good afternoon, everyone and welcome to "power lunch. along with kelly evans i'm tyler mathisen two big buzz words disinflation and efficiency. spending like mad on the medverse, company last known as facebook, we hear efficiency and what we hear from the big three as what happened to growth, by the way? >> and kicking off yesterday 2:30 time, the process under way. is the fed really winning the war against inflation? if so, how many more battles remain. the dow's about to go positive and nasdaq is flying. >> all right but let's move over now. we have kristina partsnevelos and dom chu over the moving markets. dom, you first. >> reporter: sessions highs now,

watching action in drug companies. one auto machor as well. start with shares of merck now do you about 4% after the dow components actually reported better than expected results for profits and revenues profits fell shy of expectations due to a sharp drop-off in seams of covid treatments. sticking with that pharma trade. shares of eli lilly down just about 6% on the session. more so than merck after it had mixed results. procht profits beat estimates weaker sales in key diabetes-related drug franchises lily raised full year guidance still ak chewating the negative. end on ford. shares up decently 5.5% up. automakers up on the day reporting january vehicle sales that grew over the same month last year driven by more sales of its f-series pick-up trucks, broncos and suvs

and full quarterly results after closing bell today those shares up ahead of that earnings report. the trade there, kristina what are you watching from the nasdaq in the big heavy tech trade today? >> thank you seeing risk appetite driving the nasdaq above 50 and 200-day moving average meta the dominant themes shares over 25% topping revenue estimates announcing a $40 billion stock buyback plan on track for its strongest day in a decade shares 27% higher. meta vying for top nasdaq 100 winning spot, but align technologies putting up a good fight up as well it going back and forth. orthodontics company launching a $1 billion buyback program over three years. echt ev makers, risk on mentality rivian up 9% lucid, 6% tesla

over 7%, best month in two years. lastly, chip results not as bad add feared. pushing smh, etf up, what is it? fifth week in a row of straight gains? pointed outside, too, qualcomm out at 4:00 p.m. those earnings after the bell. >> thank you very much. where we start tech titans in focus meta kicking off a year of efficiency, it calls it, and hopefully not spoiling it for them amazon, alphabet and apple about to report. tech titans of our own breaking this down. deirdre bosa, julia boorstin and live from cupertino, for apple julia, start with you. again, this maybe meta up pront everywhere stocks green high expectations now. >> yeah. really interesting if you look at what meta's performance has done to some of these other social stocks.

snack, its stock way down and rebounded today. up 11% last time i checked and same reason is -- same fact the reason by pinterest is up over 8% now. an idea maybe the ad market stabilized and more upside potential. because meta laid out a vision for how they're going to make more money on reels. also click to messaging ads and fundamentally lapped their challenging interaccesses with that apple operating system change, harder for them to target ads and things getting better. >> getting better. does that mean returning to the original core of what facebook was known for? >> well, look, tyler meta continues to invest in the metaverse. its reality labs division, that division receiving greater losses this year than last as they continue to invest there, but i think what mark zuckerberg was trying to communicate, they'll be more restrained, more

fiscally cautious thinking about investments trying to do more with less and what was really interesting, cutting costs is not separate, he said, from us being a smart tech company in many ways cutting costs works hand in hand with being a better tech company, creating better technology seeing advantages of that fiscal restraint. continue to invest in metaverse over the long term but making progress in generating more revenue and profits from their core family of apps. >> whatever they're doing, a song wall street seems to like hearing now. julia boorstin, thanks. move on talking google and amazon efficiency trend continuing from amazon and google or alphabet. both companies recently announced layoffs. bringing in deirdre bosa for more d deidre, something julia said, potential people seeing the digital ad market is sort of bottoming out? would you expect to hear

anything like that from google, which is so dependent on ads >> so dependent, but thought toing in a better position shielded more from recessionary forces relatively that is, and from apple's privacy changes, but not a great result last quarter. we'll see if the trend improves and calming tear around there. the core businesses are in focus. ad market revenue expected to decline. over at amazon as well poor online sales, supposed to shrink year over year also key things and even businesses providing more growth that would be youtube, alphabet, aws amazon, expected to be under pressure as well word of the day mentioned at the top "efficiency. investors looking for this from these two companies as werell maybe less clear how they get there. meta a list of things investors on the street looked for these two companies, still need

to hear how their layoffs impact the bottom line. thinking about restructuring charges, though a lot of details to hear and new businesses talking a ton ar artificial intelligence meta talked a lot about it on its call remember, google, alphabet, in this space a very long time and there is a thinking they're going to do a chatgbt product very, very well but taking their time analysts will be questioning that timeline, i'm sure, on the call tonight. >> let's talk one more thing on amazon before we go. you mentioned that there seems to be a slowing in their core retail business. is that a macro -- is the reason for that are a macro slowing of consumers and their spending does it say something, or anything, about amazon's appeal to consumers or its competitive position >> it's a good question. the company probably would say there is somewhat of a macro slowdown as consumersist shifted

to more services from goods. remember in the quarter not only black friday, cyber monday, holiday shopping also had a second prime day, called it prime day early access nap could help boost those results a little bit, but trajectory is, yes more competition and also the pandemic gains provide a really tough comp there >> gotcha. >> you could see it slowing. built too much and expected that pandemic boost to last longer. >> deirdre, great to see you deirdre bosa. turning to apple only u.s. tech giant not announcing significant lay jaufrs can the company stay efficient with its current workforce asking you to cover these earnings for us. steve, not like not a share of struggles here the past year >> no. that's exactly right, but when the we talk about this theme of efficiency and cost cutting, you could argue apple has been operating efficiently throughout this entire pandemic look at the way they were

hiring, slower than peers, but also, kelly, experienced the same boost in sales a lot of the other tech companies had seen as well their mac business screaming throughout the pandemic. it's expected to drop quite a bit this quarter, because of the falling pc demand, but, look, last time we talked to tim cook about this he told me, saying, we're dialing back hiring. being more careful about how we hire, but there's been no criticism or meme around apple saying, they're over-staffed, too many people working. not enough things to cut i'm the odd man out reporting on the only company in the group now that hasn't had mass layoffs and a huge question. does apple freed to do that? do they need to cut costs, and if they do, where's that going to be? >> right i don't know if people -- i mean, is that expectation out

there, steve that they need to right-size >> no. exactly right, the point kelly no one saying that in any serious way. that they're overbloated as we saw throughout -- to deirdre's point, amazon. increased capacity on this idea this huge boom experienced at the pandemic would go on forever. same thing from spotify recently on their layoffs we saw a similar trajectory on the sales side of apple throughout the pandemic, not on the hiring side. they did hire significantly but not in the same levels, astronomical levels as peers and why there's an idea maybe cost cuts don't need to happen, and if they do not as drastically as we've seen from the others >> all right, steve. thanks very much steve kovac, eagerly awaiting your report on apple's earnings later today. more on the tech rally and how layoffs impact the industry overall. bring in tom forte, senior

research answer lift and davidson get to apple and pinterest but begin with amazon. you say simply put, we are worried amazon is losing its soul what did you mean why in and if the empty is losing its soul, why do you have a buy rating on the stock? >> thank you for asking me that question the way i think about it, publish conversens in technology and retail space slowly devoted to what could slow shares in amazon similar to microsoft and walmart and too the future of amazon amazon disrupt any sector, the thought. looked at adjustment markets and believe amazon made an effort to disrupt anything the best example amazon is not disrupting is grocery. bought whole foods haven't done better thins acquiring whole foods. look at 18,000 people laying

off, laying off people in some of their potentially disruptive areas. drone delivery couple that with also the discontinuation of amazon smile. charitable giving effort talked about this notion whether a future where consumers may not want to shop on amazon i for one am shopping less on amazon on discontinuation of the amazon smile. >> with a birating on the stock and price target of 114? >> you're seeing this year in strength in tech in particular, that the sector was oversold you have to keep in mind the basic elements of mantle and investing. average stack down 50% last year would freed to double this year to return back to where it was before the weakness. so i think what you're seeing now is pinterest is a great example. reporting on monday. announcing another round of layoffs, thursday, before the monday they report the stock is rallying. you're seeing here technology companies getting a bid

including amazon and stock doing well despite challenges. >> you know, i think of what you're picking up on is almost something we experienced on the consumer side as well. start to feel like the years in which amazon came out with echo, innovative, doing these things, feels like they're past that and you wonder if the company really makes sense continuing to be a retailer and a cloud company and all the rest kb i don't know about a split, serious talk feeling less and less like the company jeff bezos made. >> yeah. best example kelly lately implementing a delivery charge for consumers to buy less than $150 of grocery. you think about amazon's built on -- price, convenience, selection. now you're going after a price making it less price efficient for consumers to shop on amazon. i think at some point that flywheel may accelerate and why

i'm concerned amazon is losing its soul >> right, tom. thank you very much. appreciate your time today. coming up, from so-called new economy to old, tractors, heavy equipment, ceo of an industrial company joining us. beating estimates but stock down 8% today we big into that. plus meme names back gamestop, amc. to-date games. bed bath, even sign of a market at least in the near term. we have more on that coming up.

i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

welcome back to "power lunch," everybody. drill down on a company that has a unique view into the economy right now. cnh, industrial company of agriculture and construction equipment. stock down 9% today despite earnings beat but rallied 30% the past three mosnths allegation collusive on "power lunch," former ceo of posilaris. welcome. >> thanks for having me on. >> any market correction you want to tell us about today? >> q4 up, finished's year 27% top line great results. we talked about 6% to 10% growth next year with margin expansion.

generating 1.3 to $1.5 billion, i don't know what to correct about that markets won't be perfect forever. we're honest about that and don't talk about things we don't have confidence in but we have conferred in this team, products bringing to market and excited about the year we finished and the year we're getting into now. >> segment your business activities, agriculture equipment, construction equipment, all of them had revenue gains last year. as you look ahead into 2023 is there one area that you think has the brightest prospects and one that you think you're going to be concentrating on, because, maybe it has more headwinds? >> tyler, surprisingly, as we go into the year, both construction and ag are projecting positive, strong growth in that 6% to 10% range. we are seeing regional differences. we talked on the call a little about, with the recent election

in brazil. caused farmers to have angst we think it's a short-term pause there. europe's a little bit edgy right now with lingering impacts of the war, and, but overall, our demand remains quite strong. we see, again, good top-line growth next year with margin expansion and feel reasonably good both construction and ag business are going to deliver volume increases in 2023. >> scott, joining us at a time it appears u.s. is in recession. agriculture peaks in september manufacturing portion maybe earlier on can you give insight into what you're hearing from clients and why you think all of a sudden activity kind of hit a pause >> you know, i, as an educated economist pay really close attention what's going on.

interestingly what i've learned in my two years here is that we actually, our demand is much more related to the ag cycle and that's 80% of our business than it is overall economy it's not surprising with the fed raising interest rates, that we are seeing potential slowdown in many of the sectors of the economy, but with soft commodity prices remaining high based on historical norms farm income being strong we are seeing really especially here in north america, very strong demand for our products and oshder books booked out through q3 opened up tomorrow we fill out q4 quickly really, here in north america specifically we see very, very good demand. >> i look at photographs of some of your equipment. mostly agriculture equipment, and i'm struck by the idea that those machines look pretty much like they did a couple decades ago, but are very, very

different on the inside. and what seems to be so different is the use of intelligent or digital agriculture. can you tell us a little bit about what the next frontier is within those machines to make them more efficient, effective, and helpful to farmers who are -- who are raising crops >> yeah. i grew up in the shenandoah valley of virginia, been around it all my life what we sell today is nothing like the old nothing like that. really, it is around precision and autonomy the tools we give farmer i boil it down in simple terms saying the game we're playing in agriculture is about productivity and yield not much arable acres coming into the world but more mouths to feed. you do that through productivity and yield. made a large aquaing zigs of raven industries in 2021,

yielding incredible aults helping us improve tech stack to put better technology into our various pieces of equipment. we talk about tractors, but if you look at our combines we have truly market-leading products there's more machine learning ai embedded into those products and as we put on top of that, better autonomy and precision tools, it allows farmers to get so much more out of their equipment than they could historically. >> talking to two virginians, scott. what town, town were you raised in >> just outside of harrisonburg. >> dayton i don't know you know dayton? >> no. i know harrisonburg. not on route 81, i don't know it >> we were, four miles off of 81 way out. >> yes, exactly. scott, thanks for your time today. appreciate it. >> thank you further ahead on the show we continue to talk about virginia and the shenandoah valley.

the fed continuing to hike interest rates, but mortgage rates, falling bringing home buyers back to the market is the worst still ahead for housing? we discuss that and more when "power lunch" returns. ayitusst wh .

welcome back to "power lunch," everybody. a check on oil, slightly higher, staging a mid-day reversal pippa stevens joins. >> mixed into the close. also mixed economic data, but looking ahead to this sunday when the eu's ban on russian products goes into effect. it oeurasia among that group could prove disruptive more than the crude ban in december. consensus, not seeing immediateimpact, because the european union stockpiles diesel supplies and also, of course, because temperatures are warmer and inventory is pretty healthy. ultimately in q2 could see the u.s. exporting more products to europe and refineries coming online in the middle east, nigeria and china speaking to a re-routing of global energy supplies as these bans go into effect. >> how efficient of these bans

in other words, do the russians get around them? >> the price cap certainly is the more kind of tricky one to implement and, of course, on both the crude side and also the european union and u.s., working now to have a similar strategy of a price cap on the product side listen, hard to track. they really are. there are loopholes. >> plenty of countries not going along with the embargo or the ban bes against russia. >> i think that's one thing we've seen, healthy russian exports, to turkey, to india, to china still. maybe hasn't had the impact people initially thought would, but once again, you look longer term it is this kind of re-routing of global supplies and interesting to see how that shakes out. >> what do you think is the broader moefg from commodities oil is bucking the trend being in the red today but had lumber up significantly off lows. you heard scott, supportive of a strong business for them what's the overall landscape >> overall landscape one of

peaks and down turns you mentioned schlumberger up 30% off a worst year on record lost 60% last year. kind of a rebalancing of all of markets, seems when you fluctuate in big swings from very high to very low and a bunch now of sawmills took production off-line of lumber thought below cost of production just last week, 750 million boards, production off-line. so that has supported the markets. now with mortgage rates stabilizing maybe will help lumber, but feels like in the commodities market generally, more volatile than usual. >> searching for direction, perhaps, in light of all this. glad you mentioned supply note two sides of that coin in case we've forgotten in the last couple of years how would that be possible appreciate it. and the cnbc news update.

>> what's happening now. speaker of the house kevin mccarthy sticking by demands for spending cuts as part of any increase in the federal debt limit. mccarthy spoke with reporters about his hour-long meeting with president biden yesterday and insisted there will be more talks about the debt limit. in las vegas a police officer and a good samaritan teamed up for a dramatic rescue. this video shows two people working to free an unconscious driver from his crashed car, and starting to burn they were under pressure tried one door switch to the driver's side. pulled the man out moments before this car was engulfed in flames saving the guy unbelievable. groundhog day not just an american tradition's in ukraine a groundhog and ancestors making weather predictions nearly 20 years. tim coe iii a particularly rough winter surviving months of russian occupation hiding in a village with 20 other animals and zookeepers apparently he's just had the enough of the chilly weather

timko is predicting an early spring hope it comes not just for him but for those who share his village and his country as well. >> yeah. >> true that contessa, thank you very much. still ahead on "power lunch. enough said from the fed powell trying to convince markets they're liquid a sign of rate cuts. we discuss that, next. >> announcer: cnbc news update is sponsored by -- helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪

welcome back to "power lunch." 90 minutes left in the trading day. maybe more importantly, 24 hours after the comments from fed chair jay powell that seemed to have kicked off a bit of a rally. especially in technology let's bring in bob pisani for a little more. hey, bob. >> there is very strange rotation going on. what's happened is we've been moving towards growth and away from defensive for weeks now, but it's accelerated in the 24 hours since jay powell had his discussion and his press conference so most obvious what we call speculative technology stuff associated with cathie

woods, the art funds moving even before that but up noticeably again today robinhood and roku and shop ify up 5% to 10% in this particular area and stuff, most beaten up stocks last year. stocks with tough stories associated with them some are associated with meme stocks, carvana, coinbase, amc, bed bath & beyond. all of these moves up here those are clearly speculative names moving rather seriously. then the opposite. we have very high-quality defensive stocks selling off now, the health care group, some of the pharmaceuticals, and some of the other names, have very specific stories associated with them why they're down, but it's not true with consumer staples, also slumping and down today on a big up day general mills, campbell's soup, l clorox, coca-cola down

frothy now s&p trading significant multiple almost 19 times forward earnings and, kelly, i have a feeling we're very, very close to a market top moveup here, intraday moves rather extreme in the last four or five days back to you. >> very interesting. thank you, bob. a check of the bond markets, too, rick sansantelli, how's aco look out there in chicago? >> like central banks aren't the most popular investment counselors on the planet for sure two dap of two-year notes you realize knee-jerk reaction after the 2:00 fed statement and 25 basis point increase 4.25 hov others 4.08 and well off the yields look at 10s. sell below 3 lowest yield close in nearly five months. not that far away. big move if you think there are big moves here, look at boom deals in europe they dropped over 20 basis

points a huge historic move they're said to a bank increased 50 basis points. look what's going on in the uk, the ten-year guild closed a whisker under 3% down a bit over 30, 3-0, basis points huge finally, our fed fund futures contract for june, you see on this two-day chart knee-jerk reaction after the fed raised rates a quarter point dropped to 95.04 9512 higher, less tightening implied. i can't tell you if the market ultimately when all information is in are pricing correctly. i can tell you, investors don't agree with the fed in the here and now. kelly, back to you. >> thank you, rick. get more on the postpowell market reaction. our markets getting excited about potential fed tightening, and president and cio of castle

arc management bob's comments, thinks the marketis feeling a little exuberant now. >> well, up 10%, 20% moves in what i call seamy stocks without exuberance think about it, shortest stocks. yesterday's fed discussion was clear from the standpoint of investors that they're running out of bullets to fire and even if they do fire them they're not going to hit anything. the economy, from our perspective, looks like it's in a series of slow-moving soft landings rather than the sharp, difficult one that people have been prepared for. so now all of us have to shift to, okay where's earnings disappointment rather than economic disappointment if you're cleaning up a short position might as well cover and then be focused on some of the more, the names that will come out of this better.

>> maybe got soft landings in some areas, essential not in housing. maybe not in manufacturing and others where the landings have been harder. >> those are places where that's yet to come. right? that's the whole point a year ago, remember when walmart and target talk and having too much inventory and the wrong product? that industry, the consumer goods industry, has gone through that cleaning out, if you want, and they're not in a position to fail in upcoming quarters. you point out, we could see housing roller over, big chunks of technology yet to have their troughs, broadlying look at the commentary coming out of the ceos, it's that we're ready for something. which i don't see how you can be ready for, you know, for at least three or four quarters now for a recession that hasn't even yet arrived and be disappointed about it. >> talk where some areas you

think, deere, ag, a theme of this show. mastercard, nike >> yeah. so our whole premise is, because we're not done because there's still enough uncertainty, focus on things we know are happening china reopening is a great example. clearly that's under way mastercard makes ten times the profit on a card swipe in an overseas transaction than in the united states. that's the type of thing we could see, acceleration, and mastercard's margins will probably go higher nike is a huge winner in a chinese reopening given all the branded goods associated with their consumer economy deere, you point out where are we going with the ag business last year they all got caught on a margin squeeze, because their pricing had an ability to adjust upwards.

it's done that and all supply chain serving as a benefit or tailwind to margins this year. those are the kinds of names we want to focus on. >> makes sense jerry, leave it there. appreciate it. >> you bet. all righty still to come, housing hysteria, asks two people about the fate of the housing markets and usual proposal get two different answers's some think a crash, others thinking stngreth we'll talk about that, next. >> announcer: the bond report is brought to you by --

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from the most innovative company. bring on today with comcast business. powering possibilities™. welcome back, everybody. falling mortgage rates seem to bring buyers back into the struggling housing market. that has spurred a rally in home builders and home-related stocks and all up 20% or more so far this year. the itb home construction etf which includes a broad range of housing-related stocks, seeing similar gains. our next guest thinks maybe the market is overestimating a housing comeback diana olick joins us with a

chief economist dave dunk be floor is yours. >> thanks for coming in. good to see you. i want to get straight your forecast, because in the past your forecasts have been remarkably accurate, and yet what i'm looking at now for 2023 is way off consensus estimates start first with single-family housing starts you're predicting they'll drop 25% this year compared with last year after an 11% drop last year wider than everyone else is forecasting and homeowners stocks rallying. how do you see 25% drop? >> end of the day, two things are meeting. one affordability constraint you have first-time home buyers seeing mortgage rates down 100 basis points, still 200 basis points or more higher than even a year and a half ago. at the same time as you've got supply shortage. but the builders, today it's nine months, maybe 18 months,

depending on the backlog, before it's actually out there as a house to move into you have -- seldom field the supply issue we have millennials, not peak first-time home buyer but constrained by affordability we think it will take time fed tightening is doing what housing always does, which is fed tightens, construction slows. mills slow, existing home sales slow and a lag until you see that recovery coming. >> why are we seeing builders so high not just today but the last month? >> recognition by the market that, in fact, we still haven't solved the supply problem and it's going to be on the back of the billings why is that? boomers are doing exactly what always said they'd do. age in place now the gen x-ers giving them air time locked in mortgage rates between 2.5 and 4% in fact, look at the actual outstanding mortgages, 18% of

outstanding mortgages are more than 1%, less than 2% below current market rates 84% are 2% or more below current market rates those loans are going nowhere. the people owning those houses are not changing house anytime soon. >> that obviously will play into the drop you're seeing for existing home sales. you have them down 22% this year which is going to be a lot, realtors in the market to absorb what plays into that you said it's the sellers' not wanting to come on the market, but there is demand. saw it in december. >> absolutely true we've been behind on the supply side of the curve since 2012 we came out and said, i think our, if i remember, our announcement, 2015 came out, said the problem is supply because at the, from the great financial crisis, what happens was, we went from building 2.2 million homes annualized to 400,000 and stayed there three

and a half years destroying the supply chain the builders have been trying to catch up for all that time. >> one gquick question on prices only down 4% everyone ems looking at 10% 15shgs%. how do you account for that? >> if in fact mortgage rates come down, additional decline in mortgage rates, with the slowing of overall economic activity and you still have that pent-up demand in the millennials by and large salaried people, who are the kind of people who buy houses each increment of price decline will bring some back into the market. >> okay. doug duncan. we'll see next year. back to you. >> diana, thanks, and mr. duncan, thanks to you as well. up next, in the final stretch of the stock draft which teams and stocks are in the lead we'll take a look inod's tay "three stock lunch" right after this.

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time for today's "three stock lunch. we're in the final strep of this cnbc stock draft that goes through the super bowl, and we're trading names that have outperformed and underperformed since our contest during the nfl draft. netflix shares are leading the way up 83% since the contest

began. wow, is that -- wow, that's shocking it's pro-telling team ryan reynolds into the lead amazon shares up 7% today into earnings but they're down 23% since the draft and chipotle up 13%. our next guest's top pick if the draft were held today. let's bring in one of the con contestants, welcome let's start with netflix this has been working out pretty well, i guess. what do you do with it >> i wish i had this one for the stock draft. it's been working out well they added a lot more subscribers than estimated even by their own forecast and doing interesting things we know the password crackdown on sharing passwords that will potentially add more people to the platform bringing in new people to the platform that didn't transition from other tiers

they had a great slate this is one to continue to hold. for streaming play you want to continue to hold that one. >> let's move on to amazon am i correct, was amazon one of your picks, delano >> it was one of my picks but one that hasn't been performing as strong as i thought i think it's the macro environment. one good thing the reasons i hold it potentially in the next week see a move up after earnings, even though growth is slowing, the sales remain robust i think if you look at the aws side, that's a linchpin that would potentially lead the stock higher, continuing to see them gain market share in an area that's growing they have a long track record of profitability. i look at it to perform toward the end of the competition >> it's showing you some love today up almost 6% at 111 a share. >> yep 100% >> our final name here is chipotle, i believe, delano.

talk us through this one >> yeah this is one that i probably would take a second look at. performance has been really, really strong, if you look at from six months to a year, even further out. even though right now it's trading pretty expensive, it's 41 times forward earnings. if you look at their growth plan, that's the thing that's intriguing, they're planning to only more stores, planning to add more workers which, on the down side could be something for margins, but i think if you look at the growth plan, that's a strong point for the company it's done really well there. the product is in high demand. everyone loves chipotle, kelly >> this is true. what is the new steak -- is it garlic steak or something? >> anything with garlic is pretty good. >> it's $18 if you get a burrito practically. good to see you, delano saporu up next a deeper look at the blow back over buybacks. dom chu putting the numbers on check out jim cramer live from

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our eye, chevron catching heat for its buyback plan but it's far from the only company shelling out lots of money to buy its own stock. dom chu putting those numbers under his microscope we've talked a lot about, and all day today starting from yesterday afternoon, about this $40 billion stock buyback meta has put up there it's the reason why a lot of people are saying the stock is up because, hey, they've announce this had new buyback program. there's cost efficiencies. i know you talked about that earlier in the show. so let's put this in context the biggest share buybacks that have been announced so far in 2023 have been those two along with mondalez. as you can see it's only $6 billion compared to the $0 billion and the $75 billion from chevron. what we're going to do is compare what these numbers are for meta and chevron, the two big ones here, to typicallywha they've done over the course of the past decade. so just to give you an idea of the trend. if you take a look at meta

platforms, over the last ten years, according to data, met a platforms has spent $116 billion over the last ten years through the third quarter of 2022. that's the most recent data that we have. so $116 billion, by the way, means they typically do spend a decent amount on buybacks over the course of any given year last year they spent about $46 billion in buybacks. now the reason chevron is getting so much attention, if you look at the amount of buybacks chevron has made over the last ten years, it's not that massive comparatively speaking in ten years they spent $22 billion on buybacks, not $50 billion, not $100 billion, not $150 billion they don't typically do buybacks when they announce a $75 billion buyback, that's effectively, tyler and kelly, more than triple in one buyback announcement what they bought

back in their own stock effectively over the last ten years. >> i've been curious about buybacks are they open-ended in that they can take place in the $75 billion can be spent -- >> at the discretion of the company. >> it could be over ten years. >> they tell you every quarter how much e bought back in the stock. >> dom, thank you very much. and thank you for watching "power lunch." "closing bell" starts right now. that post-fed sugar high is rolling on for the s&p sitting at its highest level in five months and the nasdaq up sharply as meta surges on earnings this is the make or break hour welcome to "closing bell." i'm sayra eisen the dow is lower, 231 points some earnings movers in there weighing on the dow and some defensive names like unh, united health care, caterpillar, boeing, travelers al