"power lunch" starts right now welcome to the first "power lunch" of 2023 glad you could join us we're watching two big names in the news today first, sam bankman-fried will be arraigned shortly in in new york city courthouse. he is appearing in person to face charges on eight criminal counts he is expected to plead not guilty and we'll take you through as it happens. and tesla slide is the stock story of the day as it has been for many days in recent months down another 13% today after to missed barely delivery estimates for the fourth quarter down more than 70% from its 52 week high. we'll talk to a former tesla board member about what elon musk needs do to get tesla back on track forget about twitter kelly, give us a check on the markets. >> hi everybody, we're starting

off with much of what we saw one year ago in fact the s&p is about 1,000 points lower than it was back then kicked off 2022 in the red, so far in 2023 that way as well dow down about half the earlier declines nasdaq down nearly 1%. and that is despite decent gains. meta higher by almost 4%, but apple is weighing big time on tech and on the dow and across the market it is continuing its slide down 15% in a month, about 4% today and there is concerns that some of its products are seeing less in demand. so we're watching apple under 125. and as tyler mentioned, the big story we're watching, sam bankman-fried appearing in court. in fact let's get to kate rooney to explain what we're expecting to happen inside that courthouse >> and so former ftx ceo sam bankman-fried has entered the

courthouse in lower manhattan and i'm told that he plans to 34r plead not guilty he is being chargesed with eight counts of fraud. and prosecutors say that he used ftx customer funds to back stop his hedge fund and made political donations among other things he was released on $250 million bond and since then, he is on house arrest at his parents' house in palo alto. the legal team requested that they redact the names and any identifying information about two other people who still need to co-sign the bond. the deadline to do that is thursday his parents have had harassment and threats and received what they call a steady stream of threatening ening correspondens they say that there could be similar intrusions on their

privacy if their identities are disclosed. and while they don't need to post the entire bailment, his parents and other anonymous people here are on the hook if bankman-fried either fails to show up to any court dates or attempts to flee the country the u.s. attorney for the southern district of new york just announcing an ftx task force. the group will rely on the office's asset forfeiture and cyber capabilities to recover billions still missing, they called it an all-hands on deck moment >> how important is it to know who those two co-signers were here and what are some of the best conspiracy theories you've heard? >> so there is a lot of intrigue behind it. i'm not sure of what it tells us as far as customer assets and what goes on here for the future of ftx and the $8 billion that is still at stake here i think that it is just more the intrigue of who the people are and what kind of assets they have to make the court

comfortable that they do have $250 million to post if for some reason he either doesn't show up or decides to flee he told andrew ross sorkin that he had about $100,000 in liquid assets, his parent's house worth about $4 million so it doesn't get you to the amount that they would need to feel comfortable as far as collateral and there are conspiracy theories out there we don't have any solid names yet, but i think that there is a lot of intrigue into if those names will be redacted so we'll get that. and in terms of the not guilty plea that we're expecting, it is similar to what he said publicly he's argued that he did not commit fraud, he said that he repeatedly in interviews and his top lieutenants, carolyn ellison and also his co-founder cooperating with investigators so it pegs him against some of the other ftx executives who have said that they knowingly committed fraud and have copped to it, so interesting to see

what we get out of court today >> kate, thank you and let's bring in danny cevallos, our legal analyst. and also kaitlyn long of custodia bank. i presume this hearing is relatively short what will happen and then what is going to happen next to him >> it will be very quick he is going to plead not guilty. and in fact the court is pretty much not even set up to take a guilty plea at this appearance they will also address bond which is the federal system uses a bond system. and as we heard about bankman-fried, he has friends that appears in very high places because his parents no surprise parents frequently will put up the value of their house, but to make up that extra, you will need some pretty impressive property and what happens after that, his pretrial services has to look

that you really have that property that you are putting up they kind of do a mini audit of what exactly these donors for lack of a better termactually own. >> how much does he has to put up >> $250 million bond, but in the federal system you may not have to put in an actual penny or crypto currency or whatever, you just usually have to post property in the amount >> but he literally just entered his not guilty plea. but the significance >> yeah, it would be crazy for a defendant like sam bankman-fried to try to enter a guilty plea at this stage because you are giving up one of your main bartering pieces with the government if he does plead guilty, it would be through a negotiation just as it appears that he negotiated his return from the bahamas, waiving extradition it appears in exchange, just based on reports i've read, that the government agreed to allow him to remain out pending trial. a lot of people were shocked that he was allowed to remain

out, but this is not what is in the federal system called a presumption case there are no guns, no drugs. even in these massive financial fraud cases, there is a possibility and in fact under federal statutes that address this a pre-sumsumption that he should get out pending trial >> and let's go back to kate for some context on this not guilty plea what can you tell us >> so we're getting word his lawyer saying just now that sam bankman-fried pleading not guilty to all counts and there are eight counts here including fraud, money laundering and wire fraud as well but we have the official sam bankman-fried pleading not guilty to all counts >> very interesting, danny, i assume that they can mitigate the flight risk here by a variety -- in a variety of means. presuming that he does make bond and get released but one thing that is very difficult to mitigate is the risk that this individual may pose to himself.

>> not only to himself, but he also argue bring would have been a flight risk because where did they find him? in the bahamas this is something that courts would look at very closely but if the government was already on board with him being released and because the bail reform act essentially requires the court to set a bond that is not so unreasonable but that is reasonable enough that the defendant can make that bond, now, you look at this number, it scarcely feels reasonable to the rest us mortal, but when you are dealing with bankman-fried and his wealthy friends, $250 million is apparently doable as a bond but again, not putting up the actual cash. instead, it is property usually that makes this. >> and let's turn the corner and talk about crypto. we know that ftx is gone, out of here, done is bitcoin in a similar state of extremists >> oh, heavens no. you can see that not just from the price action but also from

the activity on the blockchain itself i looked at stable coin on chain volumes and they have actually gone up since the early november explosion of ftx so what does that tell you it tells you that this technology is alive and well and still functioning just fine. today which is the 13th anniversary of the first bit coin mine in the genesis block >> well, happy lucky 13th to bitcoin. i don't mean to pick a brawl with you, but i find it difficult to believe that cryptocurrency and bitcoin maybe in particular hasn't been bruised badly by this event and the decline in value that has taken place over the last 12 months or so >> sure. the technology itself is completely immune to all this, you are right.

secondary market has been hurt no question. but as i've mentioned before, good riddance to all the grifters and outright criminals who are being purged from this space by market forces it wasn't -- >> are they? are they really? >> oh, sure. yes. there have been a series of chapter 11 filings and we see it every four years in bitcoin in 2022, that is the one that attracted more pr, but we had a spectacular more important failure in 2014 and then another one in 2018 and then four years later here we have the slew of these. the one in 2014 was much more significant to bitcoin itself because it wasn't decentralized. this too shall pass, good riddance and i look forward to what i think is coming, which is that clean slate of regulated players who are actually required to be solvent and are required to s

segregate customer assets, those players are coming just like with the tech stock bursting two decades ago amazon existed but facebook didn't, google didn't. and the players that emerged as phoenixs from the ashes of that were much, much stronger that will happen here as well. >> and a question that relates back to sam bankman-fried and his bail how angry are people in the industry at him right now? >> oh, gosh, very. because he stole money it appears from customers and used it as your reporters said earlier to buy property and to pay off politicians trying to gain legitimacy. good old 1950s vegas mobster tactics trying to gain legitimacy while legitimate players like my company have literally been begging to become federally regulated and the regulators have been paralyzed you had outright criminals

scamming people and good riddance to all of them. this industry is livid at those who stole money from consumers because the honest ones like us who have been begging to get regulated haven't been let through yet. but we will rise from the phoenix. there are white knights from this industry who have blank slates who will bring this technology forward >> comparison back to 2000 and the crash of the internet stocks when you found out when the tide went out who was baring a bathing suit how does he pay his legal fees if he only has 100 grand in the bank if we are to believe that >> he is probably going to have to go back to those friendly people kind enough to put up his bond because every person in the federal system charged with a crime does have the right to legal counsel. that could be the public defender's office, that could be a cga public appointed attorney.

but you made a good point, for a case of a this complexity, that $100,000 that he has if he has that would not be enough for a legal defense of the caliber he is going to need to defend this case because in the federal system, these document intensive money intensive cases, money lawnwn laundering complex crime, i just defended one and incredibly complicated.lawn laundering complex crime, i just defended one and incredibly complicated.awn laundering complex crime, i just defended one and incredibly complicated.wn laundering complex crime, i just defended one and incredibly complicated.n laundering complex crime, i just defended one and incredibly complicated. laundering complex crime, i just defended one and incredibly complicated. he will need lawyers and forensic accountants and a host of other services. >> going to make ozark look simple >> exactly right >> follow the money as they say. danny, kaitlyn, thank you both very much. and still ahead here on "power lunch," the tesla tumble continues by another 13% drop today. its market cap down to $337 billion. we'll dig into elon musk's tangled web. and when you think of cutting edge technology, you probably don't being of deere. but ai, drones and semi

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tesla shares down nearly 15% following disappointing delivery numbers for wall street analysts q4 deliveries totaling just 405,000 compared with the average estimate of around $427,000 and those numbers cdo represent

40% growth, but not enough for investors. the company delivered 1.31 million vehicles or thereabouts just missing the estimates of 1.33 million and one issue affecting those numbers, record high lithium prices pippa stevens has more >> and raw material costs surged in 2022 with lithium's rapid rise getting a lot of attention. the metal more than doubled last year gaining 150% according to data from benchmark mineral intelligence over the last three years, it is now up more than 800%. and prices have eased slightly in recent weeks notably in china as consumers run down inve inven inventories. but the slight downturn is in the backdrop of what some say is a very tight market struggling to keep pace with surging demand from evs and it is not just lithium prices other raw materials are facing their own challenges this price spike has impacted

auto makes prompting them to raise vehicle prices for up canners. and they are looking to ink deals in an effort to secure materials. today tesla announced an amenamende agreement in piedmont. and both stocks are down sharply. and on the other side of the musk ecosystem spacex may be getting some good news the rocket maker raising $750 million according to documents obtained by cnbc and laura got the scoop. what have we learned >> we know so far that spacex is currently raising $750 million at valuation of around $137 billion. and an influential firm is expected to be either leading or at least involved in the deal. >> so what does it mean in terms of its growth, spacex's growth

what will it fuel? >> spacex hasn't commented on the fundraising, but we know that they are working on expanding their starlink satellite internet coverage and they have been delayed and still are developing their starship super heavy program part of nasa's effort to get astronauts back to the moon and of course elon musk has this dream of putting them on mars so you can imagine where some of the capital will go trying to get that starship program ahead and starlink expansion >> it is fascinating especially as a time like this. thank you. as musk's ecosystem grows, his actions could have greater ripple effects let's bring in steve wesley, founder of the wellywesley group and it is astonishing that spacex hasn't suffered the same fate of tesla or twitter what does that tell you? >> a lot of people are saying

that they barely missed numbers. you about the fact remains they sold heading to 1.31 million that is 40% growth no other auto company has grown that quickly and they are the most profitable out there with 16% gross margins, compared to about 5% or 6% for volkswagen, general motors or ford and they are doing pretty darn well but make no mistake, share price off 65% for the year that is into the good. and i think a lot of that is due to two things. one, all of the havoc with twitter and also the fact that elon himself sold $23 billion of shares this year alone and that put downward pressure on it. as you look forward to next year, put some of the intrigue behind us, i think that tesla is looking at a strong 2023 >> so i don't know whether you continue to speak with elon musk privately, but if you were to

talk to him privately right now about tesla and what he needs to do to right the stock, what would you tell him >> first, i don't speak with elon so i have no inside information. but i've known him for 25 years. i'd say you have helped create the electric vehicle industry and virtually every company is going all vehicle. stay focused you are the king of the hill and don't let anybody take that away from you here are three things that investors need to look at. one, tesla needs to grow internationally. they are doing a great job of that they have surpassed the number one vehicle selling in europe gas or electric. and keep the profitability lead. tesla is doing two things none of the other automakers have been able to do. one is drive the costs down, cost of batteries faster than anybody else they were the first to take production in-house and that has given them a real house advantage.

and segcond, nobody is driving more revenues from over the air software that is great news and they also need to win the trucking wars. they are bringing the tesla semi to market now. cyber truck comes out in july. and if they do well there at all, that will be a spectacular year so stay focused, bring in top management and they bringing in the best operative executives in the country. may be the heir apparent to be the new ceo at tesla >> so that kind of answers the second question about whether he needs to bring in new management i was going to ask, do you think that he is the kind of person who is simply uncomfortable with success and if he feels like he has to be kind of close to the edge to really get going on something? and we've seen this, the really dark days of tesla, when it was

almost like he was most alive and now here he is in this kamikaze run with twitter. is it just his personality >> just ahis personality. he is driven, volatile, but also gets things done he is a visionary. probably not a lot different than steve jobs or a lot of others but the real issue here, he has done something to create ev industry that nobody else had done before. 1.31 million units sold this year, that is a huge number. just to put that in context, general nmotors will sell barel 50,000 units and so you have tesla sitting on top. 1.3 million units sold and byd out of china 1 million so china is in second place and volkswagen at 500,000. they are running away with it. just need to stay on top, and that requires focus. even elon said he is stretched

>> and so the obvious question here as you said a moment ago, tesla is the fastest growing most profitable automaker in the world. if the company is so good, why is the stock so bad? >> three reasons one, elon has sold $23 billion worth of his own shares. that puts huge pressure on the stock price, but that won't continue on in 20 20 continue on in 2023 second, there has been too much turmoil at twitter and i think that they will turn that down. but when the market softens, what do you look to? you look for the best brand, most profitable company, huge consolidation in the industry. but i think that people will flock to the blue chip names tesla is king of the hill and we'll see if they can stay that way. >> steve, thank you for your insights appreciate it greatly. and still to come, the 2023 power playbook, there was a lt

that didn't work last year, but could some beaten up consumer related names be set to bounce we'll examine that one plus wall street back in the office and analysts naming a ton of top picks biotech, restaurants, fintech. we'll trade some of those calls in today's free stock lunch.

welcome back to "power lunch. here is your cnbc news update. thousands lining the streets of brazil as funeral procession took soccer great pele to his final resting place. the procession follows a 24 hour wake that drew thousands more mourners including the country's president. the three time world cup winner died last week at the age of 82 following a long battle with cancer from one soccer great to another. ronaldo officially introduced after he transferred to play in the saudi pro league and get this, this will certainly salve his wounds from not winning the world cup.

he will be guaranteed $75 million per year with the chance to make over $200 million through commercial agreements with the club. and the london zoo is counting more than 14,000 animals in its annual stocktake. they count every single animal and note any additions after about a week the information is shared with zoos around the world to help manage worldwide conservation breeding programs for endangered species. and that, tyler, they are counting the birds in central park 123 years the audubon society has been doing that. >> the number of birds or the number of species? >> the number of birds and species in central park. go overs year at holiday time. >> wow wonder what the margin of error is bertha, thank you. ahead, do investors dream of electric deere

deere outperforming it competitor, catalyst autonomous farming, details on that coming up plus shopify banning nearly all meetings within the company. >> and that will be a fun one. and the controversial fund manager picking a fight with one of warren buffett's favorite companies.

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a little less than 90 minutes less of left in the trading day.want to get you caught up on the markets let's begin with bob pisani on the markets which have been sinking. happy new year, bob. >> happy near yourear old friend there are more stocks advancing than there are declining why? it is the start of the new year, but when you have tesla and apple, you put these two together, this is 9% of the market capitalization of the s&p 500, about 6% for apple, 3% or so for tesla and you have stocks down like this, you won't have the stock market up very easily. elsewhere though, other tech stocks, tech oriented stocks like alphabet and amazon didn't have a good year particularly last year, are generally up today. and so the groups are kind of up

or split today so for example we had very good years comparatively for health care stocks and for consumer staples last year. and health care is generally being sold off today, so united health is a big drag on the dow jones. eli lilly had a good year comparatively. and johnson & johnson and walmart are doing very well but nat gas is collapsing, near a 52 week low. pretty warm over in europe, but some of the smaller the nat gas companies like permian, range resources, even apa one of the big giants in the exploration production field down about 7% today. finally just want to note tesla here, i don't think that we've ever seen destruction of wealth like this, this was the $600 billion market cap roughly 620 or something like

that beginning of december and now $330 billion we're talking about $300 billion in wealth lost in one month. i don't think that anything has ever come close to that one. >> and as we were just talking, the company purchasing reasonably well. missing estimates by a bit, but nothing -- still very profitable bob pisani, thanks >> that is enough to sell off the 13%. that tells you something >> really does let's move to the bond market rick santelli is tracking the action for us from chicago and i'll begin with a question what did you learn from the bond market last year and what is the bond market telling you right now? >> i think what we learned from the bond market last year is that despite the aggressive path of the federal reserve, the yield curve has different characteristics between long and short maturities and that is very important and what i've learned so far is

that the end of the year real lack of buyers ended very quickly today. buyers showed up again and that made sense because buying in treasury is going against the grain. and if you look at one week of tens, you can clearly see we've jumped back to levels we haven't seen around the 27th last several days of the year, it was all about sellers and light volume and you can see we haven't actually closed above 40% since the 9th of november. almost two months. bund yields even more aggressive drop in yields after a big run up last year and finally if you consider the dollar index gave up so much ground from 114 this is september, but still the best beginning of any year in over 20 years and of course we think the fed is going to be done at some point this year, it will be interesting to see how the dollar index fairs around the psychological level of 100 back to you. >> rick, thank you very much oil meantime closing for the

day big drop today down more than 3%. $77 a barrel right now and weak economic numbers from china leading to demand concerns dollar rising which is generally negative for the oil prices. so recipe for the #% 3% drop in oil. next guest is preparing for more market volatility in the new year but looking for opportunity in beaten down names with earnings. says you can expect them to bounce after a tough year. and let's bring in gradient investment's president so the question is, what is your outlook for 2023 in the market since you think that it will be volatile okay let me phrase the question differently. what part of the year is going to be better for equities, first half or the second half, and why? >> i think the second half

and here is why we're thinking that and this is what keeps us positive there is still a lot of consumers that are working and spending and the supply chain seems to have fixed itself. so i think inflation will continue to ease throughout the year a lot of forecasts have 2023 earnings being todown i think a lot of expenses will be cut and they will be up that will be a big positive as people realize that throughout the year. and finally, sentiment coming into 2023 is about as negative as it was positive coming into 2022 so a lot of the bad news is priced in, it is already expected so if we get anything incrementally positive, i think that that will be a big catalyst for the market >> and we'll introduce because we have a little breaking news from the house of representatives. ylan mui has the story despite an historic second round of voting, california republican kevin mccarthy still does not have the votes he needs

to become speaker of the house needs 218 votes in order to get that title and that means that he could only lose four republican votes. and currently there are seven republicans who are voting for ohio republican jim jordan to become speaker instead and your dan jordan higas been ally of in beinmccarthy, but ri now mccarthy does not have the votes that he needs. the vote is still ongoing. we'll update you when we find out what happens after this vote is over and what will happen next >> jordan not want to be the speaker and if he really doesn't want it, why doesn't he direct those seven individuals voting for him to vote for mccarthy >> that is what he is trying to do he gave a nominating speech for kevin mccarthy during the second

round of voting encouraging republicans to stand together and saying that the divisions between republicans are not as great as the divisions with republicans and him did democrats. and he said that kevin mccarthy and along with himself would ensure that another 1.7 onmnibus spending bill will not be passed beginning. but those few saying that they won't vote for mccarthy. >> and hakeem jeffries got more vote on the first ballot than mr. mccarthy did how big of an embarrassment is this for the gop and the house >> certainly this is not how kevin mccarthy would like to start what he hopes is his term in speaker first time in 100 years it had to go to a second ballot it was expected but the question was whether or not some of the hard line conservatives would

make good on their threat. it seems as if they are at least at this point. and the question will be that even if he does become speaker how will he be able to work to get anything passed especially must passed legislation such as a bill to increase the debt ceiling and continuing to fund the government so no matter what happens today, this is going to set the dynamic for what governing in the house looks like going forward >> eylan mui staying on top of let go back to mike. you say second half of the yeert l year likely better than the first half is washington and policy figuring into your investment thesis or your investment strategy at all? >> it is not really factoring into our analysis. i feel like we're in gridlock

and the markets like gridlock. corporations like gridlock because they feel that they can plan their businesses out into the future and they don't have to worry about regulation or government getting in their way. so, no >> i think that -- i agree by the way. not that it matters what i think. i think that there will be a lot more investigating than legislating. we owe you one, thanks for being patient there. and up next, deere's headlights trained on autonomous farming. the company betting big on ro robotics and investors are bullish. ♪ ♪

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you can expect to see a lot of cool gadgets coming out of the show in vegas. some of which could revolutionize farming. see mma mody is here. >> and deere technology officer says that he is in the final stages of picking a partner to build out a geospatial map that

farmers can use to monitor the performance of crops if you are growing a crop like corn, are you sitting on thousands of acres, that is a lot of land. deere is using robotics and artificial intelligence embedded in its tractors and spraying devices to collect data that can be viewed by their customer at home you will see that 75% of its farm has not been sprayed with herbicides so farmers can be much more targeted and deere says that it can save farmers money. >> there is so much friction in getting that data from the field into the cloud where they can do something useful with it we have a growing world population, but a shrinking rural population so we have to feed more people but we have to do it with less labor on the farm. >> one of the reasons that wall street is aboe bullish on this . and even given the 20% gain

we've seen and however analysts point to the war in ukraine, they say that if ukraine's corn comes back online, that would create a short term shock sending prices down with it and as you know, one of the main reasons farmers are sitting on record profits right now is because prices remain elevated from two years ago >> i was going to say deere once valued as a tech company, but i don't know if they want it these days but let's talk china big market for them. what are they saying that the rest of us can glean >> jamie and many others say the reopening in china will be good for the equipment space. they are a big buyer of agriculture equipment and commodities. but a seller as well big concern for john deere is supply chain and he is betting that as china reopens, that will actually normalize some of thesupply chain issues that they have been dealing with so that could be a tail wind for

the company over time. >> would be nice maybe a little deflationary after the inflationary >> thank you very much still to come, wl realstet betting big on biotech and fintech and restaurants. we'll be right back. ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo.

whack back welcome back to power lunn we got big news. the trial date is october 2nd. he entered a guilty plea october 2nd is when the trial will begin. switching gears, a long-standing food fight resumes over the weekend as ackman tweeted, quote, coca-cola and pepsi have caused more global harm to health it's remarkable that the plaintiff's bar has not yet won a massive judgment against them because neither company is as profitable as it suggests. society now is bearing the costs. he's been raising the issue since 2015 when he said his biggest problem with warren buffett was his large stake in

coke, tyler. >> rounding up three big calls for 2023 starting with food where baird named yum! and chipotle top picks with strong consumer traffic and growth prospects pharmaceuticals wells fargo naming amemerck the second top performer. and in fintech, truist upgrading paypal to buy, saying after a tough 022, investors are too negative on paypal's long-term growth prospects let's trade them all with delano s sdelano let's start with chipotle. >> happy new year.

if you look at what they did last year, they grew incredibly. the consensus is for more growth, roughly around 29% on the street for growth on the earnings per share i think that will compress the multiple a little bit, so you'll be buying a little better. i think the risk on this trade is inflation, labor costs, something they've been doing well at so far if you look at the past numbers the margins have expanded and stayed flat relatively so. i like chipotle. that's one i would consider holding potentially in 2023. >> delano, that brings us to market if people only held a merck portfolio, they would have had a great 2022. >> yes, you're exactly right, kelly. it wasn't a great one. i'll look at it more unitedhealth is a big player there's a big case to be made.

if you look at how they've beaten profit and revenue, it's beaten them in the last several quarters 14 times earnings. it's performing really, really strorm there's still good value here in this stock and i think it's one that investors would bode well to hold for the year. >> let's go to the last name its name is paypal it struggled through 2022. >> this is one i actually have been holding it fell off the cliff at the beginning of the year. it presents an opportunity, one that beat the sales earning front for something that had been performing strong if you look at the growth sector, i think if you look at the growth of a company, that's a big thing. the transactions are still going to be applied on the platform. it's trading obviously much more favorably down to about 14 times. so i think if they stream

operations, become a little bit more cost-effective and disciplined, there's an opportunity to come back and paypal would be a name to own in that area. >> delano, thank you very much delano saporu, we appreciate it. after the break, let's touch base offline should meetings be canceled? one company is doing it. that's next.

welcome back to "power

lunch. human resource another shopify may soon receive a flood of resumes because according to reports, the company is going to cut back on meetings they're wanting people to purge their calendars. big meetings of 50 or more can only be once a week and only on thursday the thinking is a meeting with ten people eliminates the productivity they could be doing in the same amount of time on creative work. >> i don't feel we're having a lot of meetings. i think they've stripped down. there's not as many as there used to be. >> companies afraid they're becoming too set in their ways and their calendars are filled i don't know maybe that's what running a company is at a certain point, meetings how can you tigthe an individua to do that. >> and then there would be

meetings to prepare for the meetings. >> i've had a few of those. off to a limping start in the market today on the dow, and as bob pisani pointed out, when you have tesla and apple, which is something like 9% of the s&p, down the way they are today, it's very hard for the broader index to make any kind of progress and we had a lot of news this past hour. sam bankman-fried among them, pleading not guilty on all eight counts in federal court, the judge proposing as kelly just reported, a trial date of october 2nd, 2023. expects that trial to last about four weeks but obviously money laundering or any kind of financial trials get very, very complicated very quickly. >> oh, sure. i thought you raise and excellent question, who's going to pay his legal bills. >> if he only has 100,000 in the bank, that would last only a couple of days. >> maybe not

happening at the house, kevin mccarthy -- this is unprecedented to not have the immediate vote go down and hand him the speakership. >> and hakeem jeffries getting more votes on the first tally. we weren't watching the second tally. thanks for watching "power lunch" for the new year. "closing bell" picks up our coverage right now stocks look like they were about to kick off for 2023, but the major averages pulled back right after the open this is the make-or-break hour i'm sara eisen take a look at where we are. down 122 on the dow. the high was up 240. s&p 500 up 0.6%. in fact, two standout groups todays outperformers, communications silverers like meta on top of that list, and financials are also having a good day th