000 vehicles last year an 87% jump from the prior year. let's bring in a guest with a buy rating of $140 price target on the stock jed, the question is why the analysts so off the mark with the giant beat. >> the analysts have been off the mark we are included in that. for quite sometime so the numbers were fairly low and they come in and they have certainly beaten expectations every step of the way so i think if i could just break this down for a second there's really two kind of key issues one on demand side we have answered that question

in '21 people want evs. so i don't think that's up for debate anymore so then on the supply side the ability for tesla to be a manufacturing juggernaut proved the bears and jut performing the bullish of us. >> what does this do to the delivery numbers for the rest of the year >> i think -- so overall market numbers have to come up. what we learned -- i came on your show several months ago in '21, an important take away from tesla came from elon musk. actually presenting to vw's board. that's that they have one third the tack time of vw why look at the model y. tesla has a huge advantage here

in terms of ability to manufacture. one third that time. so as we look at berlin and austin, neither of which are in our model and we look at having to ramp those numbers i think across the board will have to rise. >> jed, either traditional automakers or the new teslas if we want to call them that the real threat to tesla's share price over 12 months or really market multiples and whether people alter what that should be >> yeah. looking from a pure stock perspective i think the market and the macro has a bigger influence than newcomers into the marketplace. longer term probably has a more meaningful impact. remember tesla wept through a lot of bumps in the road before they enjoy the success that they now enjoy in terms of size and

scale and it's other companies will have to go through that learning curve. >> thank you so much >> thank you. >> tesla up 13% as we speak. after the break, stocks near all-time highs but jason trennert said there are risks for the new year that should be on the radar you're watching "closing bell" on cnbc.

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markets starting off the year trading higher sitting near session highs after a defensive december where staples, real estate and health care saw the biggest gains. houbd investors position themselves in this new year. joining us is jason trennert i got to start i think with apple hitting this 3 trillion mark and the risk you think out there that those mega cap stocks like apple do see a meaningful change in how they're valued, the multiples applied to the earnings over 12 months. >> i don't see it as particularly large for those names and more worried of technology names trading as multiples of sales opposed to a multiple of earnings ar cash flows. a thing we found about the faang stocks is generally speaking

their defensive properties they outperformed consumer staples in down months more -- outperformed the market more than consumer staples in down months almost as much as you till is so they're viewed as new cash and so not particularly worried about the valuations but i do think there's a certain risk for people passively invested and they get buying the s&p 5007% of that is apple i would say that's the, yin and the yang of it they're quasi monopolys that are stable and throw cash but you put eggs in one basket. >> in terms of the risks out there, where do you stand on likely number of rate hikes and

whether things will have to -- expectations have to come forward so significantly it becomes a shock to market par tis pants? >> that is the single biggest risk for me. m2 is growing at 13% that's easing. that is not consistent with inflation running at close to 7. and doesn't look like they stop easing until march at the earliest so that in my opinion spells trouble, becomes a political decision this is a midterm election year. i think inflation will be a meaningful election issue and the fed, too maybe the first time in 40 years and something that potentially weighs on the market later on. we use two hikes but i think the risk is to see more and especially with this lockdown if

you will or shortened lockdown of omicron in many ways could xeser bait the supply chain issues we saw last year. >> is today a playbook on where investors should be? we do see a big jump in rates. >> it is consistent. not perfectly but we are jove weight of materials an pretty much there not particularly worried of the big cap tech but the baby faangs the smaller ones trading at large valuations but the risk here clearly we don't know but we don't know where 10-year treasury yields will go when the fed stops buying them.

keeping the current pace is more than 100% of the bond market in 2022 so we'll find out in short order here how much influence the fed had i'm not that worried but it will have -- probably will have an impact if rates edge to 2% opposed to 1.50. >> jason, today's an interesting snapshot with yields higher. a lot of the sort of traditional tech doing well even if the smaller tech isn't do you fear that's already a consensus call across the marketplace? >> if i look at the sector weightings i would say no. there's talk about it but as you know the technology sector's about 27% of the index energy's about 3%. if you take a look at the

materials. maybe 2% if you look at financials they're significantly over earning the own market weight in the market so i think there's been a lot of talk about it, certainly the last year, so i'm not sure if people are positioned that way as the chatter would suggest. >> good to check in with you. >> good to be here happy new year. >> happy new year. take a look at the markets dow strong near session highs. the s&p 500's up about half a percent. consumer discretionary thanks to tesla. i would point out a 1% gain in small caps and more than that in the nasdaq coming up the view from the inside insiders selling on wall street hitting a record high last year.

up next, why that could be bad news for the bulls check out the top searched tickers on cnbc. tesla takes the top spot, not a surprise on top of a more than 50% gain in 2021. 10-year note yield jumps to 1.63 apple hits $3 trillion we'll be right back. 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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just under 389 minutes left of trading final tally is in on what turned out to be a record year for insider selling. robert frank here with the executives that unloaded the most stock in 2021 not just elon musk. >> a lot of executives selling more stock than everlast year

selling $170 billion of stock in 2021 the selling 2 1/2 times the pre-pandemic levels. musk as you mentioned the largest with $16 billion bezos at $10 billion walton family selling nearly $8 billion of walmart stock and mark zuckerberg cashing out $4.5 billion in meta. you have adad aron with $35 million off the table and nadella of microsoft selling $374 million so is this a sign of a market top? daniel taylor says decades of research shows they buy near the bottom and sell near the peak.

sara >> i feel like one argument against that could be -- you have reported on this a lot, the tax changes coming if they sell for tax reasons that is different than selling if they think the stocks are fairly valued near the peak. >> great point there's no question that tax selling is a factor. look at nadella. washington implementing a new capital gains tax. he said for estate and financial planning reasons if you thought that federal taxes going up and in some cases state taxes going up last year was a great time to sell in addition to seeing the high valuations. >> i hope the walton family selling to put some money into the sports franchises in particular arsenal who they own in london would be great give it all to new player signings and win the league next

year anyway, thank you. >> that would cover it. still ahead today would be the day that students and workers return but omicron is wreaking havoc on the plan just we'll discuss with dr. gupta next here's a check on bonds. yields jumping significantly today. 30-year back above 2 10-year is 1.63 as we stand.

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10-year note yield jumping let's check individual market movers citi upgrading vivid seat just while there's volatility and some companies exposed to live events views the pullback as unwarranted. speaking of omicron a combination of rising cases and bad weather led to airline cancelations but a wall street firm sees upside mkm saying three airlines will benefit from international and corporate recovery delta an s a top pick for the year and having a nice day today. jim cramer talking about delta earlier today. head over to cnbc cnbc.com/investingclub to take you straight there by the qr

code had a connection to walmarts and did not realize the marriage. >> yep. >> and for most the last decade. >> wasn't doubting you. >> money into the u.s. franchise. in the last 12 months or so he is starting to invest in arsenal and not gone unnoticed by this arsenal fan and every arsenal fan and probably quite a loose correlation there with the stock price. maybe not causation. >> no. not a leap. >> and yeah. long may that continue i'm unbiassed and -- when it comes to news and stocks other than arsenal if walmart stock goes up and ars nal do better that's great it is time now for a cnbc news update with frank holland. >> here's what's happening

looking at maryland where heavy snow creates dangerous travel on the roads. up to 10 inches of snow expected across maryland and virginia customers are without power. across the nation 2800 u.s. flights canceled today due to weather and covid worker shortages. deadlock holmes going to hear jurors say they are unable to reach a verdict on 3 of the 11 charges against her. the judge renewed the deliberations. the estate of david bowie sold the publishing catalog reportedly for more than $250 million. it's also being announced ahead o of the 75th birth day on saturday.

>> thank you. strong the dow on track for a record close. s&p 500 is sort of flirting with record closing levels at this point. the winner is nasdaq jumping with tesla up 13%. the fda approving pfizer's booster shot for teens 12 through 15 up next, a top doctor on the omicron surge and whether he thinks all schools should go back to remote learning. bitcoin now below 46,000 tried to gopositive a few time and took a spill down 2.2% we'll be right back.

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goldman sachs among the many wall street firms delaying the return to office amid the omicron wave thousands of schools delayed the return to in-person school fda authorized the pfizer booster for people 12 to 15 years old. joining us is dr. vin gupta. he serves as a health adviser to multiple fortune 500 companies good to have you. >> thank you for having me great to see you. >> so like me kids -- parents are going to be sending the kids to school today or have done so those that are not delayed

the politicians especially president biden made it clear this is a priority get the kids to school doesn't do so safely require testing and with the delays and shortages what do you think will happen next? >> i think you'll see an approach that this is not a one sized fits all the federal government did what it can do with improving ventilation in school districts across the country the american rescue plan offered money to school districts. that is a decision that's frankly up to local and state officials so there's only so much that the federal government can do to make sure that there's accountability and the resources utilized this is a different discussion for every parent if maskless are widely deployed in the schools, if vaccines are

required for adult staff, we'll get there with kids but in fall 2022, ventilation, if those things are happen fantastic. test where it's available but that's where you can be confident. if it's not happening that's where i suggest we pause and make sure the resources are in place before resuming in-person. >> what's the latest research on children and omicron as transmissible for them spreading it to the households and how sick they get. >> what we're finding is that as we see with adults more children are tests positive week over week since the omicron surge, week over week is a 50% rise in children testing positive what do we see for

hospitalizations as a share of that increased case load relatively few children enter hospitals no one has died. very few are requiring icu level care but the raw number is more children testing positive and ending up in hospitals and worrisome and the question is we know that covid causes side effects potentially in younger people especially kiddos if you're a parent you probably don't want your kid exposed in the first place. >> right we have also seen if you have been jabbed or had the shot multiple times including boosters doesn't necessarily prevent you from catching omicron. sum that up whether getting kids vaccinated is really that sensible and necessary

>> i do think it is because what we found is that if you're triple vaccinated the risk of side term side effects is dramatically longer. long covid is what people refer to it as if you are triple vaccinated the risk of that profile is reduced. it is significantly reduced. in addition to the risk of being in the hospital acutely. i think vaccination is key regardless of who we talk about. can we have a safe environment with vaccinating and masking while we get kids to vaccination? absolutely so this is a multi-layered approach and vaccination is critical regardless of age group. >> it was interesting that the cdc's new guidance in terms of quarantine length when it was reduced ten to five days is mentioning the tolerance to the

rule just what level of risk is there that that tolerance so reduszed if there was another pandemic a few year's time where the severity was far higher the fatality rate higher that the response to government mandates lower than at the start of the pandemic in 2020 >> that's a big question and this is a tough place to be. i think we need to get some credit to the cdc. they operate in a dynamic space. they struggle with clarity and m messaging. what will people tolerate? what was most surprising with the guidance was that they had a one size fits all approach for the vaccinated and unvaccinated. if you are triple vaccinated and otherwise healthy and test positive you clear that virus in 72 hours

unvaccinated it could take a week or ten days the fact that now they say likely that they will adopt a test at that five-day point to clear you from quarantine orb or isolation is tonright. aligning with science to do things safely. >> stock question. to your expertise. a lot of people trying figure out the renewing revenue model for vaccines and for thetreatments from merck and pfizer what do you see in the long run as this hopefully does become endemic as most experts predict for treatments and for vaccines how much do you anticipate using these for your patients?

>> i expect by fall of 2022, as we transition to an endemic phase, early test and treat, with the therapeutics of pfizer particularly and then merck is critical that's the holy grail of diagnosis. we send you a therapy to take at home, a pill, to combat covid-19 that's the holy grail here there's actually demand far outstrips supply in the realtime but some september of 2022 that is going to be somethingto achieve here demand is going to be through the roof in addition to annual vaccinations for the foreseeable future much more in the mainstream come next cold and flu season not this one. >> thank you for joining us.

>> thank you. straight ahead, why a wall street firm said banks are set to outperform. tesla's blowout deliveries all that and more in the market zone you can watch or listen to us live on thcne bc app we'll be right back. on us, 13 pro, when you trade in your old or damaged phone. (kate) better? (guy) better. (kate) hey. (kate) and up to $1,000 when you switch. (carolers) ♪better♪ (kate) because everyone deserves better.

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metaverse. jonathan boyar will give the names he likes right now the brewing battle over 5g and what verizon and at&t said about washington's request to delay the rollout and a look at the bond market sell-off discuss how high yields could climb. first 13 minutes to go in the trading day and we are in the "closing bell" market zone mike santoli here to break down the crucial moments of the trading day and today we have lindsay bell back. welcome. we'll kick it off with the broader market in the green yes, wore on record close watch again in the new year in the dow and the s&p 500. 4793 would be a record close you can see just about at the

level tesla and some mega caps which make sense but you are also seeing ark innovation jump 2.5% robinhood rising today what's the narrative >> leaders lagging new tax year there's definitely that january effect of picking up stuff that's been left behind and the stuff that's a drag on the indexes today looking at the biggest net negative contributors to s&p is names of microsoft up so that makes for a little bit of a noisy backdrop to tease out a story line because there are some kind of deferred portfolio reshufflings happening right now. certain cyclicals are responding

in kind to that dynamic. >> lindsay, a positive start to the year following resoundingly strong gains last year does it set the tone of repeating last year's returns? >> with the santa claus rally that ends tomorrow, that's a positive sign for the market going into the new year. you can see double digit gains when you get that santa claus valley at the start of the year. i think investors, bears are saying the markets and corporations have things to contend with there's tough comparisons whether from earnings growth or gdp growth or high irinflation rates and there's known/unknowns the market has to grapple with and might see that volatility create volatility in the first

half of the year so we are in a good spot entering the start of the year and protends well for the remainder of the year. corporate spending could be the natural support for the year ahead. >> up session highs at the moment with 9 minutes left. tesla shares searching hey, phil. >> those shares close to $1200 again. the stock up almost 14% today. better than expected deliveries for the fourth quarter and all of 2021. topping 936,000. by the way that's an increase of 87%. they won't increase sales every year by 87% but the expectations

is up 45% and why some believe you will see the estimate higher over the next couple weeks all chinese players, nio, sales up 109% and then lee auto setting records for december you have a lot of optimism about ev demand because of what we see in china and now people are going to say, are we starting to see people gravitate towards an ev >> thank you so much mike, interesting to see that what's good for tesla is good for potential rivals like lucid, too. >> yeah. right now it is about the ev market growing feeds the long standing bull argument behind tesla. it is much measure about how many to produce and everybody

else benefiting from that effect, too. you have this other aspect of things with tesla which is the story line kicks another round of the game so you have what a 30,000 unit upside to quarterly sales relative to forecast why good for $140 billion in market cap today why what do you do extrap late that number out in? people talk about 20 million units in 2030 and most activity today is in short dated options on tesla stock to profit to the next threshold mega hong term story with a massive amount of hot money behind it. >> several restaurant stocks including dow component mcdonald's making headlines today. kate >> lots of news so far piper sandler upgrading

mcdonald's to overweight saying it's confident around mcdonald's ability to deliver on driver through experiences. next up chipotle with the anticipated plant based chirozo after testing in august. the item is certified vegan and available for a limited time on to starbucks with an undated vaccine policy partners have to disclose by january 10 those unvaccinated will need to test weekly and part nevers will be responsible for the test. wendy's named a top pick noting potential for growth initiatives with breakfast and global unit growth back of to you. >> kate, with a very thorough round-up, thank you. lindsay, do you like the restaurant group they did well in 2021 as people finally started to eat out

again. >> yeah. they did do well the restaurants sub industry up about 21%. so they still underperformed the s&p 500 but what you heard from kate there is the names what they have is top line growth drivers. initiatives and products hope to drive revenue growth and offset the costs that they experience they often customers what they want i think this is a really interesting group. they still are valued at a premium versus historical average but overall this is where the consumer wants to be and an interesting group to watch into the new year. >> wall street with bullish calls on fintech and banks today. bmo saying payment stocks set up constructively for 2022. paypal finished down 22% in

2021 barclays say investors should expect leadership to continue. and also upgrading wells fargo to overweight from equal weight. actually kind of interesting to hear that call and to see in a day where yields risen so much the regional bank it of only up 1.5% big cap names unaround 3%. shows whether wells is reacting. there's catch up there. wells the vast underperformer o three years. if rates really rise and steepen it will be the regionals that probably perform the best

overall. >> right today we have a dynamic of things sold out outperforming and applies to citi. it's nice to see this one-day move in yields higher but not back up to the highs of the last several months on the short end definitely higher but it is no clear to me you start to really price in plausible more rate hikes and the regionals will respond so seems like a consensus b bullish part of the market i do think that the one day response makes sense here. >> is it too consensus or do you like that banks on rate hikes? >> it is definitely a consensus call and the banks had a great run in 2021.

no doubt about that. i think there is opportunity as the yield curve continues to steepen for these guys and loan growth improves. i think there's opportunity still in the banks and something we would be interested in looking at in 2022, for sure. >> the yield curve steepening today. just watching treasuries making a big move lower not sure what is behind that move in rates. >> i see a lot of it as fund flows getting out of the bid for treasuries but if you take a look at the internals on new york stock exchange it's generally been to the upside it is noisy because the index is underperformed well more 2 to 1 advancing volumes and also benefitting are the higher beta, more levered

parts of the market visible. if you look at the spsb is in the shall have come pabed to the low volatility version part of that is also a little bit of catch up from november, december with shakiness in the market outperformance by defensive. volatility was above 17. now back below 17. so pretty benign levels, sara. >> looks like a record close for the dow. session highs right now. and the s&p 500 where we are just around the levels if you look by the breakdown the strongest links is 3% in energy. excuse me discretionary is up

there. thank you tesla surging more than 13% weakest is real estate and health care and materials and utilities. defensive names there. nasdaq is biggest winner tesla is a big part of that story. apple hitting the $3 trillion mark for the first time ever today. small caps up 1.2% it has not been at a record high there's the s&p 500 closing at a record with the dow. welcome to clo"closing bell i'm wilfred frost with sara eisen and mike santoli coming up, gene munster what he thinks is the catalyst for apple from here. lindsay bell is still with us.

mike, in terms of how we perform today. would we see rebalancing we would see a risk off sentiment to start the year. quite the opinion sit. >> for sure. just the push from tesla and apple seem to create a little bit of head room for the market. always worth reminding folks that last year i think down 1.5% didn't say anything bad about the overall year and not as if there's a bellwether effect. still bumping around the highs that we hit last week. got above 4800 a couple times last week on the s&p see if it can push pastz past that. >> lindsay, the trading day defined by three thing just the

huge jump in bond yields tesla surging. apple above 3 trillion it is interesting that stocks didn't fall apart on the move up in rates every time treasury yields jumped technology got hit. is that on couraging >> yeah. i think so it shows that investors are -- becoming more comfortable with the facts that rate wills go up. the fed will likely raise rates before the second half of the year starts and starting to see that and if you look back at history, too, valuations can move higher as the 10-year yield moves higher we have seen the s&p 500 up just over 3% in the following 3 months so that's what we can see and what we have seen and coming from coming to valuations is we

have seen valuations come down from about 26 times, 25 times at the peak in september of 2020, down to 21 times here which is still a premium to averages but the market doesn't expect interest rates to really rise much above 1.5 to 2% you can see technology do well and you can see market multiples stay above average longer. >> mike -- sorry, sara where does it sit within the mega caps on valuation terms has its last month or so of running up put it back into a territory where you kind of see it hard to see that multiple expand over the course of the next year? >> roughly 30 times forward earnings it's -- you would say a little

bit rich relative to apple's history. microsoft is more expensive at this point it is not out of the zone of where the stocks trade but with the hardware element with apple there's a sense that there's product cycle risk in there. that's long banished it is a shorthand to think about the valuation. $3 trillion is 30 times in 100 billion in net income. that's what they did last fiscal year. >> it was a mixed session for the going out stocks they surged today white hotel stocks hilton, marriott, hyatt sank you have a big call here for 2022 on the reopening plays where do you want to be in this group? >> that's right. the first is reopening and travel names because what i think we saw in the last few

months of 2021 with the pandemic coming to a close people want to travel they want experience corporate travel picked up again. that's a theme and seems as if as we listen to the data that omicron could burn through fairly quickly and be on the other side with the reopening again and every time there's a variant we have a chance at a reopening. we every very excited about the companys that are the recipients of corporate spending on digitization, meta, cloud and data centers and a huge call for this year, as well we have cautious on the consumer names. not just because build back better is delayed but because fiscal softened in 2021.

so that reason, that will slow down this year. >> we'll get to the themes but on the reopening plays,the travel and leisure sectors, they didn't trade the same today is there a group with better valuations within that, the cruises perhaps that are beat up with the latest guidance >> we like hotels. we like theme parks. we like group experiences. that's some areas that consumers will be interested i spent a lot of time in denver airport over the weekend it is packed people are out there traveling for the long term. yes, is there an air pocket? absolutely i think we will be on the other side of this. >> what are you telling the

clients is the best inflation hedge in the year ahead? >> we still like energy, certain areas of the financials. really to work as the conversation with lindsay earlier you need a steepening to happen you need growth in the loan books. if that happens then we like the financials very much it is hard to make a bold call because it is data dependent we think inflation will soften by the second quarter of this year kind of dramatically so. it was hard to make predictions with huge prints in cpi and with that you'll see definitely less irpressure on input osts, as well. >> i think demand call is interesting to shift from the consumer buying and investing in the homes and the hobbies to the corporate. what benefits from an upswing in

corporate capital expenditures. >> there is so much corporate cash right now think about the cash they raised with the fed and intended to do. give cushions for cash for spending we don't think that goes into buybacks but a cap-x cycle here. in partial a reshoring companies are telling us that they rebuild in america. going from just in time to just in case and that's all over the supply chain and looking for cap-x spending not just in plants but the digital space so cloud, data storage and the recipients of meta so it sounds kitchi but it isn't. >> thank you for joining us.

>> thank you. >> lindsay, we wanted to get you to zone in on the best trade idea what are you going for >> i think my best idea right now for the year ahead is really putting a nice bow on everything we talked about today. consumer discretionary underperformed the s&p 500 in the last year. i think there's opportunity in earnings per share for the consumer discretionary sector. hotels, travel companies, snus, cruise lines analysts are conservative with the eps expectations as a group because the lack of reopening and the ability for earnings to pick back up because of the lack of confidence in this group there's a huge opportunity you don't see earnings back to

pre-pandemic levels this year. granted i will admit that the group is 15% of the consumer discretionary sector overall you need a tesla and apple to work to come out on top in the year ahead and i think amazon that weighed on the sector in the past year, there is tuptd there. i won't get into the details of the fundamentals but cycling easier earnings comparisons and best in class. a reasonable price the valuation has come down over the course of the two years and opportunity in the space the consumer is financially strong and i think that this is a an area that people could consider. >> with that sector pick presumably you're pretty relaxed about challenges overall to the u.s. economy in the next 12

months >> in the first half there's angst about inflation and the rising rates but jove all i think the consumer is financially stable and getting the economy going again and get people back in jobs i think the inflation and the supply chain mess takes care of itself and the economy can grow again at an above average pace. >> lindsay bell, good to see you. thank you for joining us. >> happy new year. thank you. we are just getting s.t.a.r.t.ed on the second hour of "closing bell." gene munster on the surge and the two big tech companies he thinks are set to cash in on the metaverse this year. tesla shares taking off after reporting record vehicle delivery just later, an analyst that thinks the stock looks too

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apple crossed a major milestone. the tech titan the first u.s. company to reach a market cap of $3 trillion, just 17 months after hitting $2 trillion. for more on apple bring in gene munster. gene, great to have you with us and reading the notes on apple, interestingly we always talk about what it's doing in services,of course, hardware but you think it will capture the upside available from the metaverse in the next couple of years. >> exactly if you think what apple powered the computing revolution, think about what happened in mobile and wearables, the next logical step is the metaverse.

zuckerberg laid the stake down june and hard to underestimate how significant this is going to be in terms of time spent. apple is working on products, some 2d based, could be phone based and augmented reality on the phone today and some we believe will be wearables and expect this year at wwdc to preview the micked reality head glasses and doesn't mean they sell them but going to preview them i think probably available for sale in 2023 but i think that will be an important point for investors to get a better sense of what apple's road map is in the metaverse. i think we'll get a clearer picture. when you put this together, this is i think the significance of today, for me less about apple hitting. >> translator: 3 trillion and

what's the next stop ulgt matly i believe that the company's best days are still ahead. this could be a $250 stock that would e quatd to a $3.8 trillion market cap and i believe the metaverse is big enough to power that mike was talking about 30 times 100 billion. that is the same math i operate off of but multiple expansion based on the size of the market opportunity with the metaverse i think that can propel apple shares higher so it's all about the metaverse. >> what about the next percent in terms of the mega cap names for the year ahead >> i think apple and facebook both are well positioned for the metaverse. the substance of that, i

struggle with facebook, what i think it does to cultures and to some people how they feel about themselves i think about what the company can do in the metaverse and i think it's significant zuckerberg is putting his reputation on the line and he is competitive. can be defiant and really restructuring the company around the metaverse. they will have new glasses that will probably pre-empt the goggles and an example of an event to get investors optimistic and look through some of the missteps of the company in the past year and focus on what could happen for facebook. >> gene, it is sara. i feel like it's hard to talk about the apple $3 trillion mark

without mentioning the story of the use of cash for the company. it built a mountain of cash. can you tell us where that goes and whether that will continue to propel the stock? >> so where it stands is roughly $70 billion that they will be playing -- paying down,returning to investors the challenge of reducing the cash is general rating cash. they generating cash flow in the year so the question about what eventually do they do with all that cash is simple the vast majority i guess 80% plus will go back to investors and they will invest in some products sbirnlly i would be very surprised if apple does a big acquisition in the spaces whether it's the

metaverse or autonomy. this is a company that rules with a steady hand and i think they will reward investors with the cash. >> but becoming the biggest company in the world and $3 trillion will get the attention of politicians and already scrutinizing companies is that what could stand in the way of apple's ascent? what's the latest on the regulators with stepping up anti-trust issues? >> they navigated i think successfully with the app store and 9 of the 10 rulings in their favor. one was postponed. i think apple has done i think really set the standard when it comes to navigating what's going on in washington, not only cook's relationships there but

also they do make changes to policies to try to head off greater regulation and we saw that with the app store and could continue to see that i don't see regulation as something that stands. i would just putt it simple. regulators get voted for in the case of apple's products is these products are more essential to how we operate our lives than two years ago and any sort of -- i don't know what form it would take beyond the app store for apple. i don't see anything happening i think the greatest risk to the apple store is market multiples soften and they don't get rewarded like anticipate for the massive markets. that's where i could be wrong. investors want do see more

sooner. >> a big theme that you've written about positive for on the year and years ahead is quantum investing. >> quantum computing at the most basic level is next generation of super computers and it is a theory taking the computing principles and how they operate today and moves to calculations in a state where they operate both in 0 and 1 at the same time this is a theory that is super positioning so if you reach super positioning there's an exponential improvement in speed and reciprocal decline in power so you can effectively unlock problems that have not been

solved before. quantum computing is a big deal. much bigger than evs big fan of tesla and what a potential on quantum computing making evs look like an appetizer to this because it can be so fundamental and to underscore the after tight for this type of investment with nvidia the shares up 785%. so it's geeky today. there's a couple small companies doing it we'll hear more about that i rest well knowing that investors will be talking more about quantum computing. it can be that transformative.

>> gene munster, thank you for joining us. >> thank you. the stop value investor with the list of the five forgotten stocks on wall street that could be set to rally this year later, the tea leaves to find out what the bond sell-off could mean for the broader market.

stocks starting 2022 in the green with the major averages higher for the day dow and s&p 500 closing at a record for more on what to expect let's bring in jonathan boyar. the firm putting out the annual forgotten 40 report. highlighting stocks it believes will outperform in 2022. thank you for joining us one you picked in 2021, had put on the list which was disney it was one of the worst performers in the dow. is that a pick for this year >> it is one of the picks. thank you for having me. i appreciate it. it happens to be one of our

picks. it was a disappointing year but i certainly can't complain of the performance of shares throughout the years and certainly disappointing year and i think there's better years ahead for the mouse house. >> bank of america surged. any other financials on the list >> bank of motor america was a t performer and chubb. it is the 40 best ideas. i think in a year like 2022 that follows a year like 2021 where the major indices did so well, that these individual cat list driven names should do great. >> let's go through the individual picks one of them i'm interested is

uber talk us through that one. >> yeah. uber's i think a misunderstood story and not a traditional value name by any stretch of the imagination. but it has a really valuable network. when you look at the core rides business it is profitable and they've grown this delivery business from nowhere very, very quickly. they have $10 billion stakes in various businesses throughout the world. it is a really well run company and worth noting that the ceo bought about $10 million of stock a few weeks ago. >> how does it valuation stack up against lyft or door dash i feel like they've been more rewarded. >> yeah. compared to door dash at 12

times sales uber is much more modest valuation and the rides business is bet every business and not getting credit for it. almost like the better business you have worst valuation you get. it is a compounding story and well run. >> what about discovery media which i see is a pick? why is this the year for that company? >> yeah. look at a catalyst this year with the hopefully warper deal closes mid year, i think it's going to be a fantastic combination. david has done a great job at discovery. i think that if you look at the acquisition of a few years ago the cost savings is three times more than the estimates so i think there's a lot of fat to be

cut and have fantastic content and will be a real disney and netflix duking it out in the streaming world. >> why do you think the market is so skeptical about it >> i think the market just, one media except for select few stocks, are pretty out of fair they don't understand the streaming business they see the leverage to happen with the deal but they delever pretty quickly after scrips and we get to $40. right now they are able to bind on a proforma basis warper discovery for 7 1/2 times '23 earnings i think it's a really compelling value here worth around $40 as i said

a great operator also worth noting that john malone was willing to let -- to give up the voting shares to consummate the deal and i think that's a real vote of confidence for shareholders. >> want to hit one more with you which is angi. we had the ceo on last week and that's a big disappointment over the last year. you would have thought when americans focused on the homes and remodeling angi would soar what changes about that story this year? >> i think the angi story is really interesting the ceo who founded handi is a really good operator and the story there is the fixed price story. the angi services business which grew i think 100% year on year and that's what i think

investors will get excited about. they're going to be doing -- the company is controlled by iac which is barry diller's company and trying to do what they did with match and putt it on on line they have done it with ticketmaster, exped yeaia if they execute the upside is tremendous. >> jonathan boyar, thank you for joining us. >> thank you for having me. up next, the battle over 5g. verizon and at&t responding to the government's request to delay the 5g deployment. what they said and why the government wants the delay tesla delivering the goods for investors. whether the shares will continue

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time now for a cnbc news update with kelly evans. >> thank you hi, everybody. new york attorney general subpoenaing ivanka and donald trump jr. as part of the tax fraud probe. according to court filings made public today and also looking to depose former 3rpresident trump. president trump and the children are challenging the subpoenas. rescue crews in colorado still searching for two people missing after the weekend fire this as investigators search for a cause. police executed a search warrant over the weekend haven't said if the fire is arson. investigators saying there are several properties under investigation. the arch price of a used car

in america for november $29,000. edmonds.com said it's a 39% increase tonight kids and organized sports a big decline in participation some parents are worried why on the news right after jim cramer 7:00 eastern. sara, back the you. >> all right see you then thank you. at&t and verizon responding to theist government's request to delay the rollout of 5g service. what is this actually about, julia? >> look. the faa is worried that the technology could interfere with sensetive aviation technology and could be forced to cancel or divert flights if 5g launches this week by verizon and at&t

rejected the faa and transportation secretary pete buttigieg's request to delay the rollout for two weeks to give them more time to study the impact the two telecos spending $80 billion for licenses are proposing that they limit the deployment close to airports for six months the two companies are disputing claims of air safety risks noting that they have been preparing for years and the proposed plan is more conservative than one which is operating safely in france for now years. the faa quote, we have reviewing the letter on how to mitigate. safety standards will guide the next actions the faa say it is comparison the france isn't accurate because

the power level is lower than here in the united states but verizon said that the changes to the policies would mitigate any issues back and forth here. it is interesting to see how it plays out. >> it is complicated thank you for keeping an eye on it for us. up next, mike will have his take on today's big bond sell-off and new year, new goals. recommendations to achieve the money resolutions. ♪ feel stuck and need a loan? move to sofi and feel what it's like to get your money right. ♪ ♪ ♪

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stocks close at record highs. both dow and s&p 500 let's go back to mike santoli because bonds also saw a big move a sell-off where yields jumped. >> yeah. obviously with pent-up selling 2-year note went up toward .8% this looks like pretty consistent up trend to say the least. at a 22-month high back in the end of february of 2020 when the market immediately saw the fed dropping rates back down to 0 seeing it fall off a cliff this is well on the way to pricing in two to three rate hikes. right? this is the maturity of

treasuries most sensitive to the fed. the question how many rate hikes, when they start, what's the cadence has to do with the path of inflation. here's a way of breaking down inflation we have seen this white lines are the pre-pandemic trend the way that these different price categories moving at that point. services not a difference. acceleration quicker than the trend in place before the pandemic durable goods shot up and just completely die verged. big question is, does this roll over we don't buy these things that often. doesn't filter in as quickly but you are still also seeing everything nondurable not services tick up, as well. the path of these lines has a lot to say whether the fed can

or wants to be patient about what it does with rates eventually. >> what about what you hear from companies? i feel like we start to hear that the supply crunch is easing >> yes today the market pmi manufacturing report did have some language in there saying that that's what's happening so what's interesting is depends on what you want to listen to from companies. we believe that we can take price and they want to boast to protect margins keeping the pricesdown there's going to be a push-pull in here. i don't think you can say across the board it goes one way or the other. >> thank you. tesla's strong start, reported record deliveries and got investors rallying behind

the stock. after nearly 50 years bob iger left the company he talked about the tenure you can listen to the entire conversation by subscribing to the "squawk on the street" podcast. "closing bell" will be right ckba

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comcast business. powering possibilities. tesla higher by 13.5% after reporting record vehicle deliveries in 2021 the company did have more than 936,000 vehicles last year, an 87% jump from 2020 joining us now craig irwin from roth capital part anywheres with a neutral rating and a share price of $250. well below the current price of around $1200 good do see you as always. >> thank you. >> how surprised were you by that delivery number >> i think everybody was surprised by it. you know, i thought it would be strong but that was really pretty shocking. i remember not so many years ago we wondered if they would do

40,000 units and now they beat by more than 40,000 units. that is an impressive result. >> with the share price you think it will significantly revalue to the down side what is the trigger, the catalyst that leads to that? >> the way i approach it is a neutral rating right? not calling for a sell or a short. i'm very clear to say i wouldn't short it i think they can continue to beat expectations and levers to pull for the growth, the mini car and entry to india and that are going to deliver unside versus analyst. the rationale on the price target is simple why tesla is overvalued look at the company. they did just over 900,000 units

this year. toyota did what? 9 million. 10% of toyota but valued at a trillion dollars 300 billion for toyota no reason that toyota can't have an ev. just like the automotive oems, there is nothing that will stop other companies from successfully introducing compelling models, and that is why we've been ringing the bell saying 500 ev models on the road by 2025, many of those are going to be very successful and very interesting to consumers >> so, just to be clear, craig, you're not calling for people to sell, you haven't got a sell rating so in fact, if that 250 price target was hit in the year ahead, would you be wrong because you're not telling people to sell the stock. >> i'm saying it is egregiously overvalued. >> but you've not a neutral

rating >> so the neutral rating is saying don't short it. so you have a distortion in the market tesla is valued as more than the rest of the automotive industry combined the increase in the share price today on an equity basis was almost equivalent to the combined equity value of both forward and general motors that is shocking these are iconic brands making far more money than tesla. that have really interesting, i would say almost exciting electric vehicles coming to market and, you know, really there is two points to make from this, right. one is demand is tremendous, but everybody faces the same demand. both of the conventional oems that are all introducing electric vehicles. musk has done a great job getting out front and people want to own these vehicles i would say i think there is another key point which is the traditional automotive industry is probably underinvested.

if you look at the value of tesla, at a trillion dollars, a big multiple versus toyota which has an order of magnitude more sales, peep have been overly focused on the wrong things. the last time it was sexy to work in the automotive industry is in the 1950s and in the last few decade people have been talking about the benefits or impediments of union labor and distribution inefficiencies, these all become irrelevant when you have compelling portfolios that deliver profitable vehicles that are what consumers want and i think that there is no reason that many of these companies can be very successful introducing vehicles and having people buy them in the millions, over the next few years. tesla is going to be in the millions pretty soon which means there is a distortion tesla is overvalued. would i short it here? no i think he has some tricks up

his sleeve i think musk is a great ceo and he's transformed the automotive industry >> so i just want to bring up something, craig, that i don't think has gotten a lot of play within this move in tesla today, and the "wall street journal" pointed it out and that was that tesla opened a showroom in shing jong, which is the area of china where authorities have been accused of genocide against the uyghur population and i bring it up because it is been a really delicate dance for other american corporations on a p.r. front, fromn front of the chinese consumer and i wonder what you think musk is up to in china and what the prospects are after the delivery numbers which clearly reflect there is strong demand there as well >> yeah, so i think musk is making decisions by the numbers. and doing things that he thinks make sense for the shareholders and make sense for the company so shing jong may have

unfortunate political complications, but as far as the relevance for the chinese automotive market, i think that that is unquestionable, it is a very important market. it would only be cal to have a dealership there is selling cars in that region something that investors should be overly concerned about, it depends on how they rank the u.s./china relations in investment philosophy. most of the people i talk to, they buy pv companies, solar project developers, they get panels out of this region. our analyst phil schenn follows this very closely because of the complications of tariffs, et cetera but does it make sense that we couldn't serve the people in that region? i don't think so i think that, you know, we can deal with the political for our political channels, and, you

know, i think musk is probably just making decisions by the numbers. >> yeah. craig, we have to leave it there. thank you for joining us cig irwin. >> thank you. >> after the break, a new year often comes with new financial resolutions. we'll break down the way worker can grow their savings, next

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welcome back a new year often brings new financial resolutions. sharon epper sorn here with what experts say could help you reach those goals. high sharon. >> hi, wilf, if you made a new years resolution to save more in 2022, some financial advisers say this is the trick to stick to it. >> simplify your investments and your financial life and that is especially important with so many people now changing jobs during the pandemic. it is a good opportunity to re-set and simplify some things. >> this year employees could contribute $1,000 more than last year to a 401(k) or work replace retirement plan. 50 or older, catch up a contribution of up to 6,500 and if you trying to decide whether to put pretax money in a traditional 401(k) or after tax

dollars in a roth 401(k), here is what some advisers say. >> they may recommend you put all in a roth, particularly if you are in a lower income tax bracket and the tax savings is not really important to you right now. if you're in a higher income bracket, perhaps having some pretax savings could be beneficial. >> try to increase your contributions by 1% or 2% to get your company's matching contribution and make sure that you also don't forget to rebalance your investments so your portfolio is not taking on more or less risk than you need sara >> sharon epperson, words of wisdom thank you very much. very useful to start the year. >> sure. >> and mike, investors started the year with a bang here with the s&p and the dow closing in record highs at record highs. 71 if we were still in 2021. but i guess we'll start 2022 there. it wasn't everything going up, though a lot of defensive groups

did not work, industrials did not work what are you watching here as we move into the coming weeks, ultimately to the first fed meeting? >> obviously you're going to watch to see whether there is more of a cyclical tone. people betting that the omicron surge is very intense but very brief. that seems like one of the things that people are leaning toward at the moment. >> we are out of time on this first trading day of the year. thank thanks for watching. "fast money" is next. >> tonight on "fast," one strategist said this could be the beginning. what tom lee sees for the start of 2022. plus travel nightmares thousands of flightscanceled over the weekend hundreds more still in peril with the holiday delays could mean for airlines and the rest of the travel industry and a semi standout, the long lagging chip stock that made a big break through today and why it caught the eye of one of our traders. this is "fast money" for 2022. tonight's lineup -- happy ne