about investors about maintaining a kernel level folks that's correct does it for us, "power lunch" starts right now. here's what's ahead on a busy monday last day the of month and surprises advise for investors it says walk, i following dress, plus a housing hard lander , to weather a real estate

recession. we'll tell you what they are later this hour, contessa. on track to close out october with big gains right now the dow industrials are off, but up 14% for the month. that would be the best month, the s&p is off, but now up 8%. and now the nasdaq composite is up 4% this month peloton on pace now for the best month since december of 2020, up more than 7% today. well, contessa, let's begin in -- they're wreaking havoc on

the economy. eunice, let's start with the foxconn plant, as it denies reports of 20,000 covid cases there, and people fleeing the premises >> absolutely. that taiwan company has been in full-on damage control, because they've been denying that report as you mentioned, and also say the production won't be affected the company had also told the local media today, renewing their pledges they would improve the lives of the workers ought that factory in central china. that's the one people say is right smack in the middle of iphone city. new measures to make sure that workers are sick or suspected of big ill broadband cared for, so

that they can be taken, and they handled well, offering new bonuses for none who decided to stay to the attitude of about $14 a day, which is a big amount there. this all comes after we've been seeing all weekend videos emerging foxconn worker trying to get out of the facilities, walking by foot, over fields, going a very long way to try to reach their homes, again, to escape the covid restrictions brought on by a persistent outbreak no city. >> the foxconn plant supplies apple. does that disrupt apple's production >> reporter: therehave been several reports that have been quoting people who are close to the matter, saying it could hit production as much as 30% for the i phones in that factory

the company again has said that wouldn't happen, that they are coordinate are their production with our facilities ar the country. shanks high disney also shut down because of covid. the latest on shanghai disney, as you said, is temporarily shut down. each just a couple hours ago people were posting on social media, they had only just emerged from the theme park. you could not leave without a negative covid test. the company said they were offering refunds to people to try to make things better. some of the people -- the visitors said that actually the rides were still on today, so they could at least sort of enjoy themselves, though they weren't allowed to go outside, but we're seeing this in various

parts of the country, as well as in other jurisdictions, such as ma macau. guangshou said they were suretying a district, and we heard tonight a lot of truckers were complaining they're not able to get back and forth, and ebelly getting into beijing. there's an increased level of fear about the spread of the virus, and, of course, beijing is the most important, at least in the eyes of beijing, because it's the seat of the government. >> eunice, thank you for that. one more note on this zero covid policy that we have seen from president xi, and you heard eunice mention this, macau, the mgm had to shut down one dealer tested positive for crone. they shut down the whole

resource no visitors in and on you. no employees in or out i'm told they have tested everyone else, and everyone else has tested negative. yet, at the same time, tomorrow launches the day when they start the -- it makes it easier for people on mainland to apply for a adviceo for go to macau and gamble there it seems add odds with the -- >> the people in the resource were quarantined >> that's right. everyone -- >> everybody -- >> anyone, for three stays they have to stay put inside the mgm, and not just those under quarantines, but the whole city will have to undergo rapid testing at a time when they're supposed to be relaunching -- i've talked to sources in the industry, who anticipate there would be a gradual lift, but they think it would be rather

slow. >> contessa, thank you. all right. in spice of all the challenges that eunice just laid out, our next guest says china stands out an as an attractive opportunity. i almost gave a promotion there, dan, to chief -- >> i'll take it, tyler a lot of people view china as uninvestable, but you donn't >> clearly the geopolitical issues have been front and center, what has driven the outperformance and underperformance has really come back to the brass tax, fundamentals, looking a profits, valuation, things like that. when china was the epicenter of the pandemic, it was one of the

safe havens, bauer their profits were one of the best in the world. since then they have lagged in recovery, as the rest of the world has reopened, and therefore their profits lag and their markets have lagged. in you separate out the politics, china looks pretty attractive you can see -- start to improve. so let's take it apart, liquidity is one thing profits may be bottoming, and creates they attractive valuations, right? >> exactly >> that's the license we were we view any investment opportunity. profits are slow ing slowing tho

you grade them on sentiment? literally good now the more bearish people are, the more attractive. opportunity. >> returns ar greatest when capital is scarce. the more fear you have over china, whether it's because of reg blah torrie risks or whatever the fears are, that creates the opportunity. that's why this market trades at a huge discount to much of the world. >> let me squeeze one more in before contessa takes over here. right now the major themes in or portfolios is quality defense. we are overweight cash and long term treasuries. how do you square that with the yesterday that now is the time that you don't into something that does not speak to me defense. >> that's a great point. when everything in the world is going one way, we get things

that are showing different trends if you look at the overall world, it is pointing toward slowing profits, tightening liquidity. that's when you want to get defensive in portfolios. i think with long-term treasuries, the bit shift going forward, i think what's going to drive interest rates going forward is going to be less about inflation and the fed and more about growth. we think growth will continue to slow that will put downward pressure on treasuries and creates potential up side for those investments. >> i'm curious why you think you can divorce politics in china from the investment process? >> i mean, i think you can divorce politics from everywhere in the world and you'll be better off like i said, you know, really the outperforms, the underperforms of china, that market has been a function of prophet and liquidity, but even if you look at our own markets,

look at this administration, the signature focus was green energy what's worked in this administration dirty energy if you look back at the trump administration, the focus was on dereg in heavily related industries, and protecting u.s. industries like steel and coal what was the worst performing parts of the market during that market everything i just mentioned. even going back to obamacare, it was the signature, you know, legislation during that period >> but in china specifically, the party line has been a zero covid policy let's talk about what i know best, the casinos the six conces conc concessionaires have been losing

money every quarter is because there should be no covid infections i don't know how you can divorce that from what the casinos are hoping there will be pent-up demand like they have seen in las vegas, but until something changes, i don't know how they get there. >> that's a great point in my view it's going to be recovers nonetheless. it's going to be more graduate than it otherwise would be, but the reality is are things going to get worse from here are they going to get worse? my view is the lockdowns will probably get better from here, and that's enough to shore a recovery, where most of the world will show further deceleration >> so silver lining there, dan,

i like ending on that note. >> thanks, guys. and we'll put in a good world for you. >> they're all watching. >> of course steals and deals, the latest credit card data is dropping hints about the holiday shopping season the stock that could do well have a few things in. housing, the risks are rising, but there are real estate-related names chevron and exxon hitting now all-time highs exxon mobil is up 26%. we're back in two minutes. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always.

charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

well back to "power lunch. a strong month for retail, xrt up 12% led higher by the gap and macy's, but headwinds are forming, according to bank of america, credit card data, points to a slowdown in spending, as consumers feel the squeeze of inflation here to discuss with retailer and how to invest is lorraine hutchinson nice to see you. >> hi. thanks for having me. >> can you give us insight into what the credit card analytics tell you

>> sure. our credit and debit card spending indicated a slowdown in september. we think this is a result of the consumers just having more pressure on their wall either. last year heading back into holidays, people hadn't spent that much going out to restaurants and travel, and this year they prioritized their spending to those parts of discretionary. fuel prices are rising, food prices are rising, sothere's a pinch on the discretionary good side of the equation, and we're forecasting a muted -- >> we talked a lot about retailers trying to get ahead of the kind of supply-chain crunch they saw last season, may have preordered this year and are sitting on lots and lots of any of torrie. what are we going to see from the retailers moving toward christmas? >> look, retail inventories are

at record all-time high levels they were basing is on a snap back this leaves retailers with a lot of product the good news is the supply change is working. last year we saw lots of stock out. the bad news is that it came in, came in early and it was too much >> so as you talk generally about inventory, who is in the worst inventory position in other words, was it clothing

appliances small househow would goods whatever, and who is out over their skis on inventory. >> everyone expected them to tick to worn now people are looking to go out to spend more on parties and different clothes to go back to work in. i think it's the state at-home category that we're seeing an overabundance of we've heard it from nike, from some of the retailers catering a slightly lower demographic like gap, old navy, kohl's, but who cleans up the problems it's the off-price retailers they buy a lot of that inventory. >> so it's marshall's, tjx -- >> ross.

>> homegoods, whatever my wife will be so happy. >> burlington. >> my goodness, you have no idea it makes me miserable to go there, but that's okay. >> the quality of the brands, because they're there to clean up everybody's mistakes. i think that's a really interesting trend. we'll see the quality and the quantity of inventory available for the off-pricer to buy is really high. >> do you have any picks of retailers who have sustainable pricing power that will not have to engage in the markdowns or promotions >> our top pick is tapestry. we think they have pricing power for a few reasons. they cut back on about 40% of their skus during the pandemic they reinvested in marketing,

and launched a -- we think these factors add to a real sustainability to earnings post-covid the stock trades at only five times ebit dad, and we think they will buy back 7% of the stock with a 3% dividend every year, pretty conpell off 0.63%, or a little more than half a person. thank you, lorraine, for joining today. up next, chipping in semimanufacturers, hunting for new partnerships to aid u.s. manufacturing, including a new deal with jaguar and chip firm wolf speed. plus a biohome dome, a start upthat seals ducts in order to reduce waste before the break, a quick programming note you want to lever how to brighten your future

of course you do join us virtually november 1, that's tomorrow. it's november 1. for cnbc and your money. cramer would be one, the other guide would not be one see you tomorrow, november 1 i think it starts at noon. maybe 1:00 i don't know, go find out. tion? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪

welcome bag to "power lunch," everybody. shares of wolf speed are down 5% today, and 20% in the last week. the chip makers missed earnings, but the company is building a new factory, and today announced a deal to help pay for it. kristina partsinevelos joins us from the nasdaq with the details. >> they make they silicon carbide chips, and today he announced a partnership to provide jaap war land -- the chips aim to improve efficiency. >> that efficiency is obviously going to help those cars go further, but it's also going to support their goal of being net

carbon neutral by 2039. >> wolfspeed plans to build the largest fab or manufacturing hub in north carolina. that's a big investment. the $52 billion chips act will only go so far, which is why they and many other chip makers are requested financing from people like customers. >> they get an assurance of supply that's become a real positive thing for us, and this is project-based funding where different organizations are interested in doing some sort of private funding for us >> right now u.s. ev sales were 254,000 two years ago and expected to hit 2 million. that extra financing will help them capitalize on that growth all right. we have seen chip makers get battered by weakness in smart doane, pcs, even industrial

uses you have car makers around the gallon just raising to create these vehicles they're going to have infotainment, special parking, and everything is connected through the tiny also chips, which is why it's been a more resill gent vertical for example, texas instruments believes auto will be the only vertical growth. just this morning, we had the ceo on "techcheck," and cited increased demand despite weakness elsewhere time for our c nbc news update brian sullivan has that. >> here's the news happening at this hour. former president trump has made an emergency appeal to the supreme court to stop the release of his tax records to

congress saying there's no valid reason, but they have failed to convince courts in a legal battle that's now gone on for years. in the philippines, more than 100 people have died in a major storm that brought fl flooding and the united nations says no ships were in the black sea grain corridor on the night that russia said its warships were attacked by ukraine. russia says the alleged attacks are the reason it speended participation in that deal to reresume grain exports hundreds of ships are effectively blocked in russia's opposition to the export deal. ahead on "power lunch," emergency at home, home builders teetering on the ends, as they wreak half von plus, speaking of wreaking havoc, trick or treat, it's a

special names with scary and shocking moves this moh. ow lchwi bright back good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!!

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we have 90 minutes left in the trading day.

let's get you caught up. the battered home builders, by the way. let's begin with a check on the markets. lower across the board, but off the lows of the day, significantly still on track, the dow for its best month since january of 1976. the nasdaq leading the way lower, down nearly 1%. meta is once again a big drag. it is down 6% today, down 28% over the past week, following earnings reports that were not very optimistic, very nice lowest level for that stock since 2016 other big-tech names falling do. pick them. all of these lower by about 1%, in some cases more that would be alphabet by 1.6% chips also lower as on semi

reports. you know, did you know that stocks have sympathy moves they have feelings, too. yields are higher across the board, for bonds, ahead of wednesday ace fed meeting, where they are expected to ray rates we've been talking about that a bit. the ten-year closed just above 4% there on friday 4.05, a few basis points higher than that. the three-month yield, at 4.1%, that means the three-month and ten-year remain inverted, which many of you as a serious recession indicator. somebody's going to help me here that's pippa stevens, who will help me boil it down bail me out of this, pippa. >> hey, tile her, oil is down, but today's action is centered on natural gas

it's sinceretreated from the session high, though still imposing about 11.5% higher. this goes back with weather, with forecasts calling for a cold blast during the second week of number odt holdings saying that the market is setting up for normal winter market volatility he added that 10% swings have become normalized due to the drastic tightening of supplies wti is retreating today, although it is still on track to post the first positive month in five energy stocks are the only s&p group in the green which is getting a boost, as natural gas prices surge exxon, chevron and conoco also in the green, all hitting record highs today. now, president biden is set to speak later today about oil companies' profit this year, repeatedly ace accusing the

industry of enriching shareholders at the expense of everyday americans tyler? let's turn to housing. homebuilder stocks down 30% or more so far this year, but there are some real estate-related names that our next guest offer an opportunity bob, welcome good to have you with us. >> thanks for having me back appreciate it. >> where are you seeing opportunity in what's been a really wasteland in terms of the home builders so far this year >> yeah, it's been tough on the builders, no question about that we still see a base case with mortgage rates over 7%,we're preparing for home prices to fall, all else earthquake, maybe down 20% to 25%, that will be stuff sledding for a long time, for many months ahead.

where we see some opportunity, at least within the builders certainly, we think being the low-cost price point, i think dr horton being a low-cost producer, has an advantage and need head start in single-family rental plasms, which we think will be an nickly important component, and where there's still a significant supply shortage where we also see opportunities within the sfr reits, we think amh has a great platform that will help them game traction, trading at big discounts and with the cost-to-own versus the cost-to-rent at hi turkeyly high levels, we think you'll find an ability for the single-family rental reits, to relative to a lot of other

subsector, i think core multifamily. that's one area they do have, a lot of people with rent growth decelerating, much more so than we would have anticipated, as we have a lot of new apartments delivering at the same time that we're seeing a pretty significant consumer pullback in terms of household formation i'm wondering what you think will happen with timber and lumber if people are feeling like they're priced out of homes, which we have seen in many markets across the united states what do you think happens with these sort of housing materials? >> that's a great question i think that's an opportunity, quite frankly. we've seen lumber prices come down dramatically already. in many daze it's been leading the market and already pricing in a housing recession so what we see is that lumber is already trading down to cash products costs, particularly in

terms of what it costs to produce in british columbia, for example, we're seeing pretty significant capacity curtailments in lumber production believe it or not, even with housing production on the single-family and multi-fealty side coming down, one area we think that will hold up is the repair and remodel, basically as households hunker down, they're locked in with the sub-4% rates. they're not going to move, but reinvest and still do big-ticket projects we think that would be steady demand for lumber and wood products we think names lie weyerhaeuser and more have significant leverage to lumber prices and will hold up really well they're already priced for recession and offer sizable supplemental based on cash flow

they have already earned -- >> can i just ask you about that >> yeah. >> those tim her and lumber reits, they own the forests and something sells manages it they have a base of assets, which is the trees, you know, also offer carbon optionality, those attractive for investors so they bring the logs straight to their own sawmills. those two names are vertically integrated the leverage to lumber prices is what's not being factors into the stock. >> i want to go back to the rental market to make sure i understand what you liked and what you shy away from single-family rentals, the companies in that market, you like their prospects better, as

i understood it, than the reits in multifamily rental ats. did i get you right? >> that's exactly right, tyler we thinks those are not quite as fungible as many would think people are working for space from the young families and wee seeing a knees boom, are starting those families. they need the space, the suburban lifestyle apartments are a bit more of there is a bit of a delay factor they with live with mom and dad an extra year or two to save up some money and we're seeing that at the multifamily levels, whereas

single-family rentals are growing. >> buck, thank you very much buck horne from raymond james, thank you. today a clean start, looking ct a start-up that seals air dus. "power lunch" will be right back at humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with original medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get all that coverage plus part d prescription drug benefits. with no copays or deductibles

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if you live in an old home, you know it leaks air. and if you live in a new home, it can also leak air the energy inefficiency is at its height, but what if the answer is in the air diana olick has a look at a company that offers a sticky solution in this continuing series on climate startups. >> leaky air ducts and walls are the single largest reason for energy waste in our homes. they can lose between 25% and 40% of 9 heating or cooling energy put out enter aeroseal >> we have made it easy to seal

any leaks in the building, whether it's the hvac ducts or building envelope. >> reporter: and they do it often without physical assets to the leaks themselves gupta likens it to fixen a flat tire. >> imagine if you can pressure aids and inject micro-sized particles, as they try to escape the building or any space we're trying to seal, it seems that leaks automatically. >> reporter: sealing walls can be different, about you it does it from the inside, without ever cutting into a wall. it's already working with big builders and mid-sized builders like denver-based thrive. >> with the build our brawn on energy first tying them with carbon reduction hand in hand, we're focused on

carbon reduction. >> reporter: it's now available across the u.s. and in 29 countries. it has several backers, total funding $30 million. selling new homes under -- sealing new homes under construction seems like a no-brainer it's really older homes that are bigger carbon offenders. he claims it will pay for itself in energy cost savings within four years contessa >> number one, what is the sticky material, and does it land on, say, your faucet handles or -- >> no, i knew you were going to ask that it is nontoxic, nonflammable, it's an emulsion of water and vinyl as at a time to put it more plainly it goes into a lot of chews gums and baby pacifiers, so pretty safe,

i'm thinking. >> then are there other applications you showed them use ago air ducts, but where else could it be used? >> it's the whole envelope of your home. you can do it number one into the air ducts, but also around the walls, seal around the windows. in my house, it's not so much the air ducts, but around the windows and the frames i have an old stucco home, that's the they ink it can also adhere to. >> i second that emulsion. thank you. [ laughter ] still to come, viewer beware, we're trading some stocks -- stockup scares -- i blew that. i apologize. it was nicely done s&p stocks, moving up our down, it may cause goose bumps. >> and sometimes the anchoring does as well. >> it's like fingernails on the

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time for today's halloween edition of three stock lunch i promise not to mess it up. we're going to look at some shocking, shocking october moves. tesla down 14%, as elon musk

closed his twitter deal. tesla on pace for its worst month since april when musk first announced the purchase of twitter. halliburton, one of the best october performers up 46% on strong earnings and an opec plus production cut and norwegian up 15% after they dropped all covid restrictions and gave positive updates on booking and the ability to pay down debts, best month ever for norwegian. >> our graphic says royal caribbean. >> didn't i say norwegian? >> let's see what tim seymour says. >> this sounds like when you reach into the trick or treat bowl and you pull out m mr. goodbar and hate peanuts

you tell me where are we going here >> i think it's norwegian. >> i think it's norwegian. it's my countrymen, go ahead. >> talking cruise lines, the tweet is that the exposure here is still very much to north america despite the name if you look at carnival, they're the ones that have the most eu drag the bottom line if you look at cruise companies and you were looking at royal or norwegian, it's a story of enterprise value and 2019 versus today. these companies are 2, 2.2 times the debt load they had 3 1/2 times net debt versus about 7 times. and while we're at pricing in the second half of the year that is ahead of 2019 and bookings that are catching up, it really is the profitability of these companies. so i think for now, the trick was clearly 2020, the treat is ahead for investors that are patient. >> what do you like about

halliburton, other than the fact it's up 46% this month >> i like everything and i'll say, as been investing in energy aggressively for a couple years, what you're getting now is a trickle down to the oil services company so it was e&p and then integrated but you're seeing the drilling capacity really pick up, especially international which is particular to schlumberger but lhalliburton is seeing risig levels, this is a company that targeted two times net debt. annualized where they were this last quarter on ebitda, they're going to be there soon looking at the balance sheet, they paid down $2.5 billion of debt but the treat is the cash payback and returns and possibly dividends. free cash flow, better capital discipline, that's why you want

to own oil services. >> moving to tesla, what do you think? >> the trick is, tyler, this is an auto company. so as much as we've said for years it wasn't, here they are using 50% production growth as a reason to really move that v valuation up and that may come under near term pressure. it comes down to a valuation story. i think some of the people confused the price cuts in shanghai with higher production, which is good. there's a margin uplift for china. you can't pay this for this company. if all other consumers are struggling, so will tesla. that's not part of the story priced in. valuation makes no sense to me at these levels especially after the goose of the story for the last couple years was the s&p inclusion, the share splits and now you're getting profitability, it's not whorth what you're playing. >> tim, the guy can go deep in the hole.

>> it's like halloween itself. so much practice you've done it ten days already can we move on past trick or treating today, do you know what i'm saying >> thank you, sir. >> love it. ahead, record profits for endowments coming to an end. that story ahead with upwork thg process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original

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cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. welcome back to ""power lunch"". here's some other stories that caught our attention "the washington journal" reporting that new car prices are starting to come down, inventory levels are ticking

higher there's discounting, though limited by model according to jd power. the average price paid for a new vehicle hit a record of about $46,000 in july, in october consumers paid about $45,000 for a new car or truck still slightly higher than the pandemic, though the whole equation of negotiating for an automobile has gone out used to be you go in, look at the msrp, and negotiate down now you negotiate up from the msrp and keep the price as limited to increment if you can find the car you want. >> we just had the analysts on talking about retail if the supply chains have eased, therefore, there's more supply on hand, maybe it gives buyers a little bit more bargaining power than they had before. >> i think it's highly model specific because i've been looking for

something in the marketplace, and you just don't find inventory on the lot they'll say we have one coming in december and one in january but blah, blah, blah so it seems like the supply is still really restrictive, at least on the kind of cars i'm looking at. >> clearly everyone feels like you, they're all after the same models. >> i think they're all after the hybrids and electrics. >> college endowments posted the worst year since 2009. many posted losses these schools post returns on a fiscal year basis ending june 30th the s&p 500 fell 12% over that span the losses are shocking because they come after record gains for many endowments in the year july 2020 to june 2021. harvard lost 1.8%, compared to a 33% gain the year before but these are endowments that

still stand, theirs for instance, $50.9 billion. i was talking to the head of investments for california regions they said the trick is to be strategic about where you put your money because you have to do it for the long haul. >> thank you for watching "power lunch" we appreciate your time today. >> and "closing bell" starts right now. happy halloween. under a bit of pressure on this final day of october but still looking to lock in big gains for the month. this is the make or break hour for your money i'm sara eisen the market, down 89 points or so, the low of the day was down 274, off that. down .6% on the s&p 500. it's been a tale of mixed sectors, energy the best performing, up more than 1%. that's it in terms of sectors. communication services and technology under the most pressure the nasdaq dow