they've got a lot of contracts that are going to be negotiated over the next six months to a year that's the expectation, that those will be weighing, and that's one reason why airline stocks nowhere close to where they were let's say a year or two ago. >> i want a video montage of 25 years of lebeau at o'hare on the wednesday before thanksgiving, man. >> there's somebody named megan reeder who's putting it together right now. >> we're going to have it, my friend phil lebeau, happy thanksgiving. >> you bet >> that'll do it for "the exchange" and i will join my friend contessa brewer for "power lunch," which starts right now. hello, tyler hello, everybody and welcome to "power lunch." i'm contessa brewer. here's what's ahead. the probability of a rail strike is rising. analysts put the economic cost at $2 billion a day and the chemicals industry could be the hardest hit. the ceo of huntsman is here to discuss how his company is managing this looming threat

and before we hear from him we'll get to the minutes of the last fed meeting investors will look for clarity on the pace of the future rate hikes. we'll have the release, the reaction, and the analysis that's straight ahead. tyler. >> all right, contessa ahead of those minutes consumer discretionary stocks are the best performers, energy the worst right now. let's take a look at the major indexes. as you see there, the industrials waffling between up a little and down a little it's basically flat, folks that's the kind of day it's been s&p 500 also very minor moves there. six points higher at 4,010 sentiment getting a bit of a boost after the latest data showed that u.s. consumers dialed back short-term inflation expectations the yield on the 10-year note trading right around 3.7% at this point, contessa >> let's get right to steve liesman now with the minutes of the last fed meeting steve, what are you seeing >> contessa, the federal reserve

in the minutes to its early november meeting said that ongoing rate hikes would be appropriate. a substantial majority support likely slowing the pace of tightening soon. that really does set up for a 50 basis point rate hike in december a few participants, notice the qualifier, a few suggested it was better to wait to slow hikes until it was clear inflation is receding that is not where the center of the board appears to be. members emphasized more important to consider the peak rate over the pace of future hikes. in other words, where the fed is going is more important than the pace that it gets there. many participants said the effects of the rate hikes were, quote, still quite uncertain some of those people are in favor of either lower rate hikes or slower rate hikes many participants said the full extent of policy tightening was, quote, yet to be realized. risks to the inflation outlook were high, tilted to the upside. recent inflation data was higher remember, this came before the recent november -- the meeting was before the recent october

inflation report that came out in november. but inflation at that time was said to be more persistent than anticipated. tentative signs of labor market moving toward better balance and we've heard some officials talk about seeing some signs of slowing in the labor market. risks to the economic outlook overweighted to the down side, particularly due to global headwinds from china and the russia-ukraine war and they were seeing softening in consumer and business spending growth although i have to say we got data this morning that leaned against that idea of business spending slowing. and of course some new information on the treasury market they saw the functioning of the treasury market being orderly and an important assessment given that they are checking their balance sheets though higher mortgage rates were notably restraining housing activity one other thing, several participants said tightening global monetary policy could spill over to the u.s. and we heard that from mary downey last week, who said that was one of her reasons why she

thought there was maybe more tightening out in the economy than is in the actual funds rate, because in part of global tightening as well tyler? >> all right, steve, i'm going to ask you to stick around because i've got questions i've got questions but let's get some more reaction to the fed minutes and what it could be telling us about the path of rate hikes and to do that let's bring in maikel gapen, head of u.s. economics with bank of america global research. i see in my notes it says we expect the main message from these fed minutes to be hawkish on net does that seem to be what you're hearing there even though a substantial majority support a likely slowing of the pace of tightening relatively soon >> i think it does first of all, thank you for having me on and i think given steve's comments there we would agree it's more about the destination now than the journey so the on-net part in my mind is yes, there seems to be

widespread acceptance on the board that they should slow the pace of rate hikes, a wide variety of reasons suggest that as steve mentioned but it doesn't really change where most fomc participants think the terminal rate should be, with most of those comments coming in in the very high 4% if not above 5% so maybe in the range of 4.75 to as high as 5 1/2 for some. on net yes i think they still have a lot of work to go although there's reasons to slow the pace of rate hikes from here >> i'm going to turn back to you, steve, and note that the dow has just moved up 130 points it can move down 130 points in another second here. but it would seem to me that if i were reading what we're putting on our screen many participants said full extent of policy tightening yet to be realized but that the pace of those rate hikes may be slowing a bit, that that would explain why equity investors are favorably inclined

>> i think folks might have been geared up for a more hawkish set of minutes here. i don't think it's dovish. don't get me wrong about that. people would make a mistake, tyler, if they take the idea of slower to mean lower and picking up on what michael was saying, you know, 5 is the new 4, tyler, when it comes to the fed. i'm hearing people like mary baylor saying 4 3/4 to 5 1/4 being her outlook for the peak funds rate i think you can probably take that pretty seriously. as michael said, there are people up near 5 1/2 the fed's going to slow down -- let me give you what you need to know repeat this after me 50, 50, 25 that's how the market is priced for the next three meetings. and i don't see much change. i want to get a fresh look at the probabilities here 81% chance for a 50 in december. a 76% chance of a february -- of a 50 in february and then a 52% chance of a 25 in

march. and that would be the end of it. so 125 from here that's still work to do we are closer to the end of this process if inflation cooperates, if employment were to soften but there's still a ways to go don't mistake slower for lower >> all right and we are seeing the yields moving lower now as well michael, when we're talking about one of the last notes that steve had said here is that several participants noted that tightening global monetary policy could spread to the united states, is that a risk to our economy? how would it work? >> it certainly is a risk. historically during periods when many are in this case almost all central banks are lifting rates you do risk spillover effects. i think the risks of that have come down a little bit, particularly as dollar strength has abated but historically the transmission channel would be that financial stresses build a

strong dollar, rising interest rates puts a lot of volatility on the markets, and a stress point arises somewhere and then financial conditions tighten and it spills back type the u.s. in prior cycles, for example, this would be like the east asian financial crisis in the '90s the latin american debt crises of the the '80s for example, just kind of unforeseen landmines that we can't really see in advance and when everybody tightens in the same direction we just risk getting a lot more tightening than we think we're getting individually >> and steve, you mentioned here that what the fed minutes note in terms of the softening and consumer and business spending is at odds with new data that we saw this morning can you explain? >> yellow, contessa, thank you for bringing that up because i'm afraid we need to be having a whole different conversation here than the one suggested by the minutes. i'm interested maybe if you have a second for michael -- and i'll try to shut up in a second

but the data has been stronger we have been using our rapid update we've been upgrading gdp for the fourth quarter it's not as strong as the third quarter yet. but it is certainly the second half has been stronger than the first half that business spending number kind of knocked my socks off so did the retail spending number i guess that was last week you have two key spending components, business and the consumer, doing very well and really surprising to the up side leading to higher gdp forecasts out there. i don't know that this is necessarily inflationary but it is certainly not the cooling that the fed was looking and it certainly is not the definitive recession numbers some people thought we were going to be getting in the fourth quarter of this year. maybe that recession has been put off to next year if it's coming but it's certainly not in the numbers we have seen in the past weeks >> we're looking at the november manufacturing and services falling 46.3 from 48.2 in

october. can you weigh in a little bit on the disconnect between the fed minutes and what we're seeing? >> even in those pmi data points a lot of the weakness is about forward-looking indicators about new orders and new export orders which says something about production in the first half of next year or maybe even later. i agree completely with steve. there are certainly signs the economy is slowing we're seeing it in housing some of the other investment-led components are weaker. the inventory cycle seems to have slowed. business spending has been mixed on net but i would agree the durables data today was quite strong. retail sales quite strong. still adding 290,000 jobs a month. the fed has to do more work to slow the economy down. i still think risks are in the direction of the funds rate needing to inch higher perhaps even closer to 6% to slow this economy down right now it just -- >> wow >> -- doesn't really want to slow >> go ahead, steve >> contessa, i'm sorry to interrupt.

michael, what have you done to your tracking forecast i did not have a chance to give you a call this morning in the last couple of days. have you been upgrading the tracking for the gdp for the fourth quarter >> the gdp tracking for the third quarter for next week is around 3%. i think we're at 1.8, let's call it close to 2% now for the fourth quarter so yes, it's been coming in higher we expected things to moderate we are one of those kind of mild recession forecasts for next year but we've kind of said look, the risk to all, there's just a lot of momentum in the economy and it may take more rate hikes than we all think to slow it down and i think recent data support that >> michael gapen, steve liesman, thank you very much for that i appreciate it. let's get to some developing drama in the crypto world. of course the industry is now facing a massive crisis of confidence and we're watching the effects of ftx's collapse just ripple outward. kate rooney joins us now with

more kate >> hi, contessa. that's right genesis and its parent company are now the big risks crypto investors are worried about after the fall of ftx. this was the first lending desk, started about a decade ago genesis suspended withdrawals last week and is reportedly considering bankruptcy at this point. the company saying that isn't imminent and that it's having constructive conversations right now with creditors its loan back had been around $14 billion earlier this year. if you look at the second quarter there it had roughly a billion dollars of exposure to the now bankrupt hedge fund 3 eras capital also about $175 million right now locked up at ftx its loan book was just under $3 billion as of the most recent quarter you can see on that chart there. there are also some potential effects around its parent company, digital currency group, or also known as dcg the ceo of that company barry silbert in a letter last night trying to really calm shareholders he said, "we have weathered previous crypto winters," and he says "while this one may feel

more severe we will come out of it stronger. dcg is also the parent company of gray scale, which runs the gray scale bitcoin trust it's been a proxy for investing in bitcoin that lack of confidence is now showing up in the price of gbtc. that's the ticker. it's about a 43% discount to where bitcoin is trading right now and investors are worried that if the lending desk, genesis i mentioned, collapses, dcg may be forced to wind down that bitcoin trust and this crisis of confidence after ftx is also showing up elsewhere in crypto. exchanges have seen record withdrawals as people look to get their coins offline, put them into more safe haven storage offline, and there's been more selling by what they call older wallets those are the longer-term investors. and they tend to usually be the least likely to sell that data coming from glass node back to you guys >> it's almost as if this is another crypto winter this is the one from "game of thrones" where the whole horde is coming across the wall.

you know sam bankman-fried released an apology letter, kate, to ftx employees. did you get a look at it >> i did so a current ftx employee sent that over. and it's really about how sam bankman-fried says he lost track of the most important things, he called it sort of commotion within the company and talked about employees, called them all family, said he apologized and the idea that he just got over his skis the other line he said he blamed his own irrational decisions and then some circumstances here but yeah, we did see that letter he said he also froze up in the face of pressure and leaks and then also regrets filing for chapter 11 he said within a couple minutes of filing i did -- the current employee, excuse me, who sent that letter did say the words rang hollow. he said he and his colleagues are still upset. that did nothing to make them feel better. we reached out to sam bankman-fried but haven't heard back >> kate rooney, thank you for the reporting. >> coming up, the chemicals industry on the verge of taking

a multibillion-dollar hit if there is a nationwide rail strike the ceo of huntsman on how his company is preparing plus, have we seen the market bottom veteran money managers making a big call on stocks put putting his money in some names with potential earnings growth. and as we head to a break a look at shares of coupa software. a report that vista is exploring wnycquisition of that compa weill bring you any developments "power lunch" will be right back

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welcome back to "power lunch," everybody. rail strike that would cost the u.s. economy an estimated $2 billion a day is on track to start on december 9th, this after one of the largest unions in the industry became the fourth to reject the labor proposal this week a strike would hit nearly every industry but expect it to really hit chemical producers hard. a chemical spill, 33,000 carloads worth $2.8 billion a week, and to prepare for a shutdown railroads stopped accepting security-sensitive shipments including chemicals essential to water treatment, health care, energy, agriculture. when the last rail strike loomed in september, rail carriers saw a drop of 2,000 carloads of chemical shipments this time it could be even worse. according to the american chemistry council, a one-month rail strike could trigger the loss of 700,000 jobs across industries, increase the producer price index by 4%, and pull nearly 160 billion out of

the economy. let's bring in peter huntsman, president and ceo of the huntsman corporation and chairman of the american chemistry council. i assume all of those numbers are ones that you would swear by, peter. how is the possibility of a rail strike affecting operations at huntsman >> tyler, thank you very much for the opportunity to join your show today >> sure. >> this is very worrisome for us this is something that we need to start preparing for this coming week. so we will start looking at where we need to be idling lines, where we need to be shutting down facilities you take a small facility, a chemical plant and it typically will produce hundreds of different grades of products everything from agricultural to automotive to home construction to the food industry, everything you look around you right now, everything that's high tech, everything, your furniture, carpeting, painting, everything. all of that has to do with the chemical industry.

and so this has -- this will reverberate very quickly through the economy -- >> what percentage of your company's output leaves factories by rail? >> oh, it would -- well, we would have an even greater number of raw materials that would come in to our business, and that would be probably close to 50% of our raw materials. now, any business that loses 50% of our raw materials, it doesn't matter what your means of leaving the plant, your plant's being shut down. but i would say beyond that about 40% of our outgoing freight is also shipped by rail as well. >> and peter, do you have to -- as you said, you have to figure out what to do with all of these -- not you personally but -- what to do with all of these containers of chemicals that are all around the nation do those have to be off the rails and somewhere safe in the event of a strike? does that have to happen even if the strike does not materialize? >> yes that's why we have to start right now. there will be many products that

we will stop shipping in the next couple of days. if we can't get a firm guarantee we will show up and be either at the customer's location or our location, we will not be shipping those products. the supply chain will start getting backed up here in the next couple of days regardless of what happens on december 5th. >> so what you're saying is there is an economic impact just because of the imminent threat of a strike. >> oh, yes that certainly would be the case and you'll see this reverberate not just in the chemical industry but the united states still gets a third of its electricity from coal. so think about virtually 100% of the coal that's moved into power plants will have to be stopped we've seen a recent war on pipelines. so there's less product on pipelines. we're more reliant now on infrastructure, on rail. so this reverberates throughout not just the chemical industry but all industry sectors will be feeling this very quickly. >> the acc estimates that a

one-month strike would trigger the loss of 700,000 jobs across multiple industries here and spike inflation with a 4% increase to the producer price index. do you feel like the nation's leaders are taking this threat seriously enough is there more you would like them to be doing to avert a strike >> well, i'd like to see -- this is just my personal opinion. i'd like to see president biden, who has championed many of the causes from the unions and last september said that, you know, we had a victory here, a win for the american people and a win for unions and companies under the terms. it would be great if he could use his bully pulpit, but ultimately this may well come down to congress having to reach across on a bipartisan basis this is not a red or a blue issue. this is not a labor or management issue at this point this is going to affect millions of people. it's going to affect hundreds of thousands of jobs. it's going to affect inflation

and congress can avert this from taking place >> well, that's what i want to ask you because as we just heard in the last hour the administration has some -- the bully pulpit obviously but basically, this is in congress's lap peter, what are you doing as the head of an industry council and as the head of a large corporation to create an outcome that is not damaging to your business and to the economy zm what kind of lobbying? where are you putting pressure >> well, in the last few hours about 30 of the largest company ceos got together and had i think a very productive meeting with representatives from the white house. we had a very fulsome discussion where we talked about the impact of all this. so it's very clear that they understand the impact of this and for the president to be able to use his bully pulpit on this. but it's also going to be very important for each of the ceos and not just for the ceo and the leadership but the associates of

each of our companies, which number in the hundreds of thousands, to be able to go out and to lobby their legislators again, doesn't matter what side of the aisle they're on. this is an american issue right now, an american manufacturing issue. and we as companies are fully mobilizing all of our individuals, letter-writing campaigns, calling congressional offices to make sure we can avert this >> peter huntsman, thank you so much for joining us, and we hope that you're able to see some resolution here in the very near future >> well, thank you and thank you for bringing attention to this. this is very important >> sure. we have set the table for "power lunch," and we are ready to dive in, or drive in. between planes, trains and now automobiles we'll explain why you probably should expect more driving, more traffic, more gridlock this year plus your thanksgiving dinner cost you much more this year thanks to inflation. we'll break down the prices. >> but there are some things to be thankful for in the market at

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welcome back as americans cram into supermarkets to finish their shopping for the thanksgiving meal, they are forking over lots more at the grocery store registers. according to the farm bureau, thanksgiving dinner will cost as much as 20% more this year compared to last year. in fact, a 16-pound turkey will now cost you nearly $30 as compared to $23 last year. two frozen pie crusts will now cost $3.68 money well spent if you ask me when you consider the hassle of preparing your own pie crust >> rolling out the dough >> and what about a bag of stuffing that has even jumped significantly in price most of the traditional ingredients needed for a thanksgiving meal are also more expensive. staples like eggs and butter and flour. so i guess this would be the time of year that we should start intermittent fasting >> yeah. >> because we can't afford more. >> 43% higher on eggs. that's amazing >> i noticed that. $5 -- >> you're traveling tomorrow, so

you're not cooking i know that. i don't mean to share that with the entire world >> but if you see me at the airport with small children in tow, that's why. >> let's get to frank holland, who we can always get double helpings for frank. >> i definitely need seconds, tyler. happy thanksgiving to you and contessa the person suspected of killing five people in an lgbtq nightclub in colorado made a court appearance by video link from jail in just the last hour. the defendant was slumped over in a wheelchair and had difficulty speaking after being released from a hospital yesterday. police say the assailant was beaten into submission by patrons at the club saturday night after opening fire also in colorado four teenagers were rescued by neighbors and the fire department after falling through the ice on a lake. one was taken to the hospital for treatment. and a woman in north carolina has won this year's national gingerbread house competition with an entry she calls when dreams have wings the top prize, $7500 didn't even know this was a thing. tyler and contessa, back over to you. >> but for that kind of money

i'm going to start -- maybe baking is in my future, no matter what flour costs. >> you were very pro the pie crusts so i can see >> that's true thank you. >> ahead on "power lunch" is there nothing but up side for the market from here that's what our next guest says. but you still need to be careful which names you bet on we will run through some of them next plus, posh parking why the future of parking in new york city could be fully robo automated underground and cost you $300,000 a space we'll be right back.

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we have 87 minutes left in the trading day. and let's get you caught up in the markets on stocks and bonds and commodities and the case for why the market actually may have a bottom here. but let's begin with stocks, which are near session highs on the back of the fed minutes. the nasdaq is really leading the gains here up almost a percent. as big cap tech and semi stocks lead let's take a look at the shares of disney now with alex sherman reporting just now that newly appointed ceo bob iger will hold a town hall with employees on monday at 9:00 you can see walt disney shares up 2 1/3%. and then to the bond market,

where yields are reacting to the fed minutes. rick santelli is tracking the action for us. hi, rick >> hi, contessa. yes, if you're a market whisperer you didn't need to read the minutes of the last fed meeting because the markets were pretty clear in their opinion. look at intraday of 2-year on the short maturity side. look at further down the curve, intra of 10s both responded very quickly. rates dropped. they dropped about three basis points from where they were pretty much across the curve but of course the curve is having more buying and bigger drops and longer maturities. if you look at a two-month of 10s we're not far from two-month low yields and some of the markets that are closed already like bunds as you see october 1st chart, they close at a 1 1/2-month low yield. and if you look at gilts in the uk they close at a 2 1/2-month low yield. and the dollar index, while rates were dropping and stocks were popping the dollar index was dropping as well and it is very close to three-month lows what does all this mean?

well, we saw initial continuing claims creep up a bit and we saw all three pmis under 50. and even with strong durable goods the market waited until the minutes came out to really push that rally through. contessa, back to you. >> rick, thank you happy thanksgiving a lot of big action in the energy complex as crude falls and nat gas surges i pa stevens joins us with those details. >> hi, contessa. let's start with oil dropping today amid talks of a price cap on russian crude according to reports the european union is looking to set the level between 65 and $70 per barrel the aim is to deprive russia of money that's funding the war in ukraine. but some say the high level of the cap which is above what it costs russia to produce oil means it won't actually do all that much. also on the bearish side today's inventory report showed a much larger than expected distillate and gasoline stocks build. let's check on wti down 4% at

77.75 with brent crude down 3 1/2% at 85.18. natural gas, though, going in the other direction up more than 7% and jumping to its highest level since september 22nd cold weather forecast, the potential rail strike and technical factors are all driving today's action now, taking a look at the energy sector, it is the worst group today with halliburton, baker hughes and slb leading the declines nat gas names like eqt and coterra, though, are bucking the trend and holding on to slight gains. contessa >> pippa, thank you for that and our next guest says the bottom is in and as long as you can find stocks that match or beat earnings estimates you can make money joining us now with some names to own is jerry castelini, chief investment owner of castle management what makes you think we may be seeing the bottom of the barrel? >> the math on the fed is quickly now eroding the bearish

case they're not going to go crazy. rates are goinn't going to go ua percent every month anymore. this is over now and the announcement of today's minutes ensured that we'll creep up another percent or two it won't matter. it's the front end of the curve. what matters is the back end of the curve. and you can see by the reaction in the long bond today that is a sign you're never going to he see any more support from lower rates anymore. now you've got very good attractive bond yields people are going to start buying bonds. and that's going to spin over to the valuation of equities, which with he think could be really, really cheap based on individual companies. >> and you still want to look at some fundamentals like those with free cash flow or those that are seeing their earnings growing now. talk to me about names you like that meet those criteria >> yeah, so since we don't know what the cyclical effect will be

on earnings in a broad level but we get a little hint, the companies are laying people off. some of the financials obviously the big tech those are companies that have more down side risk in earnings vs. -- and we just talked about energy it's going to be hard pressed to get exxon's earnings estimates to be too aggressive for next year it's already pricing in something in the $60, $70 range for oil and there's a much better case that the price of oil is 90 to 100 so the up side is really there in exxon but it's also true in a lot of these retailers who have been laying here dependent on recession to keep their prices down and people keep showing up at their stores and clicking on their products i mean, the reality of the companies like ulta beauty is pretty powerful. and we've gotten macy's, dick's, best buy, home depot have all told you things that a cautious management wouldn't be telling you today if we were in the verge of having a hard

recession. these guys all came out and said consumer's better than you think. and i would argue those are names that you're going to actually not see earnings weakness on but actually earnings surprise over the next nine months. >> if the consumer stays relatively strong, do we avoid a recession? >> you know, we could have a statistical one, tyler down a percent or two. i honestly don't think it will matter for an investor so the investor wants to own a stock that goes up right? and for the sentiment to be very, very bearish, which it is today, and companies actually bucking the one by one in this space, i think it won't matter if there's a recession if people are still fixing up their homes or taking trips or going to ulta beauty to buy makeup that's what will happen underneath this big global recession that is so well priced right now it's hard to see it getting much worse >> we just showed the third pick

that you're offering up today, which is mastercard. which you need if you're going to travel for thanksgiving or buy gas at the gas station or whether you're going to stop in and pick up a little shopping on your black friday. but jerry, are you concerned at all about what we started to see about the use of credit going up in the consumer sector >> no, that's something to watch, right and it's a clear cyclical indicator. and if you use that indicator early on in the '07-08 experience you got out of the way of a lot of things but i would point out this time the consumer balance sheet is in a much different place cash holdings in banks is higher than it's ever been. real estate values haven't collapsed. and there's no evidence that the mortgage market is going to behave anything like it did in the '07-08 experience. so if you take the consumer as a whole, that will be a concern but if you look broadly at mastercard they're the ones -- so first of all, inflation has helped them.

it increased the average ticket price by 6%, 7%. and that's a bigger, right same-store sales number if you want for mastercard and everything that people charge on them but the second thing is they are a call option on other parts of the world opening up and having the experience the united states did. we can't -- we just can't forget what is likely at some point to happen in china with respect to their economy reopening -- >> yeah, there's a lot of industries that are sitting back holding their breath and hoping for that big reopening so they can see i'm going to call it the vegas rebound. jerry castlcastlini, thank you y much for joining us. happy thanksgiving to you. >> you bet same to you guys >> big city destinations growing in popularity this holiday season and it is bound to create k.re gridloc we will talk about that story when we return at fidelity, your dedicated advisor will work with you

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big money is being spent seema. >> i like that, tyler. going into the holidays, 31% of thanksgiving travelers plan to stay in a hotel. that's compared to 22% last year data according to ahla and with average gas prices breaking below $5 a gallon that's expected to push more americans to drive to destinations data from gas buddy showing nearly a quarter of travelers will spend one to three hours in the car vs. less than one hour last year. and as for the most expensive cities to check into a hotel topping the list is maui where average daily rates are above $500 a night new york city average daily rates above 300. 37% more expensive than a year ago. that's according to str. yet according to pavel brooks ceo john board he said bookings remain strong but that could change next year take a look at this new survey from expedia which found that 35% of travelers plan to stay in one to three-star hotels in 2023 that's higher than last year and nearly a quarter of global

travelers plan to be, quote, more frugal. so far this year the hotel operators have performed better than the airlines and vacation rental stocks. and you can see that in adviser shares, hotel etfs, beds outperforming both the u.s. global jets etf and the travel tech etf which includes names like airbnb. speaking of airbnb, that stock downgraded yesterday by an analyst at baird citing concerns that over time travel budgets will be cut. just waiting to see when that will happen. right now projections suggest sometime next year, tyler. >> so hotel demand looking pretty good. are they able to staff their hotels as they need to >> well, post-pandemic, tyler, we've seen the hospitality sector lead jobs growth. with that said, the industry is still 200,000 jobs short and that's going to impact the customer experience. jan freetag at co-star group pointing out that hotels, some of them are offering limited housekeeping, giving guests the option to skip cleaning services altogether qr codes in restaurants is

another example. tyler morris, who you know, tyler, is the owner of the therd largest hotel operator he says the labor pendulum is also starting to swing back in favor of employers and over time as layoffs start to escalate he sees that helping alleviate some of the shortage. >> all right seema, have a great holiday. we appreciate it >> up next, let's talk turkey. a special thanksgiving edition of three stock lunch stocks to be thankful for this month. advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect.

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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. in today's "three stock lunch" giving thanks for stocks seeing big returns in november amd and se up 26% this month ross stores gaining 21%. will those returns continue to be bountiful in the months ahead? >> rather suggesting these stocks are turkeys. >> it does. >> but they're not. >> i see that. right. bring in bill stone chief investment officer what do you think? turkeys? amd, start with that one, bill. >> i mean it's been a turkey for a while in the sense that it's down still about 50% off its

highs. i think it's interesting semiconductors in general are interesting. so amd really dominate the cpu markets for pcs and servers with intel. only two major suppliers there the pc market is a little more challenged, because a lot of people went out, bought pcs during covid or for work-from-home that replacement cycle probably will be abile but the area continues to grow. been cut in half and again almost all semiconductor companies are really down significantly. i think amd is worth a look. i don't think necessarily that, that move is over yet. >> move on to etsy probably you can find on etsy a nice little outfit for your turkey, if you want it. >> you can find anything yeah you hit it on the head it's this really interesting

global marketplace for artisanal items. interesting thing about etsy, it really got caught up in the growth stock back to covid. growth stock covid phase went up big. now down about 60% off the highs. i do think you separate it from some of these companies that frankly won't be back again. etsy looks like it's going to last they're still continuing to grow users and are actually -- making earnings and actually have free cash flow and cash flow. so i think actually it's an interesting one. probably not quite -- maybe i'm being too stingy cheap enough yet for me, but certainly one that i would watch and be interested in at some point. >> i think we should have or tisinal use ti -- artisanal used more often.

turkeys cooked on amd and etsy now. take a look at this. no longer alive. this is exactly ready to go perfectly basted and brined. what do you think now of our last one, ross stores? where you can also finds things that are -- >> look at the dressing on that. >> ross is an off-price retailer probably most people know. there's obviously good things for off-price retailers now in two senses one is, got uncertainty around the economy that tends it drive people to look for more values rather than going to full price retailers. certainly likely to benefit and continue to benefit there. the second part is for a while frankly they had a hard time getting inventory trying to get marked down inventory from other vendors they're trying to get rid of to offer the lower prices as you know, for a while, everyone's buying everything that wasn't nailed down. so there wasn't that extra

inventory out there. it's back. in that sense. better selection there's a lot of good news and they recently reported earnings and same-store sales better than expected certainly a lot of things are holding up the hard part for me pricing we've own the ross stores before sold it not long ago i guess too early. at the right price super interesting. a lot of the. >> news in this stock at the moment, you know, that's probably the biggest issue there. >> thank you for a very full meal of the stocks we loved in november bill stone, thank you. happy thanksgiving. >> thank you ea tall righty ahd,he future of parking has come to the streets of new york. well, below the streets, exactly. that story is next. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market

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straight out of "batman. hiding below the most expensive buildings an exclusive end of high-tech and high-end parking's who else to drive the story but robert frank hi, robert. >> hey, contessa latest luxury in new york called, might call it the robo dwr garage a 24-hour parking spot can cost an additional $300,000 on top of

your multimillion dollar condo pull up to a kiosk in your building swipe an rfid tag and a metal pallet rises from the garage to retrieve your car. the car automatically descends into that subterranean robo garage where it is stored in its vessel's spot. when needed again, swipe your tag and your car is automatically lifted up in about two minutes. no garage attendants, and they can fit in more cars in the garage because you don't have all the turns and ramps you need for human drivers. now, the lack of space is one reason regular parking spots in manhattan condos have sold for as much as $750,000. a parking spot in a regular garage in manhattan can now run over $1,000 a month just to rent one. now, miami has come up with its own take on luxury condo parking. a car elevator that brings you and your car up to your high-rise apartment to park it in the condo

the porsche tower was the pioneer and bentley tower expected to open in 2026 will also have its own car elevator guys, at some point robotic cars will talk directly to the robotic garages and they won't need any people for anything. >> can i point out a couple things $750,000 for a parking into the is, for people who have too much money. two, the parking in new york city, and i'm wondering about chicago and boston and other places where parking is always at a premium part of the reason it's at a premium is because they've allowed the restaurant sheds to take up most of the streets and parking spots left are taken over by the city bikes parking just do not care, the cities, about drivers anymore. they don't want the cars. >> contessa, you're absolutely right. there is a parking crisis in new york partly because of the reasons cited and because remote work.

so many people bought cars during covid and still not taking public transportation and on a tuesday and wednesday and thursday in manhattan it is impossible to find a space this is why you're seeing these new innovations and condo powers. >> free space, at work. >> to be thankful for. have a great thanksgiving. you, too, robert frank, thank you. happy thanksgiving to all. >> "closing bell" starts out in. major averages giving an early pop regaining ground amp the release from the fed heading into final hour of trading, make or break for your money. melissa lee in for sara eisen. where we stand in markets, s&p 500 up a half percent, just about, by now. had been seven points higher highs of the session on s&p. nasdaq feeling a bigger pop. all on the backs of the release of minutes and pullback in yields we saw afte