>> okay. carrie, just a name. >> american express. >> josh? >> aos great earnings >> doc >> norwegian cruiselines nclh, scott. >> that has nothing to do with the shot of yours today, i presume. nonetheless, i'm seeing a tie-in have a good weekend. "the exchange" starts right now. >> i'm kelly evans the whole world is wondering whether this upside reversal will hold to the close the dow down more than 350 points the lows we're now positive the nasdaq higher. we'll look at the key take aways from tech earns and see how next week's results could impact the market plus biotech has been a horrible bet lately the xpi and ibb are both down about 20 % this year

we'll look at why and which names our analysts says should be a buy >> three buys and a bail after the wild swings our trader has three stocks to buy and one to bail on. that's coming up we begin with today's markets. dom with the numbers i realized i'm sort of keeping with the cruise theme here >> yes i like it, though. i'm a fan of it. >> ahoi. >> we just need the hat. then we'll be set. she's working her way to the bridge, let's see what's happening with the markets kelley mentioned the notion that the markets were lower at one point today. as you can see, we're modestly higher it's nothing to write home about. it's still important, because it extends the theme of volatility. big updays in reverse. the dow industrials up 43 points. the s&p 43 .61 the last level up 35 points three quarters of one point of the nasdaq composite up 185 points.

13,537 the last trade there. the next couple screens will be the market barbell small caps, this etf, iwm tracks the russell 2000 small cap index. this is a one-year chart over the last year this trade for small cap stocks has been pretty range-bound on the high and low side of things just in the last few weeks we've seen a precipitous move to the downside we're now down roughly 22 % from the highs that we saw this past fall so what some traders call bear market territory, this is still weaker on the day. we'll see if the small cap trade is one to watch. let's take a look at the other side the megacap names. they drive the direction and magnitude of the market overall. not just with the s&p, but the nasdaq as well apple, microsoft, alphabet, amazon, tesla, all up around 1 to even 6 % for apple on the heels of earnings. that's a lot of the reason for

the on the anymore in the nasdaq and s&p 500, but the big tech theme has come under a lot of debate over the last couple weeks with regard to a rising rate environment in how these do we'll see if it holds into the closing bell today >> there's the green that is helping the market today thanks my next guests have several ideas for investors and how to position, and they like nvidia joining me are chief operating officer and chief investment strategist at er shares, and portfolio manager at ga financial. ava, overall view of the market. slow and steady? >> modest pace, good cash flow generation cash-rich companies that don't need refinancing and so we like -- we can't get -- we like one sector over the other. i think it's more of a bottom up approach instead of a top down, and you need to go company by

company and case by case and really look at their financials, balance sheet, growth and valuations >> all right and you're saying you expect a volatile first quarter with both overvalue growth and value stocks dropping. you like the slow and steady performers boring wins in a market like this jay, you're hedging with options? >> absolutely. we still believe the best bet for growth is in the stock market we think it's a mistake to be in cash right now think the market is probably closer to the bottom than it is to the top we don't think diversification into bonds is the way to be protected. we hedge with options. and we use positions on the options side of the house to not only determine where to set levels, but also to help us determine stocks to purchase you mentioned nvidia a minute ago. we have clients that hold nvidia the options market has a bullish bias on that particular ticker the technicals look pretty strong on it it looks like it's forming a bottom, getting out of the

oversold territory, but really the thing for us is when you can put on protection and still capture the up side at a net credit, meaning you can generate a little income while being protected, you have to look at stocks like nvidia >> you had mary yan monostain tell us she thought nvidia was attractive jay likes it ava, why does it jump out to you? >> it's able to grow not only grow the bottom line but also widen it by reducing the costs. and it's in this inflationary market that it's unusual we saw an example yesterday with apple, nvidia is another example. many people might believe it's priced high with a 68 pe, and that's double the one for microsoft, but if you factor in growth, and then you get what's called the peg ratio, that's one-third less than microsoft. so you can make an argument here that it's a better value >> interesting jay, what would you say about the market overall as we're

shaking off a tough stretch. >> you know, the fed really didn't stick the landing for us on wednesday they told stock investors you're not my focus anymore the fed put is off the table we're going to focus on the yield market and that is going to create a little bit of a bumpy ride for us when clients talk to us about how do we position in this market, we have to stay invested stocks are the best way for long-term growth and meeting individual goals doing it in a way right against the rising rate environment can be very difficult. and so we're telling people brace for choppiness over the next year. the fundamental reasons why the market was strong last year still exists corporate growth, lower rates. stay in the market but keep yourself protected. put on positions that will allow you to grow while limiting your downside in volatile times. >> ava, do you think we've seen a lot of the shakeout the market is going to experience already

>> in fact, unfortunately, we do not believe volatility is ending any time soon until we see two factors. and we get clarity on them first, interest rates, stalkization we don't know that coming prior to march where the fed is going to stop the purchases. secondly, one will have clarity on the international tesh lens and to even though many people believe that today might have signalled bottom, we do not believe we are there yet and in fact, we have two days. wednesday and thursday, with the reversal of 2 % on each day. that only happens in october 2008 and the market did not reach bottom until a few months after that might be the case in 2022 too. >> was it march of 2009? i used to know the exact -- almost the moment to the minute that it bottomed but after all we've been through -- >> thank you so much ava and jay joining us to talk

strategy in what's been a difficult month. apple meantime just the latest big tech company to report solid earnings and share pop as a result. and it's helping the whole market stabilize microsoft headstrong guidance this week. service now was stronger than expected even ibm had the best report in years. we also saw big disappointments like terra dime. joining me now is patrick moorhead it's great to have you welcome. >> thank you very having me on >> it seems one of the early take aways is that software is strong and it's not experiencing the same post pandemic cliff that netflix and peloton have been struggling with >> yeah. from a software basis and i'll put software and software as a service companies, those are absolutely on fire and i also don't want to ignore even capital equipment or equipment like ibm i mean, ibm like you said,

biggest revenue pop in a long time intel had a good quarter microsoft overall, though, is probably one of the most diversified companies out there. not only do they have the right markets which i would say are b and b. there's a right deployment methodologies which is is, paz and sass that's fancy for covering all of the cloud out there. >> yeah. all right. so we've highlighted software. we also heard from the others you mentioned. what are some of the other big take aways and the reasons why you think tech might now be finding its footing today? >> yeah. first off, you have to -- the way i break it down is looking at consumer and also business markets. and i think microsoft and ibm and even sap are great bellwethers for that in fact, if you double click on intel, they had a 53% increase in data center for businesses.

and that's really unprecedented numbers. that's a really good sign for the future on the consumer, really the bellwether there is apple. and we have upcoming google. but apple really knocked the cover off the ball as well so those are two really good signs. so you have services you have capital equipment, and you have semi conductors to balance it out, terradyne did super poorly, but the things that overall investors need to look at is their blip was -- they're very focussed on bleeding edge equipment. okay and i think it's a message that terradyne used to get off the bleeding edge and got off relying on apple and tnc >> very interesting. let me ask about the chips in particular the semi etf at one point today was down more than 20% from the highs. what does that tell you?

do you think it's unjustified? i mean, this was an etf that saw a huge runup prepandemic it never traded above 140. we got up to 218 some kind of reset seems appropriate. should we expect there's going to be a bigger reset >> we are in unprecedented demand for semi conductors and the only thing on a revenue basis that makes it a little bit odd is when you look at memory prices that are going down, but if you look at compute, if you look at connectivity, if you look at storage, those are absolutely unprecedented growth that we're seeing. and what's driving that is the demand for enterprise sass and consumer sass and even pcs i mean, apple had the biggest device -- biggest mack book sales ever, and that was driven by the competitiveness of its

silicon. >> wow so let's talk about next week. we have amazon we have alphabet we even have names like activision a bunch of others. the tech landscape you're describing sounds like it should give investors some reassurance that the fundamentals are still pretty strong, or am i putting it too broadly >> no. i think the only thing that amazon is a tech play on one side with the cloud arm. and it's a retailer on the other. so i can't necessarily speak for how it's retail division will do, but i believe its cloud division will do exceptional i think we've seen advertising as a market look really good so i'm expecting google to do well but i think the fear of the future if it's related to fundamentals of profit, i think are way overblown, and i think next week could be the big signal that tech is back >> so with all that said, and

given how much of a reset we've seen from the highs, you mentioned intel. are there any other names? some of the more overlooked names that you think investors should look to pick up here? >> yes so i like intel because it's p/e is so low and it's a future play, and i understand why margins are dragging and people are concerned. but i'm not concerned. microsoft is a safe bet. it's consumer. it's commercial. and it's in the right types of businesses that are out there. >> all right so there's a couple of names as we head into another heavy week. patrick, thanks for your tame and take aways we appreciate it >> thanks for having me on coming up, dozens of companies including netflix, tesla, and all the rest of them that you can see there, warning of price hikes this year due to inflation. vanguard's global chief economist weighs in on inflation and the fed next plus check out shares of robin hood after falling as much

as 15% after hours the stock is now up almost 8%. they missed analyst's estimates on nearly every metric including guidance for the current quarter. we'll take a closer look at what's turning things around as we head to break, the dow is trying to avoid the fourth negative week in a row half the components in positive territory led by apple and visa on strong results. caterpillar, chevron heading the other way. we're back in a moment

welcome back inflation worries are front and center right now my next guest says the market is kind of focusing on the wrong inflation measures they're not paying enough attention to wages have have risen to a 20-year high in 2021. i'm tjoe, you think wages will dictate with the fed does this year >> yes food and energy prices have risen. that's been a tax on consumers our thesis was we're going to see normalization of policy. the labor market is tighter than some think wage inflation will ultimately determine how far the fed has to go this cycle. >> so let's talk about some of those numbers. we get them monthly. there's a couple of month ways

to slice and dice. we got the quarterly numbers today. it's not like this is usually the most followed things in the jobs report you're saying it's not about the headline jobs but look at the average hourly earnings >> again, i think it's important to calibrate we have wages going up at least 4% or 5 %. that's great for the consumer and good for the recovery. the federal reserve has to ensure the wage gains don't make it easier and easier to raise prices for things that have nothing to do with the supply chain. that's why we've seen the pivot from the federal reserve and also why i think the bond market may be 340destly surprised in the next two years that the fed may have to go a little higher than it currently expects. >> you're saying rising wages aren't the problem the problem is they're not actually keeping up with inflation. and it kind of leads to this spiral and this chase where no one feels better off how many times do you think the fed should hike this year? is it 7? we're going to talk to ethan about that call next hour. >> well, it's -- it could very well be fewer than 7, but we've

been of the mind that the fed was bias for action. i think the market is certainly directionally correct. i don't think 50 basis points will be likely i think it will be important to focus on forward guidance. we will see some choppiness in the economic data if our forecasts are right. we'll have an unemployment rate that by the end of the year is closer to 3% by the end of the year, we will see even a greater tightening of the market the federal reserve has to lift rates and i think 5, six there may be a pause because of volatility but i think the trend is on the up side. >> how far behind the curve are they how fast do they have to move? how much do they have to move, and what do you say to those who worry that slowing the economy in which ways which would be the result will be a worse outcome than what we're seeing right now? >> sure. and i think it's fair concern from some. you know, i think the federal reserve, again, may have to go as high as 3%. that's higher than what most

economists are expecting they are doing it to reserve the recovery and the worst thing we could have is wage prices continuing to increase, impacting consumer spending leading to more aggressive tightening down the line that the federal reserve has to take in my mind the fed funds rate to demonstrate where they want inflation to be in the long run, 2 % we're well above that. unemployment is also well below a definition of full employment by the end of the year i don't see how you have a federal reserve that's not going to at least 2 % unless something has broken during the fed hiking cycle. >> but to go from 0% to 2% would be eight quarter point rate hikes. you know, not saying -- >> yeah. sure and again, it's really over the cycle. you have to look into 2023 this is not going to happen overnight. it would not be i think just the best course of action. this is about a normalization that's going to be a little bit quicker pace than we saw in the last recovery.

again, the last recovery we had rage growth of at best 2 % we now have 4% there's a greater tolerance of the economy on higher interest rates. that's good news for the markets. that means inflation will eventually cool down >> very interesting. i guess let me ask you one more on this. i'm starting to hear more and more, won't higher interest rates be bad for consumers on anything from student debt -- we'll talk about that later, but mortgage ratings, borrowing rates. what's it going to mean? >> well, i think it will mean obviously modestly higher tens or even hundreds of dollars in certain payments depending upon the loan balance for a mortgage holder, if the federal reserve engineers this right, and i think more than likely they will, it means long-term interest rates won't rise as much as short-term this is good news for savers it's not horrible news for those that have debt, particularly long-term interest rate date such as mortgages. the worst thing would be the federal reserve not raising

rates this year and having to jack them up more aggressively in the interest rates and mortgage rates getting untethered i don't see that happening. >> to your point, two ares up substantially but not tens not so much. it's great to have you >> thank you very having me. tune into "the closing bell" 3:00 p.m. to hear from brian desse with the white house's version of events. >> the biotech event has lost half the value since a all-time high since last year some of the names here might surprise you one of the stocks just hit a new high while another is 35% off the record levels. plus the results of the new cnbc survey showing most borrows want student debt to be dissolved. but just how much are we talking? the surprising stat are ahead. stay with us

welcome back here is your cnbc news update at this hour. tiger king joe exotic has been resentenced to 21 years in prison. that's a year less than the initial sentencing last year and a murder for hire scheme exotic wanted to be freed or have his sentence drastically re reduced. state and local governments lost at least $17 billion in revenue. the same report also found that many of the governments have seen a rapid rebound thanks in

part to federal pandemic aid and kia recalled more than 417,000 vehicles with air bags that may not work in a crash it recalls models from 2017 through 20 19. >> responding to the russian troop buildup, the latest from the pentagon and what role the u.n. may play, that's tonight at 7 eastern. obviously the big news today is the joe exotic news. >> obviously >> at least this hour. >> obviously thank you very much. let's turn back to markets right now with yet another multihundred point swing in the session. at the highs we were up 246. we're 100 points off the level the dow is only up half a percent. caterpillar and chevron reported the nasdaq is up 1.5%. tech is powering the way here. apple, for instance, even visa and mastercard is helping the payment space. and energy outperforms it's up 18%, adding about 5%

this week. you can see it behind me real estate, utilities are the biggest laggards since monday and some of the most rate sensitive groups semi conductors are struggling with the smh falling into a bear market down 20% from the highs. the highs were in december you can see the declines behind me now it's trying to turn into positive territory for the day it's tracking for the worst month since 2008 down 17 % in january let's end on a higher note shares after affirm are down after a buy now pay later stock to a buy buy now i guess. the analyst says they see a compelling risk/reward despite today's 13 % to 14 % pop, this stock is still down more than 40% just in january. onpace for the worst month ever for more on the call go to cnbc.com/pro and still ahead, three stocks to buy after the big declines we've seen this month and one stock our next guest is still staying away from. gina sanchez joining us with her

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welcome back, everyone on the second to last trading day of this pretty tough month, where are the buys and what's

one name to still stay away from joining us now is cnbc contributor gina sanchez, a chief market strategist with three buys and a bail for us today. all right, gina, welcome it's great to have you here. our first stock up is caterpillar. one of the biggest drags on the dow right now. they had a big beat for q 4 and before the bell. it's the 7th straight beat why do you want to pick it up. >> we're looking to get into and maintain exposure to growth. and growth is coming in a lot of different ways one of the big ways is demand for more materials you're seeing even bhp and other material stocks that are just booming, but cater bill lar, they are sending in excavators and their growth has been extraordinary. they've threw this a mull chous first opener to the year, they've done very well

and right now you don't want anything to be overpriced. the market is killing anything that's overpriced. this is growth at a reasonable price. that's really the thesis behind why we like this bet, and we think this is a large profitable company that has the potential to ride through this growth cycle that we're experiencing. >> yes the stock is down about 5% today. it's giving back system of that january outperformance what they said about china was a little more concerning right? about slowing demand and we don't know how long that could persist. i don't know if we should expect that to be a hangover on the stock. >> i mean, i think that's going to be a hangover on the entire market i don't think that's specific to cash but without a doubt, that is a concern that should be growing, because there's no question that china, because they were first out of the gate in the pandemic, first out of the gate into the vaccines, first out of the gate into the recovery, they're slowing at this point. you know, they're sort of toward the trough of their growth and so it makes sense that china

pulls back, but you are seeing an uptake and increase in activity of latin america. and the u.s. continues to go even -- but we are slowing we're still at well above long-term averages for growth. so the demand is still there, and i think that is still an enormous part of caterpillar's profitability. >> cat is your buy number one. number two is exxon mobil. that's off to another hot start. it's up more than 20% this year after gaining 48% last year. they're getting a boost from emergency pricing, rebound in travel they're expected to double revenue when they report are you nervous after chevron today? >> you know, i think the entire -- the thesis here really is things that help maintain inflation hedge on the portfolio. and this is obviously one t thapar -- participating directly this company has been really finally outperforming in their

earnings and could there be dips and roller coaster ride? yes. however, the broad cycle is in their favor. and so even though they may have ups and downs, i think there's still a good 12, 18 months of runway for this company to continue to perform. and help hedge a portfolio in the face of lingering inflation. >> i know you tend to be a stock picker, but what about the energy etf more broadly or the whole sector at a time when they are looking for the pricing power hedge? >> no, we love this sector right now. this sector is a space that you can participate in broadly this is a rising tides it will lift all boats >> exxon you think is going to be one of those. that's buy number two. final buy of the day is bank of america coming off a strong year with shares up 46 %. unlike competitors, strong 4th quarter results with another boost once the fed begins raising rates. but the curve is flattening. >> yeah.

i agree. you know, i don't love the flattening curve for the banks generally. however, increased activity and going into an interest -- interest rate raise hikes because of increased economic activity are good for banks. and if you look at bank of america specifically, so not all thebacks are participating bank of america is really growing their lending book and so in the face of everything that's happening, they're continuing to grow the earnings and growing their profitability. and that's beneficial for bank of america we've participated in bank of america. we've had bank of america through this cycle and they've done well for us >> nose those are the three. caterpillar, exxon, bank of america. the one to bail on, let's turn to that. it's been a tough run. peloton, you're saying and they officially plunged below the ipo price last week. they're down 30% this month. i would like to hear you talk about. some are looking at robin hood and peloton and others like

okay, can it really get any worse atthis point are the -- are these buying opportunities, why do you stay away from peloton here >> the issue that i've always had with peloton, and i wasn't a bull that turned bear. i actually didn't like the story from the beginning when everybody was buying them into the pandemic and that's because in the data suggests that most average human beings will sort of quit going to the jim after six months. they'll stop wearing a wearable device after three months. peloton is not immune to that. they were always going to be set up for that kind of churn. but the price was pricing them like this sort of long-term subscription model at the end of the day, the subscription depended on people being willing to get on their bikes and cycle. and human nature works against you. returning to work worked against peloton, because now people have less and less time to sort of do that, and peloton is still at the end of the day, they are a device maker they're a manufacturer of

product. they're not really yet a software play. they're not a sas play they need to work hard to get that game on i mean, there's a lot they can do with that device. that could actually help them earn the premium they've had in the market that they're not doing that all they've done is create new products that just are subject to the same problems>> they are creating a lot of new products what would you like to see them do with the core product to improve it, and what do you think of those who think they could be a takeout target? >> i think right now they have the device that would allow people to be able to gather together and socially cycle. right? that social aspect, they are set up for that. they have a camera everything is there. and yet, they're not doing it. because the only subscription model is to subscribe to their classes rather than get together with cycling moms and have a cycle die. the second thing they need to bundle entertainment into their subscription if you have netflix or amazon

prime, bundle them you'll capture the average let's call them person who wants to think they're working out but they aren't really that serious about it so if you just cycle through like a good watching bridgerton, then that is a whole segment of the market that they're missing by being psycho fantic about how you subscribe to their product >> interesting and i take your point about the social aspect being a source of growth are there any others in the 80% down camp that are interesting or as a rule does that decline tell you the verdict on a lot of these stocks >> look, right now is market is penalizing anything that's highly priced that doesn't have a bunch of profitable. that's one of the reasons we're staying away from peloton. those are the names that tend to land in that sort of down 80% camp if you don't see a path to profitability in the next 12 months, the market hates you right now.

and there are babies in that bath water that you know they're going to do well you look at a microsoft, for example, that cloud story, that's not going away. right? and so that is something that is -- that we continue to hold onto and it's been beaten up. >> yeah. >> but -- >> it's not down 80%, but yeah >> no. no exactly. but we tend to be focussed on quality. and so it's one of the reasons that the portfolio has held up, because we never loved this sort of hyped up stories. but i think right now people have to think about what is the path to profitability? that's really how the market is judging stocks >> yeah. well-said. great to have you here today thank you so much. we appreciate it >> thank you still ahead, americans have nearly 2 trillion in student loan debt. what borrowers want and the long-term lifestyle impacts, next as we head to break, a look at next week's earnings. it's not just tech on deck we have starbucks. gm, ford, ups, some of the other big names we're looking forward toeangro we're back in a moment

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welcome back about 43 million americans have federal student loan debt of nearly $1.6 trillion in total. most americans want biden to prioritize loan forgiveness. according to the new cnbc plus investing new student loan survey done in partnership with momentum we have trhe results and much more with sharon >> the national survey found that 57% of americans believe president biden should make student loan forgiveness a priority but views on how to do it are mixed. more than 5,000 adults responded to this survey about one-third, 34 %, said all student loans should be forgiven another third, 35% said loans should be forgiven only for those in need. and one in four or 27% said student loans should not be forgiven for anyone.

now, without loan forgiveness, an economist says the burden that student debt can create can be an endless cycle. >> you have less money to pass along to your own children which means they're more likely to need to take out student loans if and when they get ready to go to college so forgiving student loans could help mitigate some of that cycle. >> financial aid expert says there needs to be a targeted approach >> broad loan forgiveness will forgive the loans not just of people who are experiencing economic distress but also people who are perfectly capable of repaying their student loans. >> now, delving in the numbers, borrowers with incomes below $50,000 were most likely to be in favor of forgiving loans for all with student debt. about 42% on the -- that was about 42%. on the other hand, there are

about 33% of those with incomes between 50,000 and 100,000 who said this, and only 25% with those of income above $100,000 said all loans should be forgiven >> if it were a private company who got people into this mess, they would be all over them, but it was the government itself how many people believe taking out the loans was still worth it >> that was fascinating. in the survey more than half of borrowers, about 54 % with federal student loans said they did not think taking on student debt was worth it. we talked to a 39-year-old woman who still has to pay nearly a third, about $30,000 of the six figure sum she took out in order to get two degrees she says she feels foolish about borrowing the money in the first place for her masters. >> so tough. what happens to borrows when they have to resume making the federal loan payments? >> this pause on student loans

has been in effect since march of 2020. part of the pandemic relief and payments are scheduled to start again on may first some are skeptical about whether the date sticks. when they have to start paying back the loans, many borrows said it will delay the major financial goals including paying off other debts, investing, saving for retirement, and buying a home. and we have so much more about this survey and the results on cnbc.com/investinyou >> thank you so much we appreciate it sharon eperson nbc universal and comcast ventures are investors in acorns coming up, biotech has gotten globbered down more than 20% this year one analyst is going bargain hunting. the large cap names he says have an underappreciated growth outlook next you can catch our time any time anywhere in the podcast poasr t wherever you get you

dct. stay with us

the nasdaq biotech etfibb is up to about 2% today it's still having a rough start to the year.

it's down 17% since january 1st. my next guest is finding value in the wreckage. first, maybe this isn't too simple of a question, but why has biotech in particular been hit so hard? >> yeah. thanks for having me on. i think there's several reasons that have played a role since last year into this year i think we've seen a lot of questions on the fda and the approval process which drugs are going to get approved and not we've seen questions by the ftc. looking at m&a in the space. and smaller biotech companies, the a lot of the people is -- that goes away, that's a problem, and the drug pricing. it's continued to overhang on the group. is there changes to how drugs are priced in the country? what could that mean for the sector

several macro factors that got investors deciding they want to look elsewhere >> and just to make a note, the names that you do like, especially your favorites are ones that are already doing well on a tough landscape for biotech. add the up 30%, that's your top pick this a botox >> part of it. that's a big part of the company why 10% or so of sales a strong busy in immunology. neuro science. a lot coming from there. it's a nice growth story and trading at a significant discount still despite the mover to the peers in pharma they have a big patent loss next year we really like it and think there's room for upside for ers mates and multiple expansion.

>> bio haven up 44% in the past year. >> yeah. pretty straightforward a company with one main product for my igraines it got approved a couple years ago. had rapid uptake in the market for acute treatment and now prevent migraines and easy story to understand. oral disintegrating tablets dissolves very good. been impressed with the commercialization and see room for that maybe a 3, 4, $5 billion product. even though the stock did well see room for upside if they execute on the rollout. >> tell me why others are top

picks for you. >> caruna with a product that's still in development we get the readout this year for the first trial and then end of the year for the second trial but the phase two data very impressive efficacy. for schizophrenia. we are confident it will be similar, still very good and be a leader to the schizophrenia space in the years to come and then alchemy it was doing very well last year had a setback for a suit with johnson & johnson but they have a new product that's launched in the schizophrenia space and seem to be doing well and then a couple ones in the market doing well. a little bit more diversified

and still driven by the new products and the update we expect there and we think underappreciated by the street. >> maybe something for everyone. thank you so much for walking us through it it is a market of stocks even though they're often traded lumped today thank you. we'll look at the intersection of innovation and invest ment with leaders shares of robinhood higher after being slammed last night on disapointing guidance. could extended trading turn things around? that's next. thinkorswim® by td e is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support.

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welcome back shares of robinhood getting hit last night see the red on disappointing results. after hours could bring users

back to the app. kate rooney joins us with the story. kate >> robinhood executivies talked about the long term plan but the short term robinhood didn't quite deliver on the expectations quick recap on what caused that sell-off they had deeper losses than expected lower revenue guidance for q1 below what wall street was looking for. a slowdown in monthly users and increased expenses the shares bounced back today. they seem to have found a bottom around 10 bucks today but listed at $38 a share last summer the ceo fielding some questions from individual shareholders on the call one asked what is up with the stock since the ipo and what steps are you taking to turn it around he said quote let's not sugar coat it. we're disappointed with the

stock price and won't sacrifice long term performance for a quarter. robinhood plans to launch retirement accounts and crypto wallets by mid-year. acats in, letting people transfer money in from other brokers and international expansion and hyper extended trading hours. revenue is core lated to market conditions and how much users are trading. the cfo saying january was slower but it started to pick up with recent volatility kelly? >> i don't understand. they're not in charge of the trading hours so what is the service to offer >> that's a good question and quite vague in the description but if you think about the ability to trade things like cryptocurrencies that's a market

open 24/7. it is pretty normal and maybe international but sparse in the details of hyper extended hours. that was mentioned and annalysts asking when will they add. that's an open question. >> i think on that one in particular, the fact of the plans of retirement accounts are great but you hope to get it launched with a decent user base. >> absolutely. one of the things that did seem more significant they have the products but they renegotiated the economics on the backside for crypto trading there's a new partner and market maker and said the economics are improving by 50% and negotiating the current contracts seem to be what analysts are more excited

than 401(k)s and will see when that launches. >> i know. thank you so much. good to see you. from robinhood to the amc apes and wall street bets we tackle the trends that changed the way we trade over the past year. don't miss the special coverage of the retail revolution at 5:00 p.m. eastern that does it for us. "power lunch" picks up right now. ♪ i think i have a hyper extended trading elbow from all that crypto stuff that i have been doing. welcome to "power lunch. tyler here here's what is ahead for you seven rate tyhikes this year? what a more aggressive fed could mean for the market and your investments. demo the reno trade? it may