next year. >> okay, j. snipe? >> pioneer leading emp player, trading at nine times earnings i like it here >> finally, stephanie link km. >> ibm, they beat, they raise, stock is very high with a 4.7 yield. >> that was on my list, too. great to have you here i'll see all of you in overtime. "the exchange" is now. thank you, scott, and what a day! and thank you all for being with us here on "the exchange." there is a lot going on. first up, the midterms and your money, what else. we're going to look at the possible scenarios coming out of today's elections and what they might mean for the markets and your money speaking of markets, they have had a nice rebound recently. best october ever for the dow, but our guest says another dip making coming. i'll explain why and what you should be buying if and when it does and holy crypto, the developing

and somewhat bizarre story around a massive bailout happening right now with one of the world's biggest crypto players. all of that ahead. but first, we start with the market numbers bob pisani at the new york stock exchange with a lot of green on the screen on this election tuesday. >> a lot three to one, advancing to declining stocks here at the new york stock exchange. similar over on the nasdaq and look at these numbers here dow industrials, 33,304. that is the highest level since late august, i believe the s&p 500, look at this, 3852. we're approaching the recent closing high, remember, that was -- what was that, october 28th we were over 3,900 a couple of weeks ago. and we're 50 points from that ee

gr group. amgen had some good medical news on an anti-obesity drug, but boeing, caterpterpillar and honeywell, these have had spectacular runs these are all up close to 20% since the middle third week or so of october. so what's happened is, tech stocks have sort of fallen back a little bit, recently, and some other groups, like industrials have really come up. these big names, boeing, caterpillar, honeywell have had great, great runs. today on the s&p 500, we have some earnings reports, mosaic was better than expected, and that's dragging up some of the overall material sector. norwegian cruise line is doing -- had a very good earnings report. and that's dragging up some of the travel stocks. for example, royal caribbean is having a nice day. so earnings still matter it's not all green, necessarily, though lyft shares are having a terrible day they're down rather dramatically there was, you know, signs of bigger competition there from uber, stolen growth. there was a whole bunch of

analysts i lost track of them, at least a dozen analyst who is slashed their price targets by a very, very large amount after that came out you see lyft down about 20%. overall, brian, three-to-one, advancing to declining stocks, three days in a row of green back to you. >> bob, thank you very much. so, of course, the markets and america are keeping a close eye on the midterm results especially in a handful of key states and even some key counties that all might determine control of the senate. ylan mui is here with us on set with what specifically to watch for as we head to the polls. ylan >> voters are casting their ballots today, but some of the most critical races are so close, we may not noknow the winners for several days or even weeks. take georgia, gop candidate herschel walker is running neck and neck with raphael warnock. if neither candidate wins at least 50% of the vote, they'll have to have a runoff election in december. meanwhile, in arizona, democratic senator mark kelly is duking it out with republican

blake masters. this morning, there were reports of issues with tabulators at about 40 polling sites a new law requires a recount in arizona if the margin of victory is half a percentage point or less maricopa county, which includes phoenix and its suburbs plans to have election workers in place past thanksgiving and into christmas. now, over in the house, there are roughly three dozen toss-up races. the bulk are haeld by democrats and two in virginia could give us an early indication of how the night is going to go democratic representative abigail spanberger is in a tough fight against latina conservative leslie vega in the seventh district, and elaine loreya, a navy veteran, is facing off against another female naval officer, jen keegans. both are moderates, who helped flip the house back in 2018, and they are call front-liners for a reason >> virginia, too one of the more interesting states, your home state, by the way. my folks are still there, as well when are we going to start to

know -- virgin's pretty good about counting quickly, correct? when will we start to really get a feel >> well, virginia's polls close at 7:00 p.m. one of the earliest in the country. but, you know, when i was listening to what some arizona election officials had to say, they're thinking maybe 2:00 a.m., they should have 98 to 99% of the votes sort of counted -- >> like 2:00 a.m. our time or 2:00 a.m. weird arizona -- >> in time for -- >> i'm hosting wex tomorrow morning, so we might be learning >> we'll have some results from arizona. if a recount is triggered, and by the way, this new law came about because of the 2020 presidential election. if this new law is triggered, this could go through the end of the year so it couldbe a very long time before we get final results. >> obviously, georgia, too and there's a third party candidate in georgia that's polling at like 1.5% that might be -- this third party candidate may be the difference >> and that's really important, because when you look at some of

the recent polling numbers, it shows that the candidates potentially could win is just under 50%. maybe 49.5%. and if they don't hit that 50% threshold, they need a whole another election and a whole new set of dynamics could come in play let's sit tight. i want to bring in another voice as well. let's bring in ed mills, washington policy analyst and managing director at raymond james. ed, really, according to you, i'll quote you back to you there really only are three plausible scenarios out of today's vote number one, the democrats keep control of both houses polls suggest that is unlikely scenario two, democrats lose the house, but keep the senate or three, the gop flips both houses of congress. ed, you believe that a gop take of the house is pretty much all but certain. what are the odds on the senate also going >> yeah, brian, the senate, you know, is really close. and it might seem strange to say that after we tabulate everything

and we'll say, hindsight is 2020 you could see a scenario where republicans end up with 53, 54 seats. and it really breaks decisively towards them you could see a scenario where we have a 50/50 senate or picking up a seat or two by democrats. we do think that republicans have the advantage coming into today. that is the momentum we have seen in a lot of the polling data i think everyone is expecting a polling miss that may be continues to undercount republicans. the thing that keeps us on the edge of our seat is, what if there's a polling miss in favor of democrats and that's being undercounted so is it a red wave or that blue wall that's going to stop them >> well, that's a great point about polling. and i think we've learned in the last few elections, polls can be useful in certain ways but be very careful, as well talk to us about the markets in the month of october i know our viewers are thinking, okay, if this changes, maybe it's good or bad for the stock

market do you believe, and we were all talking about the fed all october, everybody i was talking to was like, you know what, we think the market is running because the polls were changing in october do you buy into that >> brian, i do so the investment strategies committee here at raymond james put together this really neat analysis that showed on average, you know, the s&p 500, we know this, is up throughout the course of the year however, in midterm election years, it's usually weak up until the first week of october. and then outperforms has a nice rally between october 10th and the end of the year. adding on to that, we looked at it and said, 100% of the time, since 1950, the market's up six months after the midterm election 100% of the time, you know, 12 months after the election, it's been up since 1946 so the market is usually weak until we start figuring out who might win. and then you see a little bit of

a relief rally, as that certainty comes back in. >> ed, it's ylan i was hoping that you could maybe project forward a little bit. we've been having this debate internally on if the republicans do take at least one chamber of commerce, does gridlock in washington mean that nothing gets done? or does it mean that we potentially go off a cliff on fiscal fights like government shutdown or on the debt ceiling? what do you think? >> ylan, i would put that into two buckets. one, there's still a ton of things that democrats want to get done in this lame-duck session. you could see electoral college reforms, the codification of same-sex marriage, but there's the defense authorization bill, where there's a cannabis-related banking bill that could be part of that. some tax extenders, an energy permitting bill that mansion could be pushing for could that get done in the lame duck or a divided congress next year, when i look at the most likely scenario that republicans have, at least the house, a china bill that's tough

on export controls things that we saw on technology being extended to bioenergy is very likely in my upon the one caveat is, do democrats try to get that done in the lame duck i don't think they do, but if they were, that's a lot of upside surprise by taking the biggest risk in 2023 from d.c. off the table. >> it feels like if the republicans take the house and possibly the senate as well, ed, that we might be in for a year and a half of just investigations, right? i mean, congressional hearings on the pandemic, on the president's son. i mean, is that good many members of congress have said that that could be the case is that good for the country is that good for the market? >> so, brian, i think it's -- from a market perspective is

where i'll take this question. >> we're cnbc, that's it >> yeah, that's our job, right so i don't think it really makes that big of a difference, unless that really influences who might be the democratic nominee or the republican nominee coming out of those investigations, fit really boosts or harms someone. if that really changes the outcome of the 2024 election a lot of people look back and say, the hearings that were held against hillary clinton when republicans had control weakened her enough that gave the opportunity for donald trump to win the presidency in 2016 so, that's where an investigation could have a real market implication >> and we'll let you go, ed, but ylan, you know what i'm talking about. you wonder from a markets perspective, if we're in for a year, two years of just more vitriol? >> but it's not just investigations of potentially hunter biden, et cetera, the pandemic it's also potentially of cooperations, right? you've heard republicans say that they want to bring up esg you've heard republicans say that they want to bring up

what's commonly known as the don't say gay bill i think they're also going to be holding cooperations' feet to the fire from the right. and that's going to be a very different tone in washington from what we've heard in the past few weeks >> when it comes to things like banning tiktok, there does appear to be some actual bipartisan support this is not -- that doesn't seem to be a real partisan issue, is it >> different reasons, but same outcome. >> ylan, thank ed, thank you. ylan, we'll see you for like the next 38 hours. >> sounds good thank you, ylan. and speaking of, be sure to tune into tonight's cnbc election night special, "business on the ballot. tonight, 7:00 p.m. eastern, obviously, all the business topics at play in the midterm, how the results, either way, any of those scenarios we just laid out, may impact your money all right. now to the developing story that is really rocking the crypto world. singapore-based binance is

buying or bailing out ftx. binance says that ftx came to them over liquidity concerns but just yesterday, bankman freed implied the firm was fine and on twitter accused an unnamed rival of, quote, spreading false rumors the story is complicated it is developing, and yes, it can be confusing so let's all try to sort it out with what we do know right now with kate rooney kate, it is a developing story and it is confusing at times a lot of odd lingo and terminology. >> absolutely, brian we'll try to break it down there's a lot of moving parts here the big story in the headline is that binance is planning to buy ftx.com. this is the international side of sam begman freed's crypto empire it's separate from ftx u.s and that international part of the business is a huge bulk of revenue for ftx trading, the parent company 95% of revenue comes from the international side, as of the first quarter of this year, according to its audited financials that we reported on a

bit earlier this year. the deal hasn't closed yet binance's ceo saying they still need to do due diligence he says this was sparked by a liquidate crunch at ftx, which you could argue, brian, in part, because sparked by the binance ceo in some of his recent tweets binance was an early investor in ftx, but it sold all of its equity in ftx's last round and was part of that payout, it got a cryptocurrency called ftt. that is created and really tied and linked to ftx. cz. tweeting that the company was divesting all of its holdings in that cryptocurrency. it came right after a report from coin desk called into questions alameda research's balance sheet. for those that you don't know that name, that is a crypto quant firm and has close ties to ftx. the ceos had been fighting about this over the weekend. sam bankman foreed responded in tweet saying a competitor is

trying to go after us with false rumors, he said. ftx is fine. assets are fine, at the time a few takeaways. one, brian, this creates a massive global international crypto exchange, kbcombining ths two basically make a global monopoly from investors and analysts and sam bankman freed has essentially been crypto's white knight he appears to now be on the other side of the bailout. but they had played this role as an industry backstop, a lender of last resort bought voyager out of bankruptcy and bailed out blockfi those deals have not closed yet, so it's unclear if those will go through. and finally, there are still some jitters around the hedge fund alameda that i mentioned and possible margin calls. brian, back to you >> there's a lot here. thank you very much. as kate mentioned, that deal news of the news comes on the heels of the coin desk scoop it's not a research company, it's a trading firm. coin desk reported that

alameda's books were full of those ftt , effectively created out of thin air by ftx which means, it is backed by a coin that was invented by its sister company, rather than a more independent asset now, if you are confused by some of this lingo, don't worry it is confusing, to me as well even if you're not deep into the crypto world, we get it. but let's keep working to make sense of all of this and what it might mean for crypto, writ large. joining us now is emily parker, executive director of global content at coin desk emily, this story has a lot of sort of its own lingo, its own players. we still -- there's a lot that we don't know. what does it mean for the industry writ large right now? >> you guys just did a fantastic job of summing up a very conflicted situation so, yes, as you said, this story came to light after my colleague ian allison at coin desked a

this incredible scoop, looking at alameda's balance sheet and showing that much of it was ftx-owned token, ftt this raises a lot of questions about the crypto industry, in particular two real weaknesses in the crypto industry one is a lack of transparency. if ian had not received that private document and not brought this to light, would people just not know that this is going on that's a real question about transparency and disclosures that's one the second one is this question about decentralization so this is really ironic, because crypto is supposed to be this truly decentralized industry and yet, over the past few months, we've seen power increasingly consolidated in two main players one, ftx, and the other, binance. and now that is being reduced to one. as you said earlier, ftx was really seen as this savior of

the industry, he was scooping up states in voyager and blockfi. and now it's down to one player now, binance >> it's like the 30-year-old genius, a little eccentric, nobody understands him it's like, if you don't agree with it, you're not hip. we've seen some similar-type stories before over the last 300 to 400 years let's talk about disclosures there are some wire stories out, which might have been from you, emily, where bankman freed said that ftx has oobt $50 billion in withdrawals. that came in a telegram. telegram is a messaging app for people who don't know, to his staff. now we have sam bankman freed on twitter saying, false rumors, everything's fine. just from a very surface level, and i have a law degree, but i do not practice. there appears to be, to your point, perhaps some issue with public messaging here.

>> absolutely. and again, this is an issue that goes way, way beyond sam and ftx. for example, look at celsius, right? the failed crypto lender right before celsius braupaused withdrawals, celsius was messaging to the public, don't worry, everything is fine, your money's safe this is a big problem in crypto, which what will happen is you have these huge players and you'll hear these rumblings on twitter and rumors and certain people saying, yeah, this seems somewhat shady i think we should be careful, and then you'll have kind of the leaders of these companies come out and say, you're just spreading rumors, you're just spreading fudd, that's a big term in crypto and basically shutting it all down i think this is definitely going to cause another crisis of confidence we've seen so many, we've seen celsius go down, we've seen terra go down, ust go down you know, this is just -- this is just like another domino to fall >> to your point about kind of a semi-monopoly -- supposed to be the most decentralized industry, now it appears that we have

basically a near global monopoly with one firm and maybe some other players. we have the election if the republicans get control of one or both houses, and we know what some of their commentary, some of them have made about crypto, isn't it likely, given this, given voyager, given three arrows, given three celsius, hard not to see some perhaps new and very tough regulation coming down the political pike >> that's absolutely right i think crypto regulation is coming no matter what. even if this hasn't happened there had been so much red flags in this industry that we will see crypto regulation coming in the united states or increased crypto regulation coming in the united states. the problem is that often the pace of crypto is faster than attempts by the government to regulate it, because you're still seeing in washington people trying to understand it, you're seeing partisan bickering, and we have to mention, the midterm elections, crypto is not the biggest issue in the midterm elections, right? crypto is kind of like inserting itself into the national drama

today. but for the most part, it's not really a main issue for voters so it's going to take a while for it to become prioritized by policy makers, but crypto regulation is coming, and i think we'll start seeing it, for example, with stable coins or other areas that lawmakers have pointed out are a big risk to -- >> what's it going to mean for crypto as an investment, general ly >> this is a very do your own research industry, just because you have some leader out there saying everything is fine, don't necessarily believe that i mean, this is very interesting, too, because another moral of the story is, how much of crypto is a non-u.s. phenomenon this is affecting sort of the

non-u.s. parts of binance and ftx, and ftx is a huge exchange, but most is outside of the united states. >> i'm going to make a bit of a comparison, and it may not be good, and if it's not, i want you to say, brian, that's dumb and has nothing to do with what i'm talking about. but your reporting on the trading side of the business, alameda research, it's a trading firm your reporting that the balance sheet was bolstered in large part by this ftt token, which is created by ftx, correct? it's two businesses, ftx, is this kind of the same as i start a bank, sully bank, i print my own currency, sully dollars, i then back up sully bank's balance sheet with sully dollars? i mean, is that kind of what has been uncovered that there weren't a lot of other assets there weren't a lot of other depositors the bank was, in large part, just sully bucks

>> yeah, and i think that's -- i think that's a reasonable analogy. and i think that's what caused -- >> thank you >> yes i think that's what caused so much alarm and that's why binance reacted after this disclosure in saying that he planned to sell his holdings of the ftt token, because it showed that so much of this balance sheet was made up of this token so clearly, that is the takeaway that people in the industry had from this report >> i have two other takeaways. emily, i don't need you -- number one, they named the stadium. if you're in the business, stadium name deals always get a little eye roll. number two, that -- remember the larry david super bowl commercial, where he was wrong about everything and it was an ftx commercial and he was basically implying that he was wrong about everything and it was about ftx, inadvertently, larry david, i don't know, for the win. emily parker, thank you. >> thank you >> that commercial, by the way if you haven't watched -- go back on youtube and watch it it will not age well

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all right. welcome back and the fall stock rally rolls on we are up again with the dow hitting its highest intra-day level since all the way back in august nice rally there for the dow what is it up, 358, something lightning that your next guest says the pain may not be all over. he says, use any dips, if we get them to load up on longer-term winners at a discount. for more, let's welcome in mark avalon, he is president of potomac wealth advisers. good to see you in the daylight hours. it's been a feel-good couple of weeks. let's not, i don't want to take anything away from it. it's been a tough year it's nice to see some pops sounds like you're not convinced it's all good news from here >> we've had some pops since june, the market got a little bit ahead and the fed took away

the punch bowl and did it again in october and going into october, we are unsure but the market is rallying again. and yet inflation has not slowed down we don't have a print yet that shows that it's slowed and we haven't had a change in tone or policy from the fed. so there's a very good chance that this is -- this bit of euphoria may be tempered once again by the scrooge mentality over at the fed. >> well, okay, scrooge mentality. but you have to admit, they were the scrooge mcduck a year ago, with like, you know, the -- the -- jumping into the pool full of gold coins do you remember that cartoon that's what they were doing last year so, is it a surprise to anybody that they're now ebenezer scrooge, you know, taking all of those gold coins away? if this comes as a surprise to anybody, i don't know if i should be in the investing business >> well, they're trying to fix a problem that they created.

so your point is correct and well taken and right now, all eyes are on the fed. they really also should be on inflation. that's the dynamic duo driving the markets. yes, we're looking at the dollar, we're looking at earnings we're looking at this election cycle. but it comes down to, is inflation slowing? and until we get clarity on that, committing all of your capital to your stock allocation, i think, is a bit premature. i do think, however, as you look out, stocks become more attractive look, a year ago in october, the market was at a 23 multiple. now it's under 16. the rolls have been reversed so if you're looking longer term this is a better valuation i'm just saying, let's wait until we get a bit of clarity on those all-important inflation numbers. >> okay, let's talk about what to do. there is an election, by the way. and however it turns out, we're not being partisan here, but if

the polls are correct and the gop does take the house and/or the senate, given all the tensions with china and the fact that they're building aircraft carriers, china's really arming itself, and we're not talking about a lot about it, but we are, is this all kind of sadly good news for the u.s. aerospace and defense industry >> as you say, it's unfortunate, but it is true and the other companies that are looking at what russia is doing with sending in a drone war into ukraine is going to want the other countries to get air defense systems. and our companies like raytheon and lockheed are leaders in that and i think if investors want to look at a defense sector etf, that's probably a better way to play it than an individual name. there are single-company risks in a bear market and at this point, we prepared to be broader-based than an etf. and i think the defense sector etfs, which have names like a

lockheed or like a raytheon, and even boeing, are going to be well positioned to capitalize on this unfortunate war that we're seeing and the effects it will have in other countries. >> yeah. china building aircraft carriers and a mock-up of a u.s. carrier in the desert for some reason. scary times. mark avalon, appreciate it thank you very much. the ita. >> good to be here coming up, why pipelines and giant ships filled with frozen gas may be the key to making you

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welcome back to "the exchange," everybody i'm tyler mathisen with your cnbc news update here's what's happening at this hour hey, powerball fans. there is a winner. a single ticket sold in altadena, california, has won the jackpot worth $2,040,000,000 the lump sum price, a little under $198 million no one has won powerball's grand prize in three months until now. in and around phoenix, arizona, tech support workers have been sent out to find why some vote counting machines are unable to read ballots maricopa county election officials say about 20% of vot tabulators are having issues right now. voters are being given the option of putting their ballots in lock boxes or going to another location to cast their votes. officials say backup plans were made to ensure that all ballots are counted and they repeated warnings that it could take days to count all the votes elsewhere around the

country, election disruptions have mostly been minor, with isolated reports of voter intimidation in louisiana, a bomb threat forced the relocation of one polling site brian, that's the latest news, up to the minute back to you. >> tyler, thank you very much. all right, on deck earnings exchange with the house earnings exchange with the house of mouse and onlin ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. means choosing the right medicare plan for you. humana can help. with original

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and welcome back to "the exchange." we are now past the halfway point in the earnings season, but there are some key reports still to come, including the one dow component of the week, so let's get the action, the story, and the trade in today's earnings exchange and we're going to begin with the dow name, and that is of course, disney, reporting after the bell today. shares cut in half in their all-time high of 201 back in march of 2021. streaming pains, the future of espn, hulu, all things to watch tonight. steve cocevak has the story on disney and quent has the trades. steve, what are we looking for tonight with disney? >> it's streaming.

streaming, streaming, and more streaming. so what we're looking for are these disney plus subscriber numbers. the street is looking for 160 million subscribers or so, but more important than that number is actually what we're hearing about arpu, that's average revenue per user, and whether or not they can increase how many people or how much people are paying so that price increase on disney plus, that starts going up in a month from now, $10.99 a month $7.99 a month for the ad-supported version and also, there's this really cool experiment going on within disney about can they use disney plus as this fly wheel to inform other products just a few weeks ago, they put forward a program to give you exclusive access to special disney merchandise if you're a disney plus subscriber if that experiment pays off, expect them to layer on more benefits on top of that. i'll be looking for a lot of those competents on the call, brian. >> thank you

i get the streaming, streaming, streaming thing that steve said. but let's also talk about the dollar, dollar, dollar, dollar i've got to imagine that streaming aside, the stronger u.s. dollar is going to play some kind of role in how those disney numbers look tonight. >> yeah, sully, you're spot on here 25% of disney revenue comes from overseas, and it's going to be a huge headwind. so i think that's anticipated. i don't think that's going to be a shocker. but, if the dollar strength persists, then it's something that investors have to factor in going forward. i am inclined to think that the streaming numbers are really going to be good and i think they have pricing power. i don't think that anybody is going to balk at a few more dollars to keep the kids entertained in front of the disney, you know, set. and it's not a problem there the reality is, though, even though the stock is fundamentally attractive, 19 times forward earnings they're set to grow this year at 39%. modest debt-to-equity. the problem i see is that they've kind of lost their direction. they don't really know where

they're going, who they are, what they're looking to become in the future. and i can't become comfortable with the stock again until i see that and i hear that. and you don't get paid to wait anymore, right there's no dividend. so right now, disney is just not for me i wouldn't be surprised to see a pop, but not for me. >> got it. up next, roblox. investors there getting pummeled the stock losing 72% off its peak value the company announcing much of their new metrics for daily active users and bookings already, but steve, what more can we expect from what has been a very volatile roblox, which as you reported a couple of weeks ago is now going to be introducing advertising on the platform >> that's part of the story, too, brian first of all, it's those user numbers and how much they're spending within the game we heard from take two interactive just last night and ea, electronic arts, the week before, and they're all pointing to these really sour and dour

mobile gaming numbers. take two revised their guidance down last night because mobile gaming is kind of falling off a cliff, as we come out of the pandemic and people aren't spending as much time on their phones anymore so they have that huge headwind ahead of them, which is why you're seeing roblox put forward new products like this advertising thing that's going to start rolling out more slowly but the idea is, look, we can create this new kind of interactive advertising, not just billboards within the metaverse, but they've really got to find ways to keep people, the users they have, if they can't grow them as quickly, keep them within the game, the more people that stay within the game at roblox, that's how much more they're spending and age is also a thing. it seems very young. anymore color we get on how that audience might be aging up is also very important, brian >> you're also just betting on kids, in many ways some of these games that were hot, you know, all of these first-person shooters and these survival games, like player unknowns, they don't even talk about them anymore they talk about el don ring and

other stuff. i don't know if we want to bet everything on roblox and the kids, it's the new "minecraft". >> yeah, my kids said stay away, it's not even in anymore, don't touch it this is an interesting one because if we get any sort of decent numbers here, this stock could have a significant short squeeze and be a momentum-type trade into the end of the year but betting on this ahead of the report, no way i mean, it's just, you're playing with the lotto and it's not even a powerball-type ticket so this one, debt-to-equity, 2-1. they're losing money we've got to hear about their path to profitability. but, if it is improved, this is one of those where we're watching closely, if they show these things that are positive and they're on the road to profitability and we're seeing strong numbers this could be a good trader into the end of the year, but we don't have a position here, wouldn't touch it into earnings. >> well said

shout-out to your kid. you get my point you're betting on trends that will come and go sometimes in a matter of years and then they go but we've got to go. our time is up thank you. all right. i want to show you shares of coin base. it is back down near session lows the company reporting that some users are experiencing network connection issues for coinbase.com and the mobile version as well. coinbase says it is investigating the issue. the stock went green on the news that binance would be bailing out ftx's non-u.s. division earlier today. coinbase is down as well user connection issues, they are working on it. still ahead, check out this mystery chart. the company surging more than 600% during the pandemic and then crashed back down to earth, down 97% this year. any reason to talk about this

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happy midterm election voting day it is finally upon us. and guess what's happening the stock market is rallying as well the dow is up 324 points nasdaq up 0.6%, but we are about 200 points off the high of the day for the dow. all right, the mystery chart we just showedyou was carvana, hitting an all-time low as its decline continues. the company has wiped out half of its market value in just two trading sessions, following weak results. i want to repeat that, they wiped out half their value in just two sessions. the value, by the way, had already been slammed car carvana's market cap was worth $60 billion at its pandemic peak carvana just having a tough time and down again today coming up, energy's electric

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welcome bhak back, energy has been on a tear the median return of a big cap oil company in america at 70%. that's a 70% gain this year. all of this as the war in ukraine rages on and countries around the world, including right here in the u.s. face potential energy shortages this winter let's talk about the future of energy and how to make money from us. joining us is cane anderson, ceo, and they are big investors in energy companies. great to have you on "the exchange," thanks for coming on. >> thanks for having me i appreciate it. >> how much up side do you see in energy stocks when i hear best year ever, it makes me a little nervous. >> yeah, i think there's a lot way to go. i think we're entering an energy super cycle, brian the reality is we've got a

structural deficit in the world, and that even predated the russia/ukraine war energy is 4% of the s&p 500 but 12% of the earnings. the reasonable it's only 4% of the s&p 500 from a value perspective is obviously there are perceptions that oil and gas will come down, earnings will decrease, and moderate over time i don't see that happening, to be perfectly candid with you i think we've got a massive deficit of natural gas in europe the world is scrambling to fill that gap, and we have demand on the oil side, china shut down. we could only produce 100 million barrels a day. we don't see that going up the reality is at some point china is going to reopen we've got a finite amount of oil that we can produce on a daily basis, and as you know, the u.s. is not producing at its maximum capacity or anywhere near it at this point in time. >> when i'm looking at the midterm elections, obviously energy is probably one of the biggest spaces impacted regardless of what happens a name you like is a targa, a

well known old portia version but also a pipeline company, and the one thing i think about is if we do get republican control, maybe with manchin flipping or whatever may happen, we may get more pipelines in this country is that one of the reasons you like a targa >> i do. it controls both the gathering and processing and the infrastructure to take oil and gas and ngls from the well head to the dock. targa invested over $7 billion from 2017 to 2019. they're investing about a billion to a billion and a half a year now on the capx side. they're coming off huge capx investments, and they're reaping the benefits in terms of free cash flow. they reported ebita at $70 a share, looking at about eight times ebita for 2023 for 2023 ebita, which we consider and i consider, you know, quite a reasonable

valuation, particularly given my comments earlier >> then also renewables, a big part of the energy mix, a couple hundred billion dollars in tax credits being thrown at the industry from the inflation reduction act, which is why i'm a little confused by the relative underperformance of many of the renewables in a particular company like the biggest renewable power producer in the united states what's wrong here? >> i don't think anything is wrong at the company level you're looking at moderation down 16% year to date. about a thousand basis points. next traded at a significant premium, and i think for good reason to many utilities, shout out to my good friend who

retired as ceo, who did an unbelievable job it will be a cothe largest consolidator very consistent solid earnings huge upside from the renewable side regardless of where you fall on the fossil fuels, renewables conversation, the reality is that we need more of both. energy needs are going up 50% between now and 2050 so we need more. it's not an or, it's an and. >> so well said, the numbers bear it out. it's amazing we need everything al, thank you very much. have a great day thank you. still ahead, more signs the still ahead, more signs the easy money going through the “”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find

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welcome back,s number of americans struggling to make their car payments is growing and often at an alarming rate. phil lebeau with more on this story. phil. >> brian, this is data from transunion and a good snapshot of where the consumer is right now, especially when it comes to making autoloan payments what transunion found is 60 day dlen kdelinquencies is the highest in ten years the growth in nonpayments is in the sub prime loan area, and that's primarily because loan assistant programs that were in effect during the pandemic, they've ended. so a lot of those people who probably would have been delinquent during the pandemic are showing up as delinquent all of this comes as average loans remain close to a record high almost $42,000 according to transunion, meaning your average monthly payment tops $700. j.p. morgan cut its price target

in half on carvana, saying they are not out of the woods the debt area is what a lot of people are focused on with carvana, and two earnings reports that are important after the bell we get lucid, focus on production and deliveries, and also going to be the focus on production and delivery when rivian reports after the bell back to you. that does it for us on "the exchange," see you tomorrow. "power lunch" starts now welcome to "power lunch," everybody, i'm kcontessa brewer. stocks rally as americans head to the polls what's the best election outcome for investors, and the worst let's bring down the industries that could feel the impact. what started as a tussle on twitter ended with crypto exchange finance, acquiring fts's unit this deal could reshape the trillion dollar industry, and the story is strange, unfoldin