day push back down to the level? if you want the real high data practicy what's going on, watching russia, vaneck etf down last check earlier, ty, sensitive metals like palladium, moving, and inflation pressure. >> so many sourceds out of, you guessed it, russia. >> thanks for watching "power lunch," everybody. and "closing bell" stats right now. welcome to "closing bell." i'm leslie picker. another ugly session as russian tensions keep wall street on edge near session lows, nasdaq down around 2%. >> i'm jon fortt look what's driving action investors remain laser focused on any developments out of eastern europe including fresh sanctions in the u.s. targeting the nord stream 2 pipeline consumer discretionaries hit particularly hard today. home depot slipping again and

names like tesla, and tjx falling as well and energy leader in the market best performance sector today and only sector in the green month to date. no surprise there. we have got 59 minutes left to go in the session, leslie. >> interesting one indeed. coming up on today's show, value investors share's take how to navigate this uncertainly market scott black tells us if he thinks it's wise to buy a big pullback seen of late? and results from ebay. we'll bring you all numbers and speak with ceo of imax before his call >> shopping, traveling, driving. okay focus on the big story bob pisani tracking action at the market, losing more steam and talk about latest developments in eastern europe, alex birdo from eurasia group.

>> at lows of the day, jon important to watch the technical levels because we're approaching the january 24th lows for the major indices. where we are now dow jones industrial 33221, old low, 33150 50, 60 points away s&p 500, low train day low, january 24th, 4222 about 20 points away nasdaq composite below there 13094. again, january 24th. not far away why does this matter not sure what to do on the fundamentals tshs is confusing right now traders watch technicals everyone becomes a technical trader in these situations watched that look at sectors. two big plays, of course, on the buy side that is number one, of course. energy complex and number two, metals and mining, aluminum, cold moving. both playing out today global industrials

air lines weak on travel concerns big global names, caterpillar, cummins, for example, also weak as well. tech is major problem today, because we have two big sectors. mega cap technology stocks it take a look you see big names like amd and inindividual ja. mega cap semis and apple, microsoft weaker today a major problem for the market other problem is a wide area of investment what we call schematic technology, notably on the weak side new lows, for example in some big etfs out there new 52-week lows in cloud computing, syntec, robotics etf. even clean energy etf. see how broad the sell-off is the last few weeks 52-week lows meaning cathie wood would ark, flagship, 52-week low. not surprising big et holding, tesla, lowest

level since october. zoom video, two-year low now roku also sitting at a two-year low or right near a two-year low. zoom two-year low. coinbase, not a new low. not far from it. the idea, a tough time for technology, of course, riskoff in good parts of the market. back to you. >> bob, quick question how does the volume look and how significant is it? talk a lot how crucial big tech has become to the s&p 500. microsoft below its january lows, and apple is nearing its how significant is that for the broader, say, s&p given all the propping up stocks like that have been doing? >> yeah. well, obviously, 22% of market, five stocks essentially. yes, very important. more important is the breadth of decline in overall market. there are dozens and dozens of stocks that are 40% or below old highs. you have these situations where

you get 7%, 8%, 9% drops in microsoft or anpple below highs and damage done by the overall market key is a lot of average retail investors very invested in the whole schematic tech and speculative tech universe that's dropping dramatically in the last few weeks had some make up with commodities. huge volume. commodity plays, country etfs, commodity plays like brazil and south africa that's not really enough volume to make up for the price declines we're seeing in some of the major tech sectors. >> yeah. massive momentum on the down side there, bob. thank you. president biden turning up the pressure on russia announcing new sanctions on the company behind the nord stream 2 pipeline carrying natural gas from russia to germany the move on the heels of the u.s. and europe announcing sanctions against russian banks,

sovereign debt and oligarchs yesterday. joining us, eurasia group's alex bordo. tensions ratchet up higher how do you see everything playing out from here. >> the situation has been deteriorating especially since monday when president putin recognizaled these separatist areas, employed troops to that region i think that what we're seeing is sort of a gathering pace of concern about what putin's objectives might be, whether it would extend beyond the front line of donbas and eastern ukraine or might have in mind a broader target in ukraine for military action we think some he of military action or conflict is likely in this situation, and that's going to be moving forward sort of developing over the next few days. >> yeah. i see it hear in producer's notice, define 80,% probability for further military escalation

at the border of russia and ukraine. what does that mean and particularly what would it mean for the market >> it's not entirely clear at this point what the russian objectives would be. one possibility certainly it is a limited military strike or conflict that's confined to eastern ukraine. another possibility is the a much larger scale incursion and potentially occupation of the rest of country. although these things carry implications in terms of ukraine. a major exporter of steel and agriculture products especially disruptions to ukrainian ports and russian side stronger sanctions stemming from russian actions. president biden indicated there is more that could be done in response to other russian activities in ukraine, and those could be more severe and more impactful for the russian economy. >> alex, how long do you expect

the current level of uncertainty to last? i hear some saying, oh, well, next couple of weeks we'll know what putin has in mind seems to me there might be some incentive for him to keep the u.s. and europe on their toes for a considerable period of time especially with elections and things coming up >> yes i think even if, for example, we saw a de-escalation start. that scenario would still see a lot of instability in the region there are a lot of outstanding issues between russia and ukraine an also now i think between russia on one hand and u.s. and nato on the other none resolved by what we've seen so far there remain a number of outstanding problems that would be very difficult to resolve i think tensions linger even if we don't see an armed conflict in ukraine this would last for a consider canable period of time >> when you think about inflation, what piece of, if

this was a chess game what piece of the game would inflation be here in terms of who has the leverage and how people are kind of thinking strategically about their next move? >> well, i think it certainly has some affect in the conversation about energy supply and energy prices. on one hand, it's difficult for u.s. or europe to think about sanctioning russian energy exports, given potential market effects that could have sending the price of oil and gas considerably higher from the levels they are right now. that does, in principle, to get that putin could use that as a point of leverage. also we have to remember for the russian economy, oil and gas revenues are vital cutting them off even a little bit creates big potential problems especially prospects with significant economic and other aspects of the russian economy. >> all right alex, thank you.

for joining us alex brideaux. and through the show, shock stocks here. lows of the day you see there. dow down about 444 points. up next, will rising fuel prices force you to shell out more money for your next flight we're going to have ceo of hawaiian airlines on the impact of the energy surge on his industry you're watching "closing bell" on cnbc. >> announcer: this cnbc program was sponsored by -- plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.

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here's a look at the s&p sector heat map you can see energy, one bright spot today up just under 1% with consumer discretionaries. laggard down more than 3% today and technology a lagger down more than 2% in today's session. jon. >> and energy in the the green, a double-edged sword we're about to discuss airline stocks losing grounding this afternoon adding to a rough start to the year. the industry seeing an uptick in daily passenger numbers, but still facing headwinds from, yeah, rising fuel costs. and the slow reopening of borders. joining us for an exclusive interview, hawaii airlines peter ingram welcome. as you discussed in earnings not too long ago, international isn't opening up for you yet that's a revenue headwind, and now this fuel issue continues. how are you managing through the fuel costs and how that's eating into margins

>> we are seeing some opening up in international markets right at the tail end of last year we started service to australia again, which we hadn't had on our network maps since march of 2020. so we are seeing some positive signs there, but japan, which is a bigpart of the international tourism for hawaii by far largest part, is still really not anywhere near back to normal so we've got a lot of work to do in terms of getting the full international opening in the pacific region as far as fuel, obviously prices are a lot higher than they were a year ago i'm not, nyou know, going to rea much into day-by-day trading trends but we know prices are higher not at levels seen before, but ultimately have to make sure we

c cover costs of operating our business and fuel is one of the biggest parts of that. >> are you seeing travelers, your customers, willing to spend in this inflationary environment? if they're going to take that trip are be willing to perhaps spend a bit more for that plane ticket, and is that helping? >> we're seeing very good demand especially from the u.s. mainland our domestic markets are recovering, you know, as we've had cases come down from the omicron peak here in hawaii and elsewhere in the u.s. mainland, there's really no problem at all with demand, and i think people are willing to, to pay what we can charge is, of course, supply and demand, and that has to do with the overall level of capacity in the market as well. >> based on that, are, then, are you able to pass along the higher fuel costs on to your

consumers? because you've seen an acceleration of demand and on that same line what are you seeing with regards to cancellations? obviously, omicron a big factor for the airline industry you have seen cancellations slow down as reacceleration of demand picks up >> right now cancellations aren't -- aren't anything outside of ordinary levels, as omicron cases have declined, we're seeing strong bookings and we're seeing people taking their trips. so people are very comfortable traveling in the current environment. >> peter, how much does the overall stock market matter to how wealthy people feel and how willing they are to take leisure travel which is, of course, an important piece of the business domestic user travel, as you point out with japan not having come back for you yet?

>> yeah. i don't think the stock market in an environment live we've been in over the last little while has a big impact on people's willingness to travel if i go back to, you know, 2008 when we saw such a, you know, a much more major adjustment in the stock market, i think at times like that people are more concerned about their 401(k), but, you know, what we've seen in the recent environment with a correction from the -- the peak is not something that i think is going to deter people from making their plans to travel this summer, and frankly, after two years of less normal travel, i think many people are eager to get out and enjoy the experiences they've been missing, and we saw that last summer, i think we're going to see that this year again as we go into spring break and into

summer. >> peter, i was on flight yesterday and overall passengers pretty compliant about the mask mandate. obviously that's been something that's been a key topic of discussion as people look to resume their kind of pre-pandemic 2019 travel experience what's your perspective about the issue? it's under review, but is is it something you think will be lifted in the coming months? >> well, the current mask requirement extends out through about the middle of march. my expectation is that that could be extended. i think what the federal authorities should be thinking about as they consider whether to extend it now and how far to is, you know, really assessing where we are in terms of the virus. we're in a different place now with omicron cases coming down than we a couple of months ago,

and certainly at a different place than we were six months ago. we've got a much higher vaccination rate than we did a year ago, and when vaccinations were just rolling out. so i think the authorities should continue to make decisions based on the science that is there today. the airplane environment itself is incredibly safe, because of the circulation that we have, and i think that is conducive to removing that mandate over time, but we'll work with the federal authorities on the pace of -- that they're willing to work with, but we would hope that they would continue to evaluate the current state of the virus, and where we are today and not where we were six months ago. >> all right peter ingram of hawaiian airlines, thank you very much for joining us today. we've got about 40 minutes before the bell. the dow and the s&p both near session highs. dow down more than 400 points

right now. after the break, lohwes is holding gains one day after home depot tanked on itsresults what's driving the home improvement divergence heading to break, check out the heading to break, check out the toc electro rock music) (crowd cheering) - bito, bito, bito, bito! >> announcer:-cnbc big market day we'll be right back. stuff. we love stuff. and there's some really great stuff out there. but i doubt that any of us will look back on our lives and think,

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welcome back consumer discretionary stocks hid hart today but lowes holding on to its gains on back of earnings a much different story yesterday for home depot courtney reagan has a look at shifting sentiment around home improvement. >> stocks had quite a year, why divergent? >> yeah. interesting, les home depot put up similar quarters but stock reaction you

point out really diverged. beat expectations for earnings, and comparable sales speaking of comparable sales home depot's comps stronger each quarter of 2021 than lowes whereas the other way around in each quarter of 2020 both home improvement retailers saw strong sales of big ticket items and to pro customers pro shoppers of a bigger business for home depot but lowes is working to grab a bicker share as part of its larger transformation strategy both also grew average due to part to inflation to be sure and both saw transactions fall lowes did grow growth margins. home depot's growth margins contracted lowes increased forecast, and the ceo said still conservative and "we don't have concerns with interest rates being a negative drag on our business because historicals do not support it.

and home improvement market as strong as its ever been. some analysts think home depot is overdone. u.s. is lacking stimulus payments and rates are rising. jon? >> yeah. thank you. speaking of lows, we are at or near session lows on all the major indices at this point with about 35 minutes to go to the close. coming up, tensions in europe helping push oil sharply higher this month. jpmorgan's head of commodity saying another geopolitical arena could keep prices in check and will join us to explain. heading to break, a check on bonds. yields moving higher today ten-year inching closer to 1.2%. more "closing bell" after this break.

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virgin galactic reporting earnings and revenue beat. the company expects to see commercial passenger flight service by end of this year. that stock up about 3%, but a lot higher earlier, over $9 a share, and tjx after a revenue and earnings miss. declined to give full-year guidance citing continued uncertainty and it's down about 4% jim cramer talking about tjx

today. to sign up, go to the website or point your phone's camera at that qr code can right side of the screen. time for a cnbc news update. >> hi, and here's what's happening at this hour top democrats say russian president putin has not yet seen the depth of u.s. sanctions over invasion of ukraine. house speaker pelosi says the russian aggression is reminiscent of times long passed. >> it's stunning to see in this day and age a tyrant roll into a country. this is the same tyrant who attacked our democracy in 2016. >> americans may have little interest in playing a big part in the russia i cain conflict. a new poll from the associated press foun 26% of americans say the u.s. should have a major

role one in five said should not be involved at all. two pop prosecutors leading the probe of trump business practices resigned manhattan district attorney's office says the investigation is still ongoing and resignations come after newly elected district attorney showed doubts about moving forward with the case against former president trump. jon, back to you. >> thank you. and with just about 28 minutes left before the bell, here is where we stand in the major averages up a little bit from the session lows, but still right down there. when we come back, diving into how the geopolitical tensions are impacting the oil market that's higher. and where investors can look for safety. plus gearing up for a big hour of earnings ebay, bookinhoing ldgs and imax reporting. breaking down the numbers soon as they cross. "closing bell" is right back.

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the nasdaq looking at biggest declines among major averages today down just about 2% take a look here at the nasdaq 100 heat map as we head closer to the close leslie >> straight ahead, goldman-sachs issues a new report detailing where the smart money is positioned we'll dive into details next on "closing bell."

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markets under serious pressure as investors remain focused on russia and ukraine and commodities seeing big swings as well ukraine produces wheat, barley and corn and countries in the middle east and africa rely on on the energy front jpmorgan out with a note on potential impact of retaliatory measures from russia on oil if russia were to reduce its energy exports, brent could average $115 a barrel in the second quarter of this year. bring in the author of that note, natasha, head of global commodities research and strategy at jpmorgan thank you so much for being here natasha, is this a sign investors should be buying commodities now given what we're seeing on the geopolitical and

inflation front? >> leslie, thank you for having me you're absolutely correct. clearly the geopolitical escalation over the past couple days materially increased ricks of commodity markets and balances especially considering russian market sites in commodities, russia produces 10% of global oil. 20% market share natural gas prices absolutely right 30% combined ukraine and russia combined, in wheat and 10% to 15% ex-cclude china out of this. very, very dig imprint and all of the backdrop of deflating inventory giving little buffer in terms of any -- any extra inventory if there's less supply demand stronger. because we can definitely make a case for non-lineal increase in

prices indeed if this situation escalates further. this makes all sense in this kind of environment. >> can you break down ow sanctions affect energy prices from here? the u.s. so far has not necessarily targeted entirety of russian impockets but a spillover in financial sanctions and pipeline sanctions as well and what's the potential for russian retaliatory sanctions at this point in time >> yes, leslie you're correct so the current state of sanctions we're experiencing is it's non-energy trades and financial links. from that perspective both u.s. and european administration, explicit they want to carve energy out of the package, because the whole purpose of smart sanctions is that they target a particular outcome and they want to spare the russian citizens in general and definitely the consumers in the

european union and in u.s., because of that energy carved out. but in general, the way to think about that, it's not the impact of sanctions on russia, but how russia will respond to those sanctions. and in general we do believe that the markets participants could gn a probability that actually russia can retaliate. waiting for russia to retaliate constraining exports of energy where russia is absolutely dominant in general russia -- not in general, historically russia has always been a very reliable supplier of energy, of oil and gas and being at height of the cold war during the cuban missile crisis russia actually continued supplying. there was never a scenario when geopolitics actually interfered with economics same time, especially after the monday speech, which i began changing my opinion very rapidly. i would have to say to admit

there could be a case made for markets participant as well will begin changing their opinion, maybe situation has change and russia indeed might retaliate to energy. >> natasha, more of your historical perspective, please, and if you're trying to game out the potential inflationary impacts in different markets globally, from a historical perspective, should you look how higher energy prices here can zap demand for other things, cool things off? or look at higher commodity prices across the board tending to keep inflation raging >> so, jon, thank you. so if you look what we've done with our prices. actually, we raised prices by 10% to 20% across the board. the way to think about that is, okay energy is a visible, yes, because russia has domestic market share same time higher oil prices's

what that means is that people will begin switching away from gasoline to biofuels and that's impacting soybeans and corn, and sugar. yes. then we have to go and raise those prices so in the case of aluminum, 40%, actually energy. need coal and aluminum or other type of energy increase energy increase cost of aluminum in terms of inflation, interesting example, use aluminum so 10% of costs producing a vehicle is commodities for example a car actually is made not that much out of fuel but made out of aluminum body. so it's aluminum and last time russian sanctions during 2019 and aluminum prices increased by 30% what that means is that consumer, 30% increase in aluminum by devgsks definition, 10% prod

car, suddenly increasing costs of producing a car, and so that is feeding through because of that interlinkage in the commodity space and inflation, 12% of cpi actually commodity. all of that is very -- you cannot yield one completely separate from the other's so they all interlink. >> a really good point of course, comes as car prices are already at record levels, and continue to increase. >> absolutely. >> from jpmorgan, thank you so much for being here. about 14 minutes left in today's very volatile trading day. we are now in the "closing bell" market zone. today we have shannon, chief investment officer, and founder and ceo of a research company. thank you very much for being here let's kick things off with broader markets stock selling off into the close after starting session in the green today. if you can remember that

seems like a long time ago dow was up 235 at its session highs. now you're looking at declines of about 430 points right now. adam, what do you make of today's session? is it all about geopolitics or are there other factors weighing on the market? >> i think largely geopolitics look back the last couple of months's went from a big change in perception about rates to kind of a classic scare and now layering on the geopolitical risk i focus on corporate earnings and i still think the base case will be higher than year than last are and higher in '23 than '22. when the market sells off i get increasingly constructive about the risk/reward for u.s. equities. >> what about, though, some of these technical levels i mean we took out the intraday january 24th low on the nasdaq and flirting with it right now on the s&p

is that significant? >> well, i think if you're a technical trader it's certainly significant and i think we're seeing piling on i am a bit concerned that, you know, we're looking at a lot of redemptions coming out of stocks, seeing reductions coming out of bond funds. mon. funds and thinking is that because there's no place to hide over the last several weeks? i think that's lending itself to some market fatigue. when we're in a more cycle, insulating your portfolio and because we're seeing weakness across these, technical levels saying, see? there's really no positive news here anywhere. i think that's what we're facing over the last couple of days that -- seeing intraday volatility as a result people are looking for reasons to buy, because fundamentals are supportive of that, but then you

lay other than all of these different factors, and it just doesn't feel like you're getting the support from a buyer spentment perspective you'd like to see to make a meaningful marv back into these stocks. >> seems now is a time for a depth portfolio construction, if there ever was one speaking of that, goldman sachs, how the money is positioned. combing through filings, the value is highest since 2011. sector level hedge funds flashing exposure in tech in favor of energy and financials prompting rotation, sharply falling gross stock valuations, declining hedge fund leverage, retail selling and worsening equity market liquidity. according to goldman the underperformance of popular hedge fund long positions created dramatic underperformance relative to the s&p. goldman says their hedge fund v.i.p. basket lags the market by

21 percent points in 2021. the worst 12-month stretch in two decade history despite rotation in the fourth quarter most popular 234names in big tame dominating the v.i.p. lichte of stocks appearing most often of fundamental hedge funds. interesting stat stock with largest hedge und ownership during the quarter was -- tesla. shannon, love your take on this. tesla a lightning rod amid the hedge fund so-called smart community. a lot sat on the side looirps and watched tesla stocks soar. now kind of joining the party. what does that say about sentiment surrounding tesla, do you think? >> i think one of the things to think about is as we look at hedge fund holdings, i think funny to look at this, these files over the last ten years or so and see how mainstream some

of these selections have become. i think in the case of tesla having been added to the index and reflecting now what is a long-term disruption innovation play, i think that it will continue to be something that creates a lot of polarizing opinions amongst investors, but reality is, there is an opportunity here, if it makes sense, in your portfolio to add tesla as a valuation seems to be supported from a long-term perspective, if you believe the battery technology and the innovation around that is what you're buying. so i think there is a little bit of a disconnect here between what is going to perform well over the next 6 to 12 months, and what could potentially be, you know, a stabilizing force in your portfolio five to ten years from now you're seeing that reflected in those reports. i imagine even over the next couple quarters continuing to see plenty of big tech in the hedge fund portfolios. >> i will note the dow has also

taken out its year-to-date, january 24th intraday lows it's now bethree 33150 level, so adam, given that and all that we've been talking about, the overall sort of global -- conflict narrative playing out in the market now, we're about to get earnings. how much potential is there for those earnings one way or the other to have an influence on which way this market moves tomorrow >> i think no matter if i look at earnings so far companies that beat on margins went up. i think gross margins will continue to be key if people believe investors can, these companies, investors pass on pricing and margin expansion, they'll win. if i take your comments on filings, we do a lot proprietary work and found flgs. good crowding and bad crowding

if you define a universal fundamental pickers, the key focus where they have high conviction which we define as 3% or more of their assets that means making a big bet. those names actually have done well, particularly when our quantitative models -- we offer clients names that are crowded by "good" managers, that also screen well in our models and avoid the ones crowded by so-called left manners a lot of generation in filings on that point. on your question in particular, companies that beat on revenue and miss on margins are getting punished most. miss on both, going down but even less so key thing for earnings, fort knox will be the margins >> all right we will continue to watch those margins. and also going to watch chip stocks getting crushed today. despite a number of bullish notes on the sector from wall street this morning.

on track for fifth down day in a row. intel, though, getting an upgrade to market perform at raymond james today. firm saying it's bear case for intel has already played out now that intel warned no free cash flow the next three years as it invest heavily into the business and in an attempt to compete with likes of amd and spinup, foundry business barely lower than flat micron and western digital, meanwhile, plunging, despite getting price target increases at ubf saying disruptions in western digital's factories announced earlier in the month, should prove industry wide. shannon, semiconductors performing pretty well to this point. is there a chance for that to continue, or perhaps for that group to be seen as a bit of a bellwether for where tech in the overall markets might go from here >> well i would have been

surprised, semiconductors had been performing women given all supply chain disruptions battered with in the news over the past couple years. i think you make an important point. we're looking at the potential for there to be increasing pressure on technology cyclicals are -- i mean semis are cyclicaling of our new age right? think everything that powers from a technology perspective. one of the things i would look at, you mention s & h. difficult wanting to be in semiconductors to pick and choose i think adding some small exposure in the smh seeing where this particular cycle runs two cycles economic cycle for semis and also the business cycle for companies like intel and amd right? constantly competing on low cost i think one of the things to be very cautious of is that semis could get caught up in his technical, technology sell-off, but couldn't maintain an opportunity for a longer-term

time perspective don't get too cute in the short-term time period picking just one. >>jim cramer tweeting about this, selling of the semis is extraordinary. incredible shrinking multiples, tightening addition appointments in price levels before you buy moving on to shares of goldman sachs lower today, down 10% so far this year trailing behind peers. ceo david solomon sat down with jim, speaking of jim, talking about the performance and outlook going forward. >> i don't think we'll replicate in 2021 in 2022. a number of people said the firm could never earn 20% roe ever again and we did not saying we'll do that next year in fact, i don't believe we will, but it's a long road, and what we're focused and for shareholders is the consistency of returns over time, durability of returns over time and compounding our book value i think book value growth underpins the value of a financial institution like ours

and we've shown over a very long period of time we can grow our book value on a comparative basis that's very attractive. >> adam, we just talked about how hedge funds had been selling out of tech and piling into financials amid the tilt towards value. do you agree with solomon that past performance from 2021 may not be indicative what's to come for that stock in the future >> i don't know about that stock in particular. generally, got more correlated this is is interesting parawise correlation, in other words, how banks trade is at an all-time high. 20 years ago could pick winners and losers in the banks. now 0.7 meaning all trade alike. an interest rate call at some level. a lot of stocks gone up a lot, meaning more expensive and actually haven't shown tangible growth. i think risk/reward isn't great. big banks, goldman and others have other businesses and aren't

purely rate sensitive. i generally like the largest eight bank more than regionals because they are, their return on equity is up as just mentioned. balance sheets better and relative valuation versus midcaps not as good. the last comment on semico semiconductors one thought. a form are multiple year summy conductor analyst and can't resist chiming in. basically fall back long and book to bill understand where orders are versus current consumption most cases consumption is still exceeding production a number of different businesses within semis pap chunk mentioned that are cyclical but analog devices core holdings do well taking pricing, show on your screens software company cadence, and others that do software for semis, a number of good businesses there and lower-quality businesses like micron, money at the trough. i'm constructive on semis and

think it's a good time to look in it you really want to make the bet go stock l triple long semiconductor index or something like that. risk to the positive over 6 to 12 month view as long as backlog rees main intact couldn't resist. sorry. had to join in. >> good stuff. thank you, adam parker, very much, for joining us and shannon, stay with us. we have about a minute until the close of this wild market session. if you recall the day started with a dow session high up 236 points saw a swing more than 700 points with the dow session low today of negative 512 points currently the dow is sitting right around negative 496 points as we look to the last 40 seconds or so of the trading day. this would mark the fifth straight day in a row that the

dow -- nasdaq down four of five days s&p lower for a fourth straight day with all three major indexes deeply in the red on those geopolitical concerns that developed over the last few days continuing today. a big overhang of sentiment on the markets. we close today, we see all major s&p sectors in the red except for one. that is energy despite a relatively muted move on oil prices in particular. commodity prices in particular jon? >> yeah. closing very close to the session lows throughout the board. welcome to "the" "closing bell." i'm jon fortt, and sara ieisen s off today. and a big show coming your way imax due out any minute. instant analysis on the numbers and talk to kre ko of imax before he talks to analysts on his conference call. plus, value investor's scott

black, what's best, staying in cash right now, and from boston private wealth still with us, and barry from macro economics joining the conversation barry, welcome to you. your reaction to what was a down day for most of the time, but ended at the lows. is this just the beginning of, or a continuation of this narrative of geopolitics lagging the markets? >> no. i actually think today is, moved lower, still more about the fed than it is about ukraine and geopolitics. even today look at price action. risk off, geopolitical event you wouldn't have bond yields up three to five basis points across the curve wouldn't have crude a little lower, given involvement in russia so, yes. that's the latest excuse, but this recast, by the way title of my note this week, was always

somewhat inevitable. turns 0 ut when you look at recession-related lows, they tend to be bottoms, the fed correction, a long winded way to say fed catalyst for the correction, tend to have recap now, we had one every cycle up until the qe era last cycle actually eight of these, but if you go back and look at '94, when the fed start the normalizing policy or '04. end of qe 2 in 2011, end of zero rates in late '15, early 16, you get a first move down and then you get about a 50% retracement more often than not and then a retest. tend to last about 50 days which is about the length of the current one. thought a retest for me, though, an excellent opportunity, other than really putting money to work in the

recession-related low, these are your best windows to actually put some money to work, because like adam parker before me, i think that the fundamental earnings story is still pretty strong, and i -- you know, i know we're struggling with this fed credibility crisis we're having happy to talk about that further, but i do think we'll work through it and from here i think investors willing to put money to work will do well. >> shannon, i want your take on this i saw in notes you say one of the most difficult periods for investors to navigate since march 2020 of course, now we know what happened following march 2020 with accelerated bull run after that time period do you think same will likely occur here and agree with barry there's a buying opportunity or how would you construct your portfolio right now? >> if you take the economy and where the economy is going to go over the next two years, leslie, you have to be constructive on equities here, and you certainly have to look forward to

improving global growth. not just here in the united states but europe and uk behind us from a covid perspective as well you want to be able to position your portfolio to take advantage of that over the next couple years. the challenge is here, again, that across the board in the asset classes to barry's point we're seeing bond yields not react the way they should have a true risk off move it's an everything off perspective right now in the markets. so where do you start to tiptoe? in i think that paralysis on where do i want to go back in? i know some high valuation stocks sold off 60%, 70% there go back in there or hop on the energy bandwagon significantly up last year and as well as in 2022 in the middle. industrials, european stocks you can leg into this market set yourself up for what will eventually be a lower growth

stabilized inflationary environment nap will benefit both some value names, growth names and serm a more divert fised portfolio. >> stay with us. julia boorstin has numbers. >> market we see revenues right in line with estimates coming in 2.61 billion ollars. ebay beating estimates $1.05 per share versus 99 cents estimated but the company the outlook for fiscal first quarter, the quarter we're in now, outlook for both revenue and earning per share both coming in below analysts expectations. you see that news putting pressure on the stock. stock down 9% in yafter-hours trading. >> thank you. shannon what do you make of that guidance on the ebay front? obviously a lot of macro factors at play here with inflation and

supply chain challenges, all things affecting ecommerce should we extrapolate this as a broader read on the consumer here >> probably not, leslie, in this particular case. ebay has really difficult comps this quarter, last quarter, and into the next quarter as well. so i think what we're looking for from ebay is what is their target value in terms of the buyers they're bringing in are we going to be able to get narrative around authenticated goods? be able to um can back to kind of pre-pandemic levels and look at some of the business execution that should improve for ebay in order to bring us to revenues and earnings higher than they were pre-pandemic. i think in this interim period the going to be a little challenging. again, might be a little consumer overhang here, but there's very specific business concerns that ebay's grappling with actually think it's a good opportunity to own ebay longer term, but acknowledge that the

next couple of quarters represent a challenging environment, and a lot of this outlook not just in numbers, really from management on the commentary to capture better revenue opportunities in the next year, really will be c critical. >> booking holdings moving higher nearly 3% kate rogers has those numbers. >> hey, jon. bet than expected year eps, beat here's $15.83 adjusted better than $13.64 analysts looked for revenue a beat 2.89 billion higher than 2.85 billion analysts looked for. full year can 2021 booking holdings gross travel bookings up 76.6 billion, increase 116% from 2020 levels company's ceo says, "i am encouraged by miningful improvement in bookings seen

first quarter of 2022. wep expect there will be periods covid neg tickly impacts travel trends moving through the year." as mentioned stock higher up 3% year to date as well back to you. >> kate, thanks. barry, the ecommerce player ebay has tough comps and travel player booking holdings, definitely does not. how do you look at what this says for the market, if anything, overall? particularly when it comes to guidance >> well, we had something of a stay-at-home stock underperform in a reopening stock outperform. so with omi crocron falling off and -- not surprising. ecommerce, something i wrote about this weekend a little bit. what you saw in ecommerce market share, just take that as a percentage of total retail sales. been on a strong upper trajectory and even a little

curve to that meaning not growing lyn raliterally and seed to settle back in around the curve. from a broad macro perspective, not likely to be evident in 2020, respective of ecommerce. the price shock and how it affected consumer goods and consumer goods inflation is beyond us. not encouraging from an inflation perspective. ecommerce will continue to grow but not the deflationary force that some infamous portfolio manager has been talking about recently i just think that period's behind us. >> interesting shannon, turning to bookings curious what you make of the line here from the ceo, glenn fogel, he says in a release they expect there will be periods where covid negatively impacts

travel trends. do you think those will be significant as seen in the past? or do you think this is kind of a new era where we may see kind of touch and go for a little bit, but there won't be dramatic declines like we've seen with prior waves? >> i think it's a bit touch and go, but i do think it points to one thing toremember about bookings holdings, significant inventory in the european market obviously european governments have been a bit more reactive to the different strains whether it was delta or omicron, and so i think he's hedging a bit in terms of that uncertainty given their european presence, but i do think this will be kind of a, an upward-sloping trend, and any meaningful impact from, to travel will be more limited as we go forward over the next 12 to 24 months >> yeah. seems like the market is overlooking any potential weakness on that comment, up

2.4% in after-hours trading on those results. i want to thank barry for being here today and giving your perspective on a very important market day shannon, before we let you go, we want to zoom in on your top pick right now what are you looking at? >> looking at honeywell. i know this has been challenging for some investors given espe especially what we think of short-term emphasis on spending's look at growth initiatives honeywell is reinvesting in and look at their experience and track record in investing in organic growth i think one of the things we're looking at from an industrial diversified perspective, a great name in a cyclical sector with a market tailwind and execution tailfwrind a business perspective. seeing improvement in commercial aerospace, we think will continue this is a great industrial conglomerate to add to your portfolio and should expect to

continue to grow over the next several years, based on the spending they've outlined for the next 12 to 18 months. >> okay. honeywell. shannon, thank you. >> thank you. just getting started on the second hour of "closing bell." up next, we'll have much more on ebay's after-hours plunge and ask an analyst what we the want >>and ot > sct black weighs in on another ugly day on wall street and where he sees opportunities in the markets. we're back in two. every big idea every game changer every "how'd they do that?"

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shares of ebay sinking after-hours despite a company beat coming in below estimates. we bring in from wedbush security, a price target on ebay thank you for being here base and today's trading down about 12% in the after-hours, it's about 30% below your price target what are your thoughts regarding

the quarter and what do you make of some of this price activity >> yeah, sure. so, look, the quarter actually coming in pretty decent. when you look at u.s. and international volume breakout, u.s. did much better than expected international was much worse than expected, but the u.s. doing well there when you look at yotoutlooks for the year a concern with ecommerce names now, really across the board, and if your numbers are coming in below expectedations, that's a real challenge for investors, but on revenue, on gmb, below expectation as not helping the story right now. >> and what happened to the pandemic's ecommerce narrative that years worth of ecommerce adoption had happened in the spin of a few months that changed, omni channel upon us. fought going back and, therefore, these stocks deserved a higher valuation

is that still true and this is just a moment of doubt, it's an opportunity or do you we have to rethink that narrative >> it's partially true, but also we do need to rethink the narrative. a couple things are going on first, we saw ecommerce share as a percentage of total retail really go up tremendously over the course of the pandemic it's leveled off and given it back over the past couple quarters we've seen past couple quarters is physical retail actually started to take share back i don't think anyone expects physical retail to get back to the level pre-pandemic, but there's clearly a leveling off here and a certain amount of shopping that's going back in-store imagine omni channel, that's definitely going to be a focus going forward, you mentioned focusing on retailers in-presence, in-store. ebay doesn't really play into that category and it's a quality

of winners saw early on in the pandemic everybody was a winner if you were in ecommerce particularly ecommerce sales up tremendously. from ebay they've given back most if not all gains internationally. given back more, a real challenge and trying to nation clearly that's a work in progress. >> what do you think is the best way for them to fix that given you know, hopefully we have the activities and shutdown that drove ecommerce in the past, and we can move forward. what do you think are some of the growth areas that can propel them back to levels beyond where they were in 2019? >> so that's actually what we might think in the fourth quarter and difference between the strength in the u.s. and weakness internationally most initiatives ebay has put into place, right now, are still more focused in the u.s.

right? those are things like, like certified refurbished items. done a lot of work in the sneaker category, luxury handbags, around authentification work around payments, improvements in advertising products there is a focus there some has been working. working in the u.s they need to broaden that to more categories, no ed to broaden in internationally and see that play out well across the board. you know ebay's given up share and ecommerce for many years now it's not -- not going to be an easy thing to get it revamped back to where it needs to be but those are the areas that they've been focusing on you are seeing it play out a little in strength in the u.s. needs to continue to do more of that. >> yeah. and, again, that stock suffering after hours. down nearly 11%. thank you. hertz, meanwhile, out with earnings stock moving a bit lower

phil lebeau has those numbers. >> and look at hertz, shares are under pressure despite the company doing better than expected reporting an adjusted profit of 91 cents per share in the fourth quarter veshz estimate of 76 cents a share. revenue a little light of expectations, but not by much. coming in at 1.9 billion expectation was 1.98 billion then look at numbers within the numbers. not bad. in fact, the company's monthly revenue per vehicle up 30% compared to the same time in 2019 keep in mind, there is some concern for all rental car companies they're going to have to restock their fleets in the months to come and not going to be easy given the fact we see the chip crisis really limiting the production of vehicles overall. so when you look at shares of hertz, you go back to october. basically the same point stock was out of bankruptcy. then a brief period, say it was a bit of a meme stock for feel jump into it

given all that back now. again, shares of hertz for the fourth quarter better than expected earnings. earning 91 cents a share versus expectation of 76 cents a share. back to you. >> phil, thanks. moving after-hours buck you up. up next, joined by imax o ce richard gelfond breaking down the company's results and where things stand at the box office and omicron retreats from its peak "closing bell" will be right back. reducing our carbon emissions to net zero may be our biggest challenge yet. there's no single action that will lead us to carbon neutrality. but there is a single source of essential sustainability intelligence. s&p global sustainable1. it's a thirteen-hour flight, that's not a weekend trip. of essential fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile-

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welcome back shares of imax following earnings, release moments ago. company posting a beat on both top and bottom lines revenue in at $106 million joining us in a cnbc exclusive interviewer ahead of earnings call ceo richard gelfond welcome. back to or above 2019 levels a thing here jumping out at me, looks like perhaps demand for that higher quality theater experience being installed even is stronger right now. how confident are you that that continues? >> thanks, jon, for having me on i'm extremely confident. i mean, we did better in the

fourth quarter this year than we did the fourth quarter of 2019 by 15% which was our best year ever, 2019 we're not just talking about good for a pandemic. we're on all cylinders we're doing better than we were pre-pandemic right now. the demand is global and demand is strong. >> what about the possibility of more variants? are you hearing from your customers that their operations changed such they'll be able to continue to do business or more likely they will do you have a playbook you feel prepares you for that eventuality? >> jon, you have to remember the fourth quarter was the quarter of omicron that's when people said will movies come back should we open up? and, you know, look how well we did. for the year, imax up 150%, roughly, from 2020 and the regular cinema industry

up 75% and, again, this was a time and place where studios can weren't confident about releasing movies market share for the year was up domestically it was up globally by significant amounts. so it wasn't over when this was happening. so as it recedes, i couldn't be more confident >> richard, i was surprised to see imax china returned to profitability, given its, just challenges surrounding the pandemic and its box office seemed to have recovered at this point in time. do you expect that to be sustainable as we kind of work our way through this pandemic? >> well, i mean, you know, again, i think people want to go to movies. there's a lot of pent-up demand. when they go to movies they want to see them in imax. that's clear on a global basis when you look at our financial performance it wasn't just a

domestic phenomenon or a china phenomenon i think people have had it with sitting at home and watching tv movies in their houses they want to get out, have a cultural experience, want to socialize and see it in a very different way than they see it in their home. they want to be immersed in the movie. love the technology. love the experience. the filmmakers urge them to see imax and they're responding. >> yeah. stock is now, after hours, up better than 8% i know i look forward to going back to the movies what about investment? you set aside some portion of funds during the pandemic to sort of help customers get through it now it seems you're moving off of that posture, and so how much is -- how much are your customers prepared to invest and your potential customers in doing more imax and what factors influence pace of that >> i mean, the -- the slate for

this year is incredible. and "the batman" opens next week and warner did a batman day where we sold 2 million dollars worth of tickets in 20 minutes for a special imax release a few days before. i mean, coming up, in the next coming months, "jurassic world," "dr. strange." "top gun." you have "thor." it's a very big year this year and customers have said before, about market share, they really want to see it in imax as a result if you're one of our licensees and exhibitors that has bun of our technology licenses you're seeing that financial performance, and want to get out there and you want to be in the imax business, and if i were one of them i'd want to be there quickly. >> are you concerned, richard, there's any sort of pull-forward

effect taking place? i mean people cooped up a couple years. once things opened up again, went to theaters maybe in a few months it will settle down and people will get used to streaming movies at home, noting you don't have to hire a baby-sitter, for example. are you worried about that taking place in the future >> i'm not, leslie one. favorite questions i'm actually out in l.a. that i ask people is what are you most anticipated streaming mothers? what were your favorite streaming movies last year and no one can really name them. compare that to the likes of "jurassic world," "top gun," "avatar" coming out later this year "black panther 2. not real competition face it. ultimate stress test happened a year ago people locked in homes and captive to what was offered on streaming services and streamers and studios xpes experimented gg

around the theatrical window and doing it directly in the home. didn't work. those movies just didn't work. look at "spider-man. now at about $1.8 billion, and still going. people really want the theatrical experience and i think basically streaming of theatrical movies, piracy, all of those things, was a failed experiment >> hmm interesting. well, imax shares up 7% after hours today. thank you for joining us, richard gelfond, ceo of imax we've got earnings alert dual, actually, on bath & body works and courtney reagan has the numbers for both of those retailers for us court? >> leslie, yes start with bath & body works company reporting $2.30 a share adjusted unclear if that's it comparable to estimates revenues a little overs 3ds billion. $3.72 billion. again, also unclear if that's

comparable to estimates. big news however here is that ceo andrew messlow steps down as chief executive officer affective may 12th due to some health issues. he has decided to step down and focus on his health. meantime, sarah nash, chair of the board, will take over until a more permanent replacement can be named shares of bath & bodyworks down 5.5% on earnings and executive shuffle announcement and move to albers company reporting fourth quarter results of a loss of cents per share in line with what analysted expected how much, revenues stronger. more than $97 million up 23% year over year and at 43% looking over two years the company issues upbeat revenue guidance, 355 to 365 million dollars for the full year street looking for $353 million for that number. the company talks about physical

retail channels seeing growth of 112% opening 12 new stores deering the year ending the year with 35 locations around the world. shares bouncing around down you can see almost 5% here after hours. jon and leslie, back to you. >> courtney, thank you. time for a cnbc news update with shepard smith. >> thanks. the news on cnbc what's happening. war said to be imminent, ukrainian parliament voting this afternoon to declare a state of emergency. goes into effect midnight their time as pentagon spokesman john kirby saying russia is ready for a full-scale invasion. president biden warning of consequences for a war in eastern europe and the white house says today releasing more oil from the strategic reserve is an option on the table. a new warning from climate scientists at the united nations. according to the new report, risk of extreme wildfires could rise 30% around the globe by

2050 report urges more time and money spent on reducing fire risks in advance. last year alone nearly 59,000 wildfires in the u.s. that burned more than 7 million acres destroying nearly 6,000 structures. and in new york city, the transit authorities will now test track barriers on platforms in several subway stations including times square at least 30 people shoved on to track the last year according to nypd barriers are meant to fleechbt from happening a warning barriers might be an option in a quarter of all stops because of station layout and accessibility. tonight as the west hits russia with sanctions, vladimir putin has a plan details of the money he's squirreled away since the last time he invaded ukraine, right after jim cramer, 7:00 eastern, cnbc leslie, back to you. >> thank you, shep we'll be watching. a rough few weeks for stocks amid the crisis in eastern

europe major averages plunging today with nasdaq the worse performer down 2.5%. after the break, value investors scott black gives his take how to best neave gate the political uncertainty and if he recommends buying these dips. later, elon musk discussing hi strained relationship with president biden in emails with cnbc what he said and what he would do if invited to the white house. "closing bell" will be right back. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire thanks for coming. matchinow when it comesiption. to a financial plan this broker is your man. let's open your binders to page 188...

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welcome back stocks finishing the day near session lows selling off amid ongoing fears about russia, ukraine tensions, and fed tightening both dow and nasdaq closed below previous 2022 train day lows joining us now scott black delphi management president and founder. really grateful you're here today because investors at an inflection point see what's going on on the geopolitical front and macro

policy, a clear inflection point. is this the time to put cash to work in thestock market? >> firstly, thank you for inviting me, leslie. i would be very cautious here. my advice people who own good businesses, a big portfolio, i would hang on. wouldn't sell panic sell into this in terms committing new funds, i would wait the tsunami is about to hit from the ocean to the town. haven't seen it yet. see ow the geopolitical situation plays out between mr. putin and ukraine. i wouldn't plunge at this moment. >> we spoke last hour how there's been a big rotation, see it in markets every day from growth into value, hedge funds in particular during fourth quarter. big sellers of growth, big buyers of value, and yet just reading through your notes, you

say major indexes are still expensive. do you believe now is the opportunity for value investors like yourself, or still waiting for more stabilization as you just spoke about >> we stayed fully invested. our comps above 93% invested and don't time the market. our average pe 11 times, much higher return on equity in our portfolio of about 22% bottom line is we own good businesses that statistically are cheap, but if you look historically from 2007 forward, systematic lagged growth, value. excellent year last year up in the 33% range, sort of a major miracle, considering the russell 2000, 2500, but bottom line is, you can't say definitively suddenly value's going to outperform growth getting to terms of valuation, s&p at close today, 4,225, roughly 223 dollars of earnings

19 multiple. yes, you know, ten year at 1.98%, cheap by historical standards, but still stocks are expensive. interestingly enough, russell 2000 about a 22 multiple nasdaq's about 25 times. look across homogeneous groups, markets are still pretty expensive. thing you have to do, what i call item selection. have to buy individual companies you know have rising earnings, especially in 2022 statistically cheap generate free cash. >> beginning of the hour, market volatility, move down is about the fed, no the about russia russia-ukraine you have a different take. yeah, fed is at play here, but russia-ukraine having impact tell us why russia-ukraine is having an impact what impact it's having? get a sense when that impact might come off >> well, the risks -- a couple

issues here. russia only represents 3% of world gdp but 10.5 million barrels a day, 11% total production of oil. obviously, somehow that's what you want from the market, dollars frozen, but euro and united states system, price of energy going up. obviously, that rotates through the economy. it's bad enough the average price of gas, like in massachusetts, $3.65 up 40% from last year. it's going to impinge upon the consumer in the united states. the other thing we have to be kale about is cyber warfare. russia's not going to start world war iii with the united states, but put more stringent sanctions on them have to worry they may retaliate on a cyber basis. so i think these arethings we have to be cautious of i will put this in been a student of history are a long time, old enough to

remember 156 a-- 1956, and 1968. united states didn't interfere not national interesting but i think we're doing right by bolsters or troop levels. >> scott, are you still with us? any investor stocks buying withstand macro headwinds you're seeing all right. >> yeah. seems like we might have lost him. great insights, though thanks to scott black. up next, cnbc caught up with cfo of visa. got his exclusive take on how inflation is impacting consumer spending those comments are ahead, later, a rough ride for peloton stock tumbling over the last months ceo now eang ospkiut about his plan for the company

a sneak preview of what he told jim cramer when "closing bell" comes right back.

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welcome back inflation still on a lot of investors minds. new commentary from visa cfo could ease fears about the impact on consumer spending. kate rooney has that story for us kate >> hey, jon. spoke to visa cfo in an exclusive interview this week and talked about the double whammy of the pandemic and now

inflation weighing on the consumer he says higher prices are not as much a drag as you might think. >> there's no question that inflation in terms of affecting spending, consumer spending, there's no evidence of that. substituting things, and certainly a switch away from goods to -- from services to goods for a while. starting to see that switch back as people spend more in restaurants and entertainment and travel and so on a lot of change going on in general, look at aggregate payments, holding up very well. >> he'salso optimistic about cross-border travel returning soon talking about pent-up demand saying the consumer is holding up well and impact of omicron on spending so far, "modest. leslie, back to you. >> i guess we can hope it stays that way thank you. when we come back, elon musk opening up to cnbc about his strained relationship with the

biden administration and what he would do if he were invited in the white house. we bring you those exclusive comments, next. what do you think healthier looks like?

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posting revenue in-line with estimates. company also gave a weak revenue outlook. booking holdings reporting earnings and revenue beat saying encouraged by meaningful improvements in q1 bookings up better than 2.5% and imax a beat on top and bottom lines, up more than 7% after hours. leslie >> thank you, jon. elon musk accusing president biden ignoring tesla in favor of other automakers marking late nest a string of comments not invited to meet with president biden and other auto execs last month to discuss the build back better initiative and asked about musk. >> why do you not invite musk to these meetings this one and others that you've had specifically on electric vehicles when they are on the front lines of producing electric vehicles and biggest player in this country

>> well, i would say this was a great meeting. had ceos from sectors across the economy. not just the automotive sector, but the technology sector. the industrial siector, health care sector. all across interesting in education and early education are core economic issues right now given our need to get people back in the workforce, help more people who have care giving responsibilities actually work these issues are really core economic issues, though sometimes they are labeled as social spending. we want the united states to be the place where the electric vehicle revolution is driven and where we gain more of the global export share and we create more good jobs here in america. it's not about any one individual company that's about -- from the policy side, laying the foundation so that here in the united states companies feel confident to

invest, expand andbuild, not only assemble the vehicles but build the batteries and other components >> that's what he is doing >> let's bring in brian schwartz you know how these things go what is happening behind the scenes with regard to tesla being excluded and the prospects for tesla being included in the future in some of the meetings >> it's interesting with that sound bite you played. he didn't really answer the question that was actually -- that sound was something that peaked my interest we mentioned in our piece about this what we discovered about conversations with elon musk and our other reporting, this is a feud clearly, there is a tension going on here. musk told us that he feels like he is being ignored by president biden.

tesla is being ignored by president biden, that's what he claims to us behind the scenes in the white house, many white house officials are taking notice of what musk has been saying against president biden on twitter. we can go through that another time there's been a lot of criticism on twitter, rude names being thrown against the president the white house has noticed. they have become concerned even if they do invite musk to an event, there's a thought that maybe he could even embarras them in some other ways if they went down that road. musk pushed back on that as well and said he wouldn't do anything like that if it came to fruition this back and forth between the tesla ceo and wealthiest people in the world against president biden and his administration is a fascinating story line >> calling the president a sock

puppet doesn't accelerate your invite to the white house historically musk had something to say about the justice department investigating short sellers. he is long that? >> that's right. one of the things i wanted to get his take on is the investigation into short sellers. he has gone up against short sellers publically before. there have been a bunch of guys, some that are part of this probe, who shorted tesla shock he is he is cheering this on t they have been fighting musk and tesla in different ways. we will have to see how this plays out. musk is not against any sort of doj probe into short sellers he told us that the other day. >> read all about it on cnbc.com thanks for being with us, brian schwartz coming up, peloton faced a

series of challenges making for a tough start for the new ceo. jim cramer caught up with him, got his take on his vision for ose fitness company. the comments when ""closing bell"" comes back. come on. ♪♪ ♪♪ ♪♪ i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement.

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coming up tonight, jim cramer speaks to peloton 's new ceo. it's down 25% on the year. >> if you are what your track record says you are, then you have to say the company was less good than they would have liked to have been at forecasting what cash needs of the business were. until we can prove that we are capable of forecasting the performance of the business and meeting those forecast expectations, then there will continue to be uncertainty in the business. >> catch that full interview tonight on "mad money," 6:00 p.m. eastern, in just over an hour i'm an owner if i remember, you are, too. >> i am. >> the product is great. it seems like they forecast

demand wrong i have questions about their manufacturing process and whether it's as honed as it should be, especially reports about rusty bikes going out the door cash flow, is that the issue >> i think your point about forecasting is correct here. they are better at forecasting my ability to maintain my top 80% spot in the classes. yes, i am not at the top of the leaderboard. it's better than their ability to forecast how to manufacture and distribute this product in the aftermath of the pandemic. that's what's key here i look forward to more of the interview. i think that his background is largely in subscription services and streaming. as you know, this is all about being able to scale up, scale down it's easier to do that when you have fewer fixed costs peloton, you have to manufacture, distribute, get the

bike from a to b and service the bike and make sure it works for people that's a lot harder to get wrong, the margin of error for forecasting is harder when you have hardware involved. >> perhaps sell your bike on ebay if you don't want to do that hoping you will do that after the results that they had. the forecast not so strong that stock down after hours. some debate that we heard from folks on "closing bell" about how much of what we are seeing in the markets, this strong move lower today, has to do with russia and ukraine how much is about the fed? we will see how investors sort through these results and other signals when trading begins again tomorrow what a ride it has been. >> you see based on the earnings today, going back to peloton, a lot of what we are seeing is this idea that all of these companies that have benefitted so much during the pandemic are

seeing now things return to normal on the flip side, those such as imax and others that didn't necessarily see that boost are kind of living in this world where their business models are more set to flourish as you mentioned, geopolitical really taking the cake here. that does it for "closing bell." "fast money" begins right now. live from the nasdaq market overlooking times square, this is "fast money." the four most important charts on the market. with the sell-off showing no sign of letting up one thing they are watching to see where the market is headed next the real read on the reopening check out the after-hour action in live nation and booking holdings calls are underway later, bitcoin bouncing above $38,000 despite the market pullback