full global zags to a more hybrid approach to production will continue to be a rail wind for rails in the next few years. >> doc >> himax, himx, i bought the june 10 calls. >> josh brown, give me a name before i run. >> ao smith, bought more this week. >> good stuff. great weekend. the ot, i will see you then. "the exchange" is now. thank you very much, scott, hi, everybody, i'm kelly evans and we have to talk about the employment cost index this morning, but first we've got to talk to kathy wood let's start with stocks which are lower today, especially big tech, but the s&p is on track for its worst month since the pandemic first hit all this have amid another hot inflation reading, one watched very closely by the fed. if you were hoping their hawkishness was peaking, maybe not. what's it all mean for markets now? we will discuss. and kathy wood joining us

live, her ark innovation fund on pace for its worst month ever. teladoc down 60% this year after that 40% plunge on earnings yesterday and she just doubled down on it we will ask her momentarily about that, about twitter, about tesla and more and it's a special earnings hangover edition of three buys and a bail, which stocks should you scoop up and which should you ditch after this head spinning result season first let's get to dom chu with the numbers. >> you mentioned the worst month for the s&p going back to the start of the pandemic. what if i was to tell you and the audience that the nasdaq is on pace for its worst month since october of 2008, yes, we're going all the way back to the great financial crisis that's the pace that we're on for the nasdaq overall so as we take a look at the red markets so far today, this is now tilting towards session lows down roughly 339 points at the lows for the nasdaq composite, down 10 points at the high for that same index.

you can see 2.5% losses there. 12,551 the last trade there. we are below where we were at some of those levels at the low of the last 52 weeks the s&p 500 below 4,200, down 97 points, 2.25% losses there, 550 points for the dow industrials overall. the rough month has certainly been in a few key sectors. it's tech, it's com services and consumer discretionary because it's the mega cap names that dominate knows indices if you take a look at the consumer staples, the only s&p 500 sector as of right now that's positive on a month to date basis meanwhile, consumer discretionary and communication services two of the worst performers we will throw tech in there as well but you generally get the idea it's the names like apple and amazon and tesla and microsoft and others that are really weighing on the markets overall. so watch that. and then the stock of the day has to be amazon because it is an outsized component of the s&p and the nasdaq if you take a look at the shares

right now down 13%, this is right about session lows you've got to go all the way back to june of 2020, just as we were coming out of the pandemic lows to get to where we were in terms of amazon's valuation and remember, kelly, at the highs amazon was pushing a nearly $1.9 trillion market valuation, today it's below $1.3 trillion, it's still a lot, but, still, that span it's lost the equivalent of a meta platform during that span from high to low keep that in mind. back over to you. >> nasdaq's worst month since october 2008, that is quite the stat dom, thank you very much if there's a poster child for the pandemic stock boom and its recent demise it is of course the ark ketf, the ark innovation etf, it peaked at $150 a share last february, it has since plunged by 70% the marquis holdings include broken stocks like zoom, roku and ui path down 80% from their

highs and teladoc down by a similar amount after collapsing 40% yesterday after poor guidance in its results. every name in the top ten with the exception of tesla is down more than 30% over the past year joining me now is cathie wood the cio and ceo of ark invest. we all give you credit for coming on to talk about why in the world you bought $20 million more of t doc yesterday, right >> sure. hi, kelly. yes, i would much prefer to come out at this time than to come out and be all over media when things are -- when stocks are soaring because i think this is our best value add yes, teladoc very, very tough quarter and that's particularly for investors who are quarter to quarter oriented as you know, we have a five-year investment time horizon, but as

fears about inflation and interest rates have moved up, time horizons in the market have shortened to basically a quarter and so the analysts picked apart the quarter and zoomed in on the direct to consumer business which did have a shortfall there's more competition in that space as vc -- as venture capital is financing some companies who are getting into niche areas. now, our point of view is that teladoc is becoming the health care information backbone of the united states. it serves 16% of americans are paid users and whenever we look at s curves we are looking for that 15 to 20% range as a trend moves into that market share,

that is the beginning of an s curve. and the story is not direct to consumer for teladoc, certainly that was a big booster during covid. the story here is much bigger, it's business to business. what was not mentioned and no questions about north well, the new york or tri-state area hospital system that teladoc has won, took it from another entity and what was also not mentioned is amazon's decision to partner with teladoc as opposed to compete with it. the stock had been beaten up regularly over the last year as amazon said we're going national, we're going national, and instead amazon has a capitulated and at least is going to partner for some health

care services and certainly through alexa with teladoc. >> sure. so i think the story here is huge when you think about health care as 20% of the u.s. economy, so a $4 trillion ecosystem, the waste there is at least $400 billion. >> sure. >> mostly because this health care information system connecting patients, doctors, insurance companies and hospitals has not been put in place. this is a winner take most market and we feel that, yes, short-term there was an earnings shortfall, they had to cut estimates, admit that we're looking five years out we are looking at one of the biggest stories in health care, a category killer during the next five to ten years. >> what do your analysts think teladoc is worth per share it is currently trading at 34. i ask in part because all of the factors you cite while

compelling get to the heart of ark's differentiation which is your research process. teladoc bought lavango and took a $6.5 billion good will write down why should we trust teladoc business model and some of the choices they have made and what does ark k think this stock intrinsic value is >> so lavongo -- we don't like growth by acquisition generally but it was a very important piece of the puzzle for teladoc to acquire it covers chronic -- chronic illnesses and whereas teladoc was much more focused on acute illnesses, emergency room and so forth. so it needed that recurring revenue base and the other thing that lavongo brought was a huge amount of data this is a data story, as all

artificial intelligence, winner take most opportunities are. and we have two data science organizations coming together, teladoc and lavongo, they brought in claus jensen from memorial sloan-kettering to run it and very interestingly they just hired a woman from aws, she led life sciences at aws aws has the lion's share of the life sciences market she chose of all companies out there to join -- to join teladoc. her background is united health, j & j and then aws where she helped build out that life sciences business. teladoc is thinking big. you ask us what is our price target out there, well, as simon barnett who is one of the most brilliant analysts out there in

this space was -- as he was looking at his model and looking at how far ahead they are on the enterprise side, far ahead relative to our expectations -- and remember enterprise b2b is where we think this story is going to fly, he was adjusting his model and he said, you know, i can't eaven throw out this number, we will haircut it by 50%, but he sees, again, preliminary estimates one day after this quarter but, again, we have a long term point of view a tenfold increase. this is like amazon. remember amazon in the day was -- it ipo'd at 18 in 1997, went to 118 and in the crisis round tripped back to 18 today it's at 2500 even after its drop today with he see teladoc in the same

league as an amazon. you know, we also have experience with controversy. our first big source of controversy was bitcoin in 2015 when it was $250, now it's almost $40,000 tesla, you know, we were fighting that battle for a very long time and it went from $30 on the split stock i get a bit mixed up where it is today, $1,000 so these are big ideas i think we're one of the few organizations, financial organizations in the world focused solely on disruptive innovation this is our bread and butter and because most of our stocks are not in broad-based benchmarks, most analysts don't feel the need to cover them that closely. >> sure. >> so we are doing -- we are fulfilling, we believe, an unmet

need, helping investors and advisers to diversify portfolios and incorporate disruptive innovation that is going to unearth the traditional world order, it's going to disrupt it and so we're a good diver fire and a hedge against the creative destruction that disruptive innovation is going to cause. >> to be clear you're saying at $35 today your analysts think teladoc is worth $350 a share potentially. when you say there is a five-year time horizon those are the kinds of values that you're pitching to the investors who are kind of sticking around to still see this story out let me ask you something, have you ever thought that there was an investment, a holder, that you overpaid for, a mistake -- a research mistake perhaps that was later borne out by an earnings power that didn't match up to expectations or has every single holding in your opinion been either a success or an unproven success wherein investors just have to wait a

few more years to see better returns? >> yeah, i think a lot of people understand when they hear us talk with such conviction about our stocks and the conviction is born out of research, they think that that conviction translates into perhaps arrogance or hubris that we can never be wrong that is never true we make mistakes all the time. if you don't take risk you're not going to be able to generate the returns. we have taken -- since last february the number of stocks in our flagship portfolio arkk peaked at 58 and is now 35 so there are 23 names that we took out of the portfolio saying, do you know what, we are not as confident in our assumptions or we don't like this management turnover, management changes we watch like

hawk and that's why i mentioned those on teladoc we're very impressed with the talent they are attracting so, no, we are going to be wrong -- we are -- i'm sure we have mistakes in the portfolio now and many people would say, well, look at the stock price, it's -- for arkk it's been decimated. it's been decimated and it's treating our stocks and our portfolios as though it is 1999 when there were a lot of companies that were -- that were founded that actually failed they were chasing a dream that is becoming a reality right now and we are investing in that reality, even though many investors, unlike the late '90s, are running away from innovation, running into their benchmarks and selling our stocks. >> final question, you mentioned management do you think elon musk is done selling his tesla shares in

order to fund the buyout of twitter? you've been continually obviously bullish on tesla, keeping it within that 10% holding range, more bearish on twitter as i understand it so can you just give us your updated thoughts on both stocks, especially in light of the selling pressure on tesla that's resulted from this. >> yes, and we post our trades at the end of every day and you will see that we have been selling down tesla, but it's still our largest position, 9.5% in the portfolio when we see tesla down, you know, 20% from its high and we see some of our other stocks down 60%, 70%, now, there's more optimism with tesla, it's in the indexes now so it gets more support. we're going to make that kind of trade, but our confidence -- >> what kind of trade? do you mean you're following -- you're selling out of it because of the price action in some of the more smaller beaten down stocks >> yeah, so portfolio management

means if a stock is -- especially over the past year and a half tesla has been a moon shot and our confidence is very high, but it is -- it has maintained its valuation relative to some of the other names in which our confidence also has increased so tesla, we have not lost any confidence in tesla at all, and understand that elon musk is diversifying, as he should he has ain't incredible amount of his net worth in tesla and he feels very strongly about twitter. and we're very interested in what he's going to do with twitter. we had just had a brainstorm about it and we think -- we think he could do some magnificent things with it as a private company, you know, reorganizing the model in some way and opening up the

algorithm. so fascinated by that. you know, in terms of twitter, what's ironic here, our greatest fear for our portfolio right now is that our names will be taken out, they will be acquired they are selling at bargain basement prices if you give us a five-year investment time horizon, we will maintain that they are deep value names. so our fear is that they're going to be taken out. now, elon is taking out twitter personally, which is even more interesting. we wouldn't have expected that but, you know, elon has done great things for the transportation space, for space travel itself or the space interconnectivity and we expect -- we would place a high degree of confidence that he will do very well with at which time >> we all have to go, but so to be clear are you done selling your tesla position at this point? >> i'm never say never, you

know, if tesla went up 30% and some of our other stocks went down 20%, that would be a natural trade for us to make, but it would still probably stay as the largest name in the portfolio. >> cathie wood, thank you for your time today. the ceo and cio of ark invest. still ahead on "the exchange," we will talk about how many rate hikes are priced into the market and if the fed would be any closer to a full point hike our next guest is calling for four half point hikes and that was even before the hot inflation readings this week we will dig into that. and as we head to break here is a look at your markets, just off session lows, the dow down 528, the nasdaq again the worst performer down 2.4% on track for its worst month since october 2008 back in a moment >> announcer: this is "the exchange" on cnbc. hey businesses!

you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. as a business owner, your bottom line

is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ welcome back to "the exchange," everybody we've had a slue of economic data this week and arguably the most important number land this had morning. we'll start with gdp that first quarter read which showed a surprisingly sour note kicking things off with a contraction of 1.4% and that was all because of inflation, the nominal growth, in other words, outpaced by that inflation rate the durable goods report was a

little bit better, it did show orders holding up which is especially important as we transition from more of a goods to a services led economy. the big miss in the chicago pmi this morning took some of the spring out of the step there chicago pmi 6 points below expectation, the only reason why it's between the good and bad is it showed better on the inflation pressures. before you think this means that the fed backs off, though, the inflation data this week generally speaking hot, hot, hot. the pce the fed's preferred gauge showed a headline reading of 6.6% this morning and the core reading if you take out food and energy was 5.2% topping things off the employment cost report, this is -- we're going to put it right up here, bad, bad, bad to the bone typically a second tier data release but a big attention grabber this morning, it's going pair plick, it rose at a 5.5% annualized rate, a series high and that's why my next guest thinks the fed has to raise half

a point at its next several meetings we are joined by the chief u.s. economist at citi. andrew, it's good to see you again. what's your response to the latest inflation pressures >> thanks for having me on, kelly. i mean, that employment cost index you really cannot overemphasize how important that data point is. what that is showing us is we really have a wage price spiral. these are wages that are rising consistently above 5% annualized, like you were saying, this is a rate of wage growth that we haven't seen historically you put that together with the price growth and you essentially have prices that are rising, you have workers asking for higher wages because price right side rising and firms raising prices because wages are rising that's the difficult spiraling dynamic in prices that the fed has to address. >> is it possible it's just a one off? >> i really don't think so if you look at what's driving this, the labor market, that is

the fundamental imbalance in the u.s. economy between supply and demand we have about two job openings for every unemployed individual right now, you just can't find the workers. until that comes back into balance you will see wages that not only continue to run at these levels, it could even accelerate from here much less than being a one off, this is something that can accelerate in the future, another reason why the fed will need to lean against this with tighter policy. >> what is your latest view on what we should expect for rate hikes and for the balance sheet for the whole kind of tightening that we're about to enter that would really just started embarking upon >> it's all moving in one direction and what we're hearing from fed officials on policy rates is that they should expeditiously be moving to neutral. there's some question about how fast is expeditiously, in our view that's going to be 50 basis point rate hikes at each of the next four policy meetings, including the meeting next week. and then where is neutral? neutral in a 2% inflation world is 2, 2.5% nominal interest

rates. those 450 basis point rate hikes will get you there, but i think we do have to ask the question is neutral higher now if inflation is running higher, every percentage point above the 2% target on inflation should be another 1 percentage point higher on the neutral nominal rate could the fed actually end up going further, think about 75 basis point rate hikes, those are possibilities but we would view those as risks to our base case right now on the balance sheet we should hear about that next week as well with fed officials getting ready to announce the beginning of balance sheet reduction this is just swinging so quickly not that long ago just a few weeks ago the fed was still buying assets, now they will be moving in the opposite direction. >> what if they don't tighten by as much as you're saying they basically need to or should do here >> if you look at what markets are pricing, interest rate markets are pricing about 200 basis points of rate rises over the next four meetings, which is exactly what we're calling for,

markets have really moved to kind of match our expectation over the last few weeks. so what that means for the fed is if the fed does not deliver on those rate hikes that are already priced, they are essentially delivering a dovish surprise relative to expectations it's kind of a strange scenario, even if you were to hike 25 basis points that's less than what the market is expecting and there's always two aspects to fed policy, one aspect is what are you doing to the real economy, are you slowing down the economy, are you bringing inflationary pressure down, but the other aspect is what are you signaling? what are you messaging and i think that's at least equally important here and why fed officials really need to deliver at least what's priced in because the message they want to be sending and i think increasingly are sending is this is a fed that is concentrated on inflation and on breaking this spiral of wages and prices. >> very well laid out. andrew, thanks for joining us today. >> thanks very much. >> andrew at citi. coming up, the co-ceos of

warby parker will join us as part of the count down to the inspiring event next saturday honoring people who make an impact we will speak tohem ou tabt that honor and the turbulent markets after this quick break you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

welcome back to "the exchange," everybody hit session lows just about 20, 30 minutes ago but we're off those levels now, the dow down 475 versus an earlier drop of 600. nas back in focus for the remainder of this month. what's that just tomorrow? no, tomorrow is the last trading day of april this could be the worst month for the nasdaq since october 2008 let's check the sectors.

we're seeing technology and some of those exposed sectors under the most pressure yet again if we take a quick look in tech today. amazon, intel, alphabet and var sign are among the worst performers one area that's rallying are the chinese internet names, all jumping in the range of 5 to 15%. the china internet etf having its best day since march 16. mohawk on pace for the best day in two years remember it comes after sherwin-williams was a notable earnings standout earlier in the week keep an eye on shares of robinhood which has managed to turn higher after the sharp more lower on the result last night up half a percent but above 10 bucks a share. washrby parker shares higher th year, they have made a big bet on shifting from online to brick

and mortar while the stock struggling this company's ceos are focused on doing good and that's why they're part of this year's nbc inspiring america event. joining me now are dave gilboa and neil blumenthal, they are the co-founders and ceos of warby parker welcome. >> thank you thanks for having us on. >> neil, i will start with you and, you know, it's tough to talk about a stock versus doing good you know, tell me how you -- the vision at this point to kind of have it all, so to speak. >> we think it's a false choice between growth, profitability and doing good in the world and we believe that we can do well and do good and it helps us attract and retain the best talent so we're able to provide prescription glasses for $95 while providing a pair to someone in need and we have now provided over 10 million pairs of glasses to people in need around the world. >> neil, let's talk about the retail footprint because we're all digesting amazon's earnings

report last night and the company is basically just saying that e-commerce has slowed when i think about cashy parker you guys started e-commerce, were very early to move into brick and mortar, continue doubling down in that direction, is that right? >> yeah, you know, we want to be where our customers are and we believe that customers want both the physical experience and we now have over 170 stores across the u.s. and canada and we're just able to continue to deliver exceptional customer experiences with a net promoter score over 80 whether it's through our stores, through our website, through our two apps we just have been deadly focused on creating great customer experiences and delivering great value. >> dave, what would you add to that >> yeah, we couldn't be more excited about the potential for us to continue to scale our glasses business, both online and offline and as we open stores across the country it's also a great opportunity for us to put eye doctors into each of

those stores so by the end of this year we will have 200 stores across the u.s. and canada, the majority of those will have doctors, we also have a telemedicine app, virtual vision test that our customers can use to renew their prescriptions and we now offer contacts as well so really are just focused on making it as easy and convenient as possible for people to take care of all their eye care needs with us, whether online or offline. >> i was going to ask about the contacts, dave, as a wearer myself and they are very pricey, should i believe walking into washy for my next pair or how does it work >> we think so we offer our own branded contact lens developed by warby parker, it's a high quality daily lens for around 25% to 40% cheaper than comparable lenses we also offer all third-party contact lenses as well and we make it as easy and convenient as possible for you to buy those online or in a of our stores. >> neil, as you highlighted some

of the efforts you've made across the company, you had early innovation obviously with donating eyeglasses but you're also focused on some efforts today. what is the next chapter of innovation for warby parker in terms of trying to do good for the community while creating better returns for shareholders? >> yeah, so we continue to expand our pupils project where we go into schools and provide eye exams and provide glasses, we're actually in 12 cities across the u.s. including new york city, the largest school system in the nation with over a million students and we find that when you provide children with a pair of glasses, it's one of the most effective educational interventions you can have we worked with johns hopkins on a three year longitudinal study and found the pair of glasses is the equivalent of two to four months of additional schools, there is not another intervention that has that sort of impact, not extending the school day, no the private tutoring, not even computers in

classrooms we believe if we can provide glasses to kids across the country we can unlock productivity. >> we will leave -- it made a big difference for me, tenth frayed when i finally realized i couldn't see the board that well i'd like to say that that was why i was having some performance issues anyway, it didn't hurt guys, thank you for your time today, great to have you and congrats on the recognition. >> thank you >> thanks so much. >> neil blumenthal and dave gilboa of warby parker our annual nbc event continues over the next week, concluding with the inspiring america 2022 inspiration list, we will actually carry that on cnbc on saturday, may 7th and across all of the nbc news networks let's get to tyler matheson now for a cnbc news update. >> thank you very much dr. anthony fauci says the u.s. is unlikely to reach herd immunity against covid he says the pro connection that comes after an infection does not last long. fauci says current vaccines are good, but better forms of protection are needed. the fda has set tentative meetings to review covid

vaccines for kids under the age of 5 the three hearings are scheduled for june about 18 million young children are still unable to get their shots because no vaccine has been approved for their age groups. the house panel investigating the january 6th insurrection has announced eight hearings in june, some will be conducted in primetime and in kabul an explosion for through a mosque killing at least ten people, wounding another 20 this according to a taliban spokesman. hundreds of worshippers were gathered for prayers on the last friday of ramadan. on the news with shep smith tonight how alleged kidnappers prepared before grabbing a 3 month old baby, diapers, formula and more that's tonight at 7:00 with shep back to you, kelly. >> tile, thanks. i will see you soon. still ahead, strong demand including strong business bookings.helping wyndham resorts to an earnings beat. the ceo joins us live with whether he sees those trends

sticking and the impact of higher prices for gasoline, labor and for pp cinsulyha disruptions. back in a moment ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future.

(applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity.

welcome back, everybody.

look at shares of wyndham hotels and resorts, they are at an all time high yesterday on the back of a strong earnings beat, down 1% today the company noting business travel is returning and higher gasoline prices aren't deterring -- yeah, you just expense it let's bring in geoff ballotti. welcome. i'm kidding about expensing the gasoline but it feels like those are two distinct segments of the population, the business travelers has different sensitivities than the leisure tra traveler what's your typical mix? >> great to see you, kelly we are here in d.c. i wanted to get a plug in quickly for wyndham's women own the room program where we are proud sponsors of she has a deal, 22 women are pitching for equity to invest in development projects and one thing we know that this industry needs are more women developers we're really proud to be here. your question on gasoline, your question on the business travel, actually, our business travel segments have never stopped traveling.

i mean, we are much more boots and hard hats in our small business owners and our franchisees, owners, hotels and of course leisure travel is off the charts right now and gasoline doesn't seem to be impacting that in any way yet. >> you're telling me you're doing a shark tank back there? you're playing the role of kevin o'leary? >> we have great judges, unfortunately i'm not one of them we had one of our team members yeah, we are doing -- shark tank is a very good analogy of what's going on right now this industry is so desperately in need of more female developers, more women developers and we have a program women on the way where we want to use our balance sheet, we want to use our resources to see more of them come in, unfortunately only one out of every ten developers today are women, but we think we could boost that up and that's what's going on behind me. >> understood. let me pick up on something you just said, i have a chart that backs it up, but it's pretty -- i don't want to say it's hard to

believe but it's hard to believe that you're seeing no impacts from the gasoline price surge. why do you think that is >> there is such -- as all of your guests all week long have been talking about, such unconstrained demand, try to find someplace to vacation this weekend and no matter what survey is out there, aaa talking about the return of the great american road trip and how this summer will be a record drive to u.s. travel association here in d.c. is reporting that at no time during the pandemic has there been more desire for americans to travel nine out of every ten americans are saying they are trying to plan a vacation this summer there's just record october pansies, our economy occupancy is up double digit not last year but 2019 which was the best cycle that this industry has ever seen. >> ienl alley i mentioned shares at an all time high. when apple gave its earnings this week they talked about how sales could be $8 billion higher if not for supply chain constraints.

are you in a if a similar position when we talk about the opportunities for expansion or the constraints on it? >> our small business owners, we are one of the world's largest hotel franchising company are seeing pressure. that's our job, what can we do to bring down the costs to find alternate sources of sourcing, to look internally here in the united states or in south america where you're removing that friction and trying to minimize that delay. development right now we just hit a record pipeline, our pipeline grew 9% year over year, we have never had a stronger pipeline and i think the attitude of our small business owners is now it is a great time if they can find a piece of land as these women developers are behind me trying to do to develop a hotel because we believe that we're really at the beginning of what we think could be another multiyear cycle ahead of us. >> i feel better already breathless excitement, geoff,

thank you for your time today, especially on such a big day for you guys. >> thanks, kelly. >> geoff ballotti of wyndham. oil and gas stocks have been surging, halliburton, apa up more than 50% and there are three thgshe tee mpieare doing that investors are rewarding. fo (driver) conventional thinking would say verizon 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care

when you start with care, you get a different kind of bank. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

welcome back exxon actually missed on earnings and revenue this morning, but the company announced it's increasing its buy back program to $30 billion from $10 billion through the end of next year, shares down 1.25%. energy companies overall are spending once again as oil and gas prices soar but they're still well below pre-pandemic levels pippa stevens has more for us. >> exxon's buy back boost speaks to this new age of energy company which is all about capital disciplined dividends and buy backs. spending on exploration and

production is growing again as oil and gas prices surge and demand for commodities jumps but it's still far below pre-pandemic levels. raymond james expects global spending to jump 23% this year to $326 billion that's an increase from the last two years of a pandemic slowdown, but below the peak and $600 billion in 2013. in the u.s. spending a on track to rise for the first time since 2018, but that money won't go as far because costs for everything from sand to drill pipes to labor is rising and raymond james says the companies will remain disciplined preserving their dividends and buy backs regardless of how high oil and gas prices may get, that's because that's what investors want from these companies, payouts and more predictability especially when oil prices have been all over the map over the past few years energy stocks are the top performing group by far year to date and over the last year. some of 2022's top performers,

kelly, occidental, halliburton, marathon and apa. >> with those huge gains we've been talking about and the prospects of more. still ahead, if it's friday it's three buys and a bail, a look at some of this week's big earnings movers including this name down 13% and our trader says there's more to come. and the mill cohn conference kicks off next week. catch web extras on your second screen including brian sullivan's market panel on monday register for the event at cnbc.com/pro/talks we're back in a moment (vo) verizon is going ultra! with 5g ultra wideband in many more cities, you get up to 10x the speed at no extra cost. plus six premium entertainment subscriptions, included!

like disney+, music, gaming, and more! (mom) delightful. (vo) saving you over $350 dollars a year. and for a limited time get a 5g phone on us! no trade-in required. (mom) amazing. (vo) this is the offer you just can't miss! verizon is going ultra, so you can get more. flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

my fellow xfinity customers. for a prospectus containing this information. hi tim. the biggest week in entertainment is almost here. watchathon week presented by xfinity rewards. with free access to stranger things from netflix. the boys from prime video. hbo max, starz, and peacock. just say watchathon into your voice remote and get ready to watch. i love you. i love you. i love you all.

♪ ♪ >> welcome back, everybody the s&p is capping off its worst month since the pan thdemic hitn march 2020 and it's closing out with a whimper here. of the companies who reported who are the buys now and where are the bails? joining us is gina sanchez, chief market strategist at lido advisers gina, what a week. our heads are spinning your first buy here is apple tell me about it

>> so, you know, apple is a tech company that has a whiff of value and our signals are telling us that value is back on the table. quite frankly, apple had a great quarter and even though, you know, they didn't do as well as were expected, the company -- and they had some warnings they had some real warnings about supply constraints, supply chain constraints, we still think they're a strong company going forward and you know, we like -- we continue to like apple in our portfolio. >> my guess is lots of people feel that way. that's a high-class problem to have amazon, a little different story. that's your next buy here. this one hasn't gone anywhere for the last couple of years now. why do you think it's a buy here >> amazon is having a really tough quarter because they put money into the infrastructure and investing into inventory management and right when costs were soaring and you got what

was inevitable and the slowdown in the pandemic as the economy re-opened, amazon lost some of that e-commerce market share to the real economy and that was expected, but aws is still core to what we believe is an important value prop for amazon and going forward, we think that the investment that we've made into logistics, they will extract value from that going forward. we think it's still a stronghold >> a strong hold or a stronghold both, maybe. [ laughter ] >> both. >> your final buy is visa and that had a great week this week and it soothed a lot of nervous about the consumer you still think it's a buy even after that rally >> we do visa is a hold that we've had for a while and one of the things is that we're not seeing a slowdown in global payments despite all of these concerns around inflation and around the impacts of energy prices to consumers. consumers are still spending and in fact, because travel is

re-opening, visa is also seeing that really high-margin cross-border spending going up and so they're just raking it in on all sides. >> all righty. those are your three buys, apple, amazon and visa for the portfolio. there's one, though, that you are ditching here and it is boeing after that earnings report that has people just deeply concerned about what's going on with the company, like chris chrissanty this week and they're being constrained by the government and however they look at this, you're not sticking around, are you? >> no. i think boeing is having a really tough time. so it started with the 787 max being put on hold and we still haven't heard anything about that, and now they've announced a pause for the 777x, and all of these one after another speaks to the idea that boeing got pretty lax with their safety standards and they had an enormous backlash after the 787 max airline crashes, and so this

isn't the sort of industry where you can just fix it on the fly these are lives at stake and it is going to take the company a real, sort of naval gazing exercise to figure out what they're going to do and it's going to be an expensive proposition and they're in debt. >> they're teetering right now >> that's kind boeing at $150 a share gina, thank you, have a great weekend. >> gina sanchez with three buys and a bail tesla down after musk sold shares to help the twitter takeover where is the rest of the cash wel congro 'lhave details next. make thinkorswim® even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.

so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade 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

hey businesses! matchinyou all deserveription. something epic!

so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ what's it like having xfinity internet? it's beyond gig-speed fast. and it can connect hundreds of devices at once. that's powerful. unbeatable internet from xfinity. made to do anything so you can do anything. ♪ ♪ welcome back shares of tesla rebounding 2% as elon musk says he's done selling to raise cash to buy twitter,

but if he's done where else can he return for the remaining funds he still needs robert frank joins us with a look robert >> kelly, he sold about $8.4 billion in stock this week. he'll pay about $2 billion in taxes on that sale so it leaves him with about $6.5 billion to put toward the purchase of twitter. musk tweeting out, no further tesla sales planned after today. unclear for how long, however. there is the big question of where is he going to get the rest of the their 20 billion in cash that he needs for this deal that cash is in addition to the $12.5 billion he's got for interest loans or margin loans against those tesla shares and their 13 billion he's going to get from the banks he does have about $3 billion left from last year's share sales. so he still has, bottom line here, about $10 billion in cash he's still got to raise. he's got to get that from an equity partner or maybe selling off part of spacex

who knows where that money is going to come from the uncertainty here may be one reason why twitter shares are tre trading below, and his tesla wealth down $35 billion since that time. so this is getting very expensive and not just on the twitter purchase side, but also on his tesla wealth. >> until we can answer the full question, where is he going to get the money from thanks very much that's it for "the exchange. "power lunch" begins right now ♪ ♪ kelly, thank you very much welcome, everybody, to "power lunch" for a friday, a busy friday i'm tyler matheson the market is saying good-bye, good riddance to april the nasdaq on pace for its worst month since 2008 are stocks poised potentially for a turnaround we'll look at this month's worst