. >>> 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

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

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

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

we talk about it being a stock pickers market.will be a stock pickers market even and sign that mag seven group. >> let's talk about the beyond stocks. quanta. why do you like it? >> before we talk about quanta. one important thing. amd got on stage. >> we just talked about that with stacy rasgon. >> one of the things lisa su said is the accelerated data center markets will go to $400 billion in 2027 , 70% kegger. that is a huge positive for a company like quanta services. if think about the data center architecture as we add more and more gpu compute, it's highly power intensive and there's more parts of our country that don't have enough electricity to accommodate these big data centers anymore so we will have a huge capex belle brickley think $160 billion of capex from utilities. that goes to $200 billion by 2028 to '29. quanta services is the beneficiary of that as the build the tnd. inverted also in a beneficiary that is changing data center markets work the architecture is being revamped. they are a parent management and the

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leslie picker. >>> seema, tell us about ge vernova today?'s promised to invest about $80 billion in data centers fueling shares of ge vernova, key supplier of gas power and operative grids. seen in the buildout of data centers requiring a lot of power. the main reason ge vernova is accelerating its timeline increasing gas turbine orders and capacity overall. key topic at the company's investors day in december, ge vernova forecasting about 23 gigalots of new orders in the next few years. wells fargo calls conservative. shares at a new high trading in-line with wall street's price target of $370. >> good stuff. seema mody. >>> michael looking at nvidia here as we approach the close today, because 148.88. above a new record-closing high. at 149. right there. a handful of hours before jensen huang gives his keynote for ces in vegas. has been a stock-moving event. >> it has. dozens of new record highs in the s&p 500 since nvidia decisively went up into the 140s. actually cracked above 140 in june of last year. the big question is, did the market

>> leslie picker, i appreciate that very much.s the board. frankly, the dow with a whole lot better if it wasn't for boeing today, which is a huge drag. we do have even more developments now on those inspections of the 30 -- 7:37 max nine airplanes. philip, what can you tell us from some headphones that we see dragging chancellor? >> yeah, scott, take a look at shares of boeing. the reason they're being dragged lower is this is a report that first came out 15 minutes ago from the air current. matched by our literally joseph set cnbc.com. essentially comes down to this. united airlines has found a loose balls on door plugs of several boeing 737 max nine planes during inspections. remember, some of these planes were initially expected by united as well as alaska on saturday, after there was the incident with the alaska airlines plane on friday night. that was before the faa said no, we're going to ground all of these until we have protocol here. this reporting from cnbc's dot comes leslie joseph, as well as the air current, john ost

plus, leslie picker following the money in the regional banks.ors should be watching for when paypal reports in "overtime." we have cpi, ppi, some disney earnings the debt ceiling, as we inch quarter to the purported deadline of june 1st, i suppose we'll be more than worried about it. >> sometimes it's not worried at all, and then worried right bebeforehand pretty much everyone nose on an enduring basis this is not the may-or-break thing, but it's hard to resist the moment tear stresses it could create you've seen gold trying to break out. t-bills getting all distorted, because of where they mature when it comes to the stock market, the idea of a fed pause, still pretty defensive positioning, or at least a lot of hedging, based on how the big money has positioned is it enough to keep in the market the very confidence assertions the only reason is this perfect scenario mike on the investment committee side, they say the only reason the market has resilient is because the thought that inflation has been tamed and we're going to get 200 basis points

i want to be clear on that, leslie picker. earnings, big banks. use your crystal ball.ike, how are they kind of looking i could -- stocks are up, but mna is down. >> stocks are up mna is definitely going to be lower. there was a lot of commentary from executives speaking at conferences, and nii for the regionals does appear to be somewhat limited depending kind of on size here. the bigger firms, the wells fargos of the world for example indicated that net interest income, that's the measure of profitability would be okay, but it's more of the regionals, the superregionals that seem to be looking at having their margins a bit compressed in the current environment although they have been able to kind of enjoy somewhat lower funding costs because they've kept those deposit rates lower, but a lot of that is kind of rolling off as their customers are pursuing higher rate cds. they're seeing competition from other banks, from those money market funds so the whole dynamic is really shifting right now >> all right lesli l le lesl leslie picker, great to see you. >>> it says ad

tough the last few moss and now back to stock picker market, when is just fine what does it mean for tech, mark? i usually think of you embracing the high growth tech companies which had a nice comeback lately, but some wonder if that ends when the quarter ends here tomorrow >> well, you're right. we do a lot here at j & p and focus a lot on technology. we've seen big tech high fliers come in a lot after the end of 2021 and beginning of the year also see some come a great deal off the bottom talked about some on the show, sara you're right to point it out company-specific talked in the last hour about different performance in terms of the autonomous vehicle and electric perform innocence the last three four weeks from a company like tesla or rivian, the last year, dramatic differences in the state of development as a stock picker, you want to be long tesla last 6 to 12 months and careful of names like rivian that's what i'm talking about. gone from everybody's terrible market last three months to picking names. pick and choose the winners. try every day to do that, you'll be happy yo

leslie picker. mike santoli still with us as well girard you are seeing the major banks up more than 2% across the board. no surprise certainly as investors are anticipating some of that capital to be return you had to shareholders. how quickly do you think banks could get started doing that >> right off the bat this is really good news, the way your colleague reported it, none of us were expecting the banks to be given permission to go back into buying their stocks we could see that in the first quarter of 2021. that's been one of the real missing points for the bank stocks is their ability to go in and buy back their stock. >> what's it worth, gerard we are seeing 2% 3,% moves here after-hours. could it be one of those longer term tail winds that gets banks up they are still underperforming the rest of the market. >> you are right year to date, the performance has been awful for the banks however, since the first announcement of the pfizer vaccine, the bank stocks have outperformed the market almo

the top performers in the s&p today, as elliott is calling for a shake-up at that company leslie picker those details. >> the communication infrastructure reit is on the move up about 4% thanks to a renewed push by elliott management, seeking changes at the top, a strategy pivot, and improved corporate governance. they write, "crown castle suffers from a profound lack of oversight by the board, which has contributed to its irresponsible stewardship and flawed financial policy. shares of crown castle down significantly this year, about 21%, well yolt saying it owns about $2 billion worth of the stock. elliott's main concern involves crown castle's fiber business, which the firm says has received too much capital for too little return and should be re-e re-ev re-evaluated they look forward to reviewing elliott's materials and remains confident in the executive leadership as the company continues to act in the best interests of all shareholders. elliott intends to make its case directly to investors at the company's 2024 annual meeting but prefers to work constructively with the board. the

leslie picker is back.t do we know here >> reporter: hey, scott, for all that talk about short sellers and regional bank stocks, one of the names is actually long and scion took new stakes in pacwest and western alliance both stocks surging today. first republic which was taken over by jpmorgan was part of the buy list during the quarter, but we don't know if he sold before the failure of that bank which took place on may 1st. he added new space in huntington bank shares and he took stakes in bigger banks like wells fargo and capital one as well. to be clear, these are relatively small stakes, millions of dollars each and we don't know how he's positioned on the short side. these come from 13-f filings which are back dated to the end of march they may have changed since that time. >> that's super important, especially on this, just given not the who necessarily we're talking about, but the what, regional banks at a time of, you know, crisis and concern i think we can fairly say and whether, you know, he's e

we'll talk to stock pickers where you find opportunity on a day like this. >>> u.s.n track this year to post the longest stretch of declining food prices in more than 50 years. it's deflation instigation and we'll examine what it means for the overall economy and what the fed might do about that coming up. >>> welcome back. dow down 325 points. s&p down 45 points. that's a 2% decline. the nasdaq down 111 with 20 minutes left in the session here today. >>> kroger is one joining the list of chains cutting the profit forecast amid sliding food prices. you may recall super value and sprouts lowered guidance this week. kroger is nation's largest chain by sales and cut full-year guidance warning that food price deflation could drag into next year. shares are managing to fight into positive territory. >>> declining food prices are good for consumers but what does the fed make of deflation if that's whats in? what impact could it have on rising interest rates? >> joining us is larry kudlow, welcome. also with us, jeffrey cleveland, chief economist at payden and rigal. larry,

leslie picker thank you for that.e guidance was disappointing, down 20% today. what is your takeaway here? >> it is hard and the action shows to get clarity on whether this turn around is going to really get traction and whether the next few quarters will return at the top line growth. i think when you have a move like this and sell side capitulation to a degree today, all the downgrades, where the street has shown a lot of forbearance because the brand value is so elite, you have to start asking is it overdone in the short-term? on a price to sales basis, it is, like, 5% of sales. forget about the earnings picture. that is as low as you get for something -- some retail, really impaired retailers trade down, sorry, that is the walgreens number. price to sales on nike is down to levels you haven't seen in 11 years. point being we have wiped away a lot of whatever residual optimism there was. we'll see if that matters. >> some stunners over the last month or six weeks or so, right? starbucks, really premium brand names

leslie picker in the sell-off in financials. what's going on?tt, financials the who's-performing sector of the largest s&p groups today. you have state-street capital the biggest laggards here. we've also seen paypal among the biggest laggards throughout the day, as well as some of the big ones. citigroup, jpmorgan, bank of america each facing some pressure as well. a lot of this is stemming from some ongoing executive commentary over the last few days at the morgan stanley financials conference. several presenters including those from huntington cut guidance for net interest income spurring some declines among other financials with a tilt toward that profitability metric for loan making. and there were some ore banks who mentioned loan trends coming in a little lighter than otherwise expected, creating some concern on that front, as well. so higher for longer interest rates still muddying the picture for a few financials, as we await may cpi and fmoc, scott. >> leslie picker, we appreciate that. kate rogers looking ahead to oracle earnings comi

stock picker if ever there was one. let's take a look at some of today's big movers. josh lipton here with the details. >> a roundup of some names making headlines today. ross stores, nice move on solid volume, reported a surprise 2% rise in march. same-store sales also saying it's looking for first quarter earnings to be a bit above the high end of its forecast of $1 to $1.04 per share. ross up some 19% this year. another to mention, chipotle, josh brown listening to a conference in new york said, gundlach announced a new idea and it's a good one. pc sales nose-dived 14% in the first four months of the year and that was the biggest decline in two decades. hewlett-packard in the red as well as microsoft, which goldman sachs downgraded to a sell. in other news, par cleys downgraded semis to neutral. they say the growth profile in semis is much slower than many expect. also talking about a much smaller snapback in earnings, which means some semis still look relatively expensive. analysts did like one name, though. the upg

that's leslie picker. mike, i'll send it back to you.the banks. >> yeah. >> they kicked it off on friday. we'll be talking about that. >> yes. they're running a little bit. they tend as a group not to trade that great off of numbers not because there's anything too scary in them. a lot of times the sources of any up side surprise is not something you would want to extrapolate. they had a great trading quarter. they had credit that was better than expected. all of that makes them trade noisy. in general, the kbw bank breaking out to a post silicon valley bank meltdown high. you have the financials and industrials in the bull's column in terms of sources of strength within the market. again, it's all pushing up against have we already priced in had soft landing? you've been talking about two years into a bull market. the overall returns aren't that great but this is the best start to a calendar year since 1997 to this date. >> let's go -- i remember when we were talking on "halftime" i said ryan dietrich puts this out since 1950 the averag

leslie picker will look at the bang earnings. we'll begin with bob.d. as a stocks guy this is the most interesting day of the year. >> really? >> yes. i'm going to call this the revenge of diversification. everybody will look at this and say what the heck? the nasdaq is down big. amazon is down two. apple's down two. this is not a negative on technology stocks. it's a positive on diversification. the russell 2000 up 3.6% with the s&p down. do you know the last time that happened? october 2008. that's how rare that is to have the russell 2000 up 3% or more and the s&p 500 down. >> this is the biggest one-day gain of the year for the russell. >> for sure. here's why -- again, this is not negative on tech. this is positive on diversification. that's the way to look at this. >> you framed that owell. >> 6 to 1 with the s&p down. here's what everybody is asking me today. great, bob. is this a one-hit wonder? how does this continue? what do we need to get this to ten? obviously lower rates is the key here. small caps are very interest rate sensitive. that s

leslie picker, thank you. >>> paypal one of the bigger decliners in the s&p after a c suite shake-upegy generating new revenue strains kay rooney joins us. questions what this means for paypal's future? whether it means more resets to come >> yeah. item of questions there. in the near term, sara, paypal has earnings in two weeks. usually when there's a big management change like this companies want to give the markets something really good to chew on. analysts there came out with a call on this this morning. talked the move and shake-up saying if paypal had good earnings comes out they would have give an pre-release saw it with another big fintech lost its cfo a couple months ago. announced that, same time pre-released numbers paypal didn't. appears to be one of the reasons the stock is getting hit today other thing on john rainey's departure, interim ceo is paypal's head of ir. another sign the move abrupt not a successor yet. dan shulman, adds pressure to what really was and is a high-pressure situation. growth of paypal slowing changed user guidance last quarter. had a 700 million

leslie picker. >> that's right.ave taken small positions in adp according to a person familiar with the matterme men matter shaw has been increasingly becoming more of an activist investor, and sachem head was the first analyst hired at persing square last year, and ferguson had previously targeted tdk, a spinoff from adp. the two hedge funds have talked to the company, this person told me, it's unclear whether there's any kind of activist engagement on either side at this time. i say the big akeaway from the news is that it's potentially more pressure for adp ahead of the analyst day, june 12th, bill ackman spoke about this on the call, hoping for efficiency announcements from the company on that analyst day in a couple of weeks now, i have not yet heard back from adp for comment, representatives for the two hedge funds have declined to comment, but certainly one that we're watch as the filings trickle out this afternoon guys >> leslie, thank you >>> separately, june 12, the state department is operating under the

ryan detrick and leslie picker, what are we looking for? >> we do, scott.is the so-called ha data that the fed puts out after the bell on fridays. if you recall last week's data show deposit levels as of may 10th indicating yet another decline. all commercial banks at the time combined saw deposits fall by $24.4 billion to the lowest level in almost two years. over the last month, small banks experiencing the bulk of the withdrawals with deposits down more than 3% at small banks compared with 0.9% at large domestic banks and total outflowout outflowed regardless of size the data is a bit dated though ever since may 10th f w, if we t to look at stocks for comparative purposes, it's up more than 5%, more than double the gains of the s&p and dow over the same time frame obviously stock prices not quite the same as deposit levels, but they do tend to have especially in this current environment somewhat of a cyclical effect as customers see stock prices fall. they make it a little jittery, take their money out, and stock prices are rising. we'll see if we get th

leslie picker with those details. >> hey, scott. it appears this one is going forward. it's kindercare, and i'm told by people familiar with the matter that this one is expected to price within the range, so nottive above the range, not below the range, but this is newsworthy in the sense that kindercare tried to go public a few years ago, ultimately wound up postponing and then pulling their ipo due to regulatory concerns surrounding this one. you see that word kind of pop up in the ipo environment. but if it were to price say at the high end of the range at $27 per share, that would imply an ipo size of $648 million and a valuation over $3 billion. a sizable deal here. kindercare runs more than 2400 child care centers in the u.s., scott. >> leslie picker, thank you very much for that. let's send it to pippa stevens for a look at the biggest names moving into the close. >> palo alto networks is leading the s&p higher after a reiterated buy rating and raised the target. that is the highest on the street. bnp also initiated coverage on the stock today. and docusign is ri

but it will be interesting to see what they come out with on monday. >> leslie picker, thanks dan, dohese names ahead of that announcement on the cash return and ahead of earnings in a few weeks? >> no, not right here. let's be clear, some of the major banks topped out late last year in october even before the nasdaq topped out before the fed pivoted, so something was going on there, at least the way investors were perceiving the value there. leslie just mentioned, the reserve leases that a lot of these banks had taken the prior year right after the pandemic or the heart of the pandemic in 2020, if that wasn't enough to keep the rally going, at some point if we have a recession and a weakening economy, we might see investors start to expect the banks to take reserves again and prepare for the potential for credit losses. so to me i think the banks all year have been telling us what direction the economy is going i think in the next few weeks when we get corporates starting to give their second half guidance, i think it's going to be very apparent to a lot of investors that the economy

stock pickers have another dismal here. bob pisani with the details.we go again, bob. >> twice a year we do this a report that measures the performance against active u.s. stock funds against their peers. stock pickers are still losing out against their passive brethren now, just 36% of active u.s. funds stock managers manage to outperform their passive peers over the last 12 months. it wasn't much better a year ago. look at that, just 43% outperforming in 2017. so afghanistan it's just getting worse. so why can't active managers outperform consistently? well, there's several problems first, generally too much cash on the side lines. second, often just the wrong mix of investments if you're underweight apple, just as an example this year you're going to underperform the index. and third, the fees they charge. the highest hurdle active managers face is their own fees they charge. active funds that charged the lowest fees were able to outperform their passive peers more than those that charged their higherpeers. if you think about it, you're going to und

leslie picker. with brian moynihan to phil lebeau and what's happening with tesla today? is at levels we haven't seen since july 22nd. there are three catalysts on the horizon. next week we will get the q3 deliveries, october 10th is the robotaxi unveil, and later in october you get the q3 results. there's no guarantee any of these individually will push the stock higher, but keep in mind, we often see shares of tesla move higher ahead of big events like this. scott, back to you. >> phil, thank you. phil lebeau. back to mike santoli. tesla is higher by 5%. mixed elsewhere. nvidia was red for much of the day. it's turned positive as we edge towards the close. >> and lots of differentiation among even the big tech stocks. i think that's probably healthy. we kind of have weaned ourselves off reliance on those stocks. nvidia first got to today's stock price the first week of june. from that point on to here it's been almost four months, the s&p is up 1.5%. it couldn't have done without nvidia going to the moon. since then it's answered the complaints from a lot of people that

leslie picker has the latest there, and kristina partsinevelos is back with the cisco earnings.iously, a record setter today, and we are finishing strong, too. >> yes, we had sort of a useful scare over the last seven weeks and i think what it has been able to do is test some of the premises of this bull market and come out on the other side feeling like we are in okay shape, both in terms of soft landing, economy, patient fed, and obviously inflation not getting any worse. it is a bull market so you have to give the benefit of the doubt to the upside. new highs are bullish, not bearish, not something to run away from. that being said, i don't think we really got to that point where you build up a ton of potential energy for the upside. it is more about, it is kind of what we had before in terms of the backdrop and the market i think is digesting it very well. even though we are new highs, we are expensive because earnings are coming off. even though we are at new highs, we are not as overbought as we were in late march, so there is room to go on that front. i think everything i

leslie picker on disney.matt boss on some retail picks we'll kick it off with the broader market right now and what a turnaround we saw down 180 with the dow at the lows of the day. market was in a bad mood earlier on the weaker than expected news out of china, off its economic data and a weak read on new york area manufacturing we turned around and continued the rally we've seen over the last few weeks with the s&p up half a percent nancy, have you been buying into it if it is a bear market rally, it is resilient, impressive and broad. >> sure is, sara thanks for having me we've been adding risk back into our portfolio in june, which turned out to be a good near-term decision at this point i'm not really willing to chase the rally we're adding small amounts to some specific names. but i think you're going to get another chance i don't think we're going to retest the lows, but i do think you're going to get another chance to step in and pick off some of the names that maybe you didn't finish buying in the sum

plus, jessica inskip is here highlighting the levels we should be watching leslie picker setting thethe health of the banking system we start to mike santoli first what have we learned if anything after yet another week where we stayed in this range >> in this range, i think familiarity breeds contempt, right? that's one of those sayings where i think this market at this level, we have been able to chew through it multiple times and i think it's creating a little bit more skepticism or anxiety than it is comfort because it seems precarious. if you look at lots of the market, and appetite and indicators, it's flashing a signal if you look at the russell 2000, it's barely staying above these levels that might think we were cracking below a multi-year range. the constant discussion about the top heaviness of this rally this year i think also has people feeling as if there's something illegitimate an where the market is whereas i think it's more reflective of the environment. >> of course, it is. >> russell doesn't look great. that's over a three-year period. then you have nasdaq 100 ove

. >> fahrenheit meanwhile up about double plus 33 time for a cnbc news update with leslie picker. >> wilf, here's what's happening at this hour just five days before his runoff election, georgia republican senator david perdue has gone into quarantine after coming into close contact with someone with covid-19. the perdue campaign says both the senator and his wife tested negative today >>> in canada, ontario's finance minister resigned after being caught taking a secret vacation on a caribbean island. the canadian government has been warning against non-essential travel since october he was ordered home today. the minister called the vacation, a quote, dumb, dumb mistake. >>> the u.s. has recalled its only aircraft carrier group in the middle east, returning the "uss nimitz" to its home base reduces american fire power in the region and comes only a day after the u.s. flew long-range bombers to the persian gulf, a move military officials say it was intended as a warning to iran against attacking u.s. forces >> leslie, thank you. >>> 30 minutes left to go before the bill here's where

jim lecamp, michael batnick, our leslie picker., arch no no 99% outstanding. >>> up next, tony dwyer on his recent downgrade on financials and why he thinks excess liquidity is keeping the market afloat plus harvey pitt on the archegos margin call miss and the similarities to the 2007-2008 financial crisis we are back in 90 seconds. >>> the dow posting a positive close. the russell down nearly 3% tony dwyer joins us. tony, great to see you as always your headline point is you remain constructive overall but we're going to continue to see these sorts of fallbacks. >> yeah. it's a rotation that's taken hold rather than have the s&p 500 go down 5% to 10%, it's grinding sideways to higher in early march you had a greater than 10% drop in the nasdaq and the semis. as of last wednesday you had less than 10% of the russell 2000 above the 10-day moving average and the banks index from intraday peak-to-trough was down almost 10% from the prior week so we're getting this rolling rotation and this interest rate uncertainty that's probably goi

i think this is a stock picker's markets. look at seagate today, texas instruments, these are names you want to put on your list if the market continues to be volatility, and the reason it's vol volatile, we have a lot of things going on. just sit back for half a minute, wait for opportunities. >> it is absolutely noisy, steph, though, you know, one thing you mention in terms of alphabet's numbers, no doubt this is a bad quarter. but if there were one thing you could say that would scare people out of the biggest market cap weights, ai is mal-investment here. you are seeing microsoft and meta, all down in sympathy with alphabet. i wonder if that's something you would at least keep out there in your progressive vision. >> i think we're in the second or third inning. is the problem is the hyper scalers, they're all up a tremendous amount in the last year on this. it's relative to expectations. no question in my mind, ai and cybersecurity are totally addressable markets, you just want to pick your spots. >> liz ann, you mentione

leslie picker, and by the way, do not miss a first on cnbc interview with the cfo of wells fargo offhose results. mike cincinnatiomassino on this show mike, we're getting into the two-minute mark here, and the session rally is holding we broke the losing streak and then some, quite an intraday reversal what are you seeing in the internals and what sort of clues does it give us? skpl yeah, so it's pretty strong, although not necessarily the kind of overwhelming rush to across the board buying you sometimes see on a big 2% up day. we started lower, still we're looking at 80% upside volume interestingly, 900 stocks on the new york stock exchange and nasdaq made 52 week lows today, all in the first hour, but still that's going to build up your total of 52 week lows. two-year note yield, big part to have the story this is a two-day chart. shot up to above 4%. it's still below the highs but pretty much going back to 2007 levels the fed is fully engaged here and the market understands had that the volatility index early on was easing even as the s&p was down we're at 32 right now. we got up

senior markets commentator mike santoli here to break down the trading day, plus our leslie picker onction the major averages trading lower and for the week the nasdaq down 2% for the week and the dow ontrack for the third straight week of losses. mike, if you look at today's performance, especially the pain on tech, and that's been the theme of the week, you're going to hate this question. but do we need treasury yields to stabilize for the market to go higher? because they're going the other way today, and the last few days when they have come down, that's been a big support for the market >> i don't hate the question >> you don't like the direct link >> i don't like the direct lik as if that's the only determining factor i mean, the valuation compression we have seen in the nasdaq obviously has something to do with yields going up corporate yields going up. but we have traded at this level of the nasdaq literally over the last year when yields were at right now 2.8, when they were at 1.8 and at 1.6, so obviously, there are other things going on. i do grew to some degree with the pr

that's the moral of the story. >> that's the moral of the story. >> thank you, leslie picker. >>> up next, jpmorgan's global investment strategist ajene oden is joining us. and we share stories of aapi business leaders here's apothecary founder and ceo. a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> let's get back to kristina now for more more stocks she's watching for you kri kristina >> palantir climbing again another 30,000 shares just yet they have been on a tear over the past month 60% it's up 6% today, and early results in may got the bolall rolling and the excitement over ai kept it going it hit its hig

. >> a great time for people to who are stock pickers like us, security pickers like us, it is a timeple who are real investors and janus henderson, real investors with the underlying investments. >> real, because you're active, because thee are active managed? >> kwle. >> yes. >> etfs. >>es. >> we have aaa clos over the 5 billion dollars ma. the suite of them which are j-aaa, we have clo, a bbb-clo, as well as securitized income clo, all of those together are now making us number four on the le table in a short period of time. whate have done, scott, what the essence of janus henderson is, as investors, we bring differentiated insooil sights and disciplined investments that we would bng to an industrial institutiol client and bringing that to retail and that is allowing us to democratize a whole world of investors that has been unattainable by the numerous folks out there who can manage it. >> because what would you say, markets for the year?ew of the >> i actually think that the pivot point will obviously be the consumer. what does the consumer do in the next little while at these r

i love the stock picker's common. i think that is the case as well. you have to be very clear on the fundamental analysis. i think there are plenty of ideas to be had. we had three great data points today. we had a consumer holiday spend at 3.4% year-over-year. online up 10. and store up one. doesn't matter where they are spending but they are spending. the consumer is resilient. manufacturing group, 200 basis points. still in contraction. i get it. but it is on the rise. new orders are important. that was up 300 basis points. the one area of the economy that has been kind of mixed in manufacturing is starting to recover. and that is 90% of the economy, those two pieces. we have not even begun to see the projects we talk about all the time in terms of on shoring. 1. 8 trillion around the world and only 16% have been completed or started rather. so the third point is the gdp atlanta tracker. 3. 2%. it is an economy that won't quit. adding it all up, earnings will be better than expected. they have been better-than- expected running 8-10%. i think the m

leslie picker, of course, following the money for us there, what it means for the group. i turn to you first. we do have an upgrade today from nike. >> yeah. >> which i want to chat with you about real quick. because we did a -- a screener on pro which gave a number of stocks today that could be on the comeback. they believe, oppenheimer does, as well, they forecasted 25% rally. >> yeah. part of the premise here is that when nike reports next week, that it's going to be, quote, the last bad quarter. so they've been a serial disappointer. the idea is that they may trim guidance for the current fiscal year, but then you have it behind you. i wouldn't say you're talking about a washed out stock, the majority of the street is still recommending it. but it is at a pretty low premium valuation to the market relative to its own history. i think you could hang your hat on that. is it getting down to, you know, sort of that core brand value at this point for the franchise? >> you handled that well. i threw you out of order. >> i can -- >> tap danced around that well. >> i can resh

let's welcome in steve liesman, leslie picker, josh brown. he is here, post nine. leslie, i want to begin with you, we have had a crowd over my shoulder for the better part of the last half hour. is this stock open? it was halted, it has done about a 65% round-trip today. take us through what the latest developments are? >> the saga of the stock today is just a microcosm of what this bank has gone through over the past few weeks, or so. the announcement, quite striking today. a whole shift in the management team, a refresh of the board, really, an infusion of $1 billion in capital. you see shares currently somewhat stable compared to what they have been doing earlier today, so i can run you through the details here. the liberty strategic capital -- that is the firm managed by the former treasury secretary steven mnuchin, as well as hudson bay capital, reverence capital partners, and citadel, hedge fund, not the security firm, as well as some other institutional investors -- are making a combined $1 billion investment in this company, subject to finalized regulatory

fundamental stock pickers have been dabbing their eyes. it shows you the percentage of stocks over a one or two-year holding period around the world. what percentage of them have beaten the s&p 500 over that horizon? what you see from 2009 on, fewer than half for sure recently it's really plunged down into the 20% area have some -- little bit of a comeback for the one-year holding period a clear minority of stocks outperforming the s&p. it was similar, by the way, to the late 90s when you had a growth-driven, u.s. centric global he can with wit markets, pretty much ended with a crash of the tech bubble this is when you outperform if you're a global stock picker value is leading the indexes are underperforming and you had emerging markets, credit and commodities level lifting world markets well ahead of what the u.s. did are we heading in for another regime shift here, shift higher? it's very much unclear what's interesting is you see these big, sharp rebounds? that's after a big global sell-off in the fourth quarter last year and after the

i'm leslie picker.digging for pershing square and have a position on bill ackman's first. he had 3.7 million shares to hold half a billion dollars worth, 4.2 million share which is is an interesting sea change from what we saw last year with the proxy fight there and also acquired a stake in lowe's which we knew about and disclosed 7.7 million share stake worth $37 million, willch? >> leslie, thank you very much for that it's been a positive session up a percent. >> a vacation on this. >> on vacation for a week and a half "fast money" starts now. >> "fast money" starts right now, live from the market overliking times square. the traders are brian kelly and dan nathan the crypto crash continues and crypto breaking below 6,000 before hovering at those levels and the move as a whole has the crypto universe in a frenzy. bill harris who previously called bitcoin a scam says it is about to get a lot worse he will be here and the tesla saga continues and elon musk

a sector, we definitely will have winners and losers etf indicate, but i think we're into a stock pickerstime. could last a decade. >> you know, bob, getting into the end of the year, people are looking at the course of 2022, and sentiment, and in a sense, it was a year of malaise, steady, drawn-out malaise. i wonder what you think that means? >> i've spent a lot of time thinking about this, studying it it's really quite schism if the retail investors believe the market will go up 10%, 20%, they're more likely to engage. if they believe the market will go down, they're less likely to engage it seems simple and silly, but that's the basic case. when you look at the daughters over time, it's always about the expectation of the return for a retail investor. the other point i have to make, a major shift in retail mindset, a lot of the desires are now excused through the options marke marketplace. >> i think we had a more reasonable year than people reported on, so those data points are out there i would point mar two the quality tailive. in my experience you have to have two things. it helps

up next, two stock pickers with us to tell us if you should keep riding the big performers irks ji amajor victory for herbalife. we'll discuss whether aikman can recover from this loss. americans are buying more and more of everything online. and so many businesses rely on the united states postal service to get it there. because when you ship with us, your business becomes our business. that's why we make more ecommerce deliveries to homes than anyone else in the country. the united states postal service. priority: you there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. >>> welcome back. the dow did close at a record high today. closed about 18,516. and it was a big week for the major averages. s&p also hit a record high earlier today. so where can you still find va

leslie picker and kate rogers with what to watch ahead of cava's first earnings report a number of peopleedia pointing out issues with fidelity's website throughout this final hour of trade fidelity acknowledging that. we're aware that customers are experiencing issues with fidelity.com they say we're working urgently to resolve these issues. we apologize for the inconvenience and appreciate your being a customer. tough timing final hour of trade for anybody who trades on that site in terms of retail. >> it is the market's been heavy for a while. i mentioned the s&p was sitting right on top of last week's low, which was also exactly where that mid july breakout took place higher it seemed like it was tempting sellers to take it below i would be the say there's a lot to connect the fidelity outage it seems like too many friction points today yields are hanging around their highs. whether it's because of reaccelerating growth, inflation going to be sticky, fed going to have to be on the case or just a global story in terms of japan gdp, all that stuff into the mix with august seasonseasonal

and also joining us is thomas pickering, former u.s.mbassador to russia and several other countries during his four-decade career as a diplomat. ambassador pickering, there has been no love lost between barack obama and vladimir putin. what do you expect to happen when donald trump takes office? do we do a 180 in the relationship? what do you expect to happen? >> i think asking me to predict what president-elect trump is going to do is a little hard partly because he himself has said he isn't going to tell us. he has reached out to president putin and president putin in return has reached out to president-elect trump. so this could be the beginning of perhaps a slightly different set of relationships than we have had. i don't in any way blame president obama and i think he did what he had to do in order to send the signal and hopefully deter more fooling around if you can call it that way in cyber attacks or cyber misuse to influence u.s. elections and perhaps other elements of u.s. internal politics. i would expect that the president-e

leslie picker follows the e'? can you draw a line between the fed chair on the hill and these wall street banks that are doing well? >> yeah, i think you can. bank investors have been watching very closely to see what happens. there's quite the boost, thanks to comments chair powell made about where regulators are at with basel game rules, they have been met with fierce the midst . >> statistic question we're continuing to try to make process is that have process. my view is the strongly held view of members of the board that we do need to put a revised proposal out for comment for some period. the reason is, you know, when there are broad and material changes, that's been our practice. >> one of the key challenges is getting three agencies -- the fed, the federal deposit insurance corporation and office of the comptroller of currency -- all on the same page. however, that would take some time, meaning the finalization wouldn't even take place until early next year potentially, powell said, scott. the overall wate

leslie picker here with that. hi, leslie. >>> hey, mike. those shares are higher today up as much as 11%, though they've come down a little bit since the news first broke. an 8k filing saying the fed is releasing them from stricter regulation they had been engaging in as a result of an acquisition they had made. according to the 8k the fed provided notification to u.s. bank that it has been released from commitments to basically provide quarterly implementation plans as a category two banking organization, usually for banks with more than $700 billion in assets. basically the second largest tier. as of the end of its second quarter u.s. bank was under that threshold yet still reporting as a category two under the requirements of the acquisition as of december '22 with union bank. as part of that deal, they have been undergoing stricter regulatory plans with the fed and now, according to this 8k they have been released of the commitment. shares popping, up about 6% right now, higher earlier when it was first filed in u.s. bank court, schedul

just so tough to watch there thank you. >> is thathank you, bill. >> see you rater. >> leslie pickerow holding on to a 75-point gain we've been losing altitude s&p up eight, the russell up 2/3 of 1%. >>> nike is up with earnings one bear says it's unclear how nike will balance brand sanctity, scale and growth as it lln s to achieve a goal of $50 biioin sales a bull takes on that argument, next he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself. he has stocks and bonds. your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e*trade. ♪ when you have a really traumatic injury, we have a short amount of time to get our patient to the hospital with good results. we call that, the golden hour. evaluating patients remotely, is where i think we have a potential to make a difference. we would save a lot of lives if we could bring the docto