this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪ welcome to "power lunch. alongside morgan brennan, i'm tyler mathisen earnings and the economy, inflation comes in as expected amazon and intel report. strong results both places stocks losing steam throughout the session. one concern we are watching is how will the consumer hold up during the holiday season.

both major toy companies, mattel and hasbro, could toy sales be a red flag for christmas. ? the nasdaq holding on to a small game all three averages on pace for a lower week, lower month as well. chipotle higher following results. it was able to rise prices to offset rise in costs and post same store sales growth of nearly 8%. up 6% right now. s sanofi shares are having the worst day. according to mizuho, no pharma stock has lost more than 10% you can see those shares are down 19% today's rebound in tech helped by positive earnings reports. let's start with intel and kristina partsinevelos >> well, intel's results were much better than xched but largely in part due it a boost

in personal computer sales let's start with the good news gross margins are showing signs of life signaling a bottom might be happening, because pc sales are improving, which bodes well for amd's earnings coming out next week. cost cutting is helping operating margins. intel also signed two more foundry customers for a total of three. that means that business is growing but is still a very small contributor to revenue gelsinger promised they're on track with building five manufacturing in four years so they can catch up on the semiconductor by 2025. management ensures investors their a.i. ramp is under way lastly but not least, the auto division improved. texas instruments saw auto resilience that bodes well for on semi's results out monday analysts aren't rushing to tell investors to buy intel right now. the data center sales are still an issue as companies shift

their i.t. spend away from the typical pc chips that intel is known to make towards a.i. chips like the ones that nvidia makes, for example. sales continue to fall for intel for seven straight quarters. gross margins are still 60% away from two years ago they also have to deal with china export bans. lastly, piper analysts say intel's a.i. chips launching december 14th have a lower performance than amd and nvidia's chips as well the value of this company is predicated on its ability to execute the road map in terms of a.i. chips and the foundry business so far wall street analysts need a little more convincing the stock is still tracking for best day since march 2020. it's up 9.5% just last week, it was down. the stock is at a level we saw just ten days ago. >> yeah. it's down. so, it's a big move today for the blue chip chip stock to your point, we have reports

about nvidia and amd launching their own arm-based chips that will go against intel's. this week alone we know qualcomm is launching into this space. >> we are expecting the same from nvidia and amd. the different with their chips, all three, they'll be based on arm technology think of it like the blueprint for the chip intel has x86 blueprint. that's a competitor. you have three big players coming out with pc chips that will compete directly with intel's market share intel's ceo was asked this on the call yesterday he said he welcomes competition but that history has proven that the x86 has been around for a long time, integrated into a lot of developer systems it's not an easy transition but it's a transition, let's say, two years from now it's definitely a concern in the near term. >> more from pat gelsinger at 4:00 p.m. eastern on "overtime."

thank you. exxon, chevron, enphase all in the red following results starting with exxon and chevron, we'll kick it over to pippa stevens for more. >> starting with exxon and chevron, they are under pressure today after disappointing results from wall street so, chevron is the bigger laggard of the day as weaker than expected international upstream profitability from its once again the international division more than offset a strong quarter for its downstream division. free cash flow was short of expectations exxon's eps miss was smaller driven by weakness in refining and chemicals processing units still the company raised its dividend to 95 cents a share profits were higher overall quarter to quarter yet significantly below last year's high water market turning to enphase, that stock sinking after the company

significantly cut q4 revenue guidance the solar equipment manufacturing is facing issues on the supply and demand side. especially in europe ceo telling me growth expectations in europe are, quote, coming back to reality, meaning incremental versus the demand surge they saw immediately following russia's invasion for the u.s., he said higher rates are the culprit and need to come down to stoke new demand those shares down 70% this year, guys >> pippa, we had an analyst on last hour who described the exxon and chevron quarters as messy. what does that mean? >> you saw differences in how their operations are performing. we saw exxon upstream was fine chevron's upstream not as great. and for downstream, exxon's was a little better and chevron's was a little messy i think for a long time, consistently higher oil and gas prices were supporting profits across the board was lifting all ships. now that that's no longer the

case, we're starting to see a breakdown in how efficient your operations, how are you managing costs and how are you getting those barrels to customers the thing with chevron was some of their shipping costs and when they realize the profits from their shipping operations. so, i think that's what it was it wasn't as clear numbers on headline we have to look below the numbers to get more clarity on the quarters. >> chevron also had the lng labor issues in australia to contend with i'm curious because we are seeing it in oil and gas, we are seeing this m&a activity giving how hard hit some of these new energy stocks, these solar stocks are, do you expect we'll see consolidation there, too? >> one division between the european and u.s. oil and gas are the european have been active in solar and wind, while exxon and chevrons said we will never be leaders in the area so why would we pursue those areas. they have focused on carbon

capture. however, to your point about u.s. consolidation, i do think when stocks come down so much, it begs the question of will we see some mergers i think you have to differentiate between the commoditized portions of the market, like enphase and solar edge, and then the resi names. this market is still fragmented across the u.s even the largest players have a very small share of the total market there is opportunity for consolidation. >> you came loaded for a very in-depth conversation here appreciate that. pippa stevens. shares of amazon rising 6% today following its earnings though many people still think of amazon as an e-commerce company, it's the cloud and a.i. businesses that really drive the stock. let's get to deirdre bosa for more hi, dee. >> tyler, we may have to think more about that e-commerce core in the months ahead. last night andy jassy, the ceo, did put to rest some of the biggest concerns about its cloud

business growth at 12% it was flat year over year so, analysts in the street are hopeful that's going to be on the upswing once again however, i would point to its revenue guidance that came in about $3 million light in the midrange of that guidance. that may raise some questions about the quarter ahead. this is supposed to be amazon's blockbuster quarter with lots of holiday shopping events. including its own prime day, which we just had. that is the opportunity to really tell the street whether it continues to sort of maintain the market share it has or if there's more competitive forces. that's going to be something to look at. i will say, though, that profitability has been great at the company. we haven't seen an amazon that has seen this kind of operating income in a long time. aws margins were up some 600 basis points in the quarter, above 30%. you've also got some of its newer businesses like advertising. that grew 25% on the top line and third-party sellers, this is

higher margin business as well, that continues to perform, up 18% on the quarter all of this is to say, tyler, that e-commerce should take the spotlight in the months ahead. >> thanks very much. appreciate it. looking ahead to next week, not only does apple report results on thursday but it also has an event planned for monday evening. steve kovach is joining us with a look at what to expect >> a rather monday evening event from apple it's a double whammy coming from apple next week. first up, the virtual event monday night where it's expected to reveal new macs going on sale in time for the holiday. bloomberg reporting today apple will announce third generation chip for macs called the m3 and add them to current models of the imac and mac book pro. this will happen a week after qualcomm revealed its new processor for pcs it claims is faster than apple's. nvidia plans to make computer processors as well so computer chips are going to

get really interesting over the next couple of years more important than that, apple reporting q4 earnings on thursday company already implied sales for the quarter will be down, marking a full fiscal year of declining sales. plenty of headwind for the current holiday quarter. analysts over the last few weeks reporting demand for the iphone 15 lineup appears to be lower than it was a year ago and while services are poised to show some reacceleration in growth, it may not be enough to make up for the lackluster iphone sales one more interesting thing, this broke last night, actually, the u.s. international trade commission ruling yesterday the apple watch violates patents from the health tech company mossimo and recommending an import ban that goes to the biden white house which has 60 days to determine whether or not to ban the apple watch. apple tells me they plan to appeal the decision and we'll hear from the ceo of mossimo on

"closing bell." >> it will be a key interview, one of several in the 4:00 eastern hour it is -- there's three big -- the way traders are putting it, three big macro market-moving events that will happen next week fed, jobs report and apple it speaks to the fact that as goes apple, so goes the market when i hear some of these expectations for the quarter and what it means for the fiscal year for apple, how worrisome is that how much is a tell for the macro economic environment overall >> it's -- especially the macro economic environment in china. a year ago we were expecting china to open up in december, january of this year it was going to reinvigorate growth in that country we just haven't seen that materialize, at apple or for many other companies that speaks to the state of the consumer there's more competition for apple with huawei coming back on the scene. that is one big tell also smartphone demand in developed markets has been falling. there's not the same customer

base there was a year ago for these kind of devices. new macs might help a little bit but not enough to move the needle. >> is it massimo, you'll hear from the ceo in a couple of hours. is that company asking for a total ban on sales of iwatch in the united states and around the world? >> just the united states. this is a case that actually apple -- a patent dispute apple lost way back in january of this year it's related to that oxygen sensor that's in the newer models of apple watches. mossimo claiming they have a patent for it, that apple poked some executives and stole those ideas and so forth but this has happened before because these devices are made overseas, the itc can recommend this ban saying, you know, it's made in china, therefore, you can't ship it back to the u.s. there are some ways around it, there are some questions, which models are affected, is it maybe just some older models, maybe the new watch that came out a few weeks ago won't be affected. >> or the software in the model?

>> i believe it's mostly a hardware thing at the same time, apple has faced this before. you might remember a decade or so when they had that patent battle with samsung. all these talks about import bans and maybe some models would be affected. it's going to take a couple months to really shake out but, look, there are ways around it apple has actually shifted some of its production of the apple watch to vietnam, which might help it skirt around this. but that's all we have to wait and see. >> steve, thanks very much coming up, we'll talk the state of banking, the consumer and real estate with the ceo of valley bank. plus, another bank ceo making headlines jpmorgan's jamie dimon selling a million shares we'll discuss when "power lunch" returns.

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commercial real estate loan portfolio. joining us for more is ira robins, ceo of valley bank welcome back i want to focus -- we'll get to commercial real estate and that portfolio, but i want to talk about consumers. your total deposits rose a little bit in the most recent quarter. how much more are you having to pay depositors to attract and keep them and how is that affecting such metrics as net interest margin and net interest income >> more than i'd like to pay them, to be honest with you. we look historically at our data, and the data is how much we're paying our interest expense versus what the market movement has been. and for us it's about 55% on average this year. based on our original models that would have been a little less it's a function of what happened, i think, back in march as well as the competition that we're getting from the u.s.

treasury and it's very easy today for a consumer to put his or her deposits in treasury direct versus putting it in a bank. definitely a little more competition today, which is negatively impacting margins and negatively impacting net interest income, which negatively impacts earnings. with that said, i don't expect an inverted curve to be here forever and bank profitability will definitely come back. >> if you were to compare this year to last year on a typical deposit account, i don't know what would constitute a typical deposit account, how much more do you have to pay this year >> for us it's almost 250 basis points more on average for our deposit accounts versus what we were paying a year ago. >> fascinating >> ira, it's morgan. you have analysts saying thi quarter -- this past quarter thaw just reported and this current quarter could represent a trough in your net interest income and net interest margin, you'll see repricing on your fixed rate assets, about $4 billion annually, that's going to boost that.

is that the right assumption to make here in terms of how you're thinking about the business? >> i think valley has always run a neutral balance sheet. a lot of banks are asset sensitive that means they have a lot of loans that reprice or reliability sensitive which means they have a lot of deposits that reprice. at valley we try to keep it as neutral as positive. as the fed has been flattening a little bit and the escalation and rise in rates hasn't been as dramatic as what it's been, the repricing of the back book on the assets should provide a pretty significant tailwind for us this is an opportunity for bank analysts to look at each individual organization uniquely valley like many of its peers will have net interest income that will expand others will have net interest income that continues to contract based on how they are positioned at their individual banks. >> if the fed were to stay higher for longer, what would that mean for you? how do you position for it >> higher for longer when reality it's more normal for

longer we've really -- unfortunately, we're in an interest rate environment where monetary policy was too easy for a very long time. now we'll see significant repercussions for consumers for commercial real estate and businesses that are uncomfortable operating in these environments for an organization like valley and i would say for the general banking environment, once we get to stability, once you get to a more normalized place, whether it's higher for longer, normal for longer, lower for longer, that stability is what's going to create the profitability for the banks. that can create the confidence in our consumers and commercial borrowers to go out and have capex. it's important we get some confidence and stability in what the interest rate environment is going to look like. >> since you raised commercial real estate feels like a good topic to hit here, why don't you walk us through your book of business in commercial real estate and explain where the concerns are, where you're confident, because commercial real estate is a very broad --

broad asset class. it includes everything from warehouses to factories to small businesses and so forth. >> let me take a step back and sort of say how our commercial real estate loans made commercial real estate loan, think of a purchase price of a building of $20 million. $12.5 million loan against that. if that was done in an interest rate environment where a cap rate is 4%, that would have been mroep at that point in time. now interest rates move up let's say the cap rate goes from 4% to 7% instead of being able to get a loan on that property of $12.5 million, your loan is now $7 million. it becomes a real challenge for someone new coming into the market saying, hey, am i going to look at what the value of this property is going to be, and it becomes a bigger challenge for borrowers looking to reprice those loans because the original term has come up. borrower needs to come up with $5 million in that example to say this is what my new loan is going to look like or there

needs to be some conversations with their bank and hopefully some rent escalation as well. >> are you having those conversations with some of your commercial real estate customers? >> yeah. look, we are a very unique organization we've been in the commercial real estate business for almost 100 years. we had $1.8 billion of loans reprice over the last nine months into this higher interest rate environment and we did not have to ask any of our clients to bring any additional funds to the table. now, we're unique. we never underwrote a loan at 4% that said, i'm not sure that's what everyone in the industry did. there's going to be pain for some banks, some borrowers and communities that have a significant amount of commercial real estate. for valley to have $1.8 billion of loans over the last nine months and not have any borrowers have to come to the table with anything, i think reflects the type of underwriting we've had for the 100 years we've been in xirs ens for. >> quickly, consolidation, m&a

we're starting to see it among the regional sector. are you in the market? >> i think we're always looking as to what makes sense for us. i think the challenge today becomes the purchasing in any organization as i mentioned before, banks sometimes take longer duration on their assets or short duration on their assets when you're in an interest environment that's gone up as dramatically as it has, there are significant -- and they make it challenging to come to m&a as to where it makes sense for the a a acquirer >> ira robins, thank you, as always for coming in and educating us we appreciate it >> thank you is the consumer becoming disjointed details when "power lunch" returns. as an independent financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always.

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welcome back to "power lunch. stocks continue to slide toward session low. the dow down nearly 300 points, 382. that's better than a 1% slide. the nasdaq giving up nearly all

its gains despite strong results as we spoke a moment ago from intel and amazon the nasdaq down just shy of 3% on the week. it has been a sloppy week, even though nasdaq is a little bit higher at this hour. morgan >> sam bankman-fried taking the stand in his own defense today court resuming a short time ago after a lunch break. let's get to kate rooney for more on what we've heard so far. kate >> reporter: sam bankman-fried is back on the stand he has been acknowledging some mistakes in the fact customers were hurt in the collapse of his crypto exchange ftx but he says he did not commit fraud. saying his biggest mistake was not controlling risks when asked if ftx had a risk management department he responded, we sure should have, which did get some chuckles inside the courtroom as well when asked by his attorneys, did you defraud anyone he said, no, i did not also said no when asked if he took customer funds.

replied no there bankman-fried has tried to shift blame to some of the other executives, claiming he was too busy, he didn't know about some of these issues at his crypto hedge fund, alameda also ran ftx. sam bankman-fried sounded prepared, concise. not compared to yesterday. the jury was dismissed so the judge could hear a preview of the arguments and they tried to place a lot of blame on ftx lawyers. today the judge narrowed the scope of what the defense can talk about in front of the jury. they also said they decided they can't ask the defendant here about the ftx lawyers, for the most part. that narrow significantly. in that cross-examination yesterday, he did stumble. they asked him for -- he asked, rather, for clarifications from the lawyer he did not say anything directly, he wasn't answer, the questions directly the judge seemed really

frustrated about some of the diversions told him repeatedly, listen to the question and answer the question directly. so, there was a lot of frustration. we'll bring you any headlines. we expect that cross-examination to continue later today if not next week. >> kate, thanks very much. let's go out west to kate rogers for a cnbc news update. kate >> tyler, israeli forces are pounding gaza with hair strikes right now. a spokesman for the military confirmed the bombings and said israel is also increasing its ground operations. according to "the new york times," most if not all phone and internet lines appear to be down in gaza authorities in maine say they are searching a river today near where mass shooting suspect robert card left his car when asked whether investigators are any indication card may have killed himself and his body may be in the river, officials said they are exploring all options. as most major automakers integrate tesla's charging ports into their electric models, bp

agreed to buy $100 million of ev superchargers from tesla to grow its bp pulse charging network. it's not clear how many chargers $100 million will buy but bp says they'll begin to install them at the start of next year back over to you. >> thank you. as we head to break, a quick power check on the positive side dexcom up, boosting guidance on the negative side, beyond enphase and ford, which we mentioned rlr. charter communications down 9% the cable company beat earnings? why is it down total customer decline by 6% from last year partly because of cancellations related to the loss of disney programming. we'll be rightac bk.

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welcome back to "power lunch. it's been a tough week on wall street with all three major averages headed for steep weekly losses the nasdaq trading 10% off recent high s&p. similar situation. traders weighing new inflation data today after the fed's core pce increased 0.3% in the last month at 0.37% year over year.

let's bring in senior investment strategist with edward jones and chief market strategist with dynasty financial partners, also a cnbc contributor it's good to have you both on. mona, i'll start with you because i'm looking at the s&p right now. 4116 is the level. we broke through that key 4200 level earlier in the week. earnings have a bit of a mixed picture. yields, yes, they have come off a little bit but still high and we have this geopolitical uncertainty with headlines even in the past hour that show signs this could be a bit risky, at least going into the weekend what does an investor do >> it's a great point. look, i think we've broken some technical levels on the s&p 500 and the nasdaq, both of which had actually held above their 200-day moving averages except for the last couple of days when they've broken lower that does imply perhaps some additional volatility, some additional downside momentum may be ahead of us to your point, it does feel like

from an economic perspective we got a great gdp print this week for the third quarter, but keep in mind, that was backward looking. the 4.9% will likely cool in the months ahead we know consumers are facing some additional headwinds. they worked down excess savings. we are seeing interest rates still high, mortgage rates still elevated and bank lending standards are still tight. that all leads to heading into earnings season expectations were high, we had four of the magnificent seven reporting. they all reported pretty well. i think the high bar for some extended valuations, frothy stock prices led to this reaction you combine that or pair that with an economy that may be cooling going forward or, perhaps, the peak is behind us, that leads to this volatile market we think as we look into 2024 we are entering an environment where inflation could continue to moderate. maybe not in a straight line lower but we could continue to see moderation we think yields are headed

towards a peak and earnings growth, while flattish this year, could start to reaccelerate next year using this volatility we think is an opportunity for investors in the months ahead. >> ron, do you see it the same way? just looking at the gdp in be -- >> almost exactly. not sure i have anything to add at this point. thank you for having me on. >> well, i am going to ask you, this gdp print we got yesterday, are we going to look back on this and say this was the peak of this economic cycle >> yeah, i suppose that's true, morgan i also agree that i think right now one of the things getting in the way of a typical seasonal rally is the uncertainty around the middle east, as you mentioned earlier, the intensifying ground action in gaza and the potential for u.s. involvement and u.s. hitting two targets in syria that presume to be iranian-backed operations there overnight. so, yeah, i think inflation is coming down. i think the economy is going to slow at ones a tailwind rather than a headwind.

we will -- talking to larry knapp earlier in the day, we have a wall of commercial real estate debt and multifamily housing debt coming due next year that needs to be refinanced i think that's going to cause enough turbulence in the marketplace. everything else notwithstanding that the fed ultimately does decide to pivot. that's still several months off. we've probably seen the high water mark in rates, growth and inflation, my best guess. >> ron, if i could just ask you to elaborate inflation is slowing but is the slowing slowing in inflation >> yeah, i think it will, tyler. when you look at what's likely to happen going forward, we don't talk about is oil prices may be up but gasoline prices have crashed, natural gas prices have come down, cop ber prices have come down, lumber prices have come down, all these leading economic indicators and some pocketbook costs have rolled over in the last several weeks. the one thing we can't cure is the one-time elevation we have in prices in the post-pandemic

environment where broadly speaking prices are up around 20% from where they were before the pandemic we're looking for a slowing rate of growth. i suspect that's certainly what's in the cards ahead, assuming we can also get relief on the mortgage front which would reduce the cost of shelter and ultimately bring down consumer prices. >> mona, since you sounded, dare i say constructive on 2024, where do you put money to work is it stocks is it bonds? if it is stocks, where specifically >> yeah. we see opportunities forming in the equities and bond space. in fact, in equities we would say there will likely be more broadening in market leadership and participation. the magnificent seven have led the rally this year, but but if we're in an environment where we have better inflation trends, yield trends, we could see a broadening even as we reemerge from potential softening, areas like small cap, cyclical parts of the market, even international that have gotten beaten up could play

catch-up in that environment on the bond space, we really see a compelling opportunity forming, especially in investment grade bonds where you have not only locking in yields for longer period of time and longer duration assets but the potential for price appreciation, if and when the fed eventually pivots to lower rates. we do think over the next few months there's this real window of opportunity to lock in some of these investment grade bonds at -- really getting a nice income boost to your portfolio alongside some of the broadening and equity participation we think opportunities in stocks, opportunities in bonds and the 60/40 portfolio still remains alive and well you may have some variation around it, 80/20, 70/30 but we still think bonds play a meaningful part. coming up, the pinch that y kee christmas. tomars hasbro and mattel speaking about holiday spending.

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for more on what the holiday season could bring for the toymakers, let's welcome senior analyst at da davidson linda, welcome how much do you think consumers are going to pull back >> i consider the toy category to be a soft cyclical, meaning it can be affected by tough economic times, but parents will always buy toys for their children at christmastime. so, in that sense, the industry will be down this year after several years of double digit growth but there will still be people coming out and buying toys at christmas. >> mattel has the upper hand here >> i prefer -- i have buy ratings on mattel and hasbro but i've been telling investors i prefer mattel. am tell is gaining market share and participating in the toy gat cores growing fastest, especially fashion dolls where as hasbro doesn't participate in

the most exciting categories. >> fashion dolls would include barbie, wouldn't it? >> that's right. >> barbie's got help, she's doing the heavy lifting. >> it is when i wrote my report, my report is "barbie saves the day" and that is the case barbie and the movie and even some of the box office receipts that mattel gets is making up for the weakness of the overall industry, enabling mattel to make their numbers in 2023 >> is ken really the dufus he was in the movie i'm kidding. >> at some point we're thinking there will be sequels, so maybe there will be a movie -- >> you think >> i do want to know, you used the term soft cyclical the fact parents are always going to have to buy toys for their kids no matter the economic climate you cover quite a number of companies, both on the good side and when i see like beauty

products, for example, and also on the services side, for example, ww or some of the fitness companies, the gym publicly traded, is it an either or situation with consumers still where we've seen the shift from goods to services or is there a slowdown happening more broadly? >> well, we are seeing a slowdown in many categories, especially durable goods type of categories obviously staples will hold up better beauty is having a moment, so most beauty companies are doing extremely well right now coty, e.l.f., these are all very strong right now companies that benefitted during the pandemic are still kind of having terrible gaining back growth after the pandemic strength and that would include toys, actually consumers bought a lot of toys for their kids when they were stuck at home during the pandemic now we're experiencing some pullback in the industry as a result of that. >> you said you have buy ratings

on both toy makers is that what investors should be putting their money to work for this holiday season or do you prefer something else? >> well, i have some long-term thesis for mattel and hasbro i still think are intact when these stocks get crushed over a weak christmas, for long-term investors this is the great time to buy great franchises like mattel and hasbro however, if you want the bes earnings strength right now, and i think good continuing stock performance, i do prefer the beauty space so, my top recommendations there are coty, e.l.f. and interparfum. >> let's go there. let's go beauty. we thank you appreciate it. >> thank you >> beautiful still ahead, earnings season rolls on with mcdonald's, eli lilly and airbnb set to report next week. we'll get the trade on each of

those in "three stock lunch.

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the current analyst consensus is strong buy with average price target representing 25 here with our trades is art hogan, chief market strategist art, great to see you. how are you looking at mcdonald's >> i can tell you this, it's one of those names that has had is

likely has more consolidating view clearly, a great company love the company, just don't like the price >> okay. >> but as a long-term investment, you would hold it, right? >> i would like to hold it i would buy it on significant pullbacks. we have diabetes/obesity drugs is going to be spectacular but we priced in a lot in a short period of time. >> airbnb, still up 33%.

what's the trade on airbnb >> airbnb is a tough one we would be a buyer. we wouldn't do it in front of the earnings report. the reason i say that is, first and foremost, the overall volatility of stock trading of airbnb on a year over year basis has come in good it has one of the highest reaction rates to earnings no reason to step in front of an earnings report. away from that, after it reports, you let the dust settle, i would be a buyer of airbnb it trades at a reasonable 30 times multiple as you mentioned, up 33% year to date it did well at navigating, getting punted out of new york city and expanding broadly in geographics, domestics, beneficiary of all the travel and leisure. it's a great company >> what is the market telling you today? >> it's friday, it's been a

terrible week. the ten-year is at or near 5%, and also telling us we have a lot of news in front of us, including a fed meeting. on balance we've done a good job with a short period of time of having a market that's corrected the better part of 10% the s&p and nasdaq and likely sets up for a better week and certainly better end of the year. >> of course, we have that october seasonality potentially ready to work. art hogan. >> absolutely. >> coming up, jamie dimon said to sell some jpmorgan stock for the first time since taking over as ceo we will explain why. as we head to break, join cnbc's evolve virtual summit. that's on november 2nd can't believe it's already november leaders and innovators from around the world will share strategies for adapting and thriving in this new era of business scan the qr code on your screen right there. keep it up there or visit cnbcevents.com/evolve we will be right back.

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and stock appreciation rights that he has access to. as you mentioned, tyler, this is dimon's such stock sale in this capacity in the filing jpmorgan said, quote, mr. dimon continues to believe the company's prospects are very strong and his stake in the company will remain very significant. i'm told the share sale is not indicative of any kind of leadership change at the top of jpmorgan it's purely for financial diversification and state and tax planning purposing for dimon and his family dimon will use a stock trading plan to sell his shares throughout the course of 2024. as for whether this is the start of dimon selling down more of his $1.5 billion ownership in jpmorgan, that doesn't appear to be the case. i'm told by a source close to dimon he has no current plans to do more of these, at least in the immediate future, guys

>> i guess it's not that surprising i mean, surprising because it's the first time we've seen him do this but he's also been very cautionary in terms of his comments about the market and the state of the world perhaps not that surprising from that standpoint to see him actu act actually looking to diversify his own holding. >> that's what mike mayo pointed out. he basically said while -- at least there's no stated kind of tie with recent filings. he point out he's been saying interest rates can go as high as 7% and the world should be prepared for that as well as saying banks are uninvestable due to the basel rules when you pull all those together and you see the share sale, that could be something that investors are looking at today, although there's no evidence that he believes that, you know, jpmorgan has reached a peak or anything like that that's why - >> leslie, thanks very much.

leslie picker reporting on jamie dimon. don't know if that had any effect but the market has just fallen another few dozen points. down now -- i can't read it. 450. how are your eyes? >> 433 right now we're at session lows for the dow, the s&p 500 is close to session lows as well. >> thanks for watching "power lunch. >> "closing bell" starts right now. it's hardly been a big bounce for the index overall. apple is one