as a group stock pickers don't usually outperform the broad indexes.ome do and he may be one of them who does that but it's -- right? you're sigh leapt. have i brought you to a -- >> no, no. >> dumbfoundedness >> no. you're spot on stock pickers have not outperformed the market, especially over the laths decade or so by and large people are saying there should be more dispersion in stocks once the fed hikes interest rates. that should allow for more fundamental analysis to take front and center in terms of returns. we have been hearing this for a long time and seeing significant pullbacks that's not necessarily been the case. however we'll see if 2022 is any different. time will tell. >> for pickers like you i'm in favor of a good year. >> thank you i appreciate that. >> thank you >> thank you, tyler. >>> take a look at shares of raymond james. they reported record quarterly results. the fed's policy path could be a game changer paul riley is ceo. welcome. congratulations. investment banking was strong but i start on the yield curve because what we see

ambassador thomas pickering is here to weigh in.a aer ts. >>> welcome back time for the big three stock market stories right now stock one, quantumscape. calling them a pump and dump spac it dropped more than 12% in the regular session. it did regain the losses that is a battle to watch. stock number two ppg paint. the company popping after blowout guidance guidance was good as everybody is fixing up home and painting them stock number they is coinbase. of course. the first days of the public market kathy wood says $350 million was snapped up valuing the crypto about 43% lower than the $112 billion it was worth at the peak of the debut. $112 billion >>> all right. still an don deck on a serious . the state of ed inducation in america. what states are doing when it comes to getting kids back to the classroom. the new jersey school official up next onow wma he y have failed our kids. ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can

leslie picker has those.lie, the one that i have maybe got the most attention paid to this morning is the nike a ad >> certainly controversial colin kaepernick has struck a new deal with nike even as he doesn't currently have a job in the nfl. the former san francisco 49ers quarterback is one of the athletes featured in the just do it campaign. he tweeted in the ad believe in something, even if it means sacrificing everything colin kaepernick kneeled during the 2016 season to protest racial injustice last week his lawsuit was allowed to proceed >> the guy takes a knee, has gets him all the controversy, now he will soak it again with this particular face nike made adeliberate move to do this. >> yeah. >> maybe this speaks to their customer base more, you wonder if that was the thinking behind this >> i wonder if the tag line there, believe in something even if it means sacrificing everything, if that in and of itself will overcome the controversy and be a benefit for nike, or if it will then just having his fa

we have leslie picker with more. didi was that mean?t a boom that people thought. >> right it did well when it first came out. up 29% then over the course of the day, we tend to see this from time to time it wound up ticking down closing over 1%. didi is one of a bunch of ipos this week. 17 deals this is the busiest week since 2006 didi is the largest ipo amid the cohort the chinese ride sharing giant raised $4 billion in the deal after spiking 29% with shares closing over 1% of the ipo price. that gives them a market cap of $68 billion as of yesterday's trading. you talked about this, brian krispy kreme the doughnut maker raising $500 million. selling more shares, but priced below the market range ipo price of $17 per share the valuation is $2.7 billion. that is twice the price from the purchase five years ago. nonetheless, the top line growth of 15% and lack of profitability and combined with the broader trend to healthy eating made them balk at the price exchange. it will be listed as dntd. these come amid record-breaking second quar

. >> i would prefer to hear predictions that it will be a stock pickers' year. you will have to roll up your sleeves and follow companies. you will have to not play ma crow trends as much. i think we will be in a year where we will not see the volatility we had. i think it will be about rotation to higher quality companies and bottom up stock picking. >> call me a cynic but a lot of the portfolio managers always say it is a stock pickers' market. because the average person cannot pick their own stocks. >> i completely agree with tim. if anything, it wasn't just this year but the last, probably, almost since the middle of '07 that it really wasn't a stock pickers' market. should you be in or out? that was the only decision to make. now i do really believe that is changing. and look at the volatility index as an indicator of that. >> a lot of managers are very directional. they will be the first to tell you we do the best at picking directional trends. commodities have gotten a lot more motivation. i think actually this is an exciting time because your work will c

barron's called this firm the best stock picker in the world. now that firm is revealing its top pick exclusively for us on "fast." stay tuned. >>> welcome back. we are all over the after hours action. kiss comoving up significantly in the after hours based on what john just said in the conference call. take a listen. >> the second quarter was very strong, well exceeding even our own optimistic expectations. the financial results were, in my opinion, outstanding. revenues of $9.8 billion, increasing 8% year over year were dramatically above the high end of our expectations. >> gary, you've been listening to cisco's conference calls since before cisco even existed. what do you make of those comments? >> i don't really want to go after jim goldman here, but i've heard john chambers a lot more bullish than that. yes, he said they set the ball for the quarter and they obviously came above it, but this is not like what we saw in the past. so, jim, i'm sorry about that. i've heard john a lot more optimistic. >> we should note that's just a snippet of

doesn't have to be one or the other. >> i think that stock picker's market, it's always a stock picker's market. you pick the right stocks, you're going to have form. yes, the s&p has done well if you went long, you've done well >> it's compounded almost 20% in the last eight or nine years if you've asked someone, you just got the market returned, you'd be fine. >> billion dollar family officer, they're happy with 6 to 8% >> recently, the narrative has changed. it's going to get more difficult. so it becomes more of a stock picker's market. z >> to your point, while the s&p has done well, you take a look what the the amazons have done, which i never owned. i just can't get my arms around it it's been a mistake obviously. but discipline serves me well. >> netflix sticks with the strategy >> netflix when you take a look at what they have, it wasn't that expensive relative to its growth so like amazon, they could turn it on or off when i first bought netflix, it was selling about 25 times earnings and for that kind of growth, that's value so i think and to me, google, alphabet absolutely is

good to see you. >>> coming up, doordash gearing up for its trading debut leslie picker is here, shelayout whether investors have annual appetite for the food delivery stock we all use it, but does that mean that you want to own it very different things. dow futures down 930 0. >>> outside of the world advanta vaccines, there are other big market stories out there and they are focused on a couple high profile ipos this week. you have doordash kicking things off as they prepare to price share later on today leslie picker is joining us with more on what we can expect i know that i'll probably get this troubling because i said a burger delivery company but doordash says we're a technology company. is that how investors will frame this story >> that is a good pioint it is a platform company those delivery guys and gals are not necessarily employees of the company, the company itself provides the platform by which contractors can then choose to deliver food to consumer but doordash could be the second biggest ipo of 2020 when it prices tonight or potentially the third if airbnb's pricing

leslie picker back with those. what have you got?ore on the scrabble front with one of these stories, first an investigation into the dallas mavericks uncovered a two decade long culture of misogyny and harassment the investigation found no evidence that cuban participated in wrongdoing or even knew about it, but as the owner he is taking responsibility. >> there's just i should have done better, i could have done better i've learned and i have -- you know, i -- there's just no other way to put it >> this is where i bring up the scrabble thing have you ever had an embarrassing typo in a work e-mail i have employees at cathay pacific airlines know the feeling. one of the planes made it on to the runway with the name misspelled wrong in three-foot tall lettering >> if you're on the radio, there's no "f" in pacific. >> they forgot the "f. once the mistake was pointed out, the company joked about it on twitter saying oops, she's going back in the shop >> i will offer advice to kathy pacific, don't fix it. make it a legendary white whale.

the tale of two cities is, indeed playing out, just like that amazing stock picker charles dickens predicted. it is the season of light for google and the season of darkness for apple. the spring of hope for owners of gog and the winter of despair for winners of aapl. and until we are otherwise, i expect apple to fall short of estimates and google to, alas, indeed beat the great expectations. and the business of stocks, just like in literature, it's all about the classics, which says that google at $915 is cheaper than apple at $429. let's go to ed in texas, please. ed? >> caller: hey, jim. my question today is on yrcw.

(vo) quick, the quicker picker upper!nty picks up messes quicker and is two times more absorbent. bounty, the quicker picker upper. >> what i care about in this moment is you and a business that i think has a [bleep]load of potential. >> mm-hmm. >> the $1 million offer that i make andrew isn't just to have andrew put a million dollars in his pocket. no way. the $1 million offer is very simple. another $150,000 to put working capital in the business. and then $700,000 for any expansion opportunities. those expansion opportunities are not gonna happen until this place is right. i'm gonna want to have complete control for the next week so that i can get the employees in line, get their process in line, and tell them that you don't make any decisions. i make the decisions. if, at the end of this week, you can't do what i think you're supposed to do and this place doesn't function well, the deal's off the table. >> i don't want ever to have to worry about this business suffering... or not having enough money to pay my staff or

but a stock picker's market. market where your ability to pick between winners and multiple losers has a major impact on your portfolio's performance. right now we're in the middle of earnings season as you know. this is the crucible that s separates the gold from the draws. i want to tell you a tale of two railroads. it's not like we have to think about software as a service to help in a dental industry. i'm talking about union pacific and csx, both that reported last thursday union pacific gave out its numbers last week. csx, on the other hand, disappointed its stock slipped 3.2% on friday how is it that one railroad is in great shape while the other one is struggling? in the same business what separates a best of breed outfit like union pacific from a second stringer like csx before we get into specifics, let me set the stage for context. the last five years have been golden age csx has given you 127% return for dividends and union pacific has given you 146% return trouncing the s&p 500 and dow jones. this gol

. >> put it in layman terms, it's a stock picker's mark again. >> it's a stock picker's market.t's what happens, when people talk about diverse fieing their portfolio, that's what happens. most people don't own the broad market. they own a basket of stocks. you feed to figure out water only on with each one of them. >> i think it's one to put it in the comp text so far the blended average earnings growth is about 6. 5%. not bad. we are seeing more importantly some price action not as good as one might hope. let's look at two screens here. these are the five worst reactions to earnings. fafblg, some of the more beat, xilynx was a beat. here's the real take away, tech, tech, tech, technology is dock well, microsoft, intel, apple, yet the cyclical part of the sector not doing well. these are very bad reactions to earnings and some of the more beats. now, by contra distinction, stock that have acted well, there is no fee. it's idiocratic. it has nothing to do with steel dynamics. it has nothing to do with burrito's. it's a cyclical tech story for the losers at the worst end of the r

it is always a stock pickers market. i don't understand why next year should be different than last. with the quote of buying the tip. a 10% decline being the mother of all buying opportunities. in the bottom of the october in 2014 the market was effectively down by 10% or so. so i don't know that provides us anything necessarily different from what we saw late last year. with respect to myself -- we talk about the long end and the ten year --. i disagree with that. if you look at the shorter end of the curve. two year rates, three year rates they have moved in response to the higher probability of the fed rate hike. the further out part of the curve that's been a bit more of an issue to investors. >> two years have doubled. >> let me go back on term of stock pickers mark. what i should have said there is going to be a premium put on it. to my bio tech example, you could have bought any that you wanted and it was goingen u. the index has been up 30% in the last three year. it is not just a question of showing up and buyi

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. >> leslie, thank you leslie picker in the newsroom. tim, you're a shareholder. >> i think there's a lot of leverage that citi bank can pull or has exposure. credit cards were very good in the first quarter. their core business is strong. if you want leverage in a growing economy, that's what we're arguing, i like citi bank. >> valueact, theranos of value fame, that's my only comment have at it >> i'd agree with that i would say citi is trading at a discount to book value they reported book on the "closing bell" with kelly and mike book value is $71.5. even if you give them a 1.3, 1.4 multiple price to book, you're talking about a $90 stock.

how does that work what's a reference price leslie picker explains >>> a directingi differs in threeajor ways one no underwriters. in an ipo underwriters will market shares, set a price based on demand. direct listings involve financial advisers, usually from the same wall street firms these bankers provide advice about the process and help with the discovery of the opening price. financial advisers cost less than underwriters. two, no cash instead of raising money, the primary purpose of a direct listing is to create a public market for a stock by allowing early invest and employees to sell and newer investors to buy. three, no road show. traditional ipos require executives to spend two weeks on the road visiting with investors to pitch the deal and drum up demand direct listings require one day, just a few hours for executives to webcast the pitch for any investor who wants to tune in. we'll have much more live with leslie picker coming up later on in the show. >>> still on deck, the latest on the attack that brought down a u.s. military drone in the middle east. oil is popping on

. >>> we've got a news alert on lowe's now to get to leslie picker has that story leslie >> reporter: hey, kelly, that's right. following reports that de shaw took an activist position in lowe's, we have been able to confirm with several sources here at cnbc that is, indeed, true they are having dialogue so far, though, that dialogue has remained behind the scenes i've tried to get a bit more information, a bit more color about what they're pushing for at lowe's specifically doesn't look like they're pushing for a sale or consolidation of any kind at this time. that the focus of those conversations are more about the stock being undervalued relative to peers and providing suggestions on what they can do to boost that stock. also, we're still trying to understand exactly how big of a stake they have at this point in time we don't know those numbers right now, but we're going to continue reporting we'll let you know if we get that, kell back over to you >> all right thank you, leslie. lowe's, i believe, leading the s&p with that 5% gain today. >>> meanwhile, shares of wells

the timor of two cities is, indeed, playing out, like that amazing stock picker charles dickens predicted. it is the season of darkness for apple. the spring of hope for owners of gog and season of despair for apl. until we hear otherwise, i expect them to fall short of estimates and google to beat the

leslie picker. >> 12 minutes left dow down 180 points, and everybody else lower as well. >> and snap shares are sinking 20% since they went public back in march we'll debate whether it's time to buy the stock afthead of the earnings after the bell. whoooo. looking for a hotel that fits... ...your budget? tripadvisor now searches over... ...200 sites to find you the... ...hotel you want at the lowest

>> thank you >>> warner music is set to price its highly anticipated ipo after the bell leslie picker, back on closing bell welcome back, leslie >> hey, sara thank you so much. warner music group is the label for artists like bruno mars, ed sheerhan and cardib. the company will likely price toward the higher end of the range which will allow the family to get a is $1.8 billion payout warner music won't receive any proceeds from the sale warner music and several other deals are helping reopen the ipo market which was slammed shut due to the volatility that accompanied the pandemic >> i know there's been back and forth in the music industry and streaming industry in the last couple of years, but huge credit goes to him for seizing this asset in 2011 when the music industry was still kind of on its knees in trying to figure out how to be profit nbl the age of streaming and online music

looked at it and not all of they will, but most of them are really equities sp so if you're a stock picker, we

sam lessen says yes, while our stock picker says some names are in "serious trouble.g

we'll have three top stock picks from the three smartest stock pickers around. plus, two big scandals, and a mystery mexican mansion in brazil's once great oil company. >> the house of scandal, mexico' president and first lady have ownership of or potentially have ownership of, juicy updates on the stories today, just two minutes away. >>> the cnbc trend tracker live data board brought to you by the cme group. for tapping into a wealth of experience... for access to one of the top wealth management firms in the country... for a team of financial professionals who provide customized solutions... for all of your wealth management and retirement goals, discover how pnc wealth management can help you achieve. visit pnc.com/wealthsolutions to find out more. [ radio chatter ] ♪ [ male announcer ] andrew. rita. sandy. ♪ meet chris jackie joe. minor damage, or major disaster, when you need us most, we're there. state farm. we're a force of nature, too. ♪ we're a force of nature, too. how can in china,sumption impact wool exports from new zealand, textile production in s

our own leslie picker and morgan paxia. >>> look at where the major averages stand nasdaq is negative but the dow and s&p 500 continue to push into new record highs. almost up in the s&p "squawk on the street" will be right back

leslie picker joins me now with more details leslie >> kelly, that's right it may sound like a firstss problem but founders are increasingly collecting investor cash while giving them unequal investigate rights and it's not just your run of the mill dual class share structure. we're talking now triple and even quadruple classes are becoming more mainstream just in the last few days, for example, is door dash said they are going public are class "a," "b" and "c" stocks in recent years issuers have gotten more classes with their share classes and earlier this year there was an "f" share that allowed them to maintain voting are rights individual investors are often opposed to relegated control and multiple classes of stock can lead to weaker governance, less security and in certain cases underperformance companies argue that these structures prevent management from bending the short-term needs of the market giving strategies time to play out. kell >> appreciate it the jury is still out on the merits of multi-class structure companies for investors and so many are recent ipos should ther

who else to bring in on this than leslie picker billion on citi. this is a big fight. >> it is value act does take these big, concentrated bets. banks have been a focus for them, but this 1$1.2 billion stake in citi group, they've been building that up for about 45 months. it doesn't appear value act is looking to push for major changes at the bank just yet, but believes citi could return more capital to shareholders, that's what they're starting with in their investor letter. value act writes we believe the u.s. banking system has a structurally lower risk profile than any time in our lifetime. the firm points to scale as a key driver of greater profitabilities. value act believes that citi's restructuring has not been adequately priced in by the market and says citi should generate more than 15% return on tangible common equity by 2020 and deliver eps of double that level from 2017.

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let's get back to leslie picker. >> hey, melissa.real estate brokerage platform disclosing the s1 today they said they had filed confidentially back in january but now we have several hundred page document that we can look at to get a better sense of how this company is fairing. top line quite good in 2020. $3.7 billion in revenue. up 56% year over year. they say that in 2020 they assisted home sellers and buyers to transact approximately $152 billion in residential real estate or 4% of the u.s. market. notably they did have losses, 270 million on the bottom line as far as risk factors go, it's what you might expect for a company that's exposed to the housing market, things like recession, weakening housing markets, things of na nature, raising mortgage rate pricing. the company plans to list on the nyse under ticker symbol comp. they are being managed by goldman sachs, barclays. >> leslie picker on the compass ipo. karen, i'll go to you quickly. what do you think of the timing of this? >> well, i think it might have been in the work

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>> thank you so much leslie picker. next guest says elon musk is in, quote, deep yogurt what does it mean for tesla? harvey pitts, the former sec chairman and ceo of halorama partners >> good to be here. >> funding secured and no details yet. how much of a problem is that? >> i think it's a serious problem because this would be the largest private transaction in the history of the world. he needs to demonstrate that at the time he tweeted he had a legally enforceable commitment to fund $420 a share or $70-some-odd billion dollars and if he didn't have the money at the time he would have a serious problem and as we used to say in brooklyn, he would be in deep yogurt >> i get all that, and to be fair, i've had people say to me, even in the face of all of that and talking to some investors, yeah, but there's no way the sec is going to prosecute this guy how would you respond to that? >> well, i think the sec will weigh the evidence and if there's evidence that he did not have a firm commitment, i think the sec would pursue

. >> it's a stock picker's market. >> it's diversifdiversified. most people own a basket of stocks.d out what's going on with each of them. >> carter? >> well, we need to put it in context. the average growth is about 6.5%, so not bad. but we're seeing some price action that's not as good as one might hope. two screens here, the five worst reactions to earns. some of them were beats. but it's not about whether you beat or miss. it's how people react to the number. the takeaway, tech, tech, tech. microso microsoft, apple, doing well. and stocks that have acted well, there is no theme. intuitive surgical, nothing to do with burritos or biotech. the losers, very much a cyclical tech story, as least at the worst end of the reaction. >> and stacey, i'm curious, if you own some of these stocks, using the index as a hedge, does that work in a stock picker's market? >> well, the correlation, how the stocks are moving together. it's at a decades low. you want a put on the s&p 500. it's not moving. that's why the individual stories are so important. >> and mike, you're looking at consumer dis

joining us now, dan pickering, chief investment officer at pickering energy partners. dan, welcome here is where i think people get the oil story wrong. there is a big difference between demand going down, which is what a lot of people think, and demand growth slowing, which is where the projections are that means demand is still growing, just at a slower pace is that where you think some of the oil bears are getting it wrong? >> i think the bears are a little worried about longer term issues like energy transition. they're worried about the economy. they're worried about, you know, the build back better not passing. what they're missing is that we've got this pent-up demand and energy transition is a long way away so the demand side looks like it is improving and the supply side's balanced. so i think we have seen oil hold at 65 a couple of times now, and so i think we have a good floor. the question is what's the ceiling going to be. >> you know, i think also what the bears miss is that it is a little bit myopic. they forget there's a whole world out there, dan, that

dan pickering with pickering energy partners, good discussion there.oon thank you. >> thanks, brian >> all right still ahead, some of the high volatility stocks are taking it on the chin today. some retail trading platforms put restrictions in place. but the spokes person says there is actually astrategy in these wild swings and joins us next. a big bounce back rally today putting the bit back above 30,000 still far from the high set earlier this year. 42,000 we are up 908 on that. ethereum and others higher as well back after this. digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regio

i'm leslie picker. here's your cnbc covid update at this hour.the united states passed 340,000 covid confirmed deaths washington may be tightening international restrictions as it tries to slow the spread of the diseases new more infectious strain first identified in the uk reuters reports government officials had a long call with u.s. airline executives today talking about expanding the current requirement that passengers arriving from the uk get a negative covid test within three days of departure. the cdc says today it's looking for a harmonized approach to international travel testing >>> ireland's prime minister said the new strain is spreading faster than even the most pessimistic forecasts. as he closed all non-essential retail stores and tightened other restrictions >>> and in a video briefing today colorado's governor says the first person in the u.s. known to be infected with the new strain is a national guardsman who had been helping a nursing home deal with an outbreak and a second guardsman may also have it >> our public health offic

that is rapid fire here with our takes on the big stories, leslie picker, and contessa brewer. let's talk about wells fargo downgrading netflix shares to underperform, fancy word for sell and slashing its price target by more than 40 bucks to 265. the cost to acquire new subscribers will be more expensive, while increasing competition will keep spending levels elevated too. if they'd listened to need ham a year ago, they would have gotten on this band wagon there's a growing chorus of retailers that are starting to worry about competition and cash flow. >> that's the question, when does this start becoming a story about cash flow and start becoming a story about subscriber growth. that is what the street has been focused on for five, ten years with netflix is the streaming wars enough to actually get that -- enough of an investor base over the hump to say, you know what? actually, we kind of need more from you on the cash side of things you know, this isn't worth it for me anymore so far that bet hasn't paid off. >> big gap there, though he's essentially saying he thinks that o

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earlier, i promised more picker. we'll call it the morning's picker upper hide hailing, coupon cutting forgive the dad jokes. >> picker upper. that is a brian sullivan original when is the last time you were in an uber a surge in their food delivery, not enough to counter act a 75% drop in global ride sharing driving shares down by 45% gross bookings, total value fell 35% year over year while active users fell 44% to 55 million people are eating and getting takeout sales up 103% year on year and bringing in more revenue than ride sharing. shares of uber down 3.8% stocks of zil owe soaring. that beat estimates for the loss of 48 cents a share. revenue also beat compared to groupon up 30% ahead of the open cost cutting allowed the company to create $70 million in free cash flow and beat with a loss of 93 cents a share with sales of $396 million. brian. >> 27.5% gain for groupon? >> yes more people are doing online shopping that company grew eight years ago. >> 20% off getting your nails done >> and you are getting your

everybody says it will be a stock pickers market david katz is with us. markets we get to talk about companies, not etfs which are boring. goldman sachs. what makes them attractive >> goldman sachs makes a boat load of money. the stock support significantly in january we think that sets the stage for a better year. buying under ten times earnings with the reasonable yield. we like the financials this year goldman sachs is one of the better ones for us >> printing a boat load of money. i'm sure people in d.c. will be happy to hear that one medtronic is not a name we talk about a lot. we used to talk about them all the time they kind of vanished off the radar, david maybe that is why you like it. >> it is they are still one of the top cardiovascular companies in the world. the stock is weak. they will have a light quarter because hospitalizations are up or were up with omicron. we think as a result, they wilt h will have a lighter quarter. hospitalizations are dropping and elective surgeries will get back in place. this is a very good growth company and val

back to leslie picker for the latest leslie. >> this one from citi group. they did plan to increase their common dividend by about two cents a share to 53 cents per share for the third quarter of 2023, but citi is kind of a standout among its larger banking peers in the stress capital buffer, the amount of capital it needs to hold above the fed's minimum in order to return capital to shareholders that actually went higher you want to see that go lower year over year for citi that went higher. it went up to 4.3%, up from 4%, but i think the market is still happy that they were able to boost the dividend, even just a little bit, sending shares up about .3% in after-hours trading. melissa? >> all right leslie, thanks coming up after the red hot start to the year for the markets, what should you expect from stocks in the second half in the chart moister is here to dive in on the moraj indseeds and has the one stock that he thinks is poised to real through year's end the name when "fast money" returns. sometimes you need a second opinion. [coughs] good to go. ye

leslie picker is following the money. hey, picker. >> hey, frank. it's a short seller's time to shine. too bad there are so few of them left in the market, short interest for a typical s&p start and it is at a new record low hovering around levels not seen since the dotcom bubble era. that means hedge fund's ability to capitalize on the nasdaq sell-off has been minimized at least recently the industry's returns, hedge funds lifted exposure to high multiple growth stocks to a new record high. of course, many of those are still on profitable names and facing the sell-off this week. it's a missed opportunity for hedge funds which they're experiencing unprecedented underperformance relative to the s&p this year and the shorts shakeout does have a main culprit according to goldman sachs. it's retail investors. their firm says their basket trades in correlation to the rise in retail trading activity. in other words, when retail is more active as they've been in recent week, that jumps causing rosses, but not all trays have failed the last two names have t

leslie picker standing by on mach, but let's start with contessa brewer on wynn. >> reporter: ceo isoing what we've heard said, that the high rollers are not rolling so high. he calls the vip business choppy but he says it is episodic data points, not a long-term trend. the mass market gamblers are picking up the slack, up 20% in macau last year, and wynn is shifting focus from high-end junkets to concerts and other nongame offering to stay at the crystal pavilion analysts asked whether the trade war are affecting the scenario in macau >> and when you have hundreds of flights cancelled out of hong kong and some reluctance to travel, i do think that that is impacting the premium into the business however, that to me feels very temporary and has really nothing to do with our business and everything to do with what's going on in the region >> reporter: in las vegas a surprise win on baccarat, drop 16% versus the market up 11%, on domestic table games up 12% when the overall strip was down 6%. maddox said in fact for the first time in five years the revenue per available room in las vega

let's talk about what this energy landscape means with dan pickering. cio of pickering energy partners dan, i don't know if you just got up or stayed up. we appreciate it it is a big topic. we need to hear your views how much does this law, not a bill, it's a law, change the game for renewable investors >> brian, good morning it's a big deal. talking about $370 billion to clean energy power gets most of it. $260 billion to the power sector which we need. you jump start the economics with solar and wind and battery storage. this creates a lot of investment and makes clean energy technology better. if we are going to hit net zero by 2050 or get close, we have to do things like this. this is a meaningful step in the process. >> good news there we are showing stocks sunrun and sunnova. many have run-ups. dan, companies are helping you put solar on your roof or battery to plug in the electric car you got -- not you, but rhetorical you in your garage, dan. residential solar is a tough business so far. >> it has been i think when you look at some of the things

where should we expect more dealmaking and we're not for more i'm joined by dan pickering of pickering the cio and dan axios, welcome to you both dan, let me start with you because what phase of the dealmaking cycle are we in we seem to have as much bankruptcy filings and we see private equity starting to get involved and we're early stages there and we have an administration that's hostile toward a lot of big deals happening. just tell me where we are in the cycle. >> i think we're in private equities' sweet spot and you were talking about a bunch of strategic deals and that was today's merger monday and private equity has an enormous amount of cash and even though there are problems in the leveraged financing market and the private market has access to capital which are often looking to invest and refocus on core businesses as growth slows and then as you said, you do have this antitrust situation which is what private equity hasn't had to deal with and it's been one strategic buying and another. >> true. >> to me this is for financial sponsors >> let me follow up on that which is an

bring in some stock pickers. four star fund manager michael and david.hael beginning with you. >> hi, brian. >> you will say yeah, of course you can because that's what you get paid to do is find the outlying opportunities for your clients. michael, where are you finding them right now? >> well, i think in areas that haven't participated to the same degree in the broader market overreach and looking at companies that we think are going to grow top line. u.s. energy we think is a growth industry, technology, natural resources and commodity type stocks, based on maybe a more healthy growth, economic growth environment going forward in the new year. those would be some broad areas. >> do you have any specific names within those broad areas, michael? >> sure. freeport comes to mind in the natural resource. co metal sector. a smaller name, epl domestic u.s. energy producer, and i would say in technology we like facebook. and semantic corp in the software. >> what about you, david? >> i think it's always an environment that's going to be positive for the good

in defense of the stock picker. why to pay someone to manage money and stick it in an etf with the indexes at record highs. >> well, i think that that's a simplistic way of looking at investing in etfs. building a portfolio is more than 100% of the money in the stock market and s&p 500. so talking about stock picking, you do better with stocks than an etf. good at picking stocks. because ten or 20 or 30 stocks are 500, you know, stocks any day of the week. just statistically speaking so really what it is about is concentration and picking the right investments and i think that's the real challenge is how do we pick the right investments. >> all right, chris. take the other side of that trade. >> most people aren't good stock pickers, retail investors. on the professional side, 80% of active mutual fund managers also underperform so you're going to be better off in a passive fund over the long term. >> evan, break the tie for us. >> it's statistically this isn't even close. i mean, the number of actively managed fund

>>ge funds have underperformed the s&p 500. >> true stock pickers -- who knows. >> the hedge funds havead a very hard time, i think, partially because they haven't known which way to go. >> that's what you're paying them for. >> don't say hard times. >> let me explain -- >> hedge fund in the same sentence. >> hedge funds are -- >> underperformed? >> you're making great point. so many have stopped shorting stocks, they've looked for other ways to make money. tearing their hair out. what they knew to be isn't. >> you say stop shorting or stop short if stocks? >> brian -- >> you've run into a stumbling block. >> tongue twister. >> you are trying -- i got it out somehow -- you are trying to establish your annual worst ceo in america list. you put out a piece on the street.com, i tweeted it out for you. >> thank you. >> you're having a hard time getting people to react understand you think this is symbolic more than lack of hatred of ceos. >> symbolic of what mandy said. when stocks are going up so rapidly with such momentum people are willing to forget the bad stuff and saying well, you kno

>> leslie, thank you leslie picker in the newsroom. gene munster, you heard the details. 180 million shares in this offering at $45 a piece and this is a massive offering. tomorrow morning what will you be looking for >> the stock to trade down i think throughout the day i understand there will be some support, but again, either -- either uber needs to trade down or lyft needs to trade up, but i think that gap needs to somehow close. i'll be watching that gap. >> gene, thank you, as always. great analysis gene munster of loup ventures. tim seymour? >> i think the other dynamic is now we have to think about how people are going to con front we work and others coming down the pike i'd like to see the stock get down to a $60 valuation and settling in at 60 billion, and we have a lot of respect for gene's view, and i think he is talking about the disparity right now between lyft and uber just on valuation. so i do think that the market conditions are part of this, but i -- i think we've been teeing this one up for weeks now for this type o

leslie picker is here with more on what we know and what we don't.> reporter: good morning, brian. this story gets bigger nomura is facing $2 billion in losses credit suisse said a default on margin calls could be significant and material archegos faced a forced liquidation of several positions. wong managed tiger asia which was spun off from tiger management he pled guilty to wire fraud in 2021 with insider trading. archegos did not answer the question for our comment shares of viacom and discovery on friday. gsx and baidu and tencent plummeted as well. one source described the size of the scale of a once in a decade event. brian, archegos holds positions through swaps. the nature of the derivatives is causing investors to assess exposure wong may have had and brace for the volatility in those names and others today as for what triggered this thing? it is not clear. many industry watchers believe the news of the s.e.c. is looking to step up reviews of audits of overseas companies with the risk of kicked off u.s. exchanges for any non compliance that

stock pickers are out and machines in.lack rock is overhauling active management business, conceding beating the market is hard and expensive and computers can do a better job for less. the revamp affects $30 billion of black rock's five trillion dollars in assets to start. at a high level the plan involves adding more technology and data science to the art of portfolio management. that means fees will be sliced in half for customers, saving them $30 million annually. the firm says it also means that some portfolio managers will depart. the firm is offering new products including those under the advantage brand, which gives retail investors access to black rock's quantitative investment strategies. keep in mind though this is still more hands-on than black rock's well-known etf business. some say it is a middle ground between active and passive investing. one thing is clear however. black rock may be the first to try this, but others likely will follow. j.p. morgan said in a note today, quote, industry wide, these changes