unlimited, then you should theoretically be able to reach a huge return on that investment >> cue "here comes the sun" by the beatles, your theme song [ laughter ] >> thank you that does it for "power lunch. is next. thank you. >> here's what's ahead wall street's big week revolving around washington, d.c. from the fed decision to the ftx hearing, to friday's funding deadline, but there are three stocks to watch. that could give investors some hints about the overall economy. plus we have a deal frenzy m&a activity is picking up as

the year winds down. we're look at the names that could be takeover targets in the weeks and months ahead kelly, it's a lot of fusion cuisine on "power lunch" today. >> dom, thank you very much. those deals that he referenced, you can see the dow up 312 points, about 100, and boeing is the standout lately, the best-performing stock this afternoon, on reports of they're close to a deal with air india energy is the best performing s&p sector eqt, apaches, and formerly ly lu lumber -- two major economic events are on the cleanse the cpi report tomorrow, and the fed meeting on wednesday, and

tomorrow sbf, sam bankman-fried, testifying better a house committee, and friday deadline to fund the government steve liesman on what to expect. kate rooney on the expectations, and ylan mui on the funding deadline steve, we'll start with you. that could change, surprises to the upside there's a 91%. that could be expected, by the way, that is right in line with the fed's view on projection it would be april 2023, a little more aggressive, which is at 5%.

finally they're expecting to stay at peak rate. with a recession probability but 8:30 tomorrow, the government will release the data that could potentially have a bearing on the rate hike this, but more likely the guidance zero, too, so that's pretty good, but the year over year goes to 7.3, but the core, 0.4% is still on the rate up. coot shift for future rate hikes.

kelly, none of this matters if we have fusion, of course. >> nothing else every matters again. so, steve, though, as we digest they events, so much is priced in, in terms of people's concern about cpi now, what is the time frame, do they get it before a decision >> it comes tuesday, so at 8:30, and the fed usually starts their meeting around 9:30. they'll have it in hand. so they'll have all day to look at it. i think the bar is very high, i don't think it's hawkish if that number is higher, and guide higher than might be indicated. >> steve, thank you for now. kate is on bankman-fried's testimony. >> we are expecting to hear from sam bankman-fried as the former

ceo of ftx, and we have the testimony out from the current ceo john ray he says, quote, at the groups collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people's money or assets he goes on to say while many things are unknown in this stage, we do know the following. first, customer assets from ftx.com were commingled with alameda assets second le alameda used client funds to engage in margin trading, which exposed customer funds to massive losses. third, the ftx group went on a

spending binge, as he put it during which approximately $5 billion was spent buying a myriad of businesses and investments, which may only be worth a fraction was what was pedestrian fourth, he said loans and other payments were made to insiders in excess of $1 billion. kicking off at 10:00 a.m., we expect to hear from sam bankman-fried. we'll get questions from house members, and farce a big -- he's not toffee under owes for the first time, the risks of perjury, and, of course, last time, and expert witness is on the other side of this.

>> so, kate, i have a question for you, if this is virtual and as to when we will seen him in person, and perhaps just some indication on where he currently is physically, he's not on u.s. shores >> the legal experts i've been talking to, dom, say there is a risk if he reenters the u.s. -- he is a u.s. citizen, but the doj is investigating the ftx, there's a possibility of an arrest that's one of the reasons that a legal expert would say, i wouldn't come here and testify they would also recommend he doesn't testify in the first place, and pleads the fifth. there's a lot of people questioning why he's testifies in the first place, because he certainly doesn't have to. he is -- what i'm hearing from

sources since the sources don't expect him to return to the u.s., unless there's a subpoena to show up in person or extradition if the doj decides to arrest him, but i'm also told they will take time to do this the evidence will take a bit of time to collect. they don't want to rush any arrest and risks. >> ylan mui, what do you have? >> the government did run out of monday on friday the two sides remain apart

they did make progress over the weekend. democrats need at least ten gop senators on board to pass a spending bill, but half a dozen republicans have come out against any deal brokered during this lame-duck says. this is wrote, to ram through an omnibus bill, would house gop leader is also -- so theres stalk of a stop-gap measure, but flat did not line spending guys >> how big of a deal is this one, ylan, given that we face these deadlines it seems like constantly this is not only to fund the

government, that both republicans and democrats want to see completed during the next fiscal year, but it's important. there's a lot else riding on this bill. the white house has requested $9 billion for covid relief, $38 billion to help out ukraine. businesses are also looking for a fix for the r&d tax deduction, very low likelihood any of that gets done without this big train leaving the station. >> ylan, thank you. we bring in stephanie link chief investment strategist and portfolio manager. i'm just so excited to say welcome back it's good to see you again. >> i'm so glad to see you. welcome back thank you it's a busy week, so perfect

time to touch base. >> yeah. >> all the earnings, stef, all the them we have talked about, what jumps out >> i think it's inflation and the fed. you asked for one, i'm going to give you two obviously the frontline number about dictate what the fed does. we all know that the numbers seem to be peaking, like they're being really persistent in terms of staying elevated. even if the number i think comes in better than expected, you're still talking about a seven handle on cpi and ppi, so the fed has to react they'll probably do 50 points, i think that's priced into the market, so anything above or below would surprise the market. i think they'll stay pretty hawkish. i think they have to 50 this week yeah, it's all about inflation

and the fed this week. it's probably the investor thing right now, outside of the macro, there have to be certainly things that earp watching as a strategist with regard to the kind of more company-specific story, and what those tell us about the economy. >> oh, sure, absolutely, dom, i think it starts with the analyst day for yahoo this week. it's held up pretty well, but i want to listen and hear what they have to say about the consumer, about the strayeddown, but wages, and can they find people and the cost structure. i think they'll handle it better than most. i think they'll reiterate their algo remember, they have good visibility 98% of the shores -- not cheap, by any means, but they have the size, the scale and breadth. that's the first one

second one is going to be applied materials. they also have an analyst day. they just reported last month, so we won't get a lot of fireworks, but you want to lynn to what this i have to say about any green shoots we now it will be down 25% next year, they already guided to that, but anything to look forward to the china relations, and restrictions they beat expectations, so i think they're going conservative there. remember, they have a 65% year-over-year increase in their backlog. you're going to ask me, do i own it i don't. i'm looking at lam research, that stock is trading three multiple points cheaper. finally, real quick, accenture on friday. i think the trends will be strong, look for double digits and their guidance for upper single to low double-digit

revenue. >> i'm curious where you are in big tech these days. thinking about comments from carter worth last hour, where in particular amazon has been a broken stock >> it's been the traditional faang names have had a tough time if anything, i heard carter talk about nvidia, and was intrigued. i bought more broadcom it was phenomenal, right i don't own a ton of semis, but that's why -- i think there are pockets of tech so incredibly cheap, and the expectations are so low those are the areas that i want to go to. >> steph, before we let you go, we want to balance it out a bit, by asking if there are places that are opposite of cheap that still remain elevated that you would stay away from in your mind

>> i'm still away from the staples and utilities. they're defensive kind of names, and i think you'll see a rally into the end of the year so i'm very particular in terms of staples and utilities at this point? >> thank you very much for that. coming up on the show, is weight more concerned about a slowdown than inflation? what analysts are saying and where retail investors are putting their money. m&a activity is picking up a bright spot in an otherwise lousy 2022 is this the start of a bigger wave a look at thegap, upgraded to buy at goldman sachs, analysts saying the brand can thrive as consumer spending slows down

marked flash for you are on tesla. we're talking about another 6% drop investors concerned that the brand is suffering, as elon musk focusing attention a it. again, could potential hurt the size much its market the stock is now down 52%.

tesla, dom, is one of them. >> kelly, while the fed still grapples with the inflation story, wall street appears tore more concerned about an economic slowdown wells fargo downgrading qualcomm because of a slowdown in the consumer smartphone market, and a cut on cheekscake factory. we are speaking with our cnbc contributor. gungin, this is an interesting story, because for the longest time we have known that inflation represents the biggest threat overall, but more and more ceos are citing that word "recession" in their com tears and investor days.

>> i think there's been a big disconnect unemployment they're a record low, and last metropolitan we did see that prices are coming down just a bit. so i actually think that wall street, as the "wall street journal" reported over the weekend, has been kind of warming to the soft landing in recent months, and a recent goldman analysis showed that many investors are overwade, things like materials, cyclicals, energy stocks, you know, the types of companies that would do well if the economy was doing well, the recent data also showed that consumer expectations are coming down and feeling confident about the job market, all of which

points to the soft landing. >> it's certainly more consensus, gunjan, that maybe we can have that without a hard landing, and maybe not so much the case >> well, i do think think may be overblown. they have been such a big worry throughout the year, and how many are saying, hey, we'll see a recession. we just have not seen that show up in the data i think the economy has held up so much better that many feared. that really is putting the onus on inflation it's making investors hyper-focused on the cpi release dates, which have been growing more and more volatile throughout the year. think about the nasdaq's 7% moved last month people are really watching for signs that will keep on --

>> gunjan, the one thing we've been talking about is this kind of conflict, right, between the jobs data not supporting this recessionary narrative, and other signs that do. i wonder, throughout your reporting, has there been any kind of a tilt perhaps in the story about recession and jobs do you think as though all the layoffs that we have been reporting on, all the of the job cuts, are not enough i say that in a very kind of tongue in cheek manner, are they not enough to move the needle because they're only affecting a small mart of the tech and media sectors, as opposed to the other sectors? >> totally it's a tale of two words that you think about. tech is one of the biggest downturns since the dot-com bubble burst, but at the same time there's so much demand for

workers and other parts of the economy. i'm thinking of my "wall street journal" article about some people are hiring without even interviewing candidates, right there's just so much demand. we saw that trickle into the wage figure, where there's just so much competition for workers. again, that takes us back to i think inflation being a top priors for investors. >> and the markets have been reacting in a certainly way, vitt wait-and-see, but there are expectations that at least the first part of next year could be a sit way where the marks are f fairly range bowen is the the way that folks are looking at it in your mind >> i would argue that people are

positioned for things to go even lower. i think wall street is so, so bearish. we sauce mutual funds increase the percentage of their portfolio that's sitting in cash to 2.5% recently, up to around 1.5% at thestart of the year we've seen through stock futures, nasdaq futures, s&p 500 futures, russell futures to some of the highest levels ever they have pared back recently, but they are far, far from bullish. i think wall street is constituent pretty bearish, that brings us back to inflation and the fed raising rates. thank you so much for being with us. >> thank you. coming up, which investment is the best way to build wealth? is this the wine and whiskey >> liquid assets, right? [ laughter ] plus it's merger monday, biotech, software, grilling,

look at weber. we'll like at this and see if nour deals could be on the way "power lunch" will be right back

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>> cvs and walgreens have greed to pay in a opioid settlement. the deal now goes to individual states for review, and the money is set to help fight addiction. a statue of confed rad general a.p. hill was lifted from its base and put on a flatbed truck. it took three years to remove the statue. vladimir putin has canceled his traditional yearend tv news conference he usually has it -- this year the war in ukraine has bogged down, so a kremlin spokesman says putin intends to find other

weighing to communicate with journalists. maybe he could try twitter >> i guess ahead on "power lunch," the dow is rallies today there it is, still near session highs, by star the best of the major averages at a slow 2022, which companies could be next? ncat's coming up on "power do n't go anywhere. - [narrator] if your business kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy.

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markets are higher today right now the dow is outperforming, roughly up about 300 points boeing adding to that, that stock is up 40% in just the past two months alone also contributing, american express and visa, nearly everything in the payment sector is seeing gains of about 1% to 2% today, so fintech payments in focus, kell. back over to you. >> mergers are back. amgen is buysing horizon

pharmaceutical, but also coupa going private, and weber just barely been public, they're going private again. jointing us is dan great to see you, a busy day, surprisingly busy, who else is ripe for a takeover? there's got to be no shortage of candidates weber is the most interesting one. they went public the summer of 221. there's all these companies that went public in 2020, 2021, maybe a bit at the beginning of this year, and they are ripe for takeovers, because they're trading so poorly, and you have an enormous amount of private equity trying to do deals. bravo with coupa, continuing to bring companies public

if a stock is really dragging, maybe even below the ipo price, that is a company, if it isn't talking about going public, private companies are thinking about making an ask. >> if you look at the charts, weber has been such a short public stint as a company, but you look at coup $370-some stock and taken down to $81 horizon, the day before some of those headlines first came out that there was interest in kind of buying the company, them selling themselves out, maybe the amgen, maybe to j&j, that was 79 bucks if that's the situation, shareholders at these takeover companies are agreeing to get taken over at relatively low levels what does that say about

incentive for investors? >> horizon, late november, they're tricky, they're an irish company, and irish law means when they get approaches, they have to announce them. that's why there was that weird thing. it's a different situation because amgen decided it wanted to get into rare orphan drugs so that's a one-off for the rest of them, i think it is investors acknowledging there was a massive bubble, a huge tech bubble, and there comes a point where, you know, you don't want to -- there comes a point people want to kind of cut their losses and get out, somebody is offering them a premium back where it was a month or two ago, not getting to those pandemic highs. >> in 2023, we have an environment of tremendous macro uncertainty. how does that factor >> again, you have a huge amount of private capital, some strategic, obviously, amgen buying amgen strategic, but they're not under enormous pressure to spend but they have a lot of money and i think

they'll go bargain hunting we've heard a lot over the last couple years about how a lot of these tech businesses were, quote, real companies, not dotcoms, real businesses in a lot of cases, that's true there is cash flow and real revenue and i think private equity is going to go bargain hunting in the first half of the year and i think shareholders will say thank you this isn't what we wanted, possibly taking a loss depending on when we got in, but it's not the loss we had started to bake in for ourselves obviously, the last thing is there is a general belief i think within the business world that we might have hit a bit of a nader when it comes to some of the economic trends, not that we'll have a massive recovery next year or anything close, could be a technical recession, but nonetheless that we're not going far deeper down. >> dan, you mentioned kind of this notion that there could be this at least acknowledgment, maybe throwing in the towel is too strong, for some investors

where the valuations were too high before. i wonder what industries or sectors you would be tracking for where we could see some of those private equity deals emerge would it be in certain places like in, say, the industrials or utilities, or is it more towards the energy market, or are all the beaten-up names still pretty much in technology and media and telecom? >> i still think technology, media, and telecom it's gotten beaten up the most it has the most issuers who are relatively immature as companies. the silver lakes, bravos, enterprise sas businesses. there was a time in 2021 where there were five enterprise sas companies going public every single week. a lot of those are under water that's where i think you'll see a lot of takeover activity >> dan primack, thanks so much, from axios >> thank you how one start-up is using

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welcome back we have another market flash on shares of understood armour jumping 9% today coming after steeple turned bullish on the name, upgrading it to buy from neutral, the analyst bullish on inventory management and profit certainty. they say the company has an opportunity to expand beyond athletic performance wear, although it's off 50% this year, dom. recycling is an imperfect process at best, especially for big businesses with a big waste factor involved. but new companies are trying to tackle trash with technology

oem diana olick explains in her continuing series on climate start-ups. >> the estimates vary, but the vast majority of waste that goes into recycling containers ends up in landfill that's do to expense and improper handling. what if you could use ai to solve both problems? disposing of waste costs money, and recycling that waste costs even more money. companies like waste master sergeant and rubicon are legacy businesses expanding their recycling but start-ups like recycled track systems and pittsburgh-based roadrunner recycling are taking it to the next step, customizing recycling. >> we're using world-class technology to gain very specific insights about businesses to make sure their waste and recycling operation is sustainable and efficient as possible >> roadrunner uses artificial intelligence and data to know exactly what type of waste a business is generating and where it should be recycled.

for example, a hotel, usually its waste goes into one container. the roadrunner is using data to make accurate predictions of what materials that hotel generates, then matching those materials to outlets in those cities that accept them, and we're really solving through the logistics. >> he says this not only improves the amount that actually gets recycled but it reduces costs by up to 15% for the customers because they're not paying to recycle items that inevitably end up in a landfill. >> the easeiest way to think of it is an uber for waste pickup >> fifth wall, which focuses on climate solutions for real estate, is one of roadrunner's investors. >> it provides this kind of end-to-end commercial waste management service that really helps business generate saving >> in addition to fifth wall, roadrunner's backers include beyond net zero, greycroft, franklin templeton, headline, and others phonal funding, $149

million. roadrunner's ceo says he now has more than 12,000 business customers and it's growing at a rate of about 70% year over year as the competition heats up, some of the legacy companies may now have to step up. >> so, diana, what is keeping the large err legacy companies o moving more into that recycling trade as that seems to be where the demand is actually rising? >> the large companies have a very large market share because there are so few of them, and this is a very expensive process to transition from the typical waste management to more recycling. some of the harsher critics would argue the large e waste management companies own most of the landfills and they get some tipping fees for when things are dumped there, so it's not in their best interest to move away from landfills and into more recycling. >> is there a broade

guess, for the recycling/waste management industry, what these things can be used for application-wise i've made a little effort, a slight one, to buy, like, clothing, right, a fleece jacket that's made of recycled materials or made from plastic waste bottles. is there something more that can be done bigger picture for where this industry could be in the next five or ten years >> it starts with businesses and it's great you're looking at the clothing that's wonderful we should all be recycling but the vast majority of the material that needs to get to where it's go is coming from big companies, corporations, businesses, and that's where the sorting has to happen. that's why we need new companies like this that are able to streamline the process and make it cheaper to get these products and this waste to where it needs to go to actually get recycled, because so many of the things we throw out and companies throw out just never end up getting recycled >> exactly di diana, thank you so much diana olick. ahead, wall street making

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welcome back to "power lunch. time for our three-stock lunch

we're trading some of wall street's top picks for 2023. mizzouh essential workers naming robinhood a top pick, goldman sachs calling bed & body to works a possible, and netflix for the new year as well the chief equity strategist at mai capital management joins us, a guy who knows all about stockings and these valuations if you will, start with robinhood. the question here is whether or not this company can recover from the pandemic highs to the pandemic lows that we're currently at right now >> well, you're asking the right question this is a post covid hangover stocks, a lot of these including bath & body works, but robinhood, we're not there

there's stale lot of froth in the customer base, dom, but the largest ten holdings of robinhood customers, gamestop and amc and leo, the chinese battery companies in there, so it's hard to grow a sustainable business on that kind of customer they'll say they want to do a cash app like venmo, but that's a crowded field too. players that are a lot stronger than robinhood so i look elsewhere. i don't like the risk/reward here >> chris, just to follow up on that one, how big in your mind is the crypto part of the robinhood story as opposed to the stock trading part you mention a good point, however, i'm a little contrarian there, because i do think crypto is not done and down for the count. i think it's having one of its, you know, semi annual or biannual 70% pull-downs. that might actually work out okay i just don't think the business model of robinhood, which is

focusing on young, small accounts, is going to work because as these account holders get more wealthy, i think they'll go to a broker's firm with more services and a deeper bench. >> all right great to see you again >> hey, kelly. >> hi. let's talk some bath & body works. what do you do with the stock? >> this, too, is a tough way to make money, another post covid hangover stock, so many like housing and amazon, and some are real opportunities kelly and i have talked about housing before, but i think this is a tougher one sales are slumping at the same time that bath & body works has to get their margins up, so that's a tough dynamic getting margins up as sales are going down as your viewers may know, the third point that the active investor has gotten involved and they have lifting to do, they're troubled by the executive comp at bath & body works, and they should be, but i don't think that clears up the problem even

if they fix that the stock went up a bunch when third point announced their entrance about a week ago. i use that upturn as a way to take profits >> and the final part of our three-stock lunch is a name that has recovered tremendously off the lows as of late at least for right now and that's net flikts. this is a stock that's rallied some 70% off the lows in the past several months here netflix, you can call it a blue chip name, chris, at least when it comes to tech, media, and telecom. >> sure. >> it's one you want to, you know, for 2023 >> yeah. of the three, i really do like the netflix. you know, you have to be careful, you're right, it's come quickly off the bottom, although it is down from there$700 a shae the streaming battles are raging a whole bunch of tech stocks from google and amazon down, they need to switch from the growth mode to the cost savings

mode the biggest change that netflix is making is to enhance supported options. but here's the key what a lot of investors don't realize is that netflix will actually end up making more money on the ad-supported subscriber, even though they're paying less, because of the ad revenue that will be brought in. as that works its way through the system, one, i think they'll add subscribers, and two, i think investors will be pleasantly surprised by the top line revenue growth in a tough tech environment netflix would be a sleeper for me for 2023. i like it. >> chris, before we go, thoughts on the market as we head into the fed meeting this week. how do you feel about things overall here to close out the year >> you know, probably more optimistic than consensus, kelly, which frankly we are, i mean, i think we can see the end to fed hikes from here i think we've got two or three more in the offing but, you know, yes ewe're getti there. as long as they don't go beyond

5.25, 5.5, i think we'll be okay because i don't think earnings will be crushed like some more pessimisticpundits are saying. so i think if earnings can hold up okay, they can slump a little but not a lot, i think we could be set up for a decent market with low expectations. that's a good thing. >> that's chris grisanti with the three-stock lunch from mai capital. happy holiday season >> nice to be with you guys. still ahead, why bond investors are ditching mutual funds for etfs at a record pace.

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investors looking for cover from stock market volatility can sometimes turn to the bond markets, but that has not been the safest place to turn this year now, as a result, some vorps in bond mutual funds have been looking for other places to put their money, but they're not staying away from bond funds entirely in fact, this year has seen more investors turn to swap out fund mutual fund holdings in favor of bond-related etfs. according to dow jones and strategis, they've seen outflows of $454 billion through the end of october of this year, while bond exchange traded funds have seen net inflows of nearly $160 billion. that would mark the largest net annual swing towards etfs from mutual funds in this asset class on record. i shares tells the "wall street journal" that nearly 60% of etf

inflows have gone to u.s. treasury funds, which is the largest share in more than a decade you can see why. etfs that are more closely linked towards u.s. treasury bonds have outperformed some of those that track the broader market and corporate bonds overall. what's curious, kelly, we've been talking about this idea of the death of the 60/40 portfolio, whether or not the losses in bonds and stocks together could be something to watch for, but this is very much about whether or not there is tax-related selling as well that's going on right now. you lock in some of these losses and maybe move towards other parts of the market and assets that could be at least in some way -- >> i'm struck as well if you look at the performance of the tre treasury market. it's outperforming some of the other asset class and maybe that is spurring interest >> what's curious is there has been more interest in some of the junk bond or high-yield credit bonds as well the ticker of jmk or hyg, it

shows some economic downturn fear bus not panic just yet. some of those people are chasing those. >> as we discussed in our "wonky but worth it" -- >> i love shows with you talking about this >> up session highs of 358 as we hand things over thanks for watching "power lunch," everybody. >> "closing bell" starts right now. >> stocks are higher ahead of key inflation data tomorrow morning. will that report clear the way for a year-end rally this is a make-or-break hour for your money welcome to "closing bell." i'm sara eisen take a look at where we stand right now in the market. getting a nice rally, up 1% on the dow, about 359 points or so, the s&p 500 up almost a full percent. 10 out of 11 sectors stronger right now. consumer discretionary only one in the red because of tesla, down more than 5%. everybody else is higher energy is leading th