cameron dawson, malcolm etheridge, we'll take you up to amazon on "closing bell." we do "final trades" right now. stephanie, you have first. >> chipotle. down 7%. >> all right. farmer jim? >> transocean. look at earnings. >> joe snmplt >> barclays. >> thank you, everybody. see you in a bit. ♪ ♪ welcome to "the exchange." i'm john ford in for kelly evans, and here is what's ahead. apple on deck. this as microsoft and meta are under big pressure this hour. amazon is, too. microsoft is on pace for its worst day in about a year. we'll dig into the reports, how it sets up the rest of big tech earnings, and what name our trader says is just a no. plus, a potential media shakeup. comcast considering spinning out its cable networks as a separate company. our david faber just sat down

with john malone, and he joins us ahead. this stock's flying on earnings, hitting an all-time high but has nothing to do with ai. the ceo joins us with what went right in the quarter and why he's bullish into the holidays. but we begin with dom chu with the numbers. >> john, it's decidedly negative, and that tech story has a lot to do with that. just to give you an idea, the outperformers in the dow, the blue chip index at 41,919, down 221 points, one half of 1% decline. the broader s&p 500 is at 5731, down 82 points, or about 1.5%. now, the key level to watch for some traders is 5699. that represents the 50-day moving average, or kind of medium term trendline for the markets. we're about 30 points above that level. keep an eye on that. but the nasdaq composite, at

18,177, down 430 points, good for a nearly 2.5% loss there. one to have main reasons why is the negativity around some of the mega cap tech names, specifically in one part of the market that is semiconductors. if you look at the ticker sma, down 3.5% itself, we've dropped below that 50-day moving average price. we're kind of getting down towards maybe $10 or $11 from the 200 day moving average that as you can see, there has been support for this particular etf. not one stock in this etf is positive today, but monolithic power systems and universal display are the two big laggards, so watch the semiconductor stocks. here are a couple of old pandemic darlings, reporting earnings. i want to put it in context. carvana, up to $255 a share, it was $309 three years ago, and it was a $3 to $4 stock at the

lows, back up to $255. beat on earnings and revenues. also look at peloton, it was a $90 something three years ago, got down very low, and even with a 27% move higher on a better than expected earnings report, a ceo change and upgrade to its forecast, it's still $8.50, so just to show you a couple of these trades, massive moves higher. but two very different stories in terms of context where they were at the pandemic highs, john. back over to you. >> for sure, for those two and then on the semiconductors, also notice some data related names, pure storage, some software names, snowflake, also lower along with the semiconductors. great observation, dom. now, openai is rolling out a search function for chatgpt, sort of. our kate rooney has more details. kate, there's some bing in there. >> so openai is taking on google

and maybe taking on bing as well, and taking on those search engines with this new search tool announced, called search gpt, it's a way to get fast, timely answers with links to relative web sources, they say, which you would have had to previously go to a search engine for. this is a big change. openai has wowed users with the chat bot's thoughtful answers, the ability to create new content, but couldn't tell you about things like the yankees. it told me nothing. that is going to be changing. today's announcement may be the answer to its publisher question for copyright infringement. openai says they are working with data providers to offer real-time information, so think stocks, sports, weather, news. they also say any website or publisher can choose to appear in chatgpt results.

they are providing links. you look at the demo, it does look a lot like google, which is fighting doj's accusations that it has monopoly in search and in advertising. this could compete with microsoft and bing, that search engine microsoft has invested $14 billion, and perplexity has been seen as a threat to google. another silicon darling backed by jeff bezos, in the midst of raising capital and a $9 billion valuation. openai providing things like realtime maps, as well. if you put those next to each other, it looks a lot like google maps. openai does highlight the underlying model of the differentiator here in the whole experience. openai says it will let people ask questions and what they say is a more natural conversational way, go deep we are followup questions and will consider the full context of your chat. they are leveraging third party search providers, but didn't say

who that was, john. you can see the news, hitting google, especially when it's down 1%. back over to you. >> interesting they didn't say who that was. i seen a piece indicating that bing was actually behind this as some of the search that was being done. it struck me at first when microsoft kind of did the big rollout with openai, they were trying to put openai in as part of bing as a way of trying to grab share from google. that doesn't seem to have happened. i wonder if this is trying to use bing as an ingredient within openai, seeing if the popularity of chatgpt will drive usage. >> that's full circle, right. if it is bing, which they didn't say, they wouldn't say specifically, but you've got to assume based on the relationship between microsoft and openai that if they're going to partner with a search engine, it will be microsoft and bing. i would say that the look of these is uncanny. you line these up with google, bing, any of the search engines,

and they look exactly alike. it's the same experience, but they argue you get a level deeper with the memory that you're typing in a search and it will remember what you have asked, it will sort of streamline the questions, and be a little bit more like the chatgpt experience. but big deal for google and for startups out here that have really been built on taking on big tech companies like google, perplexity i mentioned. but just looking at these side by side, we were sitting around looking at this saying this is almost exactly the same thing. so openai here, yes, a large language model, but they're adding some of the features that could threaten the incumbents. >> right, remembering your data. that's new. kate, thanks. apple's on deck to report results a of the bell today. steve is outside the company's headquarters in cupertino, california, with what to expect. steve? >> reporter: hey there, john. today, it will be our first read on iphone 16 demand, that's what

everyone has been trying to game out, especially how apple intelligence is going to factor into that demand picture. this report is going to reflect the first several days of iphone 16 sales, giving us a hint how much it's been comparing to the initial iphone 15 lunch last year. and since the iphone 16 launched, the street has been trying to figure out what sales look like, and it's not been pretty right now. apple cut 10 million iphone 16 orders, which is more than usual for this time of year. but apple intelligence just launched on monday, and the question now is, will that demand picture change now that apple's artificial intelligence system is finally here? still, that super upgrade cycle the bulls have been predicting for months, it could take longer to happen because most of the ai features apple has been talking about for months they just aren't ready yet. the big stuff, chatgpt integration, updated sirri, and

integration with all your apps on your phone, that is coming over the next several months, even into 2025. and by the way, john, besides the iphone, pay attention to services. that business is really booming again. >> either on this issue of potentially orders being cut, we don't know what the starting point was, how many of these 16 phones apple made in the first place, if they made a whole bunch going into sales and maybe an order cut isn't that big of a deal, if they're expecting a different kind of thing with apple intelligence coming out, right? >> that's right. i would also note that these are the -- most of those cuts are for the regular iphone 16, not

the pro, which is another good sign for apple, because they make more off of these pro models. those are the best and latest and greatest cameras and processors that are also capable of doing this artificial intelligence stuff. so that is another important factor to go with. the other thing is, as we started getting these demand signals early on since the iphone 16 launch, maybe supply is better this year. we've seen in past years, apple had to work through those covid supply chain issues. those have cleared out. they're adding capacity to build iphones in india, for example, so that could balance that demand picture, as well. we don't know for sure until we hear from apple tonight, john. >> i suspect if you see tim cook around there today, you'll ask him about that. >> maybe so. >> steve, thanks. apple, one of the reasons mag seven stocks are selling off today. meta and microsoft warn of

rising costs because of their big pushes in ai. one of my next guests says there's a key winner in this space. both guests agrees on the loser. joining me now are lee munson and tom hancock. guys, welcome. okay, so, lee, who's winning? >> well, i think amazon, i think google is winning. anybody who is in the ai trade to get global i.t. out of the local servers and onto the clouds. i don't care how long it takes for apple intelligence or for a company that makes single digit earnings. i want to see that movement to the cloud that we have been having for a while. and right now, the straglers, global i.t. that's not on the cloud, you have to get them to that. i think ai will be the main reason you'll go to the chief information officers and get them to do it. that's where the money is being made. if you're not part of that

trade, i don't think you've got the, you know, you don't got the thing you need to make the big money and keep big multiples. >> some, i see this persistent skepticism around ai from here and is it driving results. but within meta, we have seen mark zuckerberg talking about how they've been able to get results with things like reels to be able to increase engagement. that's why he's investing more. we heard from microsoft that in the second half of their fiscal year, so calendar 2025, they expect to see uplift there. so shouldn't that be enough to indicate that there's some strong potential for return here? >> yeah, i think you need to distinguish between these consumer ai companies like alphabet and amazon and meta where they're making money now, targeting content. they've been making money for a long time actually, before even generative ai became a big thing. so very real business, and i always think it's funny how meta gets beaten up every time they

do cap ex. they have a much better history than has been moven in some of the other names. >> metaverse, that's still -- we have to wait and see on that. lee, on securities, cybersecurity, like palo alto networks, there are a number of names pursuing a platform strategy, you know, you have crowdstrike, which had issues earlier this week. why do you like palo alto in particular? what do you see them doing that makes them worth buying? >> i like bigger, i like enterprise, i like where most of the cap ex is going to be. z-scaler, too small. crowdstrike, too much focus on retail. palo alto is about your fortune 500, the big integration of firewall, big integration of hardware and software. i think they're going to be a category killer. i'm not interested in cybersecurity when it gets diffused down to the small businesses. that's not where the big money is. no different than where, you

know, it is on cloud and ai cloud. it's all about the big players bringing in big dollars. that's the stage i believe we are in now. two or three years, we'll see. >> the semiconductors are learning. you like tsmc, which manufacturers chips for just about everybody, including apple, nvidia, amd. you like asml, that makes the highest end equipment for building these really advanced chips. maybe people can get these names on sale. why do you like that particularly when there are these questions about the stability of demand going forward? >> well, we love the semiconductor equipment companies because they're picks and shovels to any end market. so you can be very agnostic. these are the companies that are benefiting. you're getting these companies

at a little bit of discount, because people are worried about intel's cap ex coming down in the case of asml and worried about sanctions with china. but what matters is the end demand of ai and these are companies who have no com competitors. so we love this as a way to play the big mega trends. >> finally, lee, post halloween, we're about to get a lot of focus on retail as q4 turns towards the holidays. you like some ecommerce names, or at least one after ebay and etsy didn't wow a lot of folks. >> i'm kind of in the pick ax world when it comes to ecommerce. here's how i really like to play it. look at a company called manhattan associates. they do all the infrastructure and logistics except for

ecommerce warehouses. if you want the perfect pick ax, i think you find out who's running the warehouses, who can go to ebay and say we can save you money and help you with your bottom line of logistics to compete against a big place like amazon to help a place like shopify. so that's where i'm at right now with the smaller company. nobody looks at it, no debt. it's just a winner and it's overlooked. so there are things that are beating mag seven stocks this year that are smaller, but still in that ecommerce and have that ai ting to it. >> etsy is up 9% today, ebay down about 9. thank you both. >> thank you. i'm going to speak with intel's ceo later today, first on cnbc interview right after their earnings come out after the bell before he's on the conference call with analysts at hk p.m. eastern.

shares of comcast is exploring a separation of its cable networks business. our dave faber spoke with the liberty chairman john malone and joins us now. dave? >> yeah, john, i'm here in denver outside denver at liberty's headquarters for my sitdown with john malone. we taped the interview, it will air a couple of weeks from now when liberty has their investor day. but of course, given the news that we got this morning about the possibility of a spin of the cable networks of nbc universal, and of course, given john malone's really unparalleled history when it comes to the cable business and the cable networks business, not to mention his experience around very complex trapstransactions, seemed appropriate to share his reaction to the possibility of a spin of nbc universal's cable

networks. take a listen. >> brian is a very smart fellow. he's got good support in his team, and i think they're looking at these kinds of actions to basically increase shareholder value. if, after all, the way investors should look at comcast, which is a slow growing but very cash generative business, perhaps the metric that i believe they start looking at is levered free cash flow per share, because brian is both growing his lever free cash flow and he is buying back stock. so that metric is probably the best indicator of progress and success, and i think to the degree brian can deconsolidate but for the benefit of the shareholders assets that don't

contribute to that, i think -- i think that's certainly well worth considering. i know they've been studying this, at least since sun valley when we discussed it with some of bribrian's people. >> right. so that was sun valley last summer, call it early july. important component of this as well that malone and others have mentioned to me is at least one part of the possibility, and we can talk about all the reasons it might not happen, is that a sale of these businesses would generate potentially a large tax burden for -- for comcast and for the roberts family, particularly for comcast given the low basis. so you spin them, but then there is the possibility that they could appeal to private equity, which has been active in buying similars a s aassets, think of d all of directv from at&t.

so private equity may end up being a home, if in fact, the spin came to fruition. one key question is why wouldn't you include the nbc network along with the cable networks? in fact, nbc news also would be staying behind, so to speak, with the parent of nbc universal, which would still include peacock, the universal studios andthe nbc broad cast network and the theme parks. he explains what he believe is the strategy behind that. >> well, my understanding of comcast strategy, you know, i try to follow it. i am an investor in comcast, is that the goal is to morph nbc, the network, into peacock. it's just a change in distribution technology. but as time goes on and the

public gets more and more used to random acts as content, that the plan would be to have nbc really become peacock, to become indistinguishable, i think that's why brian is focused on investing in sports, important sports, to give that transition. >> of course, sports includes the nba rights, which, as you know, we paid -- or comcast or nbc universal has paid a good amount for, for the next 11 years beginning in the next season. you know, john, unclear exactly if this were to come to fruition, again, it's just being studied, where would the entity trade, would there be sponsorship? would you get a serious investor base there? obviously, some shareholders might choose to hold on, others will choose to sell. the multiple will be probably

very low, if not a negative growth business, but it generates a good amount of cash flow, and as mike cavanaugh, who runs nbc universal said on the conference call, it would be well capitalized. so a lot yet to come, but certainly the first real sign we've seen of this effort amongst the older media companies, so to speak, to figure out a way to deal with what are these continued and really unceasing significant declines in those who pay for cable via video, obviously. >> david, personal feelings aside, we have seen this before. say in technology. if you've got a slower growth business like a hardware business, you know, you separate that out, try to get investors to focus on what's going maybe in software and get a multiple for that business that's better than if you had the other business muddled in. it seems to me like with the core nbc, there are synergies

between those core networks and between universal studios, cross promoting content between parks, and maybe less synergies with the cable networks, no? >> there might be. i mean, again, i think that's something that needs to be studied, what is the relationship between peacock, the studio and some of the entertainment cable networks? like bravo or, you know, usa, e! and others. but you're right, the basic plan is that you would get, as malone indicated, a higher multiple on levered free cash flow, and that you would get some multiple at least outside that, and ultimately perhaps private equity coming in and paying a reasonable price, hence, you would be enhancing shareholder value. though as you pointed out tat beginning of the segment, comcast stock price has come in

a lot. >> all right. yeah, again, personal feelings aside, maybe we get some price discovery. let's dive into the implications for the media landscape overall. mark douglas is ceo at the media advertising firm mountain. mark, are you surprised at this? >> actually, a bit. the reason i say that is normally, you know, what's precipitated this is basically the rise of streaming. but normally, if you are wanting to sell assets, it's because you have content that people don't want to watch on streaming. but i can't remember the last time they asked someone about their television habits and they didn't mention reality shows on bravo, -- or they didn't menti cnbc. so i don't see an outright sale of those assets. i can see a licensing, in other words, rights for the cable, but

peacock and comcast retain those networks, because they drive a massive amount of viewership. >> i remember the private equity playbook of 20, 30 years ago when it came to newspapers. a lot of it was, you know, bleed the cash flow out of it and don't invest in it. are we about to see the same thing with cable networks? >> well, yeah, and for -- i don't think so much the content. you're going -- so the simple -- let's back up. the simple test as to what's going to happen to all of the cable networks is if i ask you the name of one and you can name why you would watch it, they're going to remain. if i say espn, you would say sports. but if i name a name and you can't do that, then they're going to disappear. if i said abc, you would probably scratch ahead. if i say bravo, you're going the say reality. so that's a simple measure. so there will be winners and losers. i think comcast is holding a lot

of winners, and all the losers are going to go down this path. either bought by private equity or sold for the value of their catalogs. >> anybody powerful, even in the tech space, have an interest here in partnering up, even for an ai point of view? >> not -- i don't think on the cable side. you know, what's also interesting is comcast owns the actual cables. those cables are used to distribute content and also use for internet access. and so it's not only the content that's been under threat of cable. starlink and other services are starting to threaten the internet access, too. so something has to happen and comcast is getting ahead of it. i don't see that something coming from the big tech companies. >> what's happening with the advertising market now, and what's the buzz in the industry when it seems to be under pressure, not in decline, you know, the long tail isn't as long as people hoped.

short premium content is great, but in the middle, it looks rough. >> prices on cable are going down for advertisers, prices on streaming are going up. more advertisers are coming into the market, meaning small and mid-sized businesses. when i talk to even, you know, executives, i talk to people at peacock and so forth, and other firms, all they want to talk about is streaming. because prices are going up there, that's where the viewers are. more people watch television than use social media. and they do it for three times longer. so if you want to reach consumers, television, streaming television particularly now, remains the number one spot. the biggest scale, the most engagement. so i think, you know, long-term

for all these networks is pretty positive, if they have a clear reason why you want to go there and be entertained. >> i'm a big fan of people watching television. mark douglas, thank you. coming up, a trio of ceos across tech, energy, and apparel join us on the heels of earnings. contrabrands was our mystery chart, the stock up more than 15%. and here's a check on the major afternoons with the nasdaq the biggest laggard, down about 2 1/3%, as microsoft and nvidia hexcng iba aertech heavy index. "t ehae"s ckft this.

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our advanced matching helps find talented candidates, so you can connect with them fast. visit indeed.com/hire welcome back to "the exchange." sure shares of jenerac blowing past its expectations of sales, offsetting weakness. still, they hiked full-year guidance as it expects higher residential sales ahead. let's dive ahead here with the

ceo. aaron, good to see you. >> good to see you. >> how does this work on residential? a lot of times your systems are very sophisticated, they can be built into homes. it's not like people are grabbing those ahead of a storm. so people do need certain systems right before these things happen, but what's the follow-on effect? >> yeah, so normally what we see, john, during an event like helene or milton, people run out and buy portable generators. so that's the product you can pull out of a box. you can some extension cords and gasoline, and that can help out, but our generators, the permanently installed ones, that's a home improvement project. so we would look for demand to grow over the next two to four quarters, as you see some of the images there. the rebuilding that will have to take place, but the homeowners without power, they come to realize nothing in your homeworks without power, and you

are vulnerable. so that is something we'll see grow here over the next couple of quarters. >> real estate market has been weird for the past few years. newer homes have been selling in a different way than existing homes have. but people have been taking on some improvement projects. how has that affected your business, and how do these rates that have been high and now perhaps coming down affected, as well? >> it should be a tail wind, for any company that's got products considered in the home improvement space, as rates come down, i think a lot of people feel locked in their own home in terms of being in the 3s or 4s handles with mortgage rates. as rates step down, you'll start to see some turnover in housing. as people move into new homes in particular, you know, we see a very -- if you lived in a home with a generator on it, you're highly likely to put a product like that on your next home because of the peace of mind that tends to follow that product. so we're looking forward to

seeing housing get back to a more normal trade. it's weird as you said, and that's not helpful for a lot of companies like ours at this point, but should be better in the future. >> this morning, you said that you're seeing strength, particularly in latin america. what's driving that? >> yeah, the latin american economies have, you know, they've been actually pretty robust on balance, especially when you compare them to some of the other markets like europe, germany in particular where it's an important market for us. that's been a struggle. but the latin american countries, mexico in particular, have done quite well in helping offset some of that weakness. but europe is a concern. our cni business has been slowing down. that has been offset by what's going on, on the residential side of our business. but the cni business, backing up hospitals, data centers and other installations like that, those are long-term types of projects. this is just a bit of a cycle.

>> what happens with batteries and the clean energy story, as you transition towards that? >> yeah, that's an important part of our story. we have made some big investment there is over the last several years, those bets haven't paid off necessarily yet. some of those markets have been a bit dislocated. you see in california, some of the net metering changes taking place there, higher interest rates impacting investibles and renewables. so as those markets get back to better health, we anticipate we'll see an inflection point. we've won a couple of bigger projects for the department of energy in puerto rico and a department of energy project out in california. some of those projects have been helpful. but batteries and battery storage continues to improve, both in performance as well as cost. we look to the future there and think that will be an important part of what we do down the road. >> all right. we covered a lot. thanks for being with us. now let's get to tyler

mathisen for a cnbc news update. >> john, thank you very much. a pennsylvania state judge said he will put on hold the lawsuit to shut down elon musk's $1 million sweep stakes. while a federal court decides to take on the case. musk's motion to move the case allows him to continue his super pac's giveaway of a million dollars. a whom who sued rapper sean diddy combs this month must reveal her name or the case will be thrown out. a judge ruled the woman's complaint didn't provide enough evidence that revealing her name would cause mental harm. the lawsuit accuses him of raping the woman in 2004 when she was 19. starting next week, starbucks won't tack on a charge for plant milk in your coffee. starbucks says removing the

charge will save customers about 10% on their orders. the move is one of several changes under ceo brian niccol to bring back customers. so you can get the soy or oat and not get dinged for it. >> a lot of people will appreciate that. coming up, the ai boom helping to power equinix to an all-time high today. they just posted an evenings beat. we'll speak with the ceo after the break. "the exchange" is back after this. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some

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welcome back to "the exchange." shares of equinix is higher following q3 results. funds came in above estimates while revenue was in line and the company raised guidance for the full year. equinix counts hyperscalers as clients and they're a beneficiary from the massive cap ex spend from those companies to build the ai structure of form. joining us is the ceo of equinix. great to have you. so tell me not just about the spend, but about the redesign

and engineering that has to go into some of these new builds, especially when it comes to things like liquid cooling. >> hi, john, thank you so much for having me. as you know, equinix has been a participant and a leader in the data center industry for over 26 years now. we continue to innovate on so many different elements of the data center environment, including the requirements for our hyperscaler builds. you mentioned liquid cooling there. you know, last year we announced 100 of our data centers will be able to host liquid cooling facilities. of course, that's an important part of servicing the community. >> is this kind of like, you know, luxury apartments in a sense, right, where you have class-a space, you can afford to host ai servers there, and therefore clients when we hear from the likes of meta and microsoft last night on their earnings that they're going to be spending more on some of these infrastructure buildouts,

some of that money flows through to you? >> some of that money will flow to us, but we have a very balanced portfolio. we have an x-scale portfolio, which is what we use to serve the hyperscaler requirements. we just announced a 15 billion joint venture investment in order to continue building to meet that demand. we also have an amazing retail business, which is predicated on our ability to interconnect businesses across the internet in a very unique way. >> equinix has been a target of short sellers over the past couple of years. i think skepticism about the value add here over time, and whether the valuation is too high. anybody who shorted you a couple of years ago has lost a lot of money. but what's your response to that criticism in this environment that it's the hyperscalers that stand to benefit because of their software tieups and abilities and over the

long-term, the data centers will be -- >> i don't see that as a risk for equinix. our value proposition is how we solve our customers. and the rich interconnection we bring into our data center environment, think of us like an international airport of the internet, you know, a data packet comes in, our role is to turn that packet around and send it on its destination as quickly as possible. we do that for over half of the fortune 500, we literally connect the world. so these deep, interconnection capabilities i think change the proposition of equinix in the long-term. >> as globalization gets more challenged and data needs to be domiciled in yes ygeographies, does that benefit equinix? >> we are in 268 data centers now, right across the world, and

that means we can meet the sovereignty and data requirements of regulated industries and customers who want to keep their data private. one of the things we have seen in the ai world is through our partnership with nvidia that equinix is very quickly becoming the place where private ai happens. >> and so where do those partnerships go? you have many people trying to -- companies i should say, trying to increase their influence in the data center, the likes of an nvidia. what does your scale and the existence of those relationships do to advantage you here? >> i think it means that we can service the full breadth of our customer requirements. if i look at, you know, the use cases that we have like underarmor, like home depot, these use cases underpin the value proposition that we bring to our customers, enabling the connection and the frictionless experience for their customers. >> all right. ceo of equinix, thanks for joining us on "the exchange." >> thank you so much for having me.

i really appreciate it. let's get a quick check on the trump trade. shares of trump media having another volatile session today, halted earlier, now down 10%. bitcoin, tesla, also lower. and cnbc is going to be live all night this tuesday. we'll have the results as they come in. and get reaction of the biggest names in business. it all starts 7:00 p.m. eastern from the new york stock exchange continues overnight with more results, plus the action in overseas market. "squawkbox" will start at 5:00 a.m. eastern. stay with cnbc on election night, all night. and stay with us now. we're back in 2:00.

well, if you take at how the markets are performing, the dow is down about 270 points. the nasdaq is fairing worst of all, near session lows, down 2.5, the s&p off by 1.5%, led lower by the technology sector,

off about 3.4%. coming up, shares of contour brands higher on the back of strong earnings and guidance. the ceo will join us fresh off that report, next.

♪ welcome back to "the exchange." shares of clothing company kontoor brands hitting all-time highs, shares surging nearly 16%. the spin-off reported 12%, raised the full-year outlook. for more, we're joined by the ceo, scott baxter. if you had told me 12 months ago the parent of wrangler and lee jeans would be up 90%. i would have been skeptical. what is it in this environment that's generating demand and driving success. >> thanks for having me on, jon.

it's the team. because of that we're building just fantastic product out of our design teams, resonating with the consumers. we've been taking share in our marketplace for a long time now, in a lot of good demand creation, but it's been a team effort. >> taking shares from whom? levis? >> yes, everybody in the category. >> what are you doing differently? how much of it is pricing? >> that's one thing that's important for our brand, jon. people feel a great value. our product is priced right, a product that people can be proud to wear, but they feel like they're being dealt fairly. >> you've been growing with women's jeans -- i don't wear them, but from what i hear, they're really tricky to get the right fit, especially if you're trying to provide the value you just talked about. what are you doing that's

working? >> insights. we've got a really good data and insight team. they've done a nice job as far as diving in, figuring what women want. that's been a bit of a difference maker for us, and we're trying to news, developing new things, whether it's the bespoke line or other things, they've done well. we're about 20% of our business right now globally is with women. we think there's a business market share for us in that respect. you saw this quarter we grew 10%, both wrangler and lee. >> in the broader apparel space, nike post-pandemic overcorrected from d to c, and trying to win the affections of wholesale. how are you balances those two imperatives in communities? >> we never did that. our consumers love to shop at

our wholesale customers. we weren't a large digital company post-spin, so we continue to go ahead and have great relationships. our balance is pretty good, and we like where we're going. we've been slowly building our digital and d to c, and we're building it at the appropriate pace. >> how do you do it in the era of tiktok and inns extra gram. there is a influencers strategy here? how do you do that when you're also trying to project value? >> i would put it differently. i would say what are the three things making a difference, that's one of them. holly and her team have done an amazing job, the vp of marketing, and how they have gone ahead and penetrated each of the channels at the appropriate levels. they haven't over-torqued in any areas. we just kicked off our first

large mobile ad campaign that's out since our spin-off, and it's done well. our commercial has done really well. once the election is over, you'll see more of it. we haven't done too much before the election, we didn't want it to get lost in all the news, but post next week, you'll have an opportunity to see it. >> there are a few ads out there competing for attention. how does it line up with the holidays strategy? from the digit at plasm forms, that loyalty and getting repeat buyers was such an important part. how does that fill into both this marketing strategy and what you plan to do digitally for the holidays? >> we have a strong loyalty program that's fairly new, and it's been growing very robustly. i think the biggest opportunity is we kicked off a collaboration with lainey wilson, so we've got a collaboration with her right

now. we had the most people ever sign up for our loyalty program when we introduced that. we introduced it to our loyalty members first, for the lady collection. i think it's things like that where you're thinking positively about the consumer, you know what they like and you give them an exclusive and it's sold extremely well. >> all right. it makes sense. you know, the right cultural image or artist and a jeans brand. we remember daisy dukes. scott baxter, thank you. >> thanks, jon. nice seeing you. >> good to see you. before we go, shares of intel are near session lows, but the earnings aren't out yet. that happens later today. be sure to catch my interview with pat gelsinger later today, right after their earnings cross after the bell, that is on "overtime", 4:00 p.meaern . st first here. tyler is getting ready for "power lunch." i'll join him on the other side

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♪ welcome to "power lunch," everybody alongside contessa brewers, good to have you here, i'm tyler mathisen. with the few hours left in the trading month on the spooky halloween, likely to be the first losing month for the dow and s&p 500 since april. the nasdaq just went int