live from the new york stock exchange. a triple play. first, the ceo of honeywell joins us with reputation lifting its forecast as its aerospace business continues to soar. meta's chief commanding officer her frisco since taking on the wall. he said stop searches on the walls, and stop. a pulse check

on the housing market. >> let's give you a quick check of the stock market. nasdaq, off its highs in the morning, but still outperforming there of almost 1%, driven by those meta earnings amongst other things. the dow as melissa told us is looking for its 14 days, first day since 1897, and is a broader market of 8% of 1%. >> why do you think that's expected quake reich. what is next sparkly. the majority of knee, so they cannot sponsor goal impacts. this would be no life hike as a sacral i think it's over but mainly because of valuations. of course, markets can stay on longer than they can say oversold. but it's really hard.

even if you look at the auscultation's expectations for earnings next year, you put a 20 multiple to that. you would not say your anxiety has note sheet. it seems like the path of least resistance and a market. >> on you will you say to investors the same while entire. things are drooling at this point with buckets where they are, though it is promoting fresh mike to serve money. i went i wouldn't put extra work in areas i have passed the most. i don't know if you're getting paid for any sort of potential risks they are the now. there does seem to be rotation toward energy, financials which is good for the overall market. those look more a lot excited because they said.

>> jason, you are not alone in terms of being constructed. there are quite a fix on teeth. it strengthens the rally. but no, what does it mean more than halfway through. >> i did not anticipate that. great question. profit margins have come down, but not enough to force companies to lay off workers as we thought, so you still have 10 million job openings so the late market is tell died as a drum, and there were claims firming up and the office of clay work. so that is one thing. will he would not, s&p 500 were essentially flat before silicon valley banks fails. it the other day. at the fed, tide has thus quantitated money to its balance sheet, then it took off cause i was kind of pause, yet.

in the coverage, where a lot of people were expected to slow down. those are two big things i would say. >> but not enough to push you off where you stand, which i'm sure is hard when you're growing third. >> sure. you don't want to and does having programmatic is a very awkward problem. >> used to play balls a lot. i don't think there's a lot of market at the value of these levels. that's what i would say i'm looking at some of the other segments that have not participated as much in the way we play it >> across it with this old theory stuff a credence at some point. it really put out of the reason for the txdot, as of those txdots do not have stretch evaluations compared to the market. >> can you talk about the

magnificent seven. >> i hate that term!. it is a great movie. i'll have to explain that. those are in fact great. they have been great when you call the one i turned. >> the good, the bag, the ugly. i think the theme of those can be very good there is a whole lot of awful good absorb itself into russian 2.0. those companies are still very wrist is very much work because of cost of campell is so quiet on. those have been so different because they have so much cash that they can support so well and report your lunch. >> you are in the big temp as its events perfective again, when i put a lot more money and

working to try world walker sauce in the video, probably not , but they are magnificent in that regards, brate. it doesn't leave a lot of error in the room with your wrong. thanks for having me. i appreciate it. >> tech may be having a good day on wall street, but it's not a pretty day in the industry for washington d.c. our emily wilkins has more on that for us. >> i don't know how the people in the capitol are calling the magnificent because the rift between digg tech and capitol hill is widening to the point it's bridging the divide between republicans and democrats. senator elizabeth warren and lindsey graham are introducing a new bill today to create a five-member commission to oversee tech companies. the regular coring sprue potential mergers, and limit how personal data can be used in targeted advertisements. we are told in this statement many companies have exploited

consumers data, invaded you this property, and that they have stomped on competition and the economy. is the banks the only one that is voting on a house this afternoon whether it will hold mark zuckerberg in contempt of congress. a letter to const victor accused of medico of making down , but the white house. they will fly. . the committee has received more than 53 pouches of video to the kennedys while someone is holy in contempt of congress, it will have medium questions, most mercury killed five politicians ceos. . this let's night, voted on a red making its way to the volt at 10:00 . digital aspect that tried to bid up a framework at tables going to worse it

directly security, commodity. that's why we've seen by the financial services committee and agriculture take up the spill, and he actually saw bipartisan shutdown. all republicans voted for it, but you did see a number of democrats come out and say loo . if we don't give the u.s. some sort of structure on these digital assets, the user innovation. and that this was a good first step. a message from the shop from ranger powell. putting more pressure on homebuyers when you are pretty as. we will have some talk radio moda center, he said that with the company's chf fincl ienaia officer with our ever first tv afternoon. that is coming up this afternoon

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this higher as someone posted a bead on the top of the air storming the first on scene of a first debate. come on. great to have you. delivered to 225 homes in the correct. there are told 2%. tom's. dear investors i would wonder. >> good morning, david p on this morning. i have seen that we've seen that's really going to read. i think you really have to loo . i we had very language of da . and the reason college guy, john just a month kl access and

the demand we are seeing for dell ons. i think you have room to find a run asked turn of booms homes as being sold that i believe all-time highs, given this lack of inventory? dr. turned thinking as far as this breaks the. >> you're exactly right jamie, but were seeing david sent, which is more than double what we have seen in the past. once again,, you look at the lack of inventory and what we are calling and the lack of affect that resale buyers who ascension with his heart breaks i think something by the family with two thirds. i going to pull out persimmons. i put some difficult to monitor

self. for something with an interest rate a double. that anything i think that's adding title with the new home elevators, there across the strange. he's had a hard life i don't expect him. he does matter bends. we're making it very trip times. because they were come by. >> you mentioned so many highway when that breaks, will she look for moyers to go to those. you see people putting their homes in the market people seeing some of that. >> i can hope so. i think we see more supply homes in the north fair given that actually had a fan. i was between a tenant of the meet. i think we're going to have rates. just remember i think. just under 7%.

we're seeing back and recognize in the admit that high five scott sexual repacked as off of it just goods had to get our system, melissa, i think you will start to see inventory loosen up, but we have been building in this country more than 15 years, so once again, we are supply and doing our stuff to submit our numbers you want to see numbers between summer and three millimeters. given melts, i'm going to read up on me. is there any real relief there or what can you do to mitigate some of those front-row labor shortages? . what we saw let's year for the law so they could squirt theirs and capped materials

being clark tried and crushed entire train, and that actually gave is to the labor challenge because i wanted materials like gunshots. sitting out predictive family will retire. because we're not. when i'm good shave compared to loan me out. it's helping labor are seeing some benefit on the front end of the construction schedule but i would be saying on the skill side this is a casual rich expert that will make us a different perception that provides our government over the thing that we love the scene can we have to catch up. >> arts evan moore street and general suffered. is in a good you have this lock in a facts,. very tight supply and demand

dynamic going on existing home meyer. therefore, you can build new homes, you walk us through this scenario for the homebuilder as far as mortgage rates or wiring slams because it would seem you guys are benefiting from people being lost in those normal rates . you're absolutely right. i think there is a renewal for a number of reasons, you lucky affect if we're late, other than that, we do horse earring , doors for help. lots of different regions. we're seeing personal diapers be prepared i want my first child. when you look at the stock we have across the country with a 100 degrees summer, there something over four years so i think the consumers are conferring you. once again, but i think we all a strong housing professional

country. we are debiting to do our keep rising to 6:00 a.m . this amount pacquiao shelton out outdoors to environment when you give incentives it's rates. >> i think that will aid the resale market as well because i think customers recognize, he's not going back to 3%. he is going to checks. you're so good to see you son with the ceo of meta to the stouchsburg assaults resorts out of massive 160 acres seven run long here watching chipotle. smart down you see almost this percent of amoco record. they

are not really have other types as well i'm dealing with worst days in the march of 2020. let's check on the dow one more time up you're just holding onto that gain. kelly makes it though the wind hi he will be here to acquire of forbearance right now. i have to watch the officer closely as well. stay tuned. gold bond. champion your skin. detail take precedence

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san francisco, of course, as many viewers know, was hit very hard by the pandemic. it seems historic vacancy rates in its office buildings, i

think more than 31% according to cbr rate. we're about to sit down with san fran's mayor london breed, to discuss how she is bringing workers back to the business district there. >> it's complicated. when i sat down with mayor, i wanted to address a few things really on the opposite ends up as rectum. want, the hope generative ai which we spent so much time talking about, the hopefully that will be the next temp room, which is happening. tesla is how to 20 of the best funded ar it does a grieved and paces that. by two how did those companies stay here and that other well taxable cuts don't deserve the city. it also has to do with many of our students off the probably april has unit. here's part of our conversation. perfect i speak to ceos who are

actually moving back into the city. they are leasing space. thousands of square feet being trying to feel like they have finished. they looked like a well. essentially, it's lading with a number of ceos in san francisco talking exactly about both a crime public safety and the specialty of costly doughnut doing business in san francisco could you are not wrong. when we're looking at experience cementing, we are taxes like many other major city. it's almost criminal because in the past five years since 2018 kia for all kinds of things, and it punishes people who do want to come to the office. most of the people who don't have employees in the office. they are saving money they don't have to pay the city for. next year we are focusing on a

ballot measure to reform our tax system are community and city agencies are going as a part of that effort because we made a lot of mistakes. i asked mayor breed which specific taxes she would get rid of pc real pull for the taxes task and says he's open to a discussion on proxy not as tall as nick sex that have decided about the big personalities and mexican. it strikes packed in paulson who is close to it. the stakes are high more than a year of that election. mayor breed is operating challengers. does he have the city council to back on her some of this juice. if she wants to make them. you want to bring that to the voters , it is voters, because of opposition from supervisors, but folks on the ground say she's got support. the. from four debt three paula

steps and mayor breed to his flip-flops a little bit on some taxes, some policing and budget there. everyone that lives her , but the business community they want. >> next year. in the back half of 2024 you don't let me stick my shady self . the amount of sows and sees face. more than a lot of had. levi strauss air. it will be in east deering or three rush to the kuiper keep rotation that says san francisco has received over the past year. especially post pandemic. the homelessness, the crime. you see that on the streets, but you also see the hope generative ai is providing. we let you go visit. one of the biggest generative ai startups that it was buzzing on a thursday. they put wash

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customer are among employee who has been contacted by the ag's office it, which is the advanced technic some siebel ecology. the subject of numerous problems are the years. back over to you. >> small smith on fails. i'm sure there's base up 20%. if it's airspace, it's got to be morgan greenwich. anyone a cal after. it's great to speak with you. this is the first earnings with you at the helm as ceo since he took over in the beginning of june. i want to jump right in the specifics recently, and that's the faced lower and, they are both for sales and earnings. analysts are pointing and saying it's putting a stock under pressure. what are you saying in real- time across your portfolio, across the world right now. >> i would start by saying refrigerator has pretty good results for kids to be on the upper island of or reach and

for. very strong cash flow up to 34%. our backlog is up 5%. we are pretty pleased with the results be looking ahead, i would say, we feel good about 23 and look ahead for 24 it is still pretty strong, aerospace and paint. is no reason that you've got the things to come... most of the companies in that segment, our energy business,

entity segments are extremely well performing. where we see, you know, requiring recovered is in the short cycle. is a portion of our business in the short cycle. the numbers have stabilized, and they are hoping things will happen in the next few months ahead. >> in terms of the long cycle, aerospace is part of that piece of the puzzle. organic sales, 16% let's quarter . strength and particularly aftermarket it would seem and the commercial aerospace, part of that business, but also seeing some acceleration, if you will, in sales and defense could walk me through how strong aerospace is right now, and how far do you have to go in terms of this gross. >> aerospace has grown here a long time, more around supply chain. there increasing our volumes were up 20%, and we expect that

friend to continue and maintain a strong first is it too that the 20. 2024 it is here for a long time. >> okay. automation of equipment, you sell it to warehouses, as the industrial segment. that's been an area of softness, weakness. going back to the short cycle starts of the business, is there an area you are seeing stabilization. >> ai automation, it does it touch the breeding automation and warehouse where they have seen softness since ayer pill has been conversation. they were doing 20 point 2021. other pipelines for the new opportunities remain pretty strong, and we expect orders for the latter half of the year and a strong performance for us

in 2024 get if i take an order, team automation keeper honeywell , they are doing the whole business and products in buildings. they are doing extremely well. the team of automation is here to stay for several years to come, and we remain bullish on that. >> you've got honeywell for number of decades, but you did take him as ceo at the beginning of june. what do investors need to know about you and your strategy and vision for running this multinational whammer it? >> i would say maybe three things. busted, honeywell, norm. as we have recommitted our pollinators for the year. this is something that we will expect and i don't expect to change. what the thing first day is to make it more growth oriented. our organic growth is clearly

my priority, and second, how do we work on a portfolio. it can be refreshed more. there should be acquisition and diverse, sure. to align our portfolio to three big teams, anyone have a idea? that's my priority. how we make our four loyal more targeted for years ahead. >> your successor, i guess, predecessor i should say, darius adamczyk was focused on his tenure in digitization and software. we had conversations about that kid how are you thinking about tech innovation you point how does it fit in the vision you laid out? >> tech innovation is a big part of our priority. software, offering something face is a problem get secretary and customers have things to work on cyber community, and that is the performance, and

that's where we see software being a meticulous part of our strategy. it brings a great opportunity for us. we can see newer ways of applying air and mission. we saw air. they are defining it as industrial automation. yet to be more chuck phil on marquez assist. 100% automation through ai but that she will throw the top. this is something really good at that we're going to work with our company to do more growth using that. look forward to hearing more about that as the applications continue to evolve and get applied in real time. vimal kapur, thank you so much for joining us in your first broadcast interview since becoming ceo of vimal kapur. >> thank you very much. talk to you soon. bye-bye . not only ai manufacturers,

but looking at aerospace this facility, this is a big trend emerging in our season right now overall. which is this ongoing professional space are basically , on the defense side that you got to see all the demand, all those defense dollars from their u.s. and allies beginning to make their way into the back logs . the sales results we are seeing for defense contractors, case and point, the latest reporting, even though that stock is under pressure, but aerospace, real strong. >> why is it a relative underwire in the past 12 months, a day, et cetera >> this is a portfolio that spans blunt truth and spans different egg markets, while aerospace has energy, and these are longer-term trends. short cycle businesses which are tied

on real-time. economically speaking, and we know the industrial part of the economy, not just the u.s. where you had more magnification dated the has been on contracts and for many months now. sort of speaks in tart for that speech from goods to services there was not a lot of high expectations for this report specifically going into princeton, that's why i've seen treasured that as much because it's been an relative other performer that's really sticking out and analysts' reactions. morgan, thank you, morgan brennan. >> that is up sharply this of the resorts. getting a boost, of course, very long whether. his chief financial officer. it is the first on cdc. you're not going to want to miss this interview. nce

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shares are up sharply after a strong quarter. top and bottom line for the second quarter, issued better than expected guidance for the current quarter, and that's thanks in part to a rebound in the ad market, or at least a rebound for meta. the street reacting as you might expect. wells fargo, they said they were

, quote, wrong about meta your j.p. morgan has a year end target now that is 425, sanctify ramped up costs, there is still earnings upsides to come. natives who were less sure, retaining. tell us investment become a free to in taber, d away. she has a special just, so i'm pretty sure she would like to carry more. >> i'm joined by meta ceo susan lee, and in fact, this is your first tv interview since you've taken the role. thank you so much for having me kid it's great to be with you and the hewers. >> we just heard from david some of the various may outperform expectations, also guiding better than expected results of the third quarter, other than just the ad market. . yeah, if you don't mind, i told first, as you mentioned,

it was a strong quarter across all our user engagement metric . we obviously saw a re- acceleration in rab avenue that's in part driven by the fact we have seen the broader macroeconomic landscape stabilize after a very rolos willful let's 12 to 18 months . the second is we're seeing our year efficiently where someone is more important to us we have a cost structure that will enable us to deliver consolidated works going forward , and more importantly and build more products and ship faster to people who experience this, there are a lot of places we're still looking to invest into the as attorney for. that includes our investment in ai which are going to flow from extra infrastructure costs. that includes hiring top-tier technical talent as we pivot our workforce to be more

successful. our reality and must word. i want to dig more into these expensive and invested, but first, i think we should take more into the ad market. has been so much concern about an ad winter. it sees that you see things turning around in gross awaiting, but you are easing comments. what are you seeing more broadly in the market right now. okay. i'll say what we are seeing right now we've seen simulations the dads market. think one of the vehicles are works to e-commerce retail cpg, seeing strength in some of those numbers, we feel like that's optimistic, but you know is a range of possible outcomes. if anything, i've been all the big fluctuations in demand i've

seen over the let's 12, 24 months to where there is uncertainty in the future. explain to us how that's going to impact the helpline. we heard from microsoft about the partnership. and he said that not gonna boost topline portfolios. some of these impacts will in fact either the advertiser, consumer experience, or me -- a lot of our core ai work has been powering or recommendations were our ranking work, the discovery engine we have talked about, and that's driven both engagement growth for us. we talked on the call about how we are seeing real growth and incremental growth in particular come from recommendations of content from accounts you did not officially follow, so that's been a major driver for us. of course on the

outside, where we fessing a long time, making our ad systems more performance, more venturers can we also are now investing in jan ai work, and this is a place where we feel like there's an opportunity ma experiences to people who use our products in terms of the organic content experience and then also, of course, to help businesses communicate quickly and more easily with their customers. we're pretty excited about both those things the gen ai work is newer and we don't expect there will be meaningful impact in the very near future. it's very early and it's a really compelling opportunity. >> and i understand that this is an area that requires quite a bit of investment, which is a good opportunity to pivot to this conversation about the year of efficiency and yet this talk about growing costs. you just increased your estimates for how much your costs are going to increase this

year and then an outlook for more spending next year what is behind this and how do you reconcile cutting costs and also invest? >> the year of efficiency we had a lot of hard decisions and it's been a challenging time for the company but it's put us in a place going forward we feel we'll operate more nimbly. you mentioned we raised our expense guidance for the year driven by legal expenses that we took this quarter and flowed through the rest of the year n. general we feel good about the work that we've done to position ourselves, i think, more nimbly going forward. having said that, as we look into 2024, there are places where we're going to want to invest because of the opportunities ahead of us, and

so those include the infrastructure work that's needed to build out the gpu to build out our work, recommendations work and in the new gen ai experiences we're evolving our workforce to be more technical mix over time, and that will flow into our payroll costs and have reality labs and for the metaverse >> a lot of attention to your growing losses in that metaverse reality labs division. mark zuckerberg said, quote, i can't guarantee you i'm going to be right about this bet. he talked about how this is a long-term bet on the metaverse how do you address concerns the company is pouring too much money in a long-term bet with an unclear payoff when it comes to metaverse? >> i would echo market's comments yesterday on the call on this. it is really a longtime horizon

investment for us. a very broad portfolio, the vr work with the head sets. mark talked about how we're excited for the launch of quest three already this year. this is going to be the first time we bring it to a broad audience at a more accessible price point bringing new and exciting and compelling experience for customers to the market there's a lot of work we're doing to develop augmented reality. a lot involves fundamental research to bring those technologies to light. it's a very broad portfolio over a very long-term time horizon and reflects an ambition vision to build to the next computing

pla platform >> various analyst have is been adding up these numbers, the billions of dollars in losses. do you think there's an opportunity to start generating profits whether it's near term on augmented reality or through the head sets rather than making it a long-term play? >> again, it is a longtime horizon investment in addition to the mission and the products that we want to build, we're also doing this because, again, we think there is a compelling business case here over the long run we understand what it's like to build on other platforms and there are benefits having to control and be a part of the construction of the next platforms. that's an important part of what's factoring into our thinking here, too, and why we're willing to invest this much over such a long time period. >> i want to make sure to ask you about threads. threads is not generating revenue yet.

it was used as an example what can happen when europe rating in this year of efficiency. first, when do you see the potential for threads to be a revenue generator? can you tell us how many users threads has on a regular basis and when you think of competing with twitter, now x, in this landscape. >> threads we just launched early this month and it's early in its life cycle. the playbook really involves in the beginning focusing on the consumer experience, building out an experience that is valuable and engaging. and that's going to be a long and important journey to scale growth where we'll think of monetization but is years down the line we're focused on making sure there's a lot of foundational

product work we need to do we're really excited there's a lot of demand in the market for this. >> i hope you will come back and maybe we can do an interview in person your firstn't view since taking on the role as cfo back to melissa. >> julia boorstin, the dow, let's check the dow. it is still on a record breaking streak with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids.

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welcome back watching the dow very closely which is a departure for both me and david. the dow is higher still by 0.06%. it would be the longest since 1987 the biggest gainers amid the winning streak 3m, goldman sachs, boeing, jpmorgan and united health. market cap weighted.

>> it's been around for a long time we need something to compare to ge the only remaining dow component that is still around the dow is underperforming today and for the year that does it for us. over to frank holland for "the half." david, thank you very much welcome to "the halftime report." i am frank holland in for the judge scott wapner it is the busiest day of the earnings season, and we're tracking major moves as the dow tries for an astonishing 14th straight day of gains. melissa just said it, the longest since all the way back in 1897. our investment committee to break down the monumental move and where this rally could be headed for here. we have kari firestone, josh brown, jim lebenthal and rob sechan first, a check on the market at noon eastern