look at the technicals, the fundamentals are lining up i think the stock is going higher >> steph >> should i say uber no estee lauder, quality on sale and 30% of their exposure is in china and 7 to 9% organic growth the full year. >> good stuff. great to see all of you. "the exchange" is now. i am brian sullivan in for kelly once again here's what's ahead on "the exchange." stocks jumping on another or the of inflation slowing netflix one big name on the move it's up 35% in just a month. we'll speak with an analyst with a new buy rating on the stock, saying the new ad tier might drive even more upside from here plus, the walatest ftx fallout a member of the house financial services committee will tell us. congress can meet right now to try to get the first crypto collapse

and more retail earnings coming your way the story and the trade on both target and t.j. maxx we begin with today's markets. dom chu back with all the numbers and more green on the screen >> we'll get to that in just a moment if you talk about the moves that we're seeing, 4,000 has been reclaimed on the s&p 500 4,006 is what we're up at right now. to give you an idea of the trading range, this has been a very positive day, but tilting more towards the lower end of the range. at the highs, the s&p was roughly 71 points. at the lows of the session, up around 44 to give you some context on where that plus 50 lies on the trading day so far the dow has been the real underperformer, about one-half of 1%. the nasdaq composite really shining, up about 250 points 11,446 up about 2.25% now, one of the big reasons why that nasdaq trade is outperforming has been semiconductors those computer chip stocks getting a little bit more sentiment boost after the warren

buffett exposure kind of lifting the entire industry the semiconductor etf is up 4% today. 228.41 is an important level that's the 200-day average price on a rolling basis but since the lows, this is a stock that's up about 36% during that span, just off the lows again. so semi-conductors, we've talked about them before, maybe a key indicator or leading indicator for the rest of the broader tech market and maybe even the market overall. a couple of stocks to keep a close eye on i mentioned retail walmart, technically a consumer staple stock still, the nation's largest retailer, upabout 9 to $10, 7% gains after walmart says, profits came in better than estimated. also revenue and sales growth at established store locations also better than expected also, a new $20 billion stock buyback. all of that pushing those walmart shares higher, doing a lot of that contribution to the dow is getting so far today. and one other place to watch on the technology communications services side, tci fund management they're an activist hedge fund they say that they've taken a $6

billion stake in alphabet. those shares are up 3.25% right now. $98.96 this is a stock that has seen a nice bounce off the lows but if an activist is involved, they say that they want alphabet to cut compensation costs. also reduce head counts, add to their stock buybacks so all of that playing out in alphabet shares right now. but even with today's moves, it's still lost a third of its value over the last 12 months. i'll send things back over to you. >> i believe that activist was, indeed, on this very fine network a couple of hours ago. dom chu, thank you very much while that softer ppi and cpi has many investors cheering, sending stocks up and expectations for that fed pivot jumping, your next guest think it's still way too early to start buying any dips in a big way and says that you might want to hold your ground a little bit longer joining us now is jeff crumpleman, chief investment strategist at mariner wealth advisers

jeff, if i remember correctly, at the beginning of the year, and kudos to you if true, you advised your clients to sort of dial back on equities. you didn't say sell everything, you said, kind of go back to your normal allocation, because we made a boat ton of money over the last three years so, should we -- if they took that advice, they have cash, do they reinvest it in the stock market right now >> you know, i don't think so, brian. i would say, you know, hold your ground and jack fogle once was quoted as saying something like, don't just do something, stand there and that may sound not really an exciting piece of wisdom to give people, but we have been looking for and we have a positive view over the next 12 months on the equity markets we think there are some head fakes out there and we need to see another data point or two on the inflation front, like we've seen over this past week or so

it's gone from horrible to terrible, to probably needs to go from terrible to bad before everyone will be convinced, as well as the fed that it's okay to kind of hold in here and pause. that's what the market really needs to get completely comfortable with, before it's all clear, and you can say buy on this dip that we've had >> there's also seasonality. i know all of our headlines are like, the market is up on the fed. maybe that's a part of it, there's also a lot of repositioning, a lot of stuff under hood seasonality tends to be on our side, jeff that's not convincing you to be a little more aggressive on the stock front? >> well, i think we need to remember that it was only, what, maybe about a month ago where inflation surprised two-tenths the other way. and the market was disappointed, and that's what ended that 4,300

rally and took us down to lower lows down to below 3,600. a little bit of crabbiness from jerome powell and maybe another month of data that is disappointing and it can flip the other way. you know, i am of the mind-set to say, seasonality is moving in a better direction, inflation is calming, and prices are really attr attractive, but i'm having plenty of work to do just with repositioning portfolios and making sure -- we've held up on the downside we want to also outperform or perform nicely on the upside while we're there. >> and you're not like that kid from the life cereal commercials. you don't hate everything? >> no. >> when i drive here to my beloved cnbc that we have

potholes here in new jersey that if a giraffe fell in them, they would need a latter to climb out. at some point, a name like a vulcan materials which helps makes road is a name that you like >> it's a great management team and they have had some issues in mexico in a certain situation that they've been very transparent about. there's a reason why it's been a little weaker and provided a very nice opportunity with the mid-teens multiple, a mid-teens growth rate that will benefit from re-onshoring. and we just find a number of stocks and a number of industries like that that is cheap and good for the pickings. >> jeff crumpleman, live long

and prosper. thank you very much. >> appreciate it >> turning now to one of the biggest winners in this recent rally and that is netflix. shares up 14% since their new ad-sponsored package launched on the 31st netflix is still down by nearly half this year, but one bank of america analyst now sees value in the stock they are resuming coverage of netflix with a buy and $370 price target, that is 19% upside, even on top of today's gains. let's bring in jessica urlich. you would think i wouldn't butcher your name. call me pete, whatever you want. jessica, what is the primary thesis behind netflix? >> i mean, for us, we initiated coverage or reinstated coverage

today. and, we see a lot of value from here numbers have come down to a reasonable level across the street, and we think there are two areas where the company can really beat numbers and have tremendous upside. and that is the advertising video and demand platform and the second thing is password sharing. and we are super, super bullish on the advertising opportunity as the company says, they're going to crawl, walk, and then run. so they're starting on their broadcast tier, which is really small. that's the tier that you can't download on and you get one stream and they'll learn a lot from that we think there's massive advertiser demand. remember, these are subs that they're reaching outside of the linear universe. these are big cord cutters or people who are watching streaming, number one. and there's such intense interest from advertisers. so we think as they start to

roll out to the standard and premium tiers, there's tremendous upside that's not in our numbers. and they're hiring extremely well from digital advertising companies. they're hiring well and we have a microsoft guarantee. there's tons of upside above and beyond our estimates the second thing that we have not built into our model is this password sharing who doesn't know somebody who is sharing a password and there's 100 million non-paying users across the globe, 30 million are in u.s. and canada and if they pay $2, which the company initially will charge, that's a lot of money, but if they can convert some of these to subscribers, because they pick them off, there's tremendous upside. >> so it sounds like, the basic level, jessica, that the worst may be behind netflix. i know that's overly simplistic

in some ways, but it's been a slow bleed for about ten months. it feels like maybe that wound had been healed. >> the chart you just had shows that netflix has reached versus other media companies and they dwarf everybody else and they have not had advertising. they're also going into live programming, which is what drives advertising so if you look at fox, they way outperform the rest of the industry, because they have live news and sports, that chart, which is fantastic it just tells you how much viewership they have and they haven't monetized it at all. and the advertisers are dying to get in so between live and the ability to get in, they'll have four to five minutes an hour, which is not a lot. it's a real opportunity. it will be targeted and addressable, though it's really great, and i think the other thing that hasn't really come up is that they're turning free cash flow positive this year, they'll have $1 billion in free cash flow. our projection is over the next three years, that will be $4

billion. so it's explosive. >> warner brothers had -- and arg arguably, the single-most powerful in u.s. media saying that the ad market was worse than the depth of the pandemic do you agree with him on that and if you do or don't, do you think netflix discounted that in the way that it fell by 50% this year investors didn't wait to hear that news, they knew it and priced it in >> remember, of course i agree with david of course. but remember that netflix isn't, will not feel the effects of the secular head winds that traditional media companies have, because they don't have these linear cable networks. they don't have broadcast or cable. so the decline in the ad market is or the pressures on the ad market has not afblgted them they've just gone into advertising a week ago, but if you step out just for a second, your parent company, comcast,

which owns peacock, and peacock was able to get 1 billion in advertising for its first year with negligible subs so this is a very desirable audience they have a lot of subs. and they're opening it up the first time so they're in a different category than linear at this time in time i would say the same thing for disney we think the demand for that will be extremely high again, these are people that are hard to reach on linear and they will have targeted and addressable advertising and that's just the u.s. and netflix rolled it out to 12 markets in total and will go across the globe, as well. >> listen, jessica, we appreciate you coming on you made a lot of netflix bulls happy, because they've not had a whole lot of reasons to be happy

this year. we have a lot more to do here on "the exchange. coming up, the retail earnings parade rolls on when target, tjx report tomorrow morning, walmart shares are surging after a big beat will that lift all retailers first, more fallout from ftx's bankruptcy making its way to capitol hill we'll hear from one of the top lawmakers tasked with protecting you, the investor. and also when we might be able get some real movement on actual charges being filed against bankman-fried and caroline ellisson and others. "the exchange" is back after this

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and indeed, we do have a news alert and the drama that continues with the collapse of ftx and its founder, sam bankman-fried. he popped back up on twitter a few moments ago. here's what he posted. to the best of my knowledge, as of post-november 7th with the potential for errors, one, alameda research, their hedge fund, has more assets than liables. number two, alameda had margin position on ftx international, something we're keenly ware of now, and number three, ftx had enough to repay all customers.

that was sam bankman-fried tweeting that about 30 minutes ago. just moments ago, "the wall street journal" reporting that blockfy, another exchange, is getting ready to file potential bankruptcy we contacted the company they have no comment on that report but blockfi, based in jersey citi, new jersey, once a high flyer, according to the journal, may be ready to file for chapter 11 bankruptcy protection now, all of this is ratcheting up calls for regulation. this is expected to be a key issue in today's senate banking committee on financial oversight. in bankruptcy filings overnight, ftx says it may owe money to more than 1 million creditors. those creditors could range from a small investor like you with maybe a couple hundred bucks with them to institutions or pension funds who may be out more than $1 billion but will anyone ever see a dime of their money? and what exactly is being done to try to find and question mr.

bankman-fried and some of his other colleagues joining us now is representative brad sherman of california, a member of the house financial services committee, chairman of the subcommittee on investor protection and capital markets congressman, it's great to have you back on. it's an important time ftx was headquartered offshore, it was lifted offshore, it is registered offshore. what power do you or u.s. authorities have or might have over mr. bankman-fried, some of his colleagues, and ftx? >> bankman-fried is an american. i'm sure that he was a target of criminal investigation i assume that he's going to try to flee to dubai or argentina or some other country without an extradition treat. ftx u.s. is a u.s. company, but ultimately, i have for many years called for us to simply prohibit americans from investing in crypto.

not only does an investor protection issue, i know some of your viewers will make money from time to time, but because of the effect it can have on our ability to collect taxes and force bankruptcy laws and have the dollar play the international role that's so valuable to america. >> do you think he is a flight risk >> oh -- >> do you think he's still in the bahamas? someone tracked a jet they thought might have been his from nassau to buenos aires, argentina. he told reuters he was in the bahamas. do we have any idea where he is? and if not, why not? >> we have no idea where he is, because he stole billions of dollars and he's using that money to get himself somewhere where we can't catch him i want to be clear, we want to be very careful. for us, there are allegations

right now. we know there's money missing. no charges have been filed it sounds like you believe that there will be criminal charges filed soon i don't know how soon and i don't know whether he will be in a jurisdiction where we can reach him. but it appears as if money that should have been segregated and held for customers was instead diverted to high-risk debts placed by the, by the ftx company. this is. this shows that we need regulation, but the none in power still in washington is contract crypto billionaire bros, and he will be fortunate if we can avoid pass bad legislation because they are so desperate -- they really want a

patina of regulation they need it so much to try to restore their credibility. >> i'm going to ask you a direct question you can tell me to kiss off if you want i want to make it very clear, we looked, congressman brad sherman, you took nooney from ftx. you took no money, you own a few stocks, the rest are in cds, but many other in the democratic and republican parties did take he was one of the biggest donors to president biden's re-election campaign, super pac, his mother is politically connected as you imagine in this world that we live in, there's a lot of talk about how that may help him. can you assure the american people, at least your constituents, that even with his political connections and money, that if there is a need to bring him to justice, he will be >> oh, i don't think that campaign contributions will shield him from justice. keep in mind, this was not just a one-man operation. robin salame was his co-ceo, and

ryan gave tense of millions of dollars on the republican side there's a tendency to focus only on the guy in shorts, but it took more than one person to create ftx >> you are making an important point that there was money from the organization given to both parties. i want to make that lear but we know the democrats are in charge, so the focus will be more on the party that is in power. obviously, his family is politically connected. but you are telling our viewers, the american public that will no get in the way of justice, particularly for what could be, as we just noted, congressman, a million creditors, many of whom are just cnbc viewers that got crushed. >> think of the demand from the american public for us to apply the law. the department of justice is insulated from politics. the criminal investigators, they

are perhaps even more insulated. i am confident that there'll be a criminal investigation and i cowa do want to point out, the investigations haven't even started let alone completed. there is the possibility that sam bankman-fried followed, you know, avoided committingfulness, but i think that's unlikely. >> and i guess the american -- listen, we want everything yesterday, i understand that, and there are no charges filed we would like to hear from him and caroline ellis who ran the hedge fund, what happened? what do you know the longer this drags on, congressman, the more likely it is that there will be a flight risk or something else do you believe that there is that the u.s. authorities are working with police in the bahamas to come up with some way to at least get him to answer

ques questions? >> i don't know what connections they have with the bahamas and i don't know if he's still in the bahamas but i know that there are other countries that are more acceptable to the u.s. system to the kind of money that bankman-fried has. >> i know he's a computer, quote, genius, but he is tweeting so theoretically, there's going to be some geolocation that we could figure that out, not to arrest him, but to know what's going on you're in southern california, can we work with some of the technology companies to kind of help us out at least locate him? >> i am sure that we are trying to locate him. and at the same time, i don't know if we can bring him to justice. and, we'll have to see

it is somewhat suspicious that there is this $300 million hack where assets are stolen from the company just as the company is going down there is talk on twitter, et cetera, that people know who it is that did the hack, but that's suspicious there are a lot of suspicious things here. but, you know, obviously, bankman-fried had decided to flee a couple of days sooner, he would already be in dubai. >> wow, sounds like you're pretty confident that there is a risk of him either leaving or maybe already left again, there was private jet traffic to argentina we don't know if he was on it, if anybody was on it that jet was registered in argentina, which is not a crime unto itself, but it's interesting. congressman brad sherman of california, probably could do an hour with you. if you learn anything, please et us know. we'll put you back on at a moment's notice.

thank you. >> i will. >> congressman brad sherman representing burbank and the valley still ahead, in a big u-turn, the white house now wants american oil companies to produce more oil okay, but with labor and commitment in such short supply, could the industry even do it. we're going to ask the ceo o liberty energy "the exchange," back after this. (vo) this is more than just glass, walls, doors and carpeted floor.

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advantage dual-eligible special needs plan. better care begins with listening. humana. a more human way to healthcare. all right. don't go after the messenger here, but the dow is reversed. it's flipped a 450-point gain. we were up, what, 400, 450 we're now down 120 the s&p, that's up three-tenths. nasdaq still up more than a% some of those inflation euphoria that we had earlier today, at least for the dow, seems tor wearing off just a bit now let's step out of the world of money and business and get a cnbc news update with contessa brewer >> here's what's happening right

now. prosecutors say they'll seek a lifetime sentence with no chance of parole for ethan crumbley, the 16-year-old who fatally shot four fellow students at his michigan high school crumbley pled guilty to 24 counts of murder and terrorism his parents face charges of involuntary manslaughter for giving him the gun used in the shooting and for ignoring a school demand that they get their son into counseling. in wisconsin, sentencing has begun for darryl brooks, the man convicted of driving into a christmas parade, killing six people and injuring dozens more. victims are now telling brooks how their lives have changed since that parade. the mother of an 8-year-old who was killed says she still feels gutted and broken. about 45 people are expected to speak there. and georgia's ban on abortion after six weeks has been overturned a state judge ruled the ban violated the u.s. constitution and the u.s. supreme court precedent when it was enacted. keep an eye on that. brian? >> contessa brewer

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all right. time now for earnings exchange and today we are talking retail. we've got the action, the story, and the trade. a little target and tjx. the king of so-called treasure hunt shopping. let's do it. first up, target shares are down this year, but rising along with walmart today, the bentonville bruiser put up big numbers. now expectations are going to be high for target to do the same thing. cnbc.com reporter melissa ripco has the story and quent tatro joining us now all right, melissa, what are we watching with target >> hi, brian, yes, the question is all about inventory investors want to hear that target has made progress with the inventory that's built up in its back rooms and store floors. it cut its profit outlook two times, with the promise that it told investors that its margins would look healthier in the back half of the year it also said that it was going to focus more on food and

essentials the big question would be, did those two things do the trick? we'll also likely get an idea of how the holidays are shaping up. target along with other retailers started the holidays early. it actually had its first holiday sale all the way back in october. >> what's the trade on tjt >> sully, even though target is getting some pin action here from walmart today, we still think it's a buy everything in the kitchen sink is basically baked in here melissa said it, i mean, we're going to be looking for inventories. but target does a really good job of marking inventories down and getting that out and those are all what's leftover from the covid overhang ultimately, we think they're positioned very well it's trading at a relatively inexpensive valuation going forward. and again, everything is baked in even though it's getting a decent pop here today, we still think this is a buy and we're looking for pretty much an upside surprise tomorrow on the numbers. >> and you personally own

target, correct, quent >> we have it in a long-term dividend portfolio it's been a great name for us. but we look to trade around it on location. >> let's move on to the other one, tjx, getting a nice boost from walmart up almost 20% in the past month. melissa, a bit of a different model here the so-called treasure hunt, what are they going to have? they want you to go into the stores what are we looking for from tjx? >> that means that it's getting a lot of designer duds, a lot of fresh merchandise. and that may draw customers to its stores again and again people are also shopping more in stores this holiday season, versus shopping online so, as they come back for that treasure hunt, that could benefit them, too. there's also a trade down factor going on we heard from walmart today that it's seeing a lot more high-income customers come to its stores from groceries. potentially, we're seeing the same dynamic with people going, instead of t.j. maxx, who are clothing and home goods, rather than going to department stores

or other mall players. >> tjx, it's kind of a recessiony-type company, is it not, in way? >> you nailed it and this stock, depending on what your views are on the future of the economy, is telling us that the consumer is still strong, maybe just in that lower end, but this stock is basically 5%, less than 5% off of all-time highs. so ultimately, i think you're going to hear good news. i think the price action there has been strong for a reason but this is a great company going forward. i mean, in a sector that traditionally has a tremendous amount of debt, this has a healthy balance sheet. we think this could be a leader in the space and we would look to buy this here in this environment. >> melissa, when are these numbers out? >> these numbers will be out tomorrow so we'll really get a sense of how shoppers are behaving so far, going into what's, you know, really, the super bowl of retail >> you know, that earnings

exchange graphic, melissa, is nice, but it's not a red bag that your head popped out of yesterday. sst not nearly as cool as what we had on "power lunch" yesterday. still snazzy melissa and quent, thank you both very much all right. on deck, easing covid restrictions, stimulus measures, and a meeting between president biden and xi it has all been boosting chinese stocks the past few weeks, but one note at china tech investor said forget all of that. the time to investor in china, it's over. what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you.

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all right. welcome back chinese stocks rallying today. the fxi, big china etf is up 29% just this month. seema mody joining us on set to talk about are hedge funds turning bullish on china

>> the sentiment tied to china really hinges on what investor, who investor, you talk to. and what they are focused on overall is the reopening and whether it's really picking up pace after cutting its quarantine requirement from seven to five days, online travel from trip.com says it's seen 136% jump in flight searches to china from the u.s signs of a gradual reopening, but not a total abandonment of his zero covid policy, and that's why wall street remains less bullish right now joyce chang calling yesterday's boyd/xi meeting constructive, still, lowering gdp estimates. marc lasry of avenue capital telling me it's too early to invest in china. there's the latest 13f filings, ending september 30th, which reveals a number of prominent hedge funds reducing their exposure to the country. coatue reducing its stake in

jd.com by 56%. while bridgewater cut a stake in baidu by 20% there were some buyers, coatue increasing its shares in alibaba. alibaba on pace for the best month in seven years it's now trading to 36 times earnings versus historical average of 32. but clearly, the sentiment seems to be changing when you look at the stocks but the bigger investors are still cautious >> tim draper, big investor, well-known to our audience big early investor in chinese stocks what he's saying about this rally and what he's saying about just china generally >> the takeaway from tim draper and what he said last night was that he's losing confidence in investing in china this is significant, because he's an early investor in the country, an early investor in ba baidu.com. and it kind of speaks to the overarching trend that we've seen this year, which is

investors, the larger ones pivoting away from china, looking for opportunities across asia india has been a big beneficiary, as well we'll see if china's reopening, if this gathers momentum, if that can bring some of these investors back >> seema mody, big story, big country, by the way, china >> world's second largest economy. >> a lot of people there >> a lot going on. seema mody thank you very much. coming up, president biden is now urging, prodding american oil and gas companies to drill, baby, drill. can the industry respond the ceo of liberty energy, next. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app today. all right. welcome back let's talk oil and gas because while gasoline prices are indeed well off their highs this summer, minus diesel, of course, the national average for gasoline is still more than 30 cents higher than it was one year ago this has the white house calling for oil drilling to combat the impact of no russian oil imports due to sanctions now, oil production in america is higher. the federal government says that estimated oil production next year could hit or maybe surpass pre-pandemic levels. remember, we hit 13.1 million

equivalent barrels per day in late 2019. not there yet, but we're inching up the question, though, is, does the industry actually have the capacity to meet the white house's desire for more oil? joining us now is chris wright, chairman and ceo of liberty energy, the second largest fracking company of north america. so the white house is sort of pushing and prodding and nudging. they want more fossil fuels, which depending on your views is a good or bad thing. but do you and do others in your industry, chris, have the labor, the equipment, the trucks to do that >> of course, production could grow, but you're right, those are big challenges supply chain challenges, labor challenges but think of the problem with the labor challenge. when i visit our crews in west texas or louisiana, one of the top questions i get is, am i still going to have a job in a few years. is this administration going to put us out of business of course, the answer is, hell, no, they're not going to put us out of business. the world runs on oil and gas.

and yet their families at home are constantly hearing this drum beat that's trying to dissuade production in the u.s. and somehow get it from our reserves, which are at the lowest they've been in over 40 years or plead for foreign suppliers to bring it. it's a very strange -- >> i apologize for -- sit tight. we're not cutting it off, but i have some breaking news i've got to get to, which actually is involved in the oil and gas space. right now, and many of you are asking, we're working to confirm stories, that's what you do. the associated press is reporting that a senior u.s. intelligence official says that russian missiles did cross into nato-member poland, killing two people nbc news is working along with cnbc to confirm this as well so this is ap citing a senior u.s. official that's saying missiles, potentially two, did cross either intentionally or unintentionally into poland, hit a grain elevator and apparently

did kill people. now, poland, the official government spokesperson for the nation of poland on twitter saying that poland has convened an urgent national security meeting. so i want to be clear, because everybody is fired up about this the ap reporting up about this the "a.p." reporting a senior intelligence official does say that russian missiles or missile went into poland that's all we know at this point. it did appear to move the markets. i know the headlines are fast and furious, folks you want to be right when you can. speaking of right, chris wright of liberty energy. we don't know what happened, chris. either way, the oil markets are jumpy. there's consternation that there may be more with putin on poland, which is a nato nation how fast can your team ramp up

production if we have to because we have more issues out of europe >> in a crisis, i think you could see it happening in a period of months, but you have to have both crisis that has a unified government policy that wants this we can't just -- you don't just open the tap and get a bunch of oil for six months and have a drumbeat trying to end our windfall or profit tax coming after that the risk of that happening is low, but the risk and noise, hostility is a chilly impact on our investment it's very unlikely you'll see rapid growth because the risk if you make plans now for something that happens six months, 12 months out, you may be in a different world by the time it comes by. >> this is the frustration many people in your industry have and arguably i cover your industry, so i know a lot of the folks you know, the public hears from

the white house and high-level officials while you're printing money, making all this money, why aren't they investing money back into drilling answer that question because i think it's a fair question that the public has you know, the biggies are making all this money, why aren't they spending on more drilling, which we could talk about the fact that the white house wants more fossil fuels, but that's probably a different segment. >> let's start with natural gas. we have enormous resources the crisis in europe has a shortage of natural gas. so we could produce a lot more natural gas, but we can't get any more pipelines built out of the northeast, out of ohio, pennsylvania, or virginia, to bring that gas to market we've had an incredibly slow process to get approvals for permits to export liquefied gas out of the united states to go to europe, go to africa, to go to asia to make the world a better place, but producing oil

doesn't work -- producing natural gas doesn't work unless you have the infrastructure to bring it to market so we have a risk, constrained infrastructure it's going to get worse. it's not a climate where you're going to grow. it's growing reasonably aggressive but it's growing modestly and cautiously for very good reasons >> oil and gas takes a long time to pay off if you don't have capital confidence, you're probably not going to do it it's like if somebody says, hey, you've got a lot of money, build a house, you may be thinking, i might be moving. we've got to leave it there. chris wright, liberty energy i want to recap headlines. we're not going to go on air and confirm something unless it's

confirmed by official sources. here's what we know, a recap the "a.p." citing a senior u.s. intelligence official has confirmed that a russian missile or missiles crossed into poland in a border town, and there are reports that some people near a grain elevator were killed so the headline is the "a.p." citing a u.s. intelligence official separately a senior or the senior spokesperson for the polish government on twitter a short time ago in polish, but it's easy to translate, coming out and saying that the national security ministry of poland has convened an emergency meeting. that's what we know at the time, and that did appear to move markets at least briefly as these headlines continue to cross, we will bring them to you. we're watching europe, we're tcngilng natural gas, we're wahi o, we're watching it

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welcome back one more thing before we go, and that is the annual consumer report study on auto reliability and one very popular luxury brand is at the very bottom of the list phil lebeau joining us now with the findings phil. >> that's a good tease, brian. we'll talk about that in a bit let's look at the top of the list these are the most reliable brands no surprise, the consistency of the japanese auto makes comes through again. if there's one headline from this survey, it's this electric vehicles are less reliable right now than internal combustion vehicles or hybrid models mostly because of software issues. here's what the problem is with evs right now. >> electric vehicles are one of the least reliable segments of

the type of car categories that we look at the reason isn't necessarily because electric vehicles are less reliable as a technology. the reason is more about the fact these evs are newer on the market and there are growing pains, especially with the companies building this type of vehicle. >> tesla which came in at number 19 in this year's list, though it's an improvement, though it's still at the bottom. who ranked at the bottom mercedes-benz deemed least reliable by "consumer reports. mainly soft bair issues as they continue to update their lineup, brian. but that's the cr report. >> that's not what you want if you're a benz buyer or owner with that type of price tag. you spoke with the ceo of lucid motors he has a bit of warning. what is he saying? >> primarily a number of the

startups who are going to need more capital look it. lucid is raising $1.5 billion. many aren't going to make it if they don't have a strong enough product lineup, they're going to have to do something like consolidation or potentially go bankrupt. >> that's a helluva last line, potentially go bankrupt. that does it for us here i'm going to join morgan for "power lunch." it begins right now. ♪ welcome to "power lunch." i'm morgan bent. it will be in full force in stores and online. we'll have those details, but is the consumer actually strong enough the winnebago ceo is here to