benefiting as the dollar keeps falling. >> what's yours? >> we own trade web with volumes increasing and better overall market environment and i like the push above 100 >> joe t.? >> apple 191 and nvidia pushing toward 900 with earnings tomorrow i'll see you on "closing bell. thank you, scott welcome to "the exchange." i'm kelly evans. ahead this hour, from dominance to disarray. first came sam altman's open ai and then came the backlash and now it seems he's working for microsoft, it seems and that news sending shares to all-time highs and they want the open ai board to resign and that's all we're going to talk about right now. joining me are cnbc's steve kovac and deidre bosa for this hour along with jessicaes inman

and gio patel, a contributor steve, let's start with the latest news at open ai >> at least 700 open a.i. employees threatening to leave the start-up to microsoft if the board doesn't give in into demand those demands include reinstating sam altman and including board members including former salesforce brett taylor potential exits puts open ai's lead at risk and gives microsoft a chance to develop the technology inhouse without relying on a volatile start-up the new of the version of the letter included 700 signatures and it said microsoft has offered to hire any open a.i. employee who wants to jump ship. microsoft which owns a big stake in open a.i. failed to convince the board to reinstate altman after his sudden firing.

he is deeply involved in that process, but it was open ai's board that would not cave to demands that altman wanted as a condition for his return instead, microsoft hiring altman and put him in charge of a new subsidiary ai group within microsoft. open ai named former twitch ceo emmett shear who said he will investigate the mishandling of altman's ouster. the note is signed by notable ais including maratti and she was immediately after altman's firing that's three ceos in three days. open ai could lose a huge chunk of top talent to microsoft, kelly. >> to go back right off the top. it is now 700 now? >> that's the latest count, up to 700 in less than an hour ago. >> 70 of them are hanging on >> we haven't cross-verified to see if everyone is an employee,

but that's what's trending. >> i was going to ask if we should expect employees to defect to other tech giants like amazon, but where do you expect this all to shake out? is it ultimately just a move on the board? >> there are so many twists to the story and it is still unfolding and the short answer, i don't know how this unravels it's still happening microsoft wants those employees and this is an industry, generative ai that is still being by scientists and researchers at the moment. it's not just microsoft. everyone is scrambling to appeal to these open ai workers who are wanting to defect. spoke to a start-up co-founder this morning and said they are fraventicily fra frantically reaching out to them on linkedin and it's what satya nadella tweeted at the end we look forward to moving quickly to provide them with the resources needed for their success.

that word resources is key because the generative ai development rests on compute power and that is why open ai has the huge deal with microsoft and how those employenses are al to leave and it is unclear what kind of i.p. and technology they can take with them >> eli, do you think as the market seems to think this is all just a huge win for microsoft. the shares were initially lower on news of the whole implosion because they own 51% of open ai and now they're at an all-time highs because they get the talent and they get to bring it inhouse to quote who had a fun line on this who said you can make the case that microsoft just acquired open ai for zero dollars and zero risk of an antitrust lawsuit. what do you think? >> i think if that works out, it's great the story for the weekend for me is there was always a ticking clock on this crazy back and forth. microsoft needed a stable message for the markets this morning. it delivered one that the market

really liked, and i think it is still absolutely a junk ball if sam altman ever worked at microsoft. if all of these employees leave and go to work for microsoft no one's accomplished anything, right? they're petutting pressure on te board to rehire sam and this board is looking at something nothing and what this board was trying to do was control the out-of-control technological development and with less than 70 people and no talent, they absolutely will not be able to manage that mission at all so i think it is still up in the air whether this deal closes the way we all thought it would this morning. >> 100%. i have questions if the valuation of openai implodes and if it's one for one in terms of the valuation gain and this is the sentiment around satya nadella lately

reflexes of the start-up ceo and resources of a start-up company pulls this together from 48 hours and gets it signed and over the line before the markets open this guy's reputation can't grow any more let me turn to you on the sam altman's ousterfrom openai he says his take on this was interesting. he said maybe we're all jump to this conclusion that sam was wronged here and maybe there were warning signs about his leadership and maybe anthropic was from dissatisfied employees and so forth should we reserve judgment until we know more of the facts of what happened here >> kelly, we absolutely. there are more facts about what happened here, and i think, you know, it is very -- the narrative now was that sam wanted to move fast and make money and keep people at openai, including one of their co-founders, ilia was more

concerned about moving slower, and i do think that's part of the story, but there is more here, and i think we should look at it and try to figure that out. the situation is still the same. i agree with nilay that it is a junk ball, the future of openai is completely in jeopardy right now, and it's very unclear what is going to happen, but i do think that there is a lot still unknown as emmett said about investigating what happened and obviously this just puts a spotlight on this non-profit board, and you know, the complete lack of governance there, and i think that's another untold story about how microsoft allowed that to happen and how openai's investors, we're about to put money in a tinder in a $90 billion valuation and how that was allowed to transpire with so little oversight >> nilay, i'm glad jessica mentioned it and correct me if

i'm wrong. >> there's been these factions at openai for years is my understanding between those who want to be part of the non-profit and closing down, and the for-profit piece becoming a real consumer tech company anyway, i guess the interim ceo has put the probability doom between 5% and 50% and has indicated a significant slowdown in development and now he's in control for the time being. >> yeah. i don't know what he's in control of of how he became the fourth ceo in three days >> again i think, he is a deceleration, but he wants to slow slow this ask be very careful careful ask putting monies in the world without any plan for saufty around moderation and okay one,

but you can see this tension was playing out in a very commercial way. here's a guy who thinks the it will extinguish all value in the cone of light. that is a pretty intense pendulum swing, and i know that microsoft takes ai seriously i know altman himself said he took it seriously, and i know the job of this board of directors was to manage that tension and not react, and i think that is the number one thing that we should look at is why couldn't they manage it and they had to take this step instead of having a conversation >> the dwevelopers as nilay stated is a catalyst for what happened >> just like nilay was saying, the new ceo comes in and said i know what happened, but i'm going to investigate anyway and then tell anyone what happened there are four of them all you have to do is ask those

four people, what happened why did you make such rash decisions? not to unstabilize the markets and they went out and said something really bad happened here when you see a major ceo ousted before markets closed and little to no head's up. you think something wrong happened. >> rumors were flying. malfeasance? did he steal from the company? the board did say none of that happened, and everything was fine and we just disagreed and that sounds like a conversation and not a surprise firing the day after your ceo is meeting with president xi or something like that. >> jessica, what do you think the questions are that need to be answered next >> well, we have to find out if sam altman is running openai and whether openai exists and has employees. i think at the pace this story is going, we might know that by lunchtime on the west coast, but

i think that is the key question it is a junk ball. i don't think satya and sam know their partnership and think going there without that being roll it would be kind of unprecedented to unwind that, but i guess the way you would do it is that openai's future hangs on it and microsoft believes in the partnership. so the pr wheels are spinning here, but i think, you know, it was a very late night to get satya's statement out before markets today. so if we go in that direction, kelly, then i think this new research team at microsoft led by sam, then a lot of big questions, what can start-ups exist in this space? >> look, we've just seen one of the world leigh largest companies and aquahire without paying anything, but you know, i

think it fundamentally changes the landscape of ai developments and huts other important products like anthropic in structure other and entrenchment some way you have to look at what is next for the technology and what is next for the hundreds of thouds of companies and not just the banks, morgan stanley and goldman sachs. th there's a question about how those customers are reacting >> very well said. deirdre, last word >> they had to tell people stuff and that was never part of their duty it was to humanity and not to

shareholders >> 501c 3. >> we are all surprised that we don't know anything, but that was always the case, and those are the details that will be really interesting should open ai and those four board members share that i would like to know what they saw what was going on there, but they write in the charter that they wanted to benefit humanity as a whole and unconstrained by need to generate financial return it feels like we've gone very much in the opposite direction and it's sam altman and 90% of the research scientists go to microsoft, it feels like, we've certainly swung the pendulum toward the commercialization maybe that's a good thing? i don't know look at what happened. >> even if it goes back to open ai, who knows? we'll see. it is fun and fascinating. we'll explore the microsoft angle more now jessica lessin, nilay patel, deirdre bosa, thank you very much >> sam altman's hiring there is

up 2.25% today, my next guest has a lot of questions and says she's not buying the stock just yet. we turn to kim forest at boca capital partners for your whole take on this whole saga, kim >> one word. crazy. crazy. i mean, who would ever believe this much drama could come out of a bunch of ph.d and data scientists >> i could -- now i can. i watch that silicon valley show years ago and thought this is such an overdramatization. maybe not. >> maybe not maybe want, but it does bring out really great questions my first is, like, how did microsoft ever do this deal and not have somebody on the board it's just mind boggling and it looks like -- while i understand that they're trying to protect humanity or encourage humanity to use ai or whatever the board said its directive was, there is

a financial issue here and someone should have been on the board representing that because this costs a lot of money to make and build through 700 very employable people that are going to leave and probably leave the company with nothing this is all intellectual property, and if you're an intellectual property company all your people go home at night that's your asset. they leave the building and in this case it looks like they may be leaving the building for good. >> you know, we can look back and say maybe microsoft should have had a seat on the board my understanding is this deal came about because open ai wanted azure credits back in the day even as a non-profit basically turned to microsoft and said yes, you can be an investment partner i mean, you can't quibble with how satya has handled this over the last 72 hours, right >> no. no that guy sees an opportunity and goes for it. you have to give him that, and i think he's doing this

masterfully. i also have to make a plug for just any investor out there looking at any technology while a lot of it is super cool, you always have to ask yourself what is the value that this can bring to somebody who will pay for it in money because that's where meaning kind of comes into an economy is when the money is changing hands, and i think satya sees the value that chatgpt and all of this kind of large language model can add to its core products which is office, and i think that is his driver, that he can see the value and the productivity enhancements that this technology can bring and he's trying to make sure microsoft has it >> and what about google the point's been made that just four years ago, google's market cap was a trillion dollars more than microsoft now microsoft is well winning that battle, but there are

questions about the fate of anthropic and that's where they turn to shore things up? is this creating an opportunity for rivals >> our google and microsoft rivals and i would say bing is an asterisk in research, right microsoft again, knows and this is why i love the company and even though i don't own the company, and i kind of look foolish at this point, but this company knows that it's a business software company and that's where it puts its resources most of the time, and i think that is a grounding effect google is a consumer company that is an advertiser seller, right? and that's a tough market to be in because consumers can decide to go somewhere else to find information, and that is very, very difficult to maintain while i think microsoft has a lower

bar to maintain its audience, which is still high. you know, you have to create value with the office and windows franchise, but people build their businesses on it and won't migrate off of it willy-nilly like they would with advertisers going somewhere elsewhere the -- when the eyeballs stray from google. >> maybe we'll look for another opportunity, but for now, kim, thanks so much we appreciate you joining us today. kim forest with capital partners the dow has pushed to session highs and the strong went20-yea bond market has something to do with it. if only openai could have pushed this down the radar screen today. >> yeah. i'll tell you what, those highs in the stocks and the low yields in treasurys is definitely due to the 20-year auction 16 billion of them and harken back a week and a half thursday, november 9th, 30-year bond auction, icbc, the bank

that was hacked and not a primary dealer, but the auction was effective in negative ways many partis cipants i talked to thought they were stepping up to demonstrate that the auctions can go well on longer maturity the grade i gave it was a "b" and the yield 4.78 and when it issued, 4.79 lower yield, higher price and this is the exact opposite of an auction that tailored and that's a good thing it took a couple of downgrades the bid to cover a bit below the 10 auction average along with direct bidders and it's the low of the level just since january of this year, but it was a very solid auction, and as you look at the yields on the short term and the long term, remember like all maturities, the 20-year peaked at mid-october along the i-34 yield and it's much lower

like all maturities and this auction affected the mid to long end of the curb, as you see tens and 30s. all of those maturities have slightly higher yields before the results and now they have lower yields post the results. kelly, back to you. >> we'll take any sigh of relief we can get on that front,thank you very much, rick santelli coming up, did you know home depot was the world's largest seller of christmas trees? can they sell enough to make up for the slowdown we've seen in home improvement sales this year we'll ask the ceo ted decker next with the stock that snapped a three-month losing streak and they warned there's too much political risk in china to invest there, but there could be a way in through taiwan and we'll look at the ripple effects of last week's presidential up summit for investors the dow is up a half percent, 159 points today and the s&p up 0.6 to 4541 and the nasdaq up a full percent now as bond yields

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to compete with the future. kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪ welcome back to "the exchange." home depot is having its best month since june thanks in part to last week's earnings beat on their recently lowered expect eggs expeex expectations and has high hopes for the holiday season and beyond courtney reagan joins me with the ceo of home depot, ted decker welcome. >> thank you very much ted, thank you for joining us here and letting us be in your store in atlanta, georgia. you just wrapped up your earnings call and talk to us about the consumer and we're looking right at black friday.

how do you analyze the state of the u.s. consumer, maybe homeowner versus non-homeowner >> as you can see, we're ready thanks for joining us. the consumer his been resilient. when you look at the gdp last quarter and 4.9% growth that was driven by consumer spending and that was driven by inflation over the past year and generally the consumers hung in there and particularly our consumer. our consumer tends to be the homeowner and they tend to be employeded and they've seen wage increases and home depot's consumer is in pretty darn good shape and much more resilient over the course of this year >> that's true even with interest rates with mortgages above 7% and the mention of deferring large projects can home depot make up the large sales from those projects in other areas? >> well, we always thought this year we were calling it the year of moderation and we had such explosive growth during the three years of covid and we knew

after growing $47 billion through '20 to '22 that this year would be slower for us. the consumer shifted their spending from services and entertainment into goods during covid. when the economies in the world opened back up and people are traveling and spending money on experiences. so we knew this would be the year of moderation for home depot, and that's what it's been for us we've been down pretty consistently about 3% this year. you normalize the weather, our first half was minus three the quarter we just wrapped up was minus three so we narrowed our range to minus three to minus four for the year so we knew they'd be spending on travel and what not, and they're deferring some larger projects with interest rates and housing. certainly, there's an impact in the home turnover and people wait and see before taking on some really big projects and things like decorative holiday, what we saw on halloween and what we're seeing so far in

gifting and a super strong, engaged customer >> does the year of moderation end in 2023? >> we had our analyst conference in june, and as you can imagine that was the question. people certainly understand 2023 being a year of moderation people ask is it going into 2024 what we said then in june was we don't know with interest rates staying high, the fed's posed to being higher for longer and certain three that's impacting home turnover home values have held up people thought home values were going to fall and we're up as an asset class almost 50% and $15 trillion of home value so the customers engaged and they're just waiting to see if this recession that people called for all year, hard landing, soft landing and now maybe not a landing. so i don't know if it goes into '24. we're not talking about '24 yet,

but what we're focused on is running the best business we can. the business is operating as well as it has and going through all of the supply chain issues of covid and the associate turnover and the like and we're operating very well and we're in such a great space and the home improvement space is huge. as big as we are, we have a relatively small share so we can control what we have to control and power through any cycle of moderation >> that's interesting. in the year 2021 and 2022, home depot's u.s. comparable sales outpaced that of the largest competitor is it possible for home depot and lowe's to come together or are you taking from one another? >> we are 25-odd or even less percent of total share we define the market over $900 billion. i think they put it at over a

trillion it's a big market, and there's plenty of independence still in this space, and we can each grow we want to grow faster, obviously, but there's room for many, many players in this space. >> where are we in terms of pricing? i believe cfo noted on the conference call that perhaps we're past the height of inflation? >> yes. >> can we talk about deflation >> we're definitely past the hyper inflation and what we're seeing is prices have settled. we have two types of prices in our business the lumber and copper wire. we are pricing that per week and as you can imagine, price in units and they hold pretty closely in those commodity categories the last of the business saw tremendous inflation and that has abated some prices have come down and some have held, but generally we think it's largely settling, and we don't see deflation in our space and so far even this

holiday season we haven't had -- seen any more pronounced promotions in this space, either certainly we haven't been. >> very interesting. before we let you go in 2019, i believe, i did a documentary sort of about what's going on with organized retail crime and that was pre-pandemic. it wasn't being discussed very much in the media. >> right >> it is more now. >> what can you tell us where home depot is with organized retail crime what is happening with the shopper? are they using delivery more >> in retail in total it is a real problem organized retail crime is a thing. it's unfortunate, there are a lot of root cause issues behind it, but this is not your individual, everyday shoplifter anymore. these are truly organized networks that work their way through stores we've had to lock up product which isn't a great experience for our customer we've had to hire guards, but you know, parking lot lights and higher lumens out during the

evening hours and it's a problem and we're trying to do what we can do to maintain the best shopping experience and stop the increase so i think it's abating in terms it of the growth, but it is a very thin problem that certainly isn't going down >> just a clarifying question and do you believe the shoppers are doing more to avoid the inconvenience? >> we hear that and there's concern coming in from stores, we have a curb side option and it is one of the reasons we've continued that post-pandemic >> thank you very much for doing this good luck with the christmas trees. >> thank you >> you're the biggest seller of christmas trees. >> thank you >> kelly, back to you. >> courtney, tell him we bought the tree a couple of times in recent years we appreciate it >> i will. >> by the way, court, did you

think that sounded more constructive than walmart? what he just said about november >> i do. yeah i really did i think it did it was considerably less cautious, i think, than some of the other executives that i heard talking about the holiday season and we're couching things more >> wanted you to say it so i go the right conclusion thank you. we appreciate it today home depot is not the only stock benefitting from the sharp drop in mortgage rates lately the 30-year fix side down since cracking 8% a month ago and the decline in rates will lift home builder stocks and squeeze the shorts joining me is the head of predi predictive analytics this comes after the sad news of jim chanos closing up shop do you think they'll get burned here >> i think so. we have the fundamental move on the long side in the home builder sector and there are

short squeezes which is moving prices up, too so this is a difficult spot for shorts >> i read in the past that one of the best little sub sectors from the time between the last fed rate hike and the first cut is often the homebuilders, but how long can a rally last if we are going into a slowdown? >> you have to see what's happening with interest rates. as long as there's a shortage supply and homebuilders are producing stock and producing buildings that are going to be void, you will see a rally in the home building sector and what we're seeing is the shorts are getting in and out of the market and the stock prices are moving up and down so i think the shorts are going to be in trouble >> although you guys also note, it's not as though this is a heavily shorted area, is it? >> once you have $5 billion worth of shortage it's not as big as communicating sources and it is a very, very

underperforming market and it's an interesting piece of the market to look at. >> a bit of a warning if you are betting against the home building sector. before i let you go, you mentioned communication services and where are we seeing the short bets these days? >> we see netflix bailing out of their trade because it's one of the stocks that are really moving up expect had strength recently so look at short selling in some of the bigger tech names that are overbought, but i think there's a lot of people running scared in some of the names that are just skyrocketing and looking for other areas to short much more like healthcare and -- and the consumer discretionary >> yeah. we'll come back to the weakness in healthcare in just a moment, but i am curious i have heard that short selling has become so hard and so scarce that it's cheaper now than traditionally it has been to short stocks just in general, how much has short selling failed in recent

years and do you think jim chanos closing up shop is emblematic of that >> shorts are losing money really it's an insurance play and it's the best and worst of breed. the best stock will short the worst stock. so short selling is really necessary for hedge funds and for large, institutional players and really, it provides liquidity in the markets and you want to know the stocks and i'm not just going up and the ones that are going down and it gives you great insight into stocks that you should be wary of. >> i totally agree thanks for joining us today. it is a status report. igor stusanuosky over to tyile matheson president biden says a deal is near for some of the hostages held in gaza the deal includes hostages taken by hamas during the october 7 attack in exchange for a pause in fighting, but the sources

warn nothing has been finalized. an estimated 240 people are still being held hostage in gaza ukraine is cutting top officials as the 20-month war against russia continues president volodymyr zelenskyy dismissed the commander of the medical forces ukraine fired two senior cyber defense officials as prosecutors unveiled a probe into cybersecurity agency pga golf being postponed until the florida arena was damaged resulting in lengthy repairs. the tech infused league created by tiger woods and rory mcilroadway was supposed to debut on espn in january with a season finale before the masters tournament and now that is all postponed. kelly, back to you. >> tyler, i'll see you soon. thank you. tyler matheson coming up, out of all 11 sectors

healthcare is the one trading closest to the reese ncent leven we will take a look at the winners and the loser. as we go to break. e thdow is up 188 points "the exchange" is back after this 3

. welcome back to "the exchange" program i'm dominic chu with this feature sector for sectornomics and the third biggest sector in the s&p 500 and the worst performing sector in the s&p so far this year trailing only utilities and consumer staples as you can see the spdr health care etf is up about 5% versus a

19% gain for the broader markets overall. the stocks helping to lead the charge, no doubt that eli lilly and many of the companies tied to drugs for diabetes and weight loss have been at the front of the pack within the s&p 500 lily has been up 65% so far this year. west pharmaceutical services are up 47% and cardinal health up about 36% as well. as for the biggest laggard so far this year, we have a vaccine maker in the mix, moderna one of the biggest losers down 57% year to date. ilumina down 53% and earnings did not help it this past quarter and pfizer shares are down 42% as well keep an eye on the health care sector the second biggest one in the s&p 500. keep it here reewmo ns coming up on "the exchange" right after this commercial break

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♪ >> welcome back to "the exchange." president biden saying the u.s. and china are back to open and direct communication after his big meeting with xi jinping last week, but that doesn't mean they agreed on everything, particularly when it comes to taiwan's independence. with the presidential election there less than two months away, here's what treasury secretary janet yellen said about it on "squawk box" this morning. >> this is clearly a very important issue from china's

point of view and president xi did express the view that it's important for taiwan and mainland china to unify. he certainly expressed the desire to have that occur by peaceful means, but president biden said our policy remains unchanged from what it's always been. >> according to my next guest says there may still be three more years of tension from taiwan let's bring in marco i don't want to take your eyes off the developments and pretty big ones after the taiwanese election last week >> last week we had a potential for the opposition to unify. the current government is led by nationalists who basically only control about 35% in the polls, and the position party which is look to stabilize the relationship with china would

field a joint ticket that collapsed over weekend, but it may still happen. the bottom line, though is 65% of the electorate in taiwan does not want to remain a chess board upon which u.s. and china play this geopolitical game of chess. >> so what does this tell you about what the taiwanese people want, marko? >> i think since the nancy pelosi visit to taiwan, there has been a reduction in support for a very aggressive support for china. the economy is only at 35% and enough to win the election if the other two parties split. the more sort of conciliatory log, but the taiwanese don't want to be the chess board and that means over the longer term it moves at a very important risk and the unilateral independence by taiwan that has nothing to do with the u.s. or china. it just happens and basically taiwan takes its agency into its

own hand that would be a very destabilizing situation, but with 65% of the electorate choosing parties that would not receive that option, i think that that removes this issue from the investors' horizon. >> and to borrow from what mark mobius told us last week he told us he's constructive on china and not bullish and more bullish on playing taiwan for some of the upside for investors the next couple of years you obviously mentioned tsmc and other companies like that. what do you think of that idea >> the election of january 13th leads to a pro-peace coalition, i think taiwan -- for sure because it would literally remove taiwan as an issue for the next four years. that said, i think that for the next couple of quarters, a whole year, we need to see how the u.s. election plays on this issue. we had a great visit between xi

and biden in terms of reducing tensions, but as the u.s. election season heats up, the domestic pressure could force both biden and his opponents to get very aggressive toward china. >> marko, we'll leave there. we'll come back soon we appreciate your time today. thank you for joining us >> any time. >> marko papic of clock tower. only openai's board ousted him, but sam altman is communicating just fine with his followers on x, posting moments ago, quote, we have more unity and commitment and focus than ever before we are all going to work together some way or other, i'm so excited one team, one mission. it came just a few minutes after he shouted out the team reportedly coming up, more embattled tech after some found their marketing next to prno-szi content the latest and what it means for that company next.

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running ads next to pro-nazi content. this as they paused advertising on the platform. let's get out to julia boorstin. >> kelly, we're waiting to see if elon musk files what he said would be thermonuclear lawsuit against media placed ads for major brands next to content that touts adolph hitler and his nazi party x accusing media matters of creating an alternate account to deliberately follow sensitive accounts in order to, quote, curate posts and get advertising to appear on the account's timeline media matter's president responding, saying musk admitted the ads at issue ran alongside the content we identified. if he does sue, we will win. x ceo linda yaccarino saying when you're this consequential, there will be detractors and fabricated distractions, but we

are unwavering in our mission. major advertisers including apple, ibm, disney, comcast, cnbc's parent company, continue to pause their spending on x x's ad business has suffered a dramatic drop since musk took over, insider intelligence projecting that the company's total ad revenue will drop by 55% this year from last year, saying this latest controversy, quote, the damage to x's ad business will be severe, kelly. >> julia, thank you. we appreciate it we continue to follow the twists and turns here as well julia boorstin. still ahead, the action, the story and the trade on three companies reporting earnings in the next 24 hours. they're all in the green add more details after the break

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welcome back the earnings parade marches on during the shortened holiday week we've got medtronic, agilent and tripadvisor on deck and joining me is oppenheimer's head of technical analysis here on set let's start with medtronic as medical devices and health care broadly are certainly in investors' minds lately, health care has not been a great space. but medtronic down about 7% the past three months, off the october lows, as you can see, as investors are digesting just how much risk those drugs pose

rbc is focusing on new technologies like robot-assisted surgery, a hyigh blood pressure treatment, bottom line, what would you do with the stock? >> the positive is the market. i think we're at a point where the mid-cycle correction we've been in is now ending and the market is resuming higher and we're getting the next leg of the bull cycle right off the bat, there's the market support for a lot of these stocks with that said, the three we're going to talk about are really not showing the type of relative strength that we as momentum investors prefer. >> that makes sense because if you're thinking we're at a big turning point, i don't think i would be piling into health care i don't want to tease them too much, but is that kind of what's happening? >> that's such a great point in health care you have a lot of the pieces of the puzzle that don't align. you have the areas of strength in providers and services, while medical devices and life s sciences are at the bottom

they've been damaged severely, and for those reasons you don't want to stay with it when you're in a bull market and you have a stock like medtronic coming off not only a low point below where it was at the bottom in 2022, but you've got to go back to the 2020 low, that's relative weakness. i would rather be selling strength rather than buying the stock in anticipation for some sort of a pop here it could move post earnings and that's going to be fundamental but $80 resistance, you want to sell. >> what about agilent? they're up 10% in november, even though coming off a three-month losing streak. >> supported by this broadening market, but another one that's been making lower lows and lower highs, through a strong bull market so for all of these reasons, again, it's the top-down weakness, so these stocks face that headwind of this broad-based beaweakness across health sciences. another indicative of a bearish

trend, we're looking to sell weakness and i believe it's at about $120. >> and they're at $113 final lone, i'm going to switch gears. trip.com, total travel site, looking to trap its losing streak would you be a buyer here? >> key things, growth overvalue, large over small longstanding view, u.s. equities should be owned over global equities trip.com included. a stock that's been making lower highs for the last six years you've got to go back to 2017. in a strong market, no less. it's been oscillating around the 200-day average. if you like the stock, you better have a stop there, because on any sort of decline where you start to move lower, you run the risk with the long--term downturn. >> if you're telling me we're in a strong upturn, what happens to the recession call do we push it out a couple of months >> the recession call was -- the

market, those recessionary expectations last year, the market had to get repriced the market is signaling it is not on the horizon the market is the leading indicator. so all of our messages is that you're not at the top for another 6 to 12 months. >> i have a lot to think about this holiday that's what i'm going to be thinking about over thanksgiving thank you so much. head of technical analysis at oppenheimer. that ifo"t ehae.'st r hexcng tyler is getting ready for "power lunch." i'll join you on the other side of this break. to get to this. the new york stock exchange is a symbol of what america is all about the potential of an american dream. it is day one. a lot of work has happened to lead to this historic moment. the only way you can move a society forward is a true expression of freedom. ♪♪

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fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. hi, everybody. welcome to "power lunch. i'm tyler mathisen, literally alongside kelly. i don't think we've ever been closer markets are higher, but there is one story dominating the business world, the dramatic events at openai that took place over the weekend founder sa