orders that they have to go into lockdown, or buildings are going into quarantine. that makes it much, much more uncertain and confusing. >> our thoughts are with you and everybody else over there, by the way. thank you very much. folks, that's it for us on "the exchange. we'll see you tomorrow "power lunch" starts right now thank you very much. and welcome to power lunch here is what is ahead. disney, the sequel the stock takes off after the surprise ouster of ceo bob chapek and the return of bob iger. >> but his to-do list is long if he's going to regain the confidence of stakeholders, employees and holiday. and holiday cheer? not all retailers are going to experience it. if former ceo of macy's is here with a look at where consumers

plan to spend. contessa >> good monday to you. stocks mostly lower to start this week. the dow is hanging around the flat line. sometimes popping into the green and the other direction. the s&p is off a third of a percentage point we're seeing this really weighed down by consumer discretionary and energy names and now the nasdaq off nearly a percent. did we see a dramatic u-turn for crude? oil rebounding from the lows after the day after saudi arabia denied a report that opec is considering a production boost right now you're seeing wti just off about a third of a percent after that announcement. and the stock of the day, of course, is disney. it's the best-performing dow stock and this on the news of the return of bob iger as ceo. that ends bob chapek's tenure. bob iger's to-do list is a long one

they saw widening losses in the streaming business and announced cost customers and hiring freeze janice min is. there's a buy rating on the stock at a 130 a share price target janice what went wrong with mr. chapek >> i think the better question is, what went right? i think we saw signsearly on that he was not great in a crisis i know it seemed a little insignificant at the time, but if you recall, he had the don't say gay fiasco, he got into a fight with scarlett johansson, star of black widow. one of his big marvel stars. and he i think more importantly, he was not adepth with the town. anyone who works in holiday knows, it's clubby, it's chummy,

it's all about relationships and it's a referendum on the streaming wars and everything it brought. this is going to be a tech-driven industry it's going to be data-driven relationships can go secondary to the algorithm and we're seeing with bob chapek, none of this worked and he happened to be riding the streaming wars right when hollywood discovering it's not really working out so well. >> what do you think is number one and number 1a let's say on bob iger's to-do list? >> i think it's a long to-do list it's -- getting back to the creative roots of the company and executing on the creative excellence, improving the franchise strategy around marvel and lucas film and making sure that going forward that investments that the company is making are tethered a little bit more on an

eye towards profitability, on returns and making sure that we end up getting towards not only the profitability timelines that management outlined, but also, you know, even beyond that, what is does the earnings power of this company look like and it has to be centered on profitability and making sure that the returns there. >> it's interesting, because we're getting a lot of headlines and spotlight paid to bob iger's return he's going to deal with the same board that axed bob chapek they renewed him when the stock price wasn't that much didn't in june when they said, let's give you a new contract, and then in november ax him. does it raise in your mind at all questions about this board and whether they're really prepared for a long-term view? >> i think that the board -- it reflects that the board has lost confidence in chapek, obviously, but part of it was a response to

this rapidly declining market in hollywood. everyone here is in a total panic. full-blown panic about this sort of -- all these headwinds that have come together, the advertising decline, the ceiling being hit in streaming subscription growth, lower average revenue per user and international growth everything isn't working and to me, i interpret this as the board in bringing back bob iger's to-do list, i think confident in chapek was so eroded that he couldn't really get out of this mess without -- with wall street supporting him. >> i'm wondering, there will be books written probably -- janice, maybe you'll be one of the authors, i don't know. books written about this chapter in disney's history. but i wonder what the gossip is.

how much of this move was a dissatisfied board, how much of it was a dissatisfied executive team that just did not think that mr. chapek had what it took to run this company, and how much of it might be bob iger who, as i recall, was a reluctant to give up the reins of this company on several different occasions. how much might he have been playing behind the scenes to make this change happen? >> yeah, i mean, it's hard to solve from the outside if iger did push out his retirement a number of times he was approached by the board late last week and i don't know that he came to the board and was probably more to do with the board realizing that, listen, the stock price is where it is they've gone through a number of different challenges and the

outlook for 2023 certainly came below street expectations in terms of revenue and income, perhaps the management team has been a little bit too aggressive with leaning into its pricing power at the parks, putting through a number of price increases as well as direct to consumer we have an upcoming price increase with disney+. maybe the concern is these moves will set in somewhat of an alienation of the customer base and maybe damage the long-term brand of disney. looking at the gossip in the town and the news flow that seems to be percolating today, you know, there does seem to be a sense that senior leadership within the company went to the board and maybe this move and not necessarily 100% board driven, but it's more a matter of leadership within the company and, you know, the reality is, you could be the ceo of disney but you do need buy-in from different penalties and different management teams and

bob iger has that to offer >> could you speculate here on espn because clearly in the world of gambling which i follow closely, the shift in interest from disney -- we heard bob chapek say it in the last earnings call, the interest in sports betting and how do you tie espn to what is anticipated to be a burgeoning industry, do you anticipate that there will be some immediate movement on espn and sports betting? >> i think bob iger -- i think it's important to keep in mind that his term is at least for now two years. there's only so much you can do operationally within a two-year time frame during -- as you battle a murky backdrop, going into a recession and he needs to find a successor as well the biggest changes we'll see over the next two years from bob iger will be repositioning the company structurally and making sure that the strategic

decisions are a little bit more forward facing and set the company up well for the next five, ten years. within that context, let's keep in mind, bob iger has a storied background in history with executing against successful m and a. as you move forward, there aren't too many different avenues that make sense and i think sports betting is one to keep an eye on along with likely going ahead with pulling up -- pushing up the timeline to acquire the remaining stake in hulu that is currently owned by comcast. >> i'm sorry i called you by your last name earlier sometimes people call me brewer. >> i went with it. >> thank you for joining us today. the week started with a big surprise from disney can we expect more here with our look ahead is

stephanie link from hightower advisers and a cnbc contributor. i'm curious because mostly when we go into a thanksgiving week, we talk about two things, we talk about groceries and we talk about black friday shopping. do you think that this could move business this week, stephanie? >> look, i think we're getting mixed signals in retail. i think it's very, very clear that inventories, even though they're coming down, they're still very elevated and i think that's going to be the theme throughout the rest of this year into early part of next and as you mentioned there's a big trade-down into grocery and food we heard it from walmart and target and why i think dollar tree and dollar general make sense is for this very fact so they do see a trade-down. these stocks have held up remarkably well. dollar tree is up 16% year to date, dollar general up 9. but dollar tree, it's a trade down, but it's also a special

situation story. you know me by now, i love special situations they bought family dollar for 8 1/2 billion dollars back in 2015 and they're just going through an entire restructuring process, expansion, better instocking, price controls, price increases. and it's interesting, the ceo of dollar tree came from dollar general and dollar general went through their restructuring back in 2009 to 2016. yeah, i think these stocks can be market movers i don't expect big, big moves. i like them both. >> the special situation that i'm particularly aware of right now is that you have your christmas tree up already. is that true >> i do. >> you are a special situation >> you are a special situation let's move on -- i'm so jealous. oh, my god an

analog devices is another one you're watching. why? >> this has been a relative outperformer only down 8% and i think the reason it's held up because is because it's auto and industrial have been strong, i expect that to be the case consumer, very weak. but that's not going to be a surprise here's the thing, we've been hearing about double and triple ordering in semiconductors they even -- adi saw it last quarter. they saw some cancellation rates increase and so that's a real key point all of this is kind of like offset because they spend $21 billion last year on maxim their competitor and you're going to continue to see synergies there. there's kind of these offsets, right? bad on the order side of things, how bad did it actually get? and versus what kind of synergies we're going to continue to see. i think it's going to do pretty good >> what about deere? are you watching the tractors? >> i'm watching the tractors i own deere and deere has been a

good performer up 20% trades 17 1/2 times earnings the farming fundamentals released a statement very, very strong you have high crop price, you have an old fleet, a restocking of inventories, you have a good order book hopefully input costs have come down that's been the real bane of their existence. supply chain problems, labor issues that's the one negative. but they've been able to offset it with price increases and they have this great technology and it really gives them the -- not only the pricing power, but also the visibility on gross margins between now and the end of the decade i like that even though it's had a nice run not only into the end of the year but also into next year as well. >> thank you i hope you have a great thanksgiving. >> i hope you do too. coming up, many called florida's insurance market a mess and that's one of the kinder words one insurance executive says

she's preparing for a coming bloodbath. the nasdaq peak one year later. we're trading the best and worse performing stocks since that high point to identify which ones might be worth a look right now. as we head to a break, a look of the shares of sofiov ming lower. regulators are calling for their crypto activities to be looked at "power lunch" will be right back

damage estimates from hurricane ian are still coming in on the high end, $70 million even before ian, premiums for property insurance had skyrocketed. coverage options shrank. partly because of litigation costs, insurance fraud, inflation on housing costs, materials and labor. more than a dozen insurers have folded or fled florida unable to make the finances work the ceo of slide insurance predicts a third of the insurance market will collapse by the year end. >> deals are absolutely falling apart because the cost of insurance is unaffordable. and that alone will kill a home sale and other instances they simply cannot find insurance coverage and close on the loan so it's a real crisis. >> danielle lambardo joins us now. tell me if you're seeing -- i've

called it before, i've described it this way, as a special kind of hell in florida insurance whether it's also killing big commercial real estate deals >> absolutely. it's a total bloodbath right now. i have a commercial real estate client out of florida that was under a contract on $110 million apartment deal prior to hurricane ian, the cost of coverage for $600,000 a year. most ian, 1.7 million. that increase in expense reduces the property's value by $21 million. the client walked away from the deal they can't do business. >> the multiple of the expense is 20 to 1 >>uh-huh. >> really, really. >> yeah. >> have you seen ian exacerbate this situation has it gotten worse and harder to operate >> it's much worse we have numerous examples from a development standpoint where developers were about to break ground and the insurance pricing was repriced and they could no

longer do the deal. >> and what happens when reinsurance which is basically the insurance that insurers buy in case of these major catastrophes, when those renewals come due after the first of the year. >> reinsurers are running away from florida if you think about it, florida is the highest state from a litigation standpoint. it is the riskiest piece of land in the world why would a private insurer want to do business in florida? when you look at reinsurers, they want to diversify their books of business. and so we're seeing -- pre-ian were expecting increase in reinsurance rates. something has to be done differently. >> you make a point of this litigation risk and point to fraud that can take place sometimes between contractors and attorneys who then bring a case and say -- and then the insurance company -- against an insurance company, and then the insurance company is put in the position of having to say, well,

we'll settle this for $65,000 when the real cost, if they -- if they were looking at it was maybe a thousand dollars or $1,500 why do insurers do that? i mean, how do -- and how do they get away with this is basically what i'm asking. >> if you look at -- >> the judges aren't stupid. >> they're not it's the way that the laws are set up in florida. it makes it very easy for the contractors and the attorneys to band together and drive these types of fraudulent lawsuits and the insurers can't do anything the insurers don't want it when they look at florida, you know, florida has 10% of the florida -- of the nation's overall property insurance claims but 80% of the litigation. that tells you there's an imbalance in the system. >> and it's the way the regulation is set up to pay lawyers. i did reach out to the chief financial officer of florida and he gave me a statement and he

said that he's working with governor desantis to crack down on fraud and unscrupulous lawyers. he says, though, that part of this blame belongs to washington, d.c., and to inflation that's driving up the cost but i'm really curious we know that's true in states -- it's just not florida. when you look at florida, what can be done to fix it before the whole system falls apart >> i think there's two things, one, address the litigation and fraud issue. that has to be done first. insurers are paying a 20, 30% tax to do business in florida because of those issues. and then the lenders and the borrowers, the real estate owners and the lenders, have to work together to create reform around lender insurance requirements. >> meaning right now they might say you have to have 100% coverage for your property and that might be unattainable in florida. >> but also in certainly

situations, you might not need it when you're looking at modeling and they overlay it on top of information regarding construction type, et cetera, it will help you understand -- it's a data point help you understand what the real risk is so i think everyone needs to come together, everyone meaning the lenders, borrowers, the state of florida, the attorneys, the insurers to say what is the real risk. we got to allocate the risk appropriately because if you're being forced to buy a $25,000 deductible but that's going to kill your deal or default on your mortgage, you've got to look at creative ways to put in place nontraditional insurance products to solve the problems. >> the legislature is planning to meet in a couple of weeks, beginning of december. we'll keep your eye on whether you can grapple on what a big problem that is. >> there are probably civil trial lawyers waiting for you outside here thanks for coming today. still to come, the railroad supply chain at risk just before the holidays, this as the

industry is still failing to make a deal with its various unions. more bulls entering the china shop some of the big china hawks are turning positive with covid cases already climbing, is itoo ont so for optimism we will be right back. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create new customers get our best deals on all smartphones.

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welcome back to "power lunch. workers at two of the largest u.s. rail unions diverged on labor deal votes today leaving the state of freight in jeopardy once again so far, 8 out of the 12 major rail unions have accepted the tentative agreement that would raise wages by nearly 25% over the next five years. but the other four groups aren't convinced it's enough. if the two sides cannot reach a deal by december 9th, a rail strike would be inevitable costing the u.s. economy more than $2 billion per day and creating major supply chain issues into the new year contessa >> let's get to brian sullivan now for the cnbc news update. >> thank you here's what's happening at this hour arizona's maricopa county, a top election official has been moved to an us disclosed location for his own safety the republican pushed back

because of claims in voter fraud in the 2020 and 2022 elections. todayd and julie chrisley ae expected to be sentenced todd chrisley faces up to 22 years in prison. his wife 12 1/2. a meteorite lighting up the sky in southern norway police tweeted messaging assuring people that the bright light was just a meteor. it burned up in the atmosphere when you've got pipelines exploding near you, people are a little jumpy these days. tyler? >> can't blame them one bit. thank you very much. ahead on "power lunch," getting the retail in gear the group displaying mixed signs and guidance ahead of the holiday season what should we expect this week? we'll talk about that with the former macy's ceo. >> nasdaq to square one. it's been a long road since the

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we got about 90 minutes or

thereabouts left in the trading day. we want to get you caught up on everything, the stocks, the bonds, the commodity and is take a look at the holiday season for retailers with terry lundgren. let's begin with stocks. the dow has turned positive this afternoon as oil as rebounded from its lows. at least the dow industrials are higher but not by much. two one h-hundredths of a percet it seems like a risk-off kind of a day. hershey's and clorox are doing well consumer discretionary, tesla, amazon, target among the stocks leading that group lower as you see them look at tesla, off another 7% today. it's been a rough ride for that company as well as target after last week's report to the bond market we go, that would be mr. santelli tracking the action in chicago. hey, rick. >> hi, tyler

if you look at maturities today, they're the only ones in the red meaning that their prices are lower, their yields are higher we're talking two year and three year and even those numbers are now less than one basis point. the rest of the curves in the green meaning higher prices, lower yields and the reason that's so interesting is the fed keeps pushing back at investors. look at the two-year chart you can see, there is an upward trend there, but still under control. when compared to two weeks of ten, you can see, we haven't traded -- two or higher. we continue to monitor through twos to tens it's currently trading minus 72. should it close there, it would be another fresh 41-year inverted close and finally the dollar index many believe it's turned

and that the highs are in for the year hard to argue, but nonetheless, they had a huge bounce off their three-month low on the 16th. as you see on this would be week chart, they're heading higher. one of the reasons is because the euro is heading lower and heading lower rather aggressively tyler, back to you. >> rick, thank you very much. we've got big moves in oil prices today as the commodity does a complete u-turn midday. and pippa stevens is here to explain it all >> a roller coaster ride for oil. "the wall street journal" reported that saudi arabia and allies were eyeing an increase of 5,000 barrels per day which caused crude prices to tumble. u.s. oil dropped more than 6% at one point to $75.08 t. lowest level since january 3rd.

but saudi arabia denied the report which caused oil to bounce off its lows. in a statement, the energy minister reiterated that the current cut of 2 million barrels per day is in effect until the end of 2023. he added that if there is a need to take further measures by reducing production to balance supply and demand, they remain ready to intervene not only denying the report around an output raise, but even bringing up the possibility of a further cut. the group is set to meet on december 4th one day before the eu embargo on russian oil goes into effect let's check on prices. wti down half of 1%. that contract does roll today. brent cruise is down to $87.53 inflation is promising to make this a challenging holiday

season joining us now is terry lundgren former ceo of macy's i think the consumer responds mostly to a couple of things, one is their sense of job security and job security with some pockets of exceptn generally is pretty high across the board. so that would argue for a reasonably good holiday spending season >> well, tyler, first of all, good to see you again. it is -- it certainly has been a good season so far a good year so far we're in the final leg of the 2022 retail marathon here with maybe an uphill finish i like where we stand right now. consumers are spending they do have enough to spend at least in the higher and upper middle income bracket. i think we're going to finish the year at about 6 to 7% through the fourth quarter which will make the year turn out to be similarly strong. and there's going to be strengths and weaknesses, of

course, as you described in your overall report here. not everybody is doing as well and i worry about those who have not dealt effectively with their inventory lumps that they clearly had in the second quarter and some carried them into the third quarter as well when you've got too much inventory, tyler, you're dead in the water. you can't buy the freshest, latest products for the holiday season there's lots of others that ar doing quite well >> who are those guys who have got those inventory lumps? >> anybody who has got, you know, significantly more than their sales forecast i saw a couple of them out there at 15, 16% more inventory than last year with a forecast of 3 to 4% increase i think those are challenging. and on the other hand, you see walmart blew through their numbers last quarter and i like their momentum i think they're on a good track. granted, food retail is very strong sadly because inflation is -- >> inflation is driving it up.

>> let me ask you about one thing that's out there, terry -- excuse me for interrupting i didn't mean to speak over you. is the possibility of a rail strike is that a nonissue for the holiday season because what stores have bought, they've already got? it's not on a train or a boxcar somewhere? >> yeah, i believe that is a nonissue for this holiday season for sure i think it's a major, major issue for 2023 >> we've had a lot of retail experts, terry, come on and talk a little bit about the strength of the luxury consumer and then the questions about whether that very lowest end consumer is going to hang on and really be holding back their dollars what about the middle of the road consumer? >> yeah, you just described it properly that's situation is 100%

accurate that middle consumer is the one the economy is counting on that's who is going to drive economic growth. and there's -- you know, that's a pretty big range there in terms of household income and savings account strength if they have the money, they're going to continue to spend it. i do worry about next year i think when you get these credit card bills after this holiday spending season and you couple that with your utility bills that are going to be obviously higher this next year as we get through this winter season and paying for the higher bills, i think we're going to have a little bit of a sticker shock and perhaps a spending hangover that will occur early next year. >> so i have good news for you, terry. you took part in our stock draft a few months ago, you remember that >> i do. >> probably one of the great days of your life, actually -- you're not in first place. ryan reynolds has that distinction right now and his

partner in stock-picking but you are in second place. how does that make you feel here must be -- >> first of all, it's really good to know that if the acting thing doesn't work out for ryan reynolds, he has a backup plan but i was deeply concerned about his box office sales not really i feel great mostly about being ahead of o'malley and cramer. kevin o'leary and cramer those two are my primary objective of being ahead of them at the end of the day. i know this is not over yet. but i'm really hoping i can keep ahead of those two. >> you picked macy's which i think -- i mean, i don't know, i question your bias in choosing macy's as a former macy's chairman and ceo. >> you should. >> okay. now that that's all out and people can judge for themselves where your loyalty lies, what about chewy?

would you go back and pick chewy in it's done really well up 28% since the stock draft. >> definitely i would and i did and i actually invested in chewy at that time as well so i -- i feel like that -- you know, first of all, when things get difficult, people take care of their pets first. their children are right behind them but they take care of their pets first -- >> sometimes the pets are ahead of the children. and they're clearly ahead of -- so -- and i think i think this was a good bet and i think that will continue to perform in top line sales. >> congratulations, terry, for now, a long way to go. we wrap it up, i think it's the friday before the super bowl but thank you for your insights today. have a good holiday. >> thanks very much. china reporting its first covid death since shutting down in may and the country was just beginning to ease covid policies china's internet etf down more than 3% now.

'rgog wee into take a look at where wall street stands next. >> announcer: the bond record is brought to you by pimco. a global leader in active fixed income ♪ ♪ luxury exemplified. innovation electrified. with apple music seamlessly integrated. the all-new, all-electric eqs suv from mercedes-benz.

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china is lifting some of the most strict parts of its zero covid policies, does this make now the time to invest in chinese companies. let's bring in seema mody who is watching this. >> what we have seen is a dramatic change in tone from some of the biggest wall street firms on china citigroup turning bullish, upgrading hong kong to overweight and over the weekend, they predict china will exit covid strategy around march of next year which will help unleash $760 billion in household savings, further supporting china's stock market. the k web etf taking a breather. news as well of three covid deaths in china over the weekend. the reopening, though, will help u.s. companies will largest revenue exposure to china. so names that they highlight, tesla, nike, domino's pizza,

with 15% or more of their sales tied to that country geopolitics still remain a top concern. cowen say simply put, talk is good, but it's also cheap. >> you raise up the headlines about the covid deaths china has lockdoed down one of s key districts. they were talking about wynn resorts which is one of the most highly exposed u.s. companies to china revenue and he says they upgraded the shares, but that was based on the expectation of the reopening and it hasn't happened is wall street getting ahead of itself >> it's a great question i put the specific question to a number of strategists, and all of them say this quest to pull away from the zero covid policy

is needed, but it's not going to be easy. and in regards to the deaths over the week, these individuals were 80 and older and had underlying conditions. at this point, they don't see china moving away from this -- this ambition to ease policies contessa >> thank you appreciate that. is it time to get nasdaq in the saddle the index down more than 30% from its high a year ago to this day. those declines led by tech are there any names that have fallen enough to buy we're going to look at that and more when we return.

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call 1-866-336-3448 today and feel confident you have all the benefits you deserve for 2023. you can receive extra benefits for a zero dollar monthly premium, like dental, vision, hearing and prescription drugs. call 1-866-336-3448 and make sure you're not missing out. welcome back, everybody, to "power lunch." it's been almost a year since the nasdaq's all-time high now hovering near 11,000 since those record highs, meta and docusign are among the biggest laggards down 70 to 80% or thereabouts and dollar tree and t-mobile among the biggest leaders, up 20 to 30%. what does the next year look like for the tech index and which of these stocks might lead it to new highs if any of them

let's bring in steve grasso. let's start with meta. meta has been an epic story this year which way do you think it goes from here? >> well, i'm an owner of meta, so i'm going to say it goes higher from say it goes higher from here, tyler it's had every headwind thrown at it, political, social, everything the stock has shown that it -- it's been beaten up pretty dramatically, and it bounced pretty effectively recently. hate wall again and hit some resistance, so around the 120 mark as high as it got and now it's backed up a little bit meaning dropped back down. i think it's due for another bounce, but maybe a little witt longer in the tooth before we get in. >> talk to me about docusign which is another lagard. it's low is now a good time to get in >> well, contessa, i actually used the product today, and i use it on a regular basis, but

good product, bad stock. >> why in. >> that for mesa bad recipe -- that for mesa bad recipe, but i'm very close to saying it's a boy, and the reason why i say that is the stock has to level off. it has not found support in the charts just yet, but it's very close. you have revenues actually growing on a year-over-year basis which is good. you also have people starting to think about restructuring within the company which is good as well so i think we're close to a bottom i don't know if we're there just yet, but we're very, very close to a buy not yet though. >> my question about them is can they be something more than a one-trick pony >> yeah. i mean, that's the question that everyone asks about this and plenty of other things my wife has been asking that about me for years now, tyler, so, you know, it's -- it's a -- sometimes you have a got to stick to your core competency and docusign has a great core

competency it's just a matter of it was bloated by a growth valuation >> you stick to your core competency, too, mr. grasso and you'll be just fine. let's move on to dollar tree which a lot of people love we had -- i think it was stephanie link earlier this hour cite it had as one of the ones she's watching >> reporter: you know, this one is -- this is the perfect environment, you know, rising costs. people are looking for their dollar to go a little bit longer, but it -- it's also the one that's ripe for margin compression, so we've seen that in the name. this is one that i would think you probably have to scale back a little bit if you've owned it. you know, take your money to the bank cash in that profit, but going forward i think the headwinds are going to be prevalent in this -- in this name just due to margins coming in a little bit now with -- they have made the

dollar go as far as it can go, and i think there's probably headwinds in it. >> steve, t-mobile has been a huge winner this past year, up 30% year to date or so what do you like about this stock now, or do you think it's hit about as high as it's going to go? >> you know, i think this one was a disrupt, right, and now it's the number two carrier. it's bypassed at&t with its merger with sprint john ledger did a fabulous job in running this and disrupting the entire industry. probably one of the top ceos of our time quite frankly, especially in the space. he really shined well. they disrupted the mobile carrier industry now they are going after broadband, but they have to build a fiber-optic networks and i think they will be able to do that successfully as well. mike seivert has taken over from john ledger, doing a great job himself, so i think there's

further disruption ahead once they enter the home instead of just being a cell phone carrier. >> you know, steve, i'm looking at this chart here you've got t-mobile up 30% and got the nasdaq down almost 30% year to date give me a sense of whether you think for the nasdaq there's a turning point in 2023. >> yeah. i actually have been a proponent of a real going into year end. i think we are going to rally pretty aggressively going into year end, and then when people start to really settle in with whether we're in a -- a recession or not, or how deep that recession is going to be, i think the market could drop back down again, but i see a pretty aggressive rally, and that's going to take the nasdaq higher aggress unfortunately as well, contessa, so i see the market rallying probably to 4300 to 4400 by year end that's aggressive. >> steve grasso, good to talk to

you, sir thank you. >> thank you. as tech companies lay off workers one controversial firm is doing just the opposite we'll tell you wchhi tech company is hiring ahead on "power lunch." lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. 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 the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

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welcome back to "power lunch. shopper satisfaction with amazon is slipping. according to a survey from evercore which found 79% of amazon customers were extremely or very satisfied, now that's up

from a pandemic low of 65% but down 9% from peak levels about a decade ago, and last year amazon's customer satisfaction just plummeted to a record low on the american customer satisfaction index it fell below the online shopping sites of competitors like costco and nordstrom and why is it slipping to satisfaction, former experts who work there say there's a lot of frustration over search results and how they return it there's also frustration over delivery they promise you two days. i still like to be in amazon's position. >> those are remarkable satisfaction numbers if you're coming behind north strom which prides itself on elite customer service you're still doing okay, i think.

>> amazon and other tech behemoth byte dance committing to hire 3,000 engineers worldwide though its show said it plans to slow its hiring pace overall. many of the jobs will be based in the company's largest u.s. engineering hub in mountianview, california, where tiktok is looking to partially boost head count by recruiting those recently laid off from rivals like meta and twitter according to reports the company obviously is -- i think it's based now in singapore maybe? >> well, the interesting thing about byte dance is byte dance is in beijing, but tiktok itself tonight really have corporate headquarters they are all over the place, including singapore. >> they are a virtual company in that sense, yeah. >> in some ways you can do it, as long as you can caps from place to place, you've got it covered. >> yeah, yeah. >> so tiktok will be hiring. others will be laying off, and i assume they will pick up some engineers from twitter given the number of layoffs there. >> there's a lot of layoffs at

these other companies so there's people looking for work right now and interestingly because we've seen such a demand for skilled labor, it will be a big turnaround maybe tiktok will have an advantage hiring now. >> thanks for watching "power lunch" now we appreciate it. >> "closing bell" starts right now. >> stocks mostly in the red today as we kick off the holiday trading week with the nasdaq seeing the sharpest pullback now. it's down a full percent this is a make-or-break hour for your money welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand right now in the market. with the ten-year yield a little bit higher today, about 3.85, stocks under pressure, though it's a tale of different sectors. green for consumer staples, industrials having a good day, materials, utilities, real estate, health care financials, all positive what's holding back the market, energy in particular, down 2%. consumer discretionary, technology, that's why you're seeing the