pricing power, i like the acquisitions and the stock down 9% year-to-date. trades at 11 times forward >> okay, jenny >> stanley black and decker. i bought this back may 4.2% yield right here. >> jason >> google. price action is overdone >> we'll see how it shakes out "the exchange" is now. ♪ ♪ thank you, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. our market guest made a bold call three months ago that generated a lot of blowback. it's already proven right so far. he joins us for a victory lap and what else he's betting on right now. they're young, they like to travel and they're buying into one travel trend to figure we'll talk to the ceo of the company that's been benefiting of it. home builders have been buying down mortgage rates to

make homes more affordable my next guest says it may be time for the government to make a move let's start with the markets, though back to session lows this hour over to dom chu with the numbers. >> just about deeply in the red right now, given some of the price action we have seen and certain key stocks within the market, the heavily weighted ones but to give you the state of play, down roughly 44 points for the dow industrials, 0.1 of 1% the broader s&p 500 is where we're seeing things play out down 48 points right now 4199 is the last trade there at the highs of the session, it was down about 15 points, down 52 points tat low. so, again, tiltding right around the lows of the session. 4238, that's the level the 200 day moving average, that longer term trend line that some traders are watching keep an eye on that. of course, the nasdaq composite is down 254 points, 12,885

that represents a near 2% decline, really getting heavily hit right now on earnings reports especially from big technology if you look at interest rates, we are now ticking back towards that 5% mark on long-term u.s. government debt. the ten-year benchmark treasury note, 4.94% just a hair below that right now remember, the cycle highs that we saw over the course of this past week, 5.02%, or thereabouts. so creeping back up towards that 5% level it has been a place where we have seen buyers step in, so we'll see what happens with rates there. and then i mentioned that individual story stock wise. a lot of focus is on big tech technology, with microsoft up 2.5% there is a 9% drop in alphabet both companies reported after yesterday's closing bell, both beating expectations, but due to cloud momentum trajectories that flee to alphabet's sownside. and meta platforms, out after

the closing bell today i will point out that meta in the options market is implying what could be an 8.5% move in the stock up or down that may seem like a lot, but over the last eight quarters, on average, it's been up or down a whopping 15% so it could be less volatile, even at 8.5% and by the way, kelly, if you are looking at some of those stats, i posted them all through x threads, as well >> alphabet, the third worst stock in the s&p right now my next guest is not shy of making some bold calls, like he did three months ago here when he said he would rather own verizon than tesla, a call that generated a lot of blowback, but so far that call is paying off, with verizon nicely outperforming tesla, which is down 19% since then. let's welcome back chris

>> thank you, kelly. >> it's only been three months, do you stick with it >> no, i think we're taking a victory quarter of a lap, and we're going the full year, you know, i think things are going to get more difficult for the economy and tesla is in a tough place. it's an expensive stock in a tough industry it's a tough road to hoe >> i take your point on tesla, but i'm curious how much upside there can be for verizon, or is upside, it doesn't fall another 10% and get worse. >> you're in a group that is out of favor nobody wanted a non-tech stock that wasn't growing in the first half but if you paint it a different way, this is a stock paying a safe 8% dividend, selling for seven times earnings, that probably isn't that economically sensitive. that's probably the kind of stock that portfolio manager also gravitate towards and maybe it becomes nine or ten times, and the stock goes up

while the rest of the market sr isn't. >> is that what you expect overall here at some point in 2024, is it recession or you don't see a lot of market upside from here >> i don't want to get over my skis, but all signs seem to me to point towards a recession folks want long rates to peak, including me, but the problem is when long rates peak, it's great for bond investors but not for stock investors. >> sure. >> bond rates peak for scary reasons. the economy is slowing and stocks tend to follow yields downward you know, back in 2000, the bond rates peaked in february and then the stock peaked seven weeks later. in 2007, the same thing happened so i expect both peaks to be coming in the relatively near future, and that scares me i'm not calling forearm armage,

but i am cautious. >> we talked last year when the home builders were trading at four times earnings. not there anymore and you have gotten out of that one but there is another one that is in that range now. my guest has given what you cited, you want nothing to do with it. but general motors is trading at four times is that cheap enough now that it's priced in all the potential head winds that could be coming? >> general motors is an interesting stock. value managers like me, we tend to look for stuff that may have some difficulty getting through, but it's just so darn cheap if you need to go there having said that, it's really tough to buy general motors at any price if you think like i do, that things are going to slow down before they speed up, especially in the middle of an auto strike. but general motors, there's a bunch of retailers like target and others that are also getting really cheap but, again, i think caution, discretion is the better part of valor at least for now >> a lot of people are starting to look back, we have seen the

utilities snap back from recent lows, consumer staples, defensive parts of the market that have not performed well so far. would you stick your toes in to those parts of the market? >> yeah, the devil's in the details, kelly i like the idea of defensive, but the problem is, stuff like proctor and gamble, there's hardly any growth, but the multiples are high it's not like verizon where there's hardly any growth. i like verizon, where those earnings weren't great yesterday, we're okay. but the stock can go up because the worst didn't happen. google's earnings were pretty darn good, just missing on the cloud and the stock is down 9% >> so do you think there could be more downside to come for the former high flyers of the market and -- some of the pes, even a microsoft case, are not that elevated even nvidia is not crazy high by some of the historical standards that we have seen. so i think one of the questions people are going to ask, should they go into, for instance, the

mag 7, because they think they are the new staples and can be growth in a no-growth environment, or do they steer clear of them because they might have more downside >> i don't think there's a disaster coming in the mag 7, as you say, but it's hard to imagine them outperforming in the next year like they have in the year that just went by that's especially true, because expectations are so high today, microsoft is up 2.5%, with terrific earnings that was a great report. but it's not, you know, the mere images google had, it's down 9%. so they're going up, falling more tech is starting to scare me, too. so i would be cautious >> amazon may be one in that category that you like real quickly before you go, you are among those who like the health care trade still? >> i do. i've been wrong and wrong and wrong, but i think here, you've got companies like pfizer and

j&j that are still going down, yields are going up. in three, six months, if we're in a much different economic situation, those stocks are going to be real attractive to investors, i think >> we'll check back in a couple of months. chris, thank you let's go now to the financial where is shares of steeple are down nearly 6% now after reporting earnings per share that were 69 cents lower than what the street expected. the miss was thanks in part to a one-time legal charge for an fcc investigation into off-channel investigation. that was the drag on results steeple did pick up its 13th straight month of record net growth and for more, we are joined by the ceo of steeple ron, great to have you back. welcome. >> kelly, great to be here >> no one is in a great mood trading the banks, but these are

both within a couple of bucks of their lows this year what do you think that's all about? >> look, i think financials are oversold it's been an up environment with, again, the same stories, interest rates as with an inverted yield curve, with investors looking for yield everywhere and depositors looking for yield to put on top of that, basically quantitative tightening by the fed, it's not been a good environment for banks, but this is where returns are made as your last guest said, i don't see a big recession here in some of these classic value stocks like financials are oversold >> so with that also, i want to show everybody what bill gross tweeted or said a short while ago, that he thinks the regional banks at some point, maybe not yet, are looking attractive here this was the first of kind of two -- first part of his two-part thought on the matter where he says it's like catching

a falling knife. i'm waiting a few more days, through they are great long-term holds. so there are a lot of investors on the sideline, ron i don't know if they're waiting for it to break to new lows or they want to hear something from the banks they haven't heard yet to chime in here >> again, the economy, every -- we talked back in july the economy and everyone is rewriting to a 5% rate and the banks will adjust. i think that the banks and basic cyclical stocks will do well you've got to be careful about the high pe stocks that's why we think the high pe stocks could come in the more classic value stocks will rise, and the s&p doesn't really go anywhere i said that to you back in july, and i hold that today. >> yeah. and as it's born out what did you do in wealth management what speaks to the strength there?

is this market share gains or is there a different client mix that you're facing that is contributing to these gains? >> no, no. we're definitely growing in wealth management. you know, we did get an award, which was j.d. power we were ranked for employee satisfaction, which means advisers like working at steeple. that has resonated throughout our recruiting that business has been consistent growing, not just in the last quarter but really for almost the last 20 years i said this morning, kelly, i feel like bill murray on "ground hog day. for eight quarters, it's been the same thing our wealth management business rises and our institutional business declines, which is happening across the industry. it just feels the same every day. if my alarm clock is playing "i got you, babe" i know i'm in make believe >> income is up a bit. will it go higher or do you see

head wind there is >> i see head winds across the industry net interest income is based on balance sheet growth, but net interest margins across the industry are at highs. but as that number declines, our institutional business will pick up that's why you look at steeple or companies like us, because we are at really low points in our institutional business it really cannot, you know, get much lower >> in terms of commercial demand for loans? >> again, we spent a decade, or since the financial crisis, the trade has been raise capital at zero rates, put leverage on it, fix the business up a little bit and sell it at low rates with more leverage. so as long as you could have leverage, you know, put a little

air in the tires and sell it with more leverage, everyone was making money that trade is not available today. and the whole market about how you allocate capital and raise capital in a rate environment, which is now normal. i think we're not going back to zero rates, the fed's not going to do that so we're going to be somewhere between, call it 2.5 to 5, depending on the cycles on the short end. and the ten-year sells around 5% and the market will adjust to that it's just taking a little while. >> it's a head wind for some of the investment banking business. even lower muni bonds i thought was interesting. maybe that reverses going forward. i want to ask you one wonky question with big implications randy quarrels yesterday had some concerns. what is your take on the bozell 3 endgame? >> it does not have a big

impact, ironically we might even get a little capital relief, but as it relates to our largest banks, i think the bozell 3 endgame is over the top in terms of causing our banks to have too much of a capital buffer it will make us uncompetitive. and this affects the economy we need banks to be competitive and sound, which they are. but some of this, you're talking about 20% increases in equity, will find its way back into impacting loan availability and the economy. so i'm hopeful that the fed was serious when they said they'll take comments from the industry, and i'm concerned if they don't. >> you know, quarrels had some concerns, saying liquidity should come from the fed, not capital.

"the economist" had an idea basically asking the question what other option do we have in a crisis, especially if the next crisis, if the government is sidelined. >> well, again, we have -- we need to compete. what is happening in the united states, i think we're overcapitalized in the banks from a competitive perspective we need to think about that. and we also need to think that in a capitalistic society, the fed was created to be a last resort, that's our system. so i'm not going to criticize that system. in a time of crisis, liquidity does come from the fed i think that's a basic fundamental part of our u.s. capitalist system. >> more or less a codified one ron, i appreciate your thoughts on that matter, bond yields, everything else you mentioned. thanks for your time today >> thank you, kelly. have a great day meantime, the latest floor

vote for a new house speaker is underway is the fourth time the charm emily wilkins has the latest emily? >> reporter: hey,well. things are looking very good right now for mike johnson he is the republican's latest nominee for speaker. it looks like there's a very good chance that we could be the next speaker it's a roll call vote. we're going through alphabet we just hit the ds the important thing is that at this point, we don't have any republican who has voted against mike johnson that includes some of your moderate members from biden districts like don bacon and members like tim burchic who voted to oust kevin mccarthy so republicans are united behind mike johnson we need to get through the entire vote before we can say that officially. johnson can lose five republicans. but at this point, folks are very confident this is a much different vibe

than what we had during the jordan vote or even around scalise or emmer you can really feel that folks are united, that they're confident, and they are ready to start getting to work again after 21 days of no speaker. >> there's palpable excitement that we could have a new leader, but a lot of concerns to what extent he can marshal support for some of the key things that need to happen he told new york republicans there would be no shutdowns. there's a lot of debate over foreign aid. i don't think he's been a big fap fan of the money we're spending in ukraine so a lot of big policy issues for him. >> he will have to figure out how to navigate these. he's been opposed to most recent aid packages to ukraine. but a lot of republicans are still supportive of that, and all the democrats are still supportive of that, so he will have to figure out ways to work with joe biden, with hakeem

jefferies. but coming to government funding, which up of the most critical things, i've been talking with folks this morning, and itseems like a lot of them are saying look, when it comes to mike johnson, we cannot blame him for the things we were frustrated about with kevin mccarthy we need to give him some leeway. mike johnson has put forth a plan the house has eight bills left they need to pass. he was hoping to get through all of them before november 17th even if the house does, huge if, they are going to need to pass some stop gap funding. but more members opposed to that are going to be more open to that if mike johnson can prove that he's very focused and getting those full-year funding bills passed >> emily, we'll check back in soon we appreciate it coming up, home builders are on track for an eighth straight week of losses is it time for fannie and

freddie to step in one strategist says that's a very rel possibility he'll join us to explain and travel and wleleisure dn about 50%. they just posted a beat on the top and bottom line and seeing a major shift in the customer base and here is a look at markets. the dow is lower by only 50 points, but the big declines are in the nasdaq, down 2% today and the ten-year yield continues to creep higher at nearly 4.95 at the moment. back after this. ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to help keep our online platform

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shares of travel and leisure are down after their earnings this morning about 2%. the world's largest timeshare operator beat on the top and bottom lines but lowered full-year guidance a highlight was the vacation ownership business that saw an 8% year on year jump, which it says is also recession proof because of the prepaid model 80% of customers have fully paid for their timeshares with the large majority of new buyers being millennials. joining me is michael brown, president and ceo of travel and

leisure co mike, welcome. >> great to be back on your show >> when you say i'm not that -- when you say they've fully pride, how big of a price tag to these units have >> average transaction for a vacation that's in perpetuity is between $20,000 and $25,000. so when we say people have paid for their ownership, when they decide to go on vacation this year, they're only paying the annual maintenance fee, which is about $1,000 so when inflation is high and hotel rooms are at all-time high rates, people have already paid for it so the decision to go on vacation, which gets to your point of being recession proof, they're going to go on vacation because they have already paid for it years ago >> where are the most popular places, both in general and for some of your younger customers in >> things have changed dramatically in the last two years. '22 was the year of revenge travel where people were going anywhere and everywhere, short

term and mid haul -- short haul and mid haul this year in the summer, we saw a return to long-haul vacations where people had not traveled for many years until prior to covid. cruises were big, europe was big. and what we're seeing is a normalization back to u.s. travel, and i would expect to see that a lot of u.s. travel in 2024 as for our millennials, we're seeing a lot of urban travels. our most recent resorts have opened in portland, austin, texas, nashville, tennessee. and our newest resort is in downtown atlanta overlooking centennial park. so urban destinations are super popular these days >> that's really surprising. places like portland have had some challenges with law and order in recent years. who is going to downtown atlanta for a vacation >> well, oddly enough, the way people are vacationing today, they are looking for short

getaways but also looking iing o leverage multiple destinations we are prominent in myrtle beach, south carolina, the panhandle of florida, central florida where we are based is returning with a lot of strength in late '23 and '24. so you'll get a visit to downtown atlanta, enjoy the cuisine, a lot of the great museums, like the georgia aquarium or the college football museum for two, three days then they'll hop across to a beach and enjoy a longer vacation it's just variety and diversification of the experiences. you know, downtown austin, texas, that's where formula one was this past weekend, so people are getting to urban destinations and i didn't even mention new york city where people are year around >> we just showed your price-to-earnings multiple it's 6 and suggests people's concern about the macro

environment, a little of what you are describing going into next year. so if you look at the trends and that consumer bhe ehavior, i can understand, it's $1,000 and you still have to get the tickets. that could be an item people drop if budgets are tight. >> i think a few things. price-to-earnings multiple reflects uncertainty that investors have of where interest and the economy is going that doesn't change our underlying business. 5% to 7% total growth this year, with our core vacation ownership business being much higher than that what we see from our consumers, though, if the price of airfare becomes a concern and you are living in pennsylvania, you are going to change your vacation and drive to d.c. and enjoy the museums. or drive down to myrtle beach and enjoy the beach. or further south like orlando, disney so our consumers modify their behavior, they don't stop going on vacation. >> all right, michael. thanks for joining us today on those earnings

we appreciate it >> thank you for your time today. >> michael brown, ceo of travel and leisure. coming up, alphabet is the worst performer in the nasdaq today. and meta has been outperforming, but now is under scrutiny for states attorneys general that's ahead on "tech check. and here is a look at the sector key map. communication services is the biggest laggard, down 5% iliearthumer staples and utits e e only two sectors in the green we're back after this. sh we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a

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welcome back good day, everyone i'm tyler mathisen with your cnbc news update the israeli government said today that more than half of the hostages being held by hamas in gaza have foreign nationality. the estimated 220 hostages have foreign passports from 25 different countries, including 54 thai nationals. the government said 328 people from 40 countries are confirmed as dead or missing after the october 7th attack on southern israel joe biden and the australian prime minister are holding a joint press conference at the white house shortly. the new world leaders are expected to discuss defense strategies in china, israel, and ukraine. joe biden said the two nations are committed to keeping the indo-pacific region free, open, and secure the visit expected to end in agreements about how best to deter and compete with china

and the manhattan district attorney said marvell actor jonathan majors will stand trial in november. he was arrested in march for a domestic dispute and is facing misdemeanor assault charges. he has denied the charges. kelly, back to you >> tyler, thank you. now a check on the markets with the dow low down 152 points, just off that level right now. look at the nasdaq, down 2.25%, the s&p down 1.4%. holding up the dow are travelers and a couple of other unique situations higher interest rates are part of the reason why we are see thing renewed pressure as for some positives, waste management is having its s best day since the start of the pandemic and adp is among the worst names in the s&p, having its worst day

in nearly two years, despite earnings being in line down more than 9% today, and transunion is come off its worst day on record and hitting the lowest level in more than six years after missing estimates on the top and bottom lines the company cutting its forecast, citing worsening macro economic conditions in the third quarter from inflationary pressures. that was yesterday and led to a flurry of downgrades and price target cuts on the street today, including bank of america, downgraded to underperform, slashing the price to a street low of $44, persisting into the middle or late part of next year and hard pressed to identify an opportunity for material upside unless the macro environment improves coming up, equifax nearing a new 52-week low after cutting

guidance, management blaming the weaker u.s. mortgage market, expecting credit inquiries to fall 30% this year up next, we'll look at whether fannie and freddie could be the answer to what the housing market are looking for and shares of ford, the automaker is near a deal with the uaw that will end the six-week strike. shares are in the green by less than 1%. we'll continue to follow the story. "the exchange" is back after this

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welcome back the home builders are under pressure again today, despite new home sales climbing at the fastest e est pace since 2022. taylor morrison reported a slight earnings miss, a drop in revenue year on year those shares were down nearly 4% let's get to diana to dig in a little further >> reporter: kelly, i think there's this pull going on with the stocks between those higher mortgage rates as you said, and the taylor morrison earnings and much better than expected new home sales report. in fact, new home sales were up 12% month to month, 30% year over year, much better than

expected that is likely because these are signed contracts in september. so people out shopping during the month. and mortgage rates dropped in september, down more below 7.5%, not close to 8% where we are today. and so you have those buyers come in. we're also hearing much more about cash sales from the builders in fact, we had the ceo of polte on yesterday he said a little less than a quarter are cash buyers. so you are see thing demand come in but for the future going forward, the builders right now are lowering -- they're much lower on supply, that is they had lower supply in september than they did in august. we continue to see that shrink they're also showing lower prices prices were down 12% year over year it may be skewed towards who is buying the homes that is, more people buying on the lower end because affordability has been hit so hard but they're using all incentives that they can, and buying down the mortgage rates

we're seeing that heavily with the builders that is going to cut into their earnings going forward. >> diana, we appreciate it the pain of 8% mortgage rates could speed up reforms to fannie and freddie my next says one option is bringing them out of conserve forship. joining me now is financial services and housing policy analyst. jared, welcome back. good to see you. >> great to see you. thank you. >> i chuckle a little, because you said look, this could make a difference, and it's very unlikely this opportunity in this moment will be seized >> yeah. you know, fannie and freddie have long been the shock absorbers in the system. the problem is when they're in conservatorship, they just can't perform that function. there's very hard caps on their retain portfolios. they have a little bit of space, but probably not enough to really make a difference

and so really, if you want to get that shock absorber back, the only option probably is to restore them as free, independent companies. >> i think that should be no problem for congress with the new -- what is his name again? >> johnson >> johnson, thank you. i'm sure that will be their first order of business. >> listen, if they can just get the government funded and extend the flood insurance program, you know, housing has enough hits. we don't need flood insurance to expire on november 17th. you know, let's set our immediate priority for the house much more narrowly you know, reform doesn't have to involve congress it can involve, you know, our friends at fha, and treasury trying to do it add min straytively. that's what the trump administration tried to do, and i think that option is probably ultimately, you know, how the

gse conservatorship ends >> i think the issue is the broad publish feels they're in the time-out chair because they caused the financial and housing crisis if we let them out, they could cause problems all over again. >> well, i definitely agree there's a political problem here i think the political problem is that the status quo, i mean, right now this extra 130 basis point spread is a real hardship. but over the last five years, the status quo has generally worked so you get no credit if you are a politician to changing that. but if you change it and something goes wrong, you're going to get all the blame and so the political dynamics here are really a mess and it's why this conservatorship has continued much longer than anybody expected >> lastly and most importantly, what would happen to mortgage rates if fannie and freddie were unleashed to go and buy mortgage backed securities?

>> well, i think right now the view is that the rates are about 130 basis points relative to the ten-year yield, so the idea is, if you can bring rates down, even 100 basis points, and ideally 125 basis points, you might be able to see that first number as a 6 rather than a 7 or 8. and we know that consumer behavior, when the first number is a six, you know, we feel much more comfortable getting into housing. >> indeed. i do think there will be more calls for efforts to address mortgage rates as the election heats up thank you. we appreciate it today >> always a pleasure coming up, snap losing steam. shared popped as much as 20% after they beat the top and bottom line yesterday, but they're down 5% now after revealing that some advertisers paused spending following the israel-hamas war snap has served as an early

barometer for spending the last couple of qutearrs so will meta report the same problems this afternoon? we'll talk about that next ecuriy that protects all of google also defends these services for everyone who lives here. ♪ in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses who lives here. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business.

another big day for tech earnings meta on deck after the bell. diedra bosa has more on what to watch for in this print, and after a busy day already here, google, snap, and everything else diedra >> it's big-tech earnings. so meta, it needs to show investors it can balance meta with ai. the company is having one of its worst quarters ever. meta still gets nearly all revenues from ads, but it's now using ai powered tools to compensate and the market is getting stronger as we saw from snap and google now, that combined with major cost-cut thing year, that has b one good will from investors expectations are high and costs are back in focus. the street is watching operating expenditures that could be upwards of $100 billion and net

income free cash flow from the ad business will need to offset those gigantic costs and amazon, it reports tomorrow. as investors look for a bottom in cloud growth with microsoft and google giving us mixed signals. remember, aws from amazon, that's the largest cloud player out there. >> and all the more reason to look for them. diedra, thank you. coming up, looking at three more names reporting after the bell mastercard has beaten the top and bottom lines 18 out of the past 20 quarters bristol-myers had slow sales on a cancer drug. and we'll look at how much of a boost rising rates have given ameriprize that's next.

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into an area of your home you can be proud of. modular steel cabinets let you pick and choose the storage solutions to keep your garage organized, with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. designed for diy installation. all you need is one weekend to take your garage from unusable to unbelievable. visit us at newageproducts.com. welcome back we've got some news from capitol hill emily will kins with the detail. emily, do we have a speaker? >> kelly, it's all but official at this point. mike johnson has easily gotten enough votes to become speaker all they need to do is formalize it, and then it is official. every republican who is present, one absence, every republican,

all 220 of them have backed mike johnson, from more moderate members, they have backed and supported johnson. and now that he's going to be speaker, he's got a lot of work to do. i heard a couple of members talk about passing a talk about passing a resolution in support of israel, but then he has to turn toward the much heavier work of funding the government the johnson has released a plan, incredibly ambitious, potential capping it off with a stopgap bill to work with the senate to finalize legislation. they can probably kiss good-bye to the two weeks of recess they were supposed to have.

we will have speaker mike johnson of louisiana start taking control of the house and getting everyone back to work. >> if i'm not mistaken, he's in his fourth congressional term, in that sense pretty nut, but a track record that people seem to be able to rally behind. you have reported that he and some of his supporters, this was important to them not just to pass a continuing resolution, but pass spending bills one by one. what can you tell us about that? >> reporter: that is going to be tough. they not only take time, but some of them, like one that dealt with funding agricultural areas, that got a lot of opposition from republicans. they said, hey, they cuts are too big, otherwise not big eno enough and there's a lot of different

issues to juggle with. two of them have been so contentious, they haven't even got them out of the committee yet. what we have heard some members say, look, we're willing to give him grace. we know hi 'steps in pretty fresh, we don't want him to be a continuation of mccarthy, at the same time, deadlines are deadlines, and i don't think people members will be fully moving off the positions just because they have a newspeak we want to turn for a quick comment back to jared seubert. we appreciate you sticking around implication for the markets? >> obviously it's a great news, it means we'll get a continuing recent lose. a government shutdown is the last thing we need probably good news for supplements, for israel and probably ukraine, in order to get something done that means more military

spending in the united states, also positive for the economy, but let's not kid ourselves. the how can try to pass all these bills, but you know, the house is the adversary, the senate is the real enemy trying to get the senate to do all these bills is impossible. we may have a new speaker, but the politics on capitol hill are the same all right. jared, thank you we appreciate it today jared see burg sticking around. from capitol hill to earnings, which we still have in this very busy week, consumer health, finance health losses at mastercard ameriprise and grad yen squibb mary ann, good to see you good master cart is up 11%, but just saw its worst week of 2023 last week, warning that consumer spending remains stable, saying

even in a down turn, mastercard should be best position ed do yo think they'll beat like visa did? >> we do think that. yesterday, as you recall, visa reported revenue up 11%, adjusted earnings up 21% with strong growth in overseas travel, that drives cross border, which is premium profitability in their payment volume as visa reported, there's still growth to be had from asian travel and also travel into the u.s. we continue. let's turn to bristol-myers,

then cantor fitzgerald bushish on the deal and new launches seep like a lot of people like to go to healthcare, and bris toll is the poster child what would you do here >> this is what we like this is probably the most data dependent entity in our coverage they had a very successful r&d analyst day recently there's three drugs out there that have been approved that are probably doing better than folks expect when they report earnings, we expect them to say positive things about the trends in these three drugs. they'll also talk about the deal that they just made for $6

billion. we expect positive things to be said around there. so we have about 24% up side to this name. that's just factors in nine times forward earnings, next year's earnings. >> wow, so pretty conservative then to ameriprise, not without some drama they clawed back than banking logs only to dip 12% since since july >> you're bullish here too, right? this is one of the largest advisers in u.s. they've been developing their own a.i. programs for some time now. they're just starting to roll thousands out. that would enhance the growth of revenues and cut cost. our target price is 23% higher from here.

and this all compares to, you know, something around 17 times photooverall markets, so a huge discount. >> mary ann, we appreciate it thank you so much. that does it for us. we want to quickly draw your attention to the japanese yien, which has reached that level a moment ago the yen at 150-ish these have been some pretty critical junction further for investors. up next on "power lunch," the four names morgan stagily says will be impacted by the pop layers tyler is getting rdyea i'll join him on the other side of this break.

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now new at 2:00, the house -- the house has a speaker. representative mike johnson of louisiana, elected speaker of the house. further ahead, earnings, earnings and more earnings, from banking to tech, to airlines to defense, a lot of key names reporting results. let's start with a check out market as the dow is down about a third of a percent really, the dow is being helped by travelers and microsoft the nasdaq is down 2.3%, and in danger of falling below the 200-day average. we had a five-year bond auction that didn't go so well, and that changed the market to