>> thank you jason snipe. >> health care, xlv. really like the pipeline for pharma names stay long. >> all right the sector for the summit. got that pete najarian. >> sticking with energy. i will give you xlm, exxonmobil. i think it is going higher with call buying today. >> josh brown. >> alphabet. like it. >> all right guys, it's been great. keep your eye on interest rates. the dow right now is good for 77 points the nasdaq has been on the run there it is higher by 150 points that does it for us. "the exchange" begins now. ♪ yes, it does thank you, scott hi, everybody. we have a rip-roaring nasdaq rebound on our hands today we can trace it back to yesterday when we saw the big afternoon turn around. a lot of debate about why. is it powell talking about inflation peaking this year? the fed chair testifying before the senate today, which is

likely to confirm him for another term we will bring you the highlights he is also saying the fed will raise rates as needed to fight inflation. is it jamie dimon, his bullish remarks on the show yesterday cited as a factor for the sentiment. is the great rotation over just getting started. in rapid fire, twinkies, doughnuts and chips. not that kind of chips a potential flar for bitcoin let's start with dom chu at this hour >> i like those kinds of chips, the potato ones, tortilla ones >> i do too. >> the chips she is referring to driving the tech trade, the computer chip variety. if you look at the major indices so far today we have seen fractional gains and losses throughout the course of the day, sou no nothing dramatic bu representing a big move off the low of yesterday the level traders watch as we stand at 15,086 for the nasdaq composite is 14,700, which

represents the 200-day trend so continue to watch that particular trade there we bounced off that level intraday yesterday hence maybe some of the support for the overall market by the way, we hadn't breached that particular moving average, that level since going back to april of the pandemic as we were re-emerging from the depths of the pandemic in the spring of 2020 also, you can see the sector map behind me here there's a lot of green on the screen so far. if you look at the overall picture, 2.5% gains for energy why? crude oil prices on the rise by 4% $81.35 ice brent crude futures, world bench market, up 3.5%. some of the exploration names are doing pretty well in trading today. it is the value cyclical side of things, kelly, that continues to perform. today's trade, energy the best performing sector. back to you. >> we just got the total oil outlook for the year as well,

being cited as a factor. very big moves in energy three moves can sum up the market since last monday, first trading day of the year. energy leads all sectors financials are strong in second place, and tech is down 5% to start the year making it the biggest laggard of the sectors what do we make of it and should we expect it to last throughout the quarter or is it already staging a comeback bob pisani is here >> energy has laggedfor five years and in the last few mornts we have seen the opposite. we are in for a little bit of mean reversion what is that it is the tendency for stock prices to revert to long-term averages since the fed began the massive program to pump money into the economy in the great financial crisis in 2009, the s&p has averaged 15% returns that is way above the historic norm going back more than 80, 90 years of about 10%

now the fed is reversing that whole program, and some people are suggesting that mean reversion would be in order here that would be a period of sub optimal or sub normal returns, below 10% returns. we saw it recently in the short-term here with the mean reversion. 2021, of course technology stock was a dominant stock in the stock market the s&p was up 24% in 2021 it has been 5% or 6% since then. these are short term but indications that the market is starting to think this real estate investment trusts which lagged for a long time, had a very good year, it has been selling off aggressively in the last days, down 7 pearls even in the international stocks the u.s. has outperformed in international markets for many years. in 2021 it continued to do so. in 2022 we are seeing markets like hong kong, mainland china, taiwan, other parts of europe outperforming. the uk is outperforming the u.s.

we will see if this continues or not, guys. i think the important thing, kelly, is right now the market is rethinking some of the assumptions it has been working on for a number of years, which is that growth always over value. they're trying to buy growth but the market is thinking where they want to be. >> we will chase those moves in a moment our bob pisani thank you very much. today marks the one-year anniversary of the so-called meme rebellion will those names see a reversion to the mean or can they continue with high premiums it is great to see you again speaking about the meme stocks which still have a p/e north of 35, do you think that is likely to remain under pressure until the p/e comes down into the 20s? >> yeah, i mean i can sort of see both sides of this probably the most relevant one for me anyway is the multiples

expanded while growth rates were expanding during covid so the flip side of that is reference, you know, they don't -- they're not going to shrink but are they going to slow the growth? what happens to multiples in that case? i think that multiples should contract, so in that sense i argue that >> explain what you are talking about. gdp growth slowing?. >> no, you know, for instance microsoft was trading at 20, 25 times earnings before covid. last year they're growing in multiples of 40 times earnings if growth rates go down to pre-covid growth rates, what happens to the multiple? i don't know who the natural buyer is for a stock that is highly valued but the growth rate is coming down. it is not us it is not most growth people so i'm not sure who that natural buyer is that can create some, you know, uncomfortable moments maybe if what i'm saying happens.

if growth rates start to tail down >> i like the way you are coming at this because most people have been trying to separate high p/e from low p/e or highly profitable versus not profitable or barely profitable you are really looking at growth rates as a trend >> no, in this universe of high multiple stocks, it is really like momentum stocks, it is driven by earnings momentum. you sort of compound it. earnings grow very fast and then you put a higher and higher multiple on that that eventually reverses at some point. it has happened many, many times. i don't know when that will be maybe it is now, maybe it is ten years from now for all i know, but that is something to be worried about especially now because now clearly you will be starting to prepare against some very -- it is going to be very difficult comparisons this year. >> not to put you on the spot on a particular stock, but alphabet was the big point of debate last hour this is a company that returned over 60% last year and had accelerating growth throughout the pandemic

should they and other pandemic winners expect to see slowing growth and poorer returns this year >> google,al pa alphabet, they a lot of tail winds divorced from the covid idea they have increasing market share, advertising and things like that that kind of feed into it but on the flip side there are many sort of meme companies that don't have the tail winds, those types of tailwinds they benefited from people bringing technology spending forward into 2021 and early this year those are the times of companies that will have a difficult comparison teladoc is a really good example of that. they will tell you in their own presentation they're going to grow 25% for the next four years, but they tell you they will do it by their customer count only growing 3% a year it is cross selling. there's some sense already some of these, you know, very popular meme stocks have already reached kind of a maturation point >> right

>> that calls into questions the multiples. those are the types of companies that probably should have or could have more difficulty this year >> the final question as we outline where you see risks, where should you be putting your money or where are you putting your money >> you know, ben graham said -- i'm not that old but i feel old quoting ben graham he said the market on one hand is a voting machine, sometimes a weighing machine voting means whatever stocks is the most popular has the highest price. we are going to where the voting machine is telling us intrinsic value is well separated from the price. you know, the market, it is -- you know, the purpose of the market is to weigh these intrinsic values versus the price. the design of it is such that prices will fluctuate greatly from the intrinsic value we are going international we are going small mid caps and industrial names, things that would be broadly characterized

as recovery areas, and we're shying away from these high-growth names. >> international, industrial, small mid cap recovery plays, that's where your alooking to put your money abhay thank you for joining us today. abha deshponde now where jay paul just wrapped up his testimony ylan mui brings us the highlights. >> reporter: kelly, if confirmed to a second term, his first job will be to start unwinding the central bank's pandemic support and he tried to brace lawmakers for what it might look like. >> i would expect that this year, 2022, will be a year in which we take steps towards normal normalization. that will involve raising the federal funds rate it will involve ending asset purchases in march, and perhaps

later this year depending on the run of things we would see ourselves beginning to allow the balance sheet to shrink. >> reporter: some democrats questioned powell about pumping the brakes before all workers benefited from the economic recovery, but he argued keeping a lid on inflation is the best way to help everyone >> we can see participation is moving only very slowly, and to get a long expansion we will need price stability so in a way high inflation is a severe threat to the achievement of maximum employment and to achieving a long expansion that can give us that. >> reporter: now, powell also defended the central bank's new ethics rules that prohibit officials from owning individual stocks and limits trading, especially after the revelations about outgoing vice chair richard claritis financial transactions he called the fed usa new rules among the toughest in government back to you. >> thank you, ylan mui powell said inflation requires more attention right now.

but my next guest says it doesn't necessarily mean more rate hikes joining me is david zervos, the chief market strategist at jefferies. it is great to have you here are you sort of on the dovish side of things >> i'm certainly more hawkish, kelly, than i have been in the past, but that relative to the media pundits out there i'm probably more in the dovish camp because i have long-term disinflationary views that i believe will come back into the system, probably second half of the year once the supply disruption story line begins to dissipate. we have to get through a rough q1 and possibly q2, but i think we will start to see some real inflation headline drops as the q2 comps will be hard to beat. that's not first quarter though. >> exactly you are talking about first quarter, second quarter, even tomorrow we could see some pretty high reads. i know i have been pretty constructive on stocks overall, but trying to figure out what

the fed's reaction function is going to look like this year, walk us through some of the scenarios are we are starting to hear four rate hikes from goldman, mower than for jamie dimon's personal opinion what do the tea leaves say to you? >> i will say to you i come in probably the least optimistic that i have been in 12 years at jefferies in terms of upside i have upside, maybe 50% of what my usual is in terms of allocated to risk assets the reason is i think the fed put or the downside is not well protected by the fed, so i feel a lot less comfortable with them coming in and doing their usual back stops and 10%, 15% down trade. i think it is more like a 20% to 25% down trade so i'll leave it out for you to start with but, you know, in terms of four rate hikes, three rate hikes, two rate hikes, i think it is a really trick "y&y one because my belt an inclination is to believe that the balance sheet

will pay a more prominent role in the tightening exercise the more they go for a more rapid cessation of the reinvestment of proceeds from the mortgage and treasury pay downs or -- and this is the wild card, kelly -- or choose to sell assets, which they did not do last time but was certainly a topic ofdiscussion in 2010 whe they were first discussing balance sheet normalization, i think there could be an interplay there that means the shortened is not as much of the lever as the markets might be thinking here. that could work against some of these flattening bias trades that are out there >> why don't you think they will be as quick to react you know, the market has actually been telling them they're wrong when they were tightening last cycle. they would try to tighten. they would talk about four rate hikes and the market would push back and they would basically concede the point. why do you think it is different this time? >> well, i think, you know, the market has been very optimistic about the long-run inflation

pressures. the break-even inflations were unchanged last year, kelly people do not expect it to be a significant permanent inflation event, at least those betting in the market there's plenty of pundits that do i think they're often more worried about the fed overdoing it in its reaction to this very high set of inflation numbers that we have today as opposed to losing credibility and underdoing it. in fact, you know, you have 30 years of history that says that disinflation is kind of dominated inflation when it comes to the risks i do think as well powell has a legacy to think about. he doesn't want to go down as the guy who, you know, undid 30 years of paul volker and alan greenspan and janet yellen's hard work. he has it set up to be more hawkish and that's one of the reasons i'm coming in a little more pessimistic and i'm usually

the most optimistic. >> yes you are seeing we only see about half as much upside as normal. where does this leave you on rates and bond yields? >> i'm leaning to the idea that the fed is not going to like it if they start tightening and the ten-year note yield does not go up, we get some sort of conundrum and they could play with the balance sheet a little more i think we could have the shortened not being as aggressively sold off as potentially the long end, and that has a lot of implications for your viewers who key long-dated cash flows for growth stocks off of long-term bond yields so i would be a little less constructive on the long end than i have in the past. i don't think it is a run away i'm certainly not in the jamie dimon 5% camp. i don't know if he is still there. he was there many years ago, but he sounded quite hawkish recently but i think there could be a little bit more hiccup at the long end because i think the balance sheet is more in play

from a sales perspective and from a speed perspective >> very interesting. if you are right, it probably doesn't bode that well for those areas that have already been under pressure from higher rates, which are, you know, taking a bit of a pause today but could come back to the fore. dave, thanks we appreciate it we will check back in soon >> always a pleasure, kelly. >> david zervos joining me from jefferies. still ahead, a key inflation report is due out tomorrow plus, a billion dollar trade the corporate executives who won and lost big in the reddit rebellion. details ahead. this is "the exchange" on cnbc

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very bearish it is tricky when saying bearish, but you thought the ten-year was going to 1% or below so it has been a big turn for you. >> yes, i was very bullish, kelly, until january 5th of 2021 when i made the abrupt shift i said then for the previous four years when the markets were saying that the yield was going to go up and we had jamie dimon at one point talking about it going to 3% to 4% on the ten-year i said before that happened it was going to go below 1% we actually did go very, very low until that time. now with the reins of power completely on the democratic side i thought there was going to be more spending, the fed would continue what i call an irresponsible monetary policy, and that would boost the inflation finally to very high levels that's why even in the second,

third quarters when the ten-year yield came down i did not change my view that we are headed toward the 10% on the ten-year and going even higher. so i have not changed my view over the past year at all. >> yeah, you think we are headed towards 2% on the ten-year >> at least. >> at least. now that we've seen pushback on some of the spending, the build back better plan dead in the water, we've seen the fed now talking and doing the taper and talking about rate hikes, is that -- aren't your concerns now fully priced into the market >> those are great questions, kelly. let's start out with the fiscal side fiscal side -- again, viewing it purely from the points of view of inflation and interest rate, it is a more optimistic picture. it looks anything like 1.85 trillion or 1.9 trillion of additional fiscal money is not likely to go through because of

the balanced senate and the opposition among some key democratic senators. so the fiscal side is no longer what is to me from an inflation point of view. unfortunately, the federal reserve is an unguided missile it goes off by itself and, again, we found in early 2019 jerome powell abruptly pivoted from talking about three rate hikes in 2019. he actually cut rates as many times. now he is saying he is going to be hawkish what does that mean? it doesn't mean anything if the markets back off and a 15%, 20% correction, he may become dovish again. >> this is kind of the point david zervos was just taking where he says he thinks it would take a market sell-off to make the fed back-off again, the coldmgoldman call isr

rate hikes certainly it sounds like you think it would be warranted but you don't think the fed will follow through with it >> precisely exactly. you were talking in your conversation with david just earlier, the point here is the fed has to increase substantial number of times and the fed should not back off even if the markets cent that that's not part of the fed's mandate. the fed's mandate is employment and inflation. the powell fed has worried about everything except those two variables. i have been saying for the last year inflation is not transitory, it is going to be permanent. i thought it was totally within my expectation that powell would abruptly pivot and say, oops, sorry, no longer transitory, now it will be sustained he just realized it, one of the last to realize it, but it has

been in the market, kelly, for the last year. nothing has changed. >> again, we will have a couple of reports that might highlight those pressures in the days to come thanks we really appreciate checking in with you today >> thank you, kelly. with global strategies coming up, a rough start for chip starts this year. you can see the declines plus a rare like for oatly, this is a stock down 60% from last may. why the optimism we're back in two. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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- [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. ♪ welcome back to "the exchange," everybody i want to bring your attention to the nasdaq, up 172 points today.

for now, about a 400, 500 bounce off the 200-day moving average yesterday. for a lot of people they say it is a pretty important test also, the dow, by the way, is brought up along with the rest of the rally while the s&p is up 27 points, the dow is up 85, though it is the laggard. we are at session highs. we are watching peloton, on pace for the best day in over a month after introducing a new cycling shoe specifically for the bike and bike plus. shares up almost 8%. it is still down 80% from the all-time high. zoom on pace for the first back-to-back daily gain since early december also down 60% from the highs but you see the pattern here this is what is going on with the nasdaq some of the stocks with major pressures are in the green gig economy stocks rallying, too. doordash, uber, lyft, doordash up 7.5% today. let's get to rahel solomon for a

news update. rahel. >> hi, kelly here is what is happening at this hour. a new unionization vote scheduled for a warehouse in alabama. ballots will be sent out on february 4th and counted on march 28th the new vote was scheduled after amazon was found to have violated labor laws during last year's union election. president biden prepares for a major speech on voter rights this afternoon senate minority leader mcconnell once again threatening retribution if the senate filibuster rules are changed on the news tonight, biden's latest push to push election laws and why republican opposition remains strong. that's tonight at 7:00 eastern the justice department establishing a special unit focused on domestic terrorism. the department's top national security official says that the country faces an elevated threat from home-grown extremists he says that the number of fbi investigations into suspected

domestic violent extremists has more than double it since 2020 kelly, back to you >> rahel, thank you. still ahead, bitcoin's big swings is it time to get into the chips? oatly gets some rare wall street love and krispy kreme's unique business model it is all coming up in rapid fire right after this. earn abou,

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♪ everybody, let's catch you up on a few calls that should be on your radar right now. it is time for rapid fire. here to break it all down we welcome josh lipton, kate rooney and steve grasso, grasso ceo and cnbc contributor let's start with bitcoin leverage is hitting a record high adding more concerns to crypto collapse. i don't know if it is collapse it dropped 20% in december new data from coin share showed crypto outflows hit a record of over $200 million. kate, for a lot of people it

feels like collapse if they're sitting with declines of 40% >> right depends where you bought the bit schecoin spot markets he been quiet struggling to bring in new buyers coin share had some data there but glass node had some research showing it is at an all-time high in terms of leverage. the takeaway is there's more interest in bitcoin's price and speculating on whether it is going up or down and seen more as a speculative bet than owning the asset now. glass node says it is an aggressive taste in terms of growth they hit an all-time high, and they measure that by open interest that's really the stem of the open contracts out there, hit a new high this week it is up 42% just since december they look at something called the leverage ratio versus market cap. so any time that number is above 2%, they say it is really historically resulted in sharp

liquidation of contract. that's one of the reasons you see some of the really volatile moves in bitcoin right now we are at about 1.9% so getting really close to that level. >> you know, dogecoin i know is josh's personal favorite you have half your network in doge, right? >> i don't own doge. a lot of our audience watch right notice, they moved in here, traders, investors, businesspeople, maybe they saw what they believed to be undisciplined spending in washington so why not move a portion of your portfolio over i think one interesting trend to watch and kate was all over this last year is how it is notjust individuals anymore, it is companies, it is corporations, it is financial institutions it is countries. so bulls would argue, you know, kelly that's a long-term powerful tailwind. >> absolutely. even bill miller, the headlines yesterday, half of his net worth. when you buy in ten years ago and a small part of your net worth, it can certainly grow to

a number that large. >> definitely. i think you hit it on the head though you know, when josh talks about this, he talks about who is investing in it. you give a name of a famous investor what does that mean? it means it is becoming ubiquitous it means back when it first started out no one would be the first crusader to sit there and say, i'm in bitcoin. you got run over now a lot of people give it the credibility, the validity it is actually an investable tool. to josh and your point, there's other coins that people are willing to invest in so although i do believe that the path for bitcoin is higher, i also believe that people are going to dive in a little more aggressive into the cheaper coins because the average person looks at bitcoin, even where it is at now, even though it is off dramatically from its high, they look at it and say, really, where is it going to go from here even though i do believe it will ultimately go higher >> all right >> the average person wants to

buy the other coins. >> we will talk to jack malers about that next hour let's talk key bank upgrading shares of amd to buy today. they like the cloud exposure, say it should help perform other chip makers. amd is down 4% to start the day and the rebounding today cramer is a buyer here he told the investing club he is scooping up shares of amd and marvell, josh. >> amd down this year, but obviously, kelly, a rocket ship in 2021. that stock was up almost 60% i did talk to bernstein's stacey raskin he is a neutral on amd, continues to think well of their ceo, a real company with a real product executing well against their rivals, but he's on the sidelines. i think to broaden the discussion beyond amd, a very interest moment for chip investors because you know demand has been strong you know if you listened to the last round of earnings calls the chip executives sounded upbeat by their trends, but stacey, who

has watching the sector for a long time, he is getting nervous, how long the good times can last he says his checks are indicating building stock. growth stories for him are nvidia and qualcomm. >> it is down from the 52-week high to about 302 right now. what are your trades here? >> so if you look at, as josh said, nvidia and amd respectively, nvidia is up 100% on a one-year basis. amd is up 40% or so. so just think about what josh just said. if you are a company, what are you going to do if there's a chip shortage? you are going to over order. what does that do to supply? so once we get out of this supply chain issues, there's probably going to be a glut of chips that are available so while i am long-term bullish on chips because everything from your connected car to your home,

your computer, your home office, all of our lives are becoming more chip oriented, they're going to tip the balance with the supply chain freeing up. there will be too many chips, believe it or not, all too soon than we all want to realize. >> that's exactly what stacey and others are watching and wondering about. all right. as i swallow, ziti is hot on beaten down consumer staples naming hostes, general meals and oatly as top picks for 2022. oatly is down 60%, but citi says growth should accelerate and margins improve as more manufacturing capacity comes online steve, let's pick through some of the food stocks first of all, oatly, are you a fan? >> well, this is something where you probably like the product. >> no. >> i like the product. you know, they have -- you don't like the product you are a whole milk girl, aren't you >> in fairness, i haven't tried it but i eat a lot of oatmeal so i

don't eat oat milk >> i think that people wind up in the refrigerator, i see a lot more of the alternatives at home just anecdotally but when you look at these stocks, in theory they make a ton of sense in practice they never really work out look at beyond meat. everyone was going crazy over beyond meat. it is down 41% on a year-to-date -- not a year-to-date basis, on a one-year basis if you look at tyson, it is up almost 40% these old players really come back into vogue. these new players where the correctness of people's diet and all of the allergies that are coming into place, i don't know if it translates the point is i don't know if it translates to a good stock i would rather see this thing bottom out just a bit more >> yeah. >> and then run a little bit before i got on board. >> i think it is a reminder, kate, there can be a secular trend. i totally agree with steve i see oat milk, it is everywhere, but does it mean

that the name brand is going to necessarily reap all of the gain >> absolutely. the consume of demand is clearly there. steve mentioned meat, and they've been on a tear they had supply chain issues when you look at a pricing perspective, is it the right time to buy. it trades like a tech stock and a highly valued game than a classic staple how big is the addressable market for oat products? they've got things like ice cream, but how many people will be buying more than a carton of oat milk a week? >> i love the consumer design and the packaging. if i could buy it for that, i would. but, again, there's a lot of oat milks out there. >> there's oatly in my fridge. >> there you go. all right. let's pivot to something a little less healthy, krispy kreme. bank of america hot on the name today, initiating coverage with

a buy of $23 price target, kind of making a fun observation about the business model they're bullish on doughnut distribution because the long shelf life means krispy kreme can shift consistent product around to markets globally in other words, josh, they don't have to worry about making it fresh on prem in every location. the product can hold up pretty well in transit. >> i was surprised by this one, kelly. i remembered krispy kreme, you know,, i don't follow the story that closely i do remember it sort of had its moment, you know, you would see krispy kreme at parties, even weddings i didn't know that was still a think. i don't follow the doughnut space that closely my 2 year old if you want her to do anything, it is a powdered hole so there's a strong doughnut demographic but that's about the extent of my knowledge, kelly >> steve >> well, it is pretty amazing that the chart looks better on krispy kreme than it does on oatly, right because no one wants to say that

i want to take down, you know, five doughnuts with a nice, big glass of whole milk. that's not a popular thing to say. but that's probably what people are doing in the privacy of their own home but when you look at the stock, it has a light float there's only about 167 million shares out it has bounced from the low around 12.70, up to about 19.5 look where the stock is now, 17.5 that means that the halfway part, you are above your 50% retracement here so the stock looks constructive. does it run its resistance probably for another 20%, kelly. >> krispy over oatly, that's the message from rapid fire. i have to leave it there thank you. we leave it there. michael tatters field, krispy kreme ceo, will join "closing bell" at 3:00 p.m. eastern for an exclusive interview to elaborate on all of this treatment maker baxter climbing over the past three months we will talk to the ceo next

j

you could wait... all night... for an email response from steve, who will sign back in at 9 am tomorrow morning. orrrr... you could find the answer right now in slack. and give steve a break. slack. where the future works.

♪ welcome back it is a med tech merger. back tore completing its acquisition of hill run last month to create a $15 billion device company and shares are up over the past month. joining us from the jpmorgan health care conference is chairman and ceo joe almeida along with cnbc's meg tirrell. meg. >> reporter: thanks so much. joe, thank you for being with us out of the jpmorgan virtual conference i want to start out by asking you about the sight line you have into hospitals through businesses supplying and working with them, with the massive omicron surge we are going through right now. what are you seeing in terms of the impact it is having on hospitals? >> first of all, meg, thank you for having me today. hospitals are very stressed, as we can see omicron has put a significant amount of burden on hospitals.

we are doing the best we can we are supplying products from all corners of the world we tend to be more localized with our manufacturing facilities, but we have seen tremendous increase in demand for specific products, primarily the ones to treat the patients with covid so it is a tough time right now. our gratitude to all of the health care workers who are today working so hard to treat the patients across the u.s. and the globe. >> now, with that increase in demand, of course, we are thinking back to the beginning of the pandemic. we saw so many of these products go into shortage are you seeing any of that now or are we a little bit more resilient in terms of being able to source these things and predict the demand how is supply holding up >> well, the supply was holding up okay to a certain point omicron has created a short-term imbalance in demand.

we see significant surge in certain classes of products. we are doing everything we can, we are working 24 hours a day, seven days a week in all of our facilities that require products to be made to be supplied to hospitals, but it is a challenge for us we are doing the best we can and we are allocating based on need, and the need is based on severity of the manufacturing in certain parts of the country and more hospitals that need products so we are providing products we created more resilience in our supply chain we added more shifts, but also we have supply chain challenges that come in with the whole supply chain challenge across the globe. what baxter is doing, it is doing everything it can do to save and sustain lives >> how are you modelling kind of where things go from here, as much as nobody has a crystal ball and it is impossible really

to know, as you are planning for business continuity, what does the rest of the year look like from the pandemic perspective? >> so if you think about the visibility that we have is clearly in the next three to six months to project the whole year becomes more difficult and more opaque but if we think about the pandemic moving into an endemic state, we will probably normalize towards the mid half of the year. so we think that by that point some of the supply chain may alleviate as we start to see this become more an endemic and less of a pandemic crisis that we have today. the way we model this, we have significant amount of data that comes in we do the best we can in terms of predicting procedures, procedure forms as well as the use of our products across the board. so it is -- we had upped significantly our capabilities predicting what is going on.

despite the fact we did this, omicron has been a tremendous disruptor across the board as we manage through this, we hope that this by in a couple of months will become more tamed as we saw half in south africa. some data actually also out of the uk >> w thank you so much for being with us we really appreciate it. >> and meg, our thanks, too, for bringing that to us. and "power lunch" we'll have more from the conference with the ceo and chairman of cigna. still ahead, united airlines starting the year strong with shares up more than 7% that's next.

time for a little show and tell where we show you a chart and tell you a story today, we're looking at united airlines the shares are up 8% since last monday the ceo saying about 3,000 of its workers have covid, but former fda commissioner scott

gottlieb is skeptical. >> probably 10% of the population is actively infected with covid, so 3,000 of an employee base of 93,000 is actually probably below the estimate nationally. i suspect they're not picking up all the cases they're experiencing >> united airlines outperforming its peers, but southwest, alaska, and delta are positive this year. the game stop trade, not just minting millions for one high profile ceo, it made him billions. but not everyone was so lucky. we'll look at the huge amounts that have been made and lost since the start of the reddit rebellion. that's next. ♪ ♪ wow, we're crunching tons of polygons here!

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one-year anniversary of the rise of the redditers while some made a lot of money, there were a few corporate

executives who won and lost, too. robert >> kelly, the biggest winner is ryan cohen in 2020, he began buying shares of game stock for between 4 and 5 bucks a share. by the end of 2020, he's invested $76 million now it's worth $1.1 billion, giving him a 1400% return. a year ago today, he was named to the board as part of the company's shake up he is now the largest individual shareholder and says he has no plans to sell, writing in a recent tweets, quote, deciding between two options in my gme stake, hold or holder. james wolf sold $17 million of his shares last january. other directors have sold over $3 million in shares and one

investor bailed before the run up b donald foss. he invested $13 million in the company. he sold all of it at the end of december 2020 for about $60 million. if he had held on, it would be worthover $450 million today now that he is chairman, he has to prove that company's $10 billion market cap and execute the new push into e-commerce and nfts, which could be a lot tougher than just the perhaps easier money he made over the past year. >> yeah, he only has a billion dollars from the stake if he sells it otherwise, it's just paper gains and if that dwindles in value, doesn't matter how much it was worth. >> yeah, and he said he learned from his father about investing, which is rather than diversify, just pick a small number of blue chip stocks and hold them for

life if that's his belief, he's going to ride this out for a long time rather than quickly sell >> what charlie munger always says he says he wants all of his eggs in one basket and to guard it closely. worked out pretty well for him thank you. that does it for the change today, everybody "power lunch" begins right now gamestop, blue chip, hold forever. just saying. i don't know i don't know all right. welcome to "power lunch," everybody. here's what's ahead on yet another busy hour as we begin this year. fighting inflation the fed chair powell says the central bank could raise rates more than projected if needed. how do you invest asthis easy money era fades away we've got two power players this hour the ceo of cigna is with us. we'll get his take on covering