so, am i still on track to reach my goals? the plan we created can withstand uncertainty. lately everybody has opinions about the economy, but i count on personal financial advice. my ameriprise advisor understands the markets and me. she knows my goals and can help me reach them with confidence. the markets may fluctuate but you're still on track. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. good afternoon, everybody. welcome to "power lunch. coming up, a tesla takeover. the model y becoming the best

selling car in the car capital of america, california, passing the toyota camry what it tells us about nationwide e.v. adoption >> a big milestone so much news today, a reporter roundup to tackling it all. disney earnings on-deck. and what they are saying after last night's state of the union, we will hit all of the angles. a check of the markets the nasdaq taking the worst of it on the google weakness. we see the nasdaq down 1.5% and the dow down 139 >> let's get to dom chu for the details and the movers >> outside of the megacap technology, the a.i. trade, the headlines, three big earnings movers are catching attention. cvs health, which is up 5%, holding near session highs the pharmacy benefits, reporting better-than-expected results and gave better-than-expected four-year guidance, helped along with other things, sales growth in nontranscription drug-related goods.

those are up 4%. under armour, down near 11%, near session lows, after the apparel and footwearmaker beat expectations but did trigger worries with some investors after reporting that inventory levels had swelled by 50% over the last year those leading to a 10% to 11% in that stock and let's look at shares of cme group, near session highs. the futures exchange operator, and reported that average daily volumes were trading grew by 6% over the last year drew in part by surging demand for interest rate related futures and options products keep an eye cm etrade. >> a volatile rates player now, to the a.i. wars developing between microsoft and google if you haven't seen it, alphabet shares are down about 8% today

after a glitch this morning. >> apple shares are tanking after revealing details about its a.i. search product a day after the bing announcement. google's a.i. said the new james webb telescope took the first picture of an exoplanet. that's not true. the first exoplanet was in 1992. google didn't say when its search product would launch. and its barred chat bot is in preview. you have microsoft rolling out the bing product right now jordan novak from cnbc.com called it supercharged and provides a lot more information than traditional search. it's still early it can be anyone's game. >> i tried yesterday >> you can sign up and try it right now.

you have to apply to try it first. >> how does microsoft take advantage of this? and why do you think investors reacted so skiddishly, to put google shares down 8%, on a pretty small piece of this promo they were running, tells you what about how important this is right now? >> here's what everybody missed, after everything went down, there was an earnings call with cfo amy hood from hmicrosoft. they are going for google's lunch. they are going for google's core search business. a couple years ago, they bought this ad tech company that they are using to do the netflix right now. they are going to use this product and really supercharge it, kelly. this is our revenue opportunity. we see a huge, addressable market that we can finally get in on, by differentiating our bing product from google and other search engines not only trying to take a slice of the pie here in the digital advertising network, they are

trying to get on the growth they see ahead. >> what is google's answer to this now and how much they already had the public perception, trying to throw all of the resources on this now, they botched the rollout. what do they do now? >> everyone is scratching their head now they rushed this out today this week, to get ahead of the microsoft advance. they got i wrong and they did it as soon as they could. this is the result of it i'm expecting to hear more google i.o., in moi, the big developer conference maybe we'll get a clearer picture of how good or how it compares to what we're seeing on the microsoft or bing side but for now, it feels like bing is ahead >> well said thank you very much. the i.a. push has investors running to any company they think is involved.

looking at some of the chip names to watch for >> thank you, ty the race to provide chatbots has data and models that i don't understand but a lot of the programs to quickly generate human-like generational output, which means data centers will face increase power requirements and many firms will have to upgrade to compete and that's going to be a boom for certain chip names that's why we've seen a lot of price action in these stocks as of late, over the last few weeks or so. let's start the obvious player, the first one on there nvidia they are known to dominate the a.i. market. and the stock is up 53% year-to-date, up 15% in the last week or so it's set to release a superchip that includes central processing units and graphic processing units, capabilities. and that's going to come in the second quarter of this year. another competitor, plans to

release a similar chip by year's end. and i know it's two popular ones but what about tarradine you can see the share price is down today, and after a last little while, has climbed higher, as well as am amarela. >> the question is, there's a lot of softness in the chip area demand is low for p.c.s and things like this will a.i. boost demand for some of these companies for chips >> not in the near future. you think about the data centers. they are going to put the orders in, just a few quarters from now. we're facing the softness from everywhere aws, microsoft, i'm naming big tech they talked about revenue declines we've been concerned about cloud weakness, as well. that plays a big role on the chip sector.

that's why many chip names have said that they're seeing weakness in the first half of this year. if we're talking about chat gpt, it's not going to stop that soft weakness >> it's not going to bail them out. >> exactly you saw the run-up on the stocks it's going to come but not overnight. >> thank you very much let's turn from a.i. to the big earnings report after the bell today disney let's bring in julia for a look at what to expect in a very high-stakes moment julia? >> a high-stakes moment, indeed. of course, disney is reckoning with so many of the issues that we've seen impact other media companies. but the most important thing, in today's earnings, actually what ceo bob iger says about his plan to reorganize the company and cut costs. this comes amid a proxy battle

with nelsy peltz this comes to buying out hulu and how it prioritizes espn and sports rights. disney's project is going to grow 7%. and earnings per share is expected to decline by 26% disney's subscriber base, analysts expect it to shrink on price hikes. analysts expect that disney plus sur vscribers will fall to streaming subs of 241 million. we'll see what update that iger gives on streaming targets >> it's a good reminder that they are kind of choosing to do higher price at the expense of higher subscriber ads. we saw a great response to what netflix said in its quarter. i just wonder if investors will reward this idea and nelson , he is he pushing

them towards the higher price, meaning less growth? or would he like to see that equ equation flipped around? >> i think it's in profitability, and not growth at any cost there's two pieces to that one of the piece is pricing and the other is spending on content. that's a key area to watch if he says they'll be more judicious about how much they are investing on content and whether they sell some of the content to other streamers disney has been very much focused on putting its own content on disney plus and on its own streamers. that's an area to watch. when it comes to profitability, the parts division did so well last quarter, it will be interesting to see whether it can maintain that kind of momentum in the final quarter of the year >> we don't focus on it. but it helps when it's not hurting. thank you very much. julia, thank you very much to china, where they are reacting to the state of the union address last evening

president biden saying he is committed to work with china but referencing that balloon incident, saying the u.s. will act to protect the country eunice, how is this being received in china? >> in a much more muted way than you would expect, ty the chinese have been downplaying president biden's critical remarks the foreign ministry today, called on the u.s. to be objective and rational, they say, while arguing that a responsible country, will see this relationship as one of opportunity. there's been speculation that the chinese may be reluctant to be seen as personally attacking president biden because of his relationship be president xi now, the more muted response comes amid the row over the balloon, which the u.s. alleges is for spying. the chinese denies that president biden has described a threat to u.s. sovereignty and that description really hits

a sore spot for the chinese, who have been striving to present themselves as the one that upholds international rules and is a champion for state sovereignty globally, as opposed to what the chinese have hinted at, as a u.s. that interferes and opposes western values the chinese have not, in response to president biden's speech, referenced the balloon but did say they would defend firmly, chinese cavernty >> quick question, changing gears a little bit it's early in the morning there in beijing right now now that the chinese lunar new year is over, what are you seeing about the vitality, the reopening, and the economic activity in beijing and elsewhere in china >> based on my impressions, my first impressions coming back

recently, to china, there is definitely more economic activity compared to the zero covid period i've seen traffic jams, which i've not seen in the past couple of months before i left. and also, the restaurants are open late. stores are staying open, as well people are out there shopping. there's a concern about catchin covid, but not as bad, from what i understand here in beijing, as compared to a couple of months ago when there was a massive surge. that's subsided. difficult to say what's going on around the country, where the pandemic is going on and we don't have a lot of clear data at the same time, there's been a lot of discussion about economic recovery, but also a lot of dilgs cushion about the years of lost income from zero covid. that's affecting spending. i think it's being borne out in the numbers we're seeing you mentioned the lunar new

year the travel numbers looked good the government said it was 90% of prepandemic levels. but the consumption levels haven't been as great. the lowest in a decade of smartphone sales and not a lot of discussion about a recent discount by apple for its iphone pro series. $100 off but people aren't really talking about it that much i think that tells us something about the way the consumers are thinking >> as we get more reports about spy balloons making their way around the world, what is the narrative about this issue the narrative is it's the u.s. overreacting and the chinese are in the right. and this is just a weather balloon. >> all of them are just weather balloons >> that's what they're saying, yep. uh-huh >> all right have to ask. thank you so much. it's good to see you again we appreciate your reporting today. coming up, stocks falling today with the nasdaq leading the way lower.

up next, we will discuss the earnings picture and if the numbers have now become more important. the earning numbers, than the fed. tesla in the green today up 60% so far this year. and now, the model y is the new king of the road in california more on this milestone coming up on power lunch will calculate. right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate tax calculations guaranteed. the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first.

welcome back to "power lunch. the fed. cy remains in focus. let's bring in jack edmon. good to have you with us chair powell has been talking about disinflation but you don't think that inflation is going to bottom out until well into next year or maybe even -- do i have you right? 2026 >> yeah. i mean, if you look at history as a guide, look at the peaks versus subsequent troughs. that range can be anywhere from 18 months to over 36 months. so, to suggest that we're going to get to 2% inflation by the end of the year, is not just wishful thinking, it's going against history. if the fed is held-bent getting

a 2% number by the end of the year, and they will likely keep rates higher for longer, not looking going higher >> how much more until the funds hike somewhat is your guess? >> i'm going fed funds futures, somewhere between 1 and 2. i would hope it's only one this is a fed that wants to make sure they quash inflation and they are willing to risk a substantial earnings decline in the process. that's the weird thing while inflation takes 18 months to three years to play out, earnings between fed fund peaks and earnings trough is only nine months we could see substantial earnings decline while we're waiting for inflation to come down >> that makes a lot of sense,

jack what's the playbook then are you involved with equities during this period >> so, thankfully, we still have a fair amount of gold that we put in the portfolio last year, late in 2021 we have not redeployedit i like that the dollar is declining. that's an indication that most of the fed tightening is behind us we're going to look at nondollar equities as a decent entry point. we're not there yet. >> let's underscore that you're worried about a big profits decline. glad that you're in gold if you have to be in equities, go overseas, right >> yeah. >> overseas. and because of the inflation, we want to own u.s. companies, high quality, decent dividends that have a fair amount of price intolerance. >> chevron, that has a lot on

the list and mccormack, the spice company. you say the profit picture argues for investing in overseas stocks won't a lot of the same profit headwinds affect stocks in europe or elsewhere in the world? >> yeah. i think that's a concern and part of the reason why we're reticent about jumping in overseas relative to earnings, prices of international equities are trading at a substantial discount to those in the u.s., particularly in the large caps we're not looking for an earnings collapse. typically, recession is couple -- earnings coupled with recessions, decline between 15% and 30%. we're looking for a maybe 10% pullback in equities that's a far dry from the 5% plus that analysts have pencilled in so far this year.

>> jack, thank you so much great to see you, sir. >> jack, press it. solar flares and then fades. announcing plans to add u.s. manufacturing capacity despite all that news, the stock is down almost 4%. we'll talk about why plus, over the past few years, companies have made a lot of promises regarding diversity in hiring. have they held up their d enof the deal "power lunch" will be right back

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welcome back to "power lunch. time for a check on the bond market for that, we go to rick in chicago. >> hi, tyler we had another one of the auctions that was off the charts in terms of strength there's been a lot of them lately you look at a 24-hour chart of ten, you can clearly see how yields dropped around 1:00 eastern. also notice how we have been trading around the 366 level many traders using that as a pivot. i'll tell you what, last friday's jobs report really changed much in the marketplace. remember, markets are pretty good at assiassimilating you look at the chart that goes in front and behind, what is going on since nonfarm payrolls over $900,000.

you can see it on that chart and twos to tens are trading at minus 80 on the spread pearl harbor day, closed at minus 84 that was the lowest close going back to 1981 it is currently trading minus 80 it's getting close we need to pay attention to those inversions finally, august fed fund futures. we talked about the fulcrum. if you look at all of the contracts in the fed fund futures going down in price, once they start going up, that last one going down is the fulcrum. it was june for many months. the jobs report, it's now august and august is on pace for a new low close today, at 94.84. it has the most fed tightening of that contract ever. need to pay attention to these new information, markets assimilate and investors adjust.

back to you. >> everyone is seeing the low close. you're saying that expectations for higher rates are added high. what's pulling out across the rest of the market shares of nphase are down right now. but everything seems positive. a big turnaroundfrom last night, too, after the results. pippa stevens is here with more on what seemed like a strong quarter. >> it was a big turnaround overnight, the stock was up more than 10% there's a lot of interest. the volume is triple the 30-day average. now, looking at the quarter, they did report record revenue they gave upbeat q1 guidance they did say the u.s. business will be soft in q1, relative to q4 that appears to be weighing on the stock here i did speak to the ceo last night. and he told me that the european business is -- and this is a direct quote, literally on fire. >> i hope not. >> exactly but because of the growth there,

they were able to issue that upbeat guidance despite a possible slowdown in the u.s revenue doubled in europe during 2022 it is only about 29% of the company's business is international. 71% is the u.s >> it's great to think of these as key components in industrial sales solar? or is this a lot of residential, too? >> a lot of residential. they are expanding to commercial they have an idea of whole home electrification. the key product is the microinverter. that's the brains of the solar system it converts the current from dc to ac. there's e.v. charging. and management systems you can see how there's batteries and endless products >> is the war in ukraine the reason europe is hot for these products >> exactly a lot of people switching over to solar they have incentives to switch over and people want to make sure

they have power. >> get off the grid. >> and they want to be protected from crazy prices. when we saw gnat gas over the summer, nobody wants to pay those bills. europe is definitely the driver. >> pippa stevens now, to the cnbc news update >> thank you, tyler. here what's happening at this hour russian diplomats are warning britain not to send fighter jets to ukraine the task news agency says there will be military and political consequences for europe and the entire world those remarks coming after britain's prime minister is considering fighter planes as part of new support for ukraine. paris officials are calling for russia to be banned from next year's olympics in their city the mayor calls it a push for peace they're taking to the international olympic committee, which will make its final decision on russia's participation in the paris games shortly. another act of vandalism at a major zoo. the houston zoo says it found a

four-inch hole cut into the mesh fence of the brown pelican habitat. no animals were harmed and all have been accounted for. it's the latest incident at american zoos, including monkeys taken from the dallas zoo and another in louisiana there's a joke somewhere there >> i believe there was an owl that was loose from the bronx zoo here in new york >> whodunit? >> we don't know who did that. and the owl has so far eluded recapture. >> oh. want to know the details about the next segment, the who? tesla. the where? california and the wh e l dey.y? "power lunch" will be right back ♪ maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank,

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welcome back in the country's largest automarket, one brand is reigning supreme the tesla model y becoming the best selling vehicle in california phil has the headlines and the implications phil >> i think this is a stat, when i mentioned it to people, more than anything, i hear, really? the entire state this, is the most popular vehicle and then, they step back and say, i realize that california

is more of an early adoption state when it comes to e.v.s i shouldn't be surprised and the model y, it's in the heart of the most popular segment, that small suv crossover utility vehicle segment. very popular across the board. not just in -- if you wanted to go electric. but if you were going internal combustion vehicles. the model y is now the number one vehicle in california, by a wide margin. they sold 87,000 last year next closest, the model 3 at 78,000 and then, the rav4, at 58,000. they're ahead of everybody in the state. >> i heard that the model y is top selling in europe. do you know any details there? >> the model y is the vehicle that drives sales more than anything else for tesla. here in the u.s., in particular in california, or in europe. that is the segment where people

want a vehicle right now in the crossover, small suv segment. it's not large suvs. it's not in sedans look at the choices, tyler in that segment, what other choices do you have? you can mention the mustang mache, and look over, is that a crossover? it is a crossover. but other than that, there's not a lot of choices that plays into the popularity of the y. >> what are the prospects of them achieving this status in other states like texas, another big market, prince for instance >> very good when that comes in for that vehicle. in texas or florida and other states, you have factors that play in. you don't have the e.v. adoption one out of every four sold is a tesla. they gravitated to e.v.s long

before texas or florida. those are the top two states when it comes to e.v. adoption will the y be number one selling in texas or florida? long ways to go. i'm not sure that happens. >> my eye check around the new york area, if tesla is not the top brand, i'm talking about all models, not just the y if it's not the top brand, it's number two or three. you see a lot of them. where do they stand in respect to a pickup truck? >> is tesla talking about do they have a pickup in coming out? >> yeah, the cyber truck they have the cyber truck coming out later this year. it goes into protecduction this year do we see them in large numbers in late '24? w we do. and that should help in california the cyber truck is not a guy

that's going to own a ranch in the middle of kansas you're going to sell it to somebody in southern california, looking for a lifestyle vehicle. looking to make a statement. by the way, southern california, largest pickup truck market in the country. >> why wouldn't it work for a farmer in kansas >>y v you seen the cyber truck >> yeah. it's not a traditional looking pickup truck that's the main reason why >> that's the main reason, okay. >> the other thing to keep in mind, rural america, extremely brand-loyal when it comes to pickup trucks. my daddy had a ford. i'll drive a ford. he had a chevy, i'll drive a chevy. they stick with the brands you have other lightning and pickups on the way >> and rivian has their series, that's been popular. does the cyber truck have towing

capacity to speak of the problem with electrifying trucks is it takes incredible battery capacity to move things, big loads that would make it more functional? >> yeah. it will have towing capacity have they released the specks yet? not to a point you can say, i can compare it to models of bigger trucks. it will have the towing capacity >> i'll be honest. i want to drive this >> a truck >> the cyber truck if it's out, i can't wait to see them on the streets. the ability to get it to market - >> hold your breath, kelly how long have we been hearing about the cyber truck? >> a long time >> if it goes into production, you'll see numbers where you can see a cyber truck, mid to late '24. >> i lost track of it. we talk about it for so long i have not seen one. obviously, i haven't seen one because they haven't been produced phil, thanks appreciate it. milestone in california.

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wen we think about black history month and the role that the united states have made for making the most productive country in the world, we have to understand the role that blacks have played from agriculture revolution, the industrial revolution, the manufacturing revolution, the armed forces and on and i think it's critical, that all americans understand what we have meant to this country i think it's particularly critical that young blacks understand, where they come from, where their people come from the sacrifices that were made.

>> that was luke capital chairman james rents we're celebrating black heritage with our teammates, contributes and leaders in business. and given that focus and refl reflection, we want to check in and see if corporate america is living up to promises of more equity and inclusion in hiring our frank holland has more frank? >> we're in america, where a quarter of tech talent is black. that's san francisco, austin combined many companies announced plans for atlanta offices and committed to hiring black and diversive employees. we confirm firmed with walmart, cisco, and airbnb, they are moving forward with the plans. and so is visa we're in the new atlanta office, where they hope to have 1,000 employees with a focus of hiring black workers.

i'm joined by visa executive chair, al kelly. we've seen the belt tyightening in tech. but visa is hiring how important is hiring diverse people and the opening of this office for your vision of the company? >> we operate in 20 countries and territories around the world. i want our workforce to electric like the world population. it's very important to us. when we looked at our footprint to the united states, and our desire to increase the number of blacks and latin-x people that work for us, looking at california, very georgia, there's five-times higher black population in georgia than in california so, this looks like a great destination. when we started to talk to fulton county and state and the city of atlanta, we realized it was a fantastic place to come. we're having great early success. and we will be continuing to hire and looking for good talent

to join our team in atlanta and around the world >> with your chief diversity officer the other day. she says the city has a pipeline of talent in including at the colleges and universities. in general, that's an untapped pipeline how do you see yourself in the company, tapping into that resource >> we are already forming relationships with many of the colleges and universities here in the greater atlanta area. and we want to do things to help them we want to become good partners. we want to go on their campuses and educate their students and also want their students to come and work for us. so, this incredible number of schools here we plan on being partners with as many of them as we possibly can. >> all right i have to ask about the headlines when it comes to artificial intelligence or a.i a lot of talk of a.i. when it comes to search and for cloud. i know visa uses a.i. when it comes to fraud detection and cyber security last year you have 27 billion in fraud

with a.i are there other functions with a.i. that you plan to explore? and will visa join the a.i. arms race >> well, believe it or not, we've been involved in a.i. for 30 years our first a.i. application was in 1993. it's something that we're quite familiar with. and obviously, the trust in the ecosystem of payments is so important. our focus is to try to reduce the risk throughout the payment ecosystem, at visa and in the greater industry of the movement of funds for commerce or for any other reason and a.i. plays a very, very important role in that and has been a proven commodity, a proven capability, to reduce the amount of risk and fraud in the system critical is being responsible and using a.i. and i chair the technology committee at the business round table. and we developed a set of principles around the responsible use of a.i two things i learned in that process. there's an incredible amount of

industries, a cross section of industries that are using a.i. in amazing ways that are helping to advance the world and corporations are very serious about the fact that we need to be very, very responsible when we're using a.i. and that is certainly what we're attempting to do at visa every day. >> al, if i could jump in. it's kelly back in the studio. thanks for joining us today. i have a question about sort of visa as a tell on the economy right now. if you go back and look at 2008, as late as april, executives at the time were saying they didn't see a slowdown, even though we had been in recession. can you talk to us about what you're seeing now? we saw the latest quarter, very strong in terms of payment trends is there anything now similarities or differences, that tell you about whether the economy is slowing down and possibly heading towards recession? >> thank you, kelly. first thing i would say, visa is an incredibly different company in 2023 than we were in 2008 we have many, many more debit

cards, which tend to get used more in tougher economic situations, where much more focused on everyday spending, which tends to continue to hold up quite well in many, many economic cycles. we are seeing travel come back after this -- we never had a situation where a three-year pandemic tied people down. and i think that people are very, very anxious to get out and see relatives and check things off their bucket list they weren't able to do over the last three years i said last week that the consumer looks boringly consistent and that's the case we are watching closely, kelly we don't see anything in our data in the united states or in any other big market around the world, indicating that the consumer is softening. but it's something that we'll continue to watch very carefully. we know that there is some movement away from brands to

generics in some cases, people are spending more on the day-to-day needs and spending less on discretionary items. we've had fuel bounce back as the prices come back down. it's less burden on consumers to buy gasoline than it was four or five months ago. so, so far, we continue to feel quite good about how well the consumer around the world is holding up, kelly. >> al, we're going to let you go one quick follow-up. is visa exploring mna for possibilities? >> we're looking at companies all the time we're never going to comment on specific things we will look at. but dprout through acquiring people and resources and technology is something that we have proven to do over the course of the last five years. and in a fairly big way. and it's something that certainly is on our radar screen, as we continue to look at capabilities that will make our clients better and smarter

and help protect consumers >> visa executive chairman, al kelly. thank you for joining us back to you. >> thanks for bringing that to us, frank. frank holland. is chipotle losing pricing power? after months of slowdowns, the company is seeing customers wind back potentially we'ltrth cl ade atustomers wind back potentially. we'll mention that and other names in today's three-stock lunch next but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

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welcome back time for today's three-stock lunch. we've got big earnings movers, including chipotle, moving lower on a rare earnings miss. the cfo saying they didn't see a pop like they normally do over the holiday period y yu y uber up more than 5% and the software company beat fortinet beating on a bounce let's bring in president of nations indexes to trade these names. welcome, scott we've got to start with chipotle what do you do with the stock? >> it's a sell they missed on every important metric, revenue, eps, same-store sales, and we are in the bull's-eye when it comes to wage and price inflation. the company says they want to

add 15,000 employees by june, and all that's going to do is increase labor costs for them across the board forward pe of 39 means that they have to grow way too much to be worthy of that pe. it's one and a half times the valuation of both mcdonald's and wendy's. it's a sell. >> how about uber? >> uber is a buy, which is a switch for me. they've now been able to raise prices and get the profitability. they beat on both earnings and on revenue trips are up 19% since this time a year ago it's not cheap, by any measure the forward pe is in triple digits the chart is not particularly impressive but it's a really fascinating, intriguing company in a growing space >> so far you're going with the market here, scott surprises on this last one what would you do with fortinet? >> i'm not going to go against the market on this one

bigge bigger gainer on the s&p today, beat on eps and revenues and guided higher. market loves it. s cybersecurity is a great business to be in. the growth has been fantastic. it's deserving of that forward pe revenue growth over the past five years has been 23% a year ebitda growth over the last five-year period 40% a year. so you're saying a growth multiple and you're getting the growth. >> scott nations, thank you very much for joining us. changing his mind on uber. let the traders hit the floor. retail trading hitting an all-time high. quite a different take than we heard a couple days ago from the "wall street journal." we'll take a look under the microscope next. ng on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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new numbers and retail trading activity dom chu putting that under the microscope. >> the retail trader investor has never been more active and that's the conclusion the global quant reached. in a note to clients they point out that retail participation hit an all-time high in january of this year as measured by the amount of retail trade order flow as a percentage of total market trading volumes now, of course, this is all happening amid a backdrop where stocks had their worst year

since the great financial crisis in 2008, led to the downside by many of the most well-known mega cap stock names in tech, media and telecom. perhaps not coincidently, some of those beaten-up names are the best performers in 2023. what does that all mean? retail traders and investors are putting their shopping lists to work to buy some of these stocks on sale. that could be it or there could be a fomo trade that may have some market participants, guys, braving the stock market volatility. >> is this about trading a number of shares versus dollars? you're showing a percentage there. >> correct, total market volume. >> are players pulling back because they don't want to be in the market >> if you look at the numbers it's still roughly 23% of total volume so it's not like retail is overwhelming the market. what's more curious is the retail buying has been tilted more toward names like amazon and apple.

curiously, though, amid the rise in the stock so far this year to date, tesla has been a net sale among retail investors so something to watch out for. >> even as they're buying the cars, especially in california thank you, dom we always appreciate it. >> you can almost afford a car with the price of the stock. >> thanks for watching "power lunch." >> "closing bell" starts right now. stocks pulling back today with the nasdaq seeing the sharpest decline it's down around 1.5%. this is a make or break hour i'm sarah eisen every sector is down right now what's getting hit the hardest, technology and utilities at the bottom of the market consumer discretionary, staples, right down there with it the nasdaq in the eye of the storm. alphabet, amazon, meta and costco the biggest weights tesla is