santoli, listen up. >> i'm listening. >> this will give you movement and value. next year's numbers, and then six bucks, and then eight bucks. they have 15 drugs now in phase two. they've got basically four or five drugs that are in approval in phase three, applying here, applying there. but they've already got earnings. this stock is going to double over the next year, year and a half. >> wow. >> 23 buy ratings, zero sells, up 85% this year. why -- how does the market look -- >> this guy is a bandwagon kind of a guy, right? [ laughter ] >> -- the motivation focusing on where stocks have come from? >> where it is right now, 20 times cash flow. >> -- market in '09, the point is -- >> if i had a dime if you said, it's not where they come from, it's where they go. >> and that's absolutely true. i'd be are rach man. >> thank you. thank you for gratifying -- >> you should get that -- here, 23 buys. sometimes the crowd can be right. this is one of the times. >> all right. >> here's one of the reasons, judge, he could be right. the hep-c drugs which are getting fabulous

that's mike santoli.ng bell." >>> up next, the setup on oracle what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> we've got oracle, shares nearly doubling the performance of the nasdaq over the last three months and options activity signaling another large move when those numbers hit the tape let's get to bill who has what we call "the setup." >> thanks, josh.

. >> a good day to hear from mike santoli.very day really is, but especially today given this second inflation print. a lot of fed speak. the market is acting interesting. we'll talk to him next. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our environmentally friendly extraction process. encore energy. ever worry your whole life is spent on golf? nah. sinking putts? the only thing sinking is my savings... there's the kid's braces and my parents to care for. i'm gonna caddy forever. with empower, i get all my financial questions answered, so i don't have to worry. empower. what's next. the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now i

that's the lesson, bigger in policy. >> i agree with that, mike. >> mike, appreciate it mike santoli joining us from the new york stock exchange down on the floor. we mentioned what's happening in the banks today. pete certainly did regional banks, by the way, down for their fourth consecutive day, first day since july so back to the summer for that. maybe, just maybe, some of that has to do with what happened last night in some of the elections across the country and what the implications could be on the future of tax reform. john harwood following the money today. he's cnbc's editor at large live in d.c john, how are you thinking about this today given what happened last night >> reporter: two things. one, i think mike and josh made very good points about the fundamental taliban stabilities of the market and its indifference so far to political events, and my question is if tax reform becomes less likely or fails, how is that going to affect markets or will it not affect it at all because what happened last night is going to make tax reform harder to achieve. there will be argument

santoli, you stay with me. i'm not done with you yet. i want to hear from some of the other folks first. stephen weiss, you sold almost all of your facebook last week i bring it up, it is like if you can't hide out in some of these so-called value stocks, you know, maybe they're peaking, and you can't hide out in some of the arkk stocks because they've come down so much but maybe still have more room to go, and you can't hide out in the faang stocks, if you are selling facebook, i've got apple at 15% off its highs, the target is reduced toda 134 from 138 at barclays microsoft is about 8% off of its highs. bitcoin i thought was a hedge so i can't hide out there because that thing is tumbling today where am i going with my money >> you're going 35% cash first of all that says it all. >> exactly. >> you answered the question. >> exactly >> right so facebook was a trade. i traded from 300 or 302 to 312, and it worked there. so the point is that it is a trading mark on certain stocks i don't think you can hide in anything when markets are goi

. >>> coming up next, mike santoli joins us for his "midday word. was having relationship issues with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "the halftime report. senior markets commentator mike santoli joins us now with his "midday word." what do you make of the sudden reversal, and do you think it has legs >> it's interesting, dom yesterday when we were talking about a little sell-off, pointed out that we had really just skimmed a little bit of the overshoot to the upside we got off the market we went down to a 20 day moving average right around where we're trading right now and i would look back to june if you want to talk about the best possible scenario, a 2% to 3

our senior markets commentator mike santoli is here. is bears on the run. >> after last week. >> it felt like it last week. >> if you got squeezed, you get the chaese. the market will relentlessly go up 1% a day. the russell 2000 down 7.5% last week and down 1.5% this week. all of the gauges were pinned to the max finishing last week. i still do think you want bonds to just calm down as opposed to just yields coming in because we have the ten-year down 40 basis points, it's up ten today. you still have a sense of an agitated market and not a lot of conviction behind these moves and a lot of momentum signals and all of the stuff people are talking about on a technical basis is better at suggesting there's a good low end than saying it's up and away from here. we'll continue that, what's the sedative then for the market? >> yeah. >> because earnings are done. the fed is now done for this part. i guess it's the economic data. >> it is. it is. >> can we be -- >> what else is there? >> can we be somewhat confident that we are in the decelera

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morgan mike santoli is here for his midday word?ople are allowing risk levels in their portfolios to go up i think that's reflected in the fact that we're swallowing new issues and looking for other lagging beneficiaries of what's now seeming like a more firm economic setup so really this month it's been one big exhale people were clinched up about what was to come in the economy and what the fed might have to do to choke things off if we're in this moment here where it feels more like you have room to maneuver, what comes with that is sentiment gets to a certain point, i don't think we're there yet when it becomes a hazard because everyone overbelieves it's going to be great and watching the yields into headwind right now, kind of much more about reaching for the stuff that hasn't yet participated fully. >> which makes you feel, i would suggest, a little bit better about where we are you just don't have this overwhelming positivity in the marketplace -- >> not yet. >> a lot of haters of the rally. >> a lot of folks that are going t

mike santoli talking about the market being 16 or something is that neutral? is that under value?in the eye of the beholder at this point. >> absolutely. all depends what the e will be if the macro is slowing, do you think the companies can deliver. so far earnings held up. went from 21.4 forward estimates on the s&p 500 in january to about 17 can we go to 16, can we go to 15 long term average is 15. certainly we can overshoot on the internet stocks there are some great companies now that are down so much josh, did we miss something? i mean seriously, expedia down 29%. they beat in the quarter their bookings numbers rose 10% versus 2019 levels and up 20 times, 20 points since january the business is absolutely getting better, visibility is strong they have bloated costs in the company and so to me, it goes down every day i think there's value there thts a market that wants dividends and the at&ts of the world i like the long term fundamentals >> josh. >> i'm sorry set aside candy crush for a minute. >> i did the macro is slowing delivery. this is the point. if there is a macro slo

it's biding its time until we get the more key macros. >> mike santoli.the oil sell-off. crude below 70. ybe big player boosting its buack. jim and joe are both in the name. the energy trade is next. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot

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>> you know, mike santoli said it very well. i'm not smart enough to know what this company can become, and i'm a little surprised that this many investors think they do know. i'm really optimistic about the potential for this company to grow into something much, much bigger than it is. but i don't know that it's going to happen. so, you know, it's trading right now on a lot of faith, on a leap of faith that it's going to double in size pretty quickly. and, you know, it could happen. we modelled it to double in size in about five years. and if it does that, i'm optimistically at about $37. if it doubles faster, then it's probably worth what it's trading at, and maybe more. >> i was going to ask you, sort of, what you thought the fair price for a retail investor to get in on this. and i also made the point, and i know you heard it with mike santoli, if you took all of the other social stocks and you simply waited, you had a better entry point? >> yeah, i'm not sure if that's true of linkedin, because that was $45 and it popped pr

it's your verizon. >> all right we're back mike santoli, we're back with his midday word.sation you're having the bull case being growth continuing, moderating you had interesting thoughts, i thought, on the bear case. sticky inflation. >> yeah. >> and the case has been realized >> to some degree from the move that we've had >> the bear case, in a sense, is anything that deviates from the pristine soft landing scenario with growth not really decelerating much and earnings coming back is going to be tough for the market to absorb i think you can counter that with the idea that again, you can wield the high concentration levels of this market in both directions i think black rock has an earnings forecast. forward earnings forecast for everything outside of big-cap tech is from here outside. big cap tech is causing an uptick in overall earnings power. >> is that enough? >> as you said that, that doesn't sound so bad >> exactly >> better than what was originally projected it is up 5%, 6% year to date that's a decent move in half a year so to speak for the typical stock. what i

up next mike santoli joins us with his midday word we're back right after this. - [narrator] if youriness kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com >>> all right, w

. >>> welcome back mike santoli here for his midday word the president said what he did in the stated now buffett fires backs at the critics. >> i think there's a lot of political noise around it. if biden can come out and have a populist message, and say this is a giveaway, and people that run the companies can say we are being careful in how we use our capital, and both are kind of right but the idea that you ston around your company to all of the employees and you have this big liability that was going to dilute everybody else and it's okay because we'll sop it up with cash for the shareholders, that's not great if you're paying more for the stock. buffett has been very, very strict about the idea that management teams would be more discerning about what price they get it ought and he used to have rules when he was buying back berkshire shares and above book value, and i think there's nuance to it i totally agree that the anti-buyback campaign is kind of demagoguery and it is not really based on how companies work, but it's not like this became the standard way companies deal with

that's mike santoli. next ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. for expedia members, travel doesn't end at booking. it's getting a discount on your trip, plus points for your future travels. so you can keep thinking, “where next?” >>> i'll see you in o.t. three hours from now we've got adam parker. we'll talk strategy with this year ahead with liz young, malcolm etheridge. look forward to everyone joining me, 4:00 eastern time down at the new york stock exchange. we'll get to final trades in just a moment. i have a couple other calls and individual names i want to kick around with. the group, number one, estee lauder stephanie link, piper sandler says it's their best new idea. target goes to $290 and you own it >> i do own it and i do think that it looks expensive at $47 times forward, but if you think china is also troughing, which i do, that the

. >> degas, i saw you last night with mike santoli. josh, i want to come back to you. you sold netflix did you also see some of this coming >> see some of what? >> disney subscribers, its subscriber growth outstripping netflix when it comes to subscribers? >> i think ultimately most people would have expected that disney had the potential to get bigger but i -- i don't think that they compete with each other as much as maybe a lot of people think i think what they have done for each other is that they have validated direct-to-consumer streaming services as like just the new technology i think netflix is the service that probably -- so put disney aside for a second i do like netflix long term, but i also think that the proof will be whether or not they can really transition to this ad-supported service the stock went up 37% over the last three months, so the buy the dip works. so i'm fully out of it now i may get back into it at a certain point. i think that they had priced this stock for catastrophe and it's not a catastrophe at netflix, it's just a challenging period

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senior markets commentator mike santoli is here at post 9. the weather. it's like one day we're worried who is next on the regional banks and the next day we're not. hard landing back in play until it isn't what do you see? >> a lot of things coming together to give the feel of a fragile setup 24 hours before the fed is likely to hike. the australia hiking rates overnight along with a batch of softer data and another run to me sets up that call is the fed overcommitted to hiking? they're going to go one too far. nobody thinks that 25 basis points -- i don't think 25 basis points changes the game one way or the other but it does turn the wheel one more time and that creates the funding pressures on the regional banks the frc solution as drum tight as it is is not a scalable thing if we have a lot of these banks in the situation i do think that's reflective of reasons for more persistent selling at the top end of the range. so that's where i would come down on exactly what is driving things now as we wait and want to go in on neutral footing. >

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enjoy the weekend, mike santoli. let's kick this one around. >> i sold out my eem puts, said so yesterday. the volume at this moment on those exploded. the eem was down 15% from may 22nd when that very big buyer, domestic for foreign, i don't know which, came in and bought 200,000 puts at a crack. they've taken 18 million, 20 million, 30 million off the table in that trade, judge. that's a big money trade that i want to follow. now, we got all the way down to the 37 strike roughly, down to the lows that we've seen, and now we're holding at those levels for this, but the volatility of that has come in dramatically. that's why i sold it. >> here is what's going on with the eem. china is a disaster. we've seen overnight lending rates spike at 13% yesterday. the government is perfectly content to let it just continue to atrophy there. it's not atrophying, it's imploding. we went up to 13%, big deal made about $8 billion u.s. going to the banking system. they put $130 billion in february into the system. it didn't help. s

also our stock ref, mike santoli, of yahoo! finance with his perspective. first straight to the markets, which i mentioned are well off their lows of the day. murr mary thompson with a look how they're moving. quite a bit off the lowest levels today? >> well, scott, the good news, stocks are coming off lows after opening sharply lower on bearish news out of portugal and weak economic data. with the low down about 180 points. right now the blue chip average, look at it, is off just about 97. again, off the lows, the s&p off over 10 points and nasdaq down 29. a look at a couple individual stocks. lumber liquidator, a buzzsaw after it cut its earnings outlook, reducing traffic in its stores and be fewer people are buying homes than in 2013, and other people are actually holding off renovating floors. its stock, you can see, off almost 21%. potbelly also in the red. ed sandwich chain, reporting second quarter revenue below analysts forecasts. hurt by lower than expected same-store sales and cutting full year forecast. shares down over 20%. off $3.40, at $11.16.

sherri red stone good question. >> mike santoli next with his midday word.ate hispanic h heritage here is courtney garcia >> my grandfather immigrated to the u.s. speaking only spanish in hopes of obtaining a better life for his family. two generations on i'm happy to report he achieved those goals knowing the value of a dollar and savings, all things instilled upon me at a very young age. as i now look to instill the same values with my own children, peers and clients i want to stress the importance of investing and making sure your money is working as hard as u yo are to ultimately create generational wealth for your family for years to come wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads look the same because the insurance companies all see us the same. humana is different. they get to know you and listen to what you need. they have all-in-one humana medicare advantage plans with medical and prescription drug coverage. most plans include vision, hearing and dental for as low as a $

mike santoli joins us from the nyse with his midday word.ke. >> yeah, you know, frank, this isn't one of those days where you get a highly anticipated data release and the market reaction is some kind of bank shot or a rethink of the obvious conclusion this is headline relief and it translated that way into the stock market i think the big question after seeing the morning rally is kind of where the rally got to and did not yet get past, which is 4200 on the s&p 500. that's about a 15% move off the mid-june lows. you can easily make the argument it's almost a culmination of this move, this tension release we've gotten with, perhaps, peak inflation and peak fed hawkishness. we'll see how the market absorbs it from here big question, is it a good thing for stocks or not so good thing that we do have the long runway of late summer before we have another fed meeting or other known market-moving events, which might actually be, first of all, another cpi number coming for august, before we even get the fed meeting again. >> mike santoli with his m

tech was misplaced from the get go and one would have such a cause and effect on each other mike santoli has sort of scoffed that you have to have such a distinct relationship, higher rates, bad for tech. lower rates, good for tech maybe that was wrong in and of itself and here we are. rates are up, tech has been dominating and no reason it wouldn't continue doing that even if rates stay where they are. >> the duration of the assets and that goes for stocks and bonds. they should be under pressure. now what's happening is we have long duration assets on a new outlook that is ai-related, growth related, shift in the economy related, and that is sort of justifying the expansion in multiples if we stay in a period where the fed does not come off the hiking gas there has to be pressure on valuations general speaking because of the money that's flowed in there. it doesn't make sense for forward returns, if you look at p/es >> brynn >> i put the 61% that this is a bull market. the further away from those lows, the longer it takes to say, oh, yeah, we're going to retest the lows. you can have t

senior markets commentator mike santoli joins us with his "midday word."ok a little muted. you say? >> it looks like a bit of a sell the news response. it's mostly, i think, because of the nvidia, the big growth names that are giving some back on the stock exchange. banks are up 2%. the macro message is still a positive one for decent growth. i guess the question is where the penned lineup is headed for here. the bonds threatened to spoil things as well. that has been a spot where equities have had to stop and pause. >> they got shell aked in august. what do you think they're going to do in september? do they get hit harder than most? >> probably, but, first of all, the seasonality question is fascinating. i don't recall as much fixation as we've had recently and partly because it's worked so well this year. right on cue, august is a pullback for a good rally. when you're up 10%, september sometimes isn't as weak. they don't have a get out of jail free card because of the sector mix. >> mike, what do you make of the energy move? i'm sorry. >> i wasn't goin

. >>> up next, mike santoli. hi, i'm jason and i've lost 202 pounds on golo. first started golo, i was expecting to lose around 40 pounds and then i just kept losing weight, and moving and moving and moving in a better direction. with golo and release, you're gonna lose the weight. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. >>> senior markets commentator mike santoli has joined us on the desk. what do you think about the market? >> we have one of these days breadth is lousy today, the index is being protected by the usual big guys. the rotational move is there. you have yields up a little bit. so nobody is getting spooked by it. i guess we're still in a somewhat comfortable range. volatility is draining out of the market after we get past the cpi. now we're into earnings season. why that matters to me for i

mike santoli. appreciate your time as well. all right. so what do you buy then? if you think this rally is based on fundamentals, that clearly makes the case that you think you can keep going. where do you want to be? >> well, one point that we haven't talked about yet, which relates to margins as stephanie suggested, is who can raise price? we're talking about costs going up if they're labor costs, and there are commodity costs that have gone up. remember, we're in an environment where we haven't seen inflation for a decade. now we're going to see a little bit of inflation, and there are definitely going to be winners and losers there. people who can raise some prices. whether it's on a consumer product, like netflix or apple or if ups can raise their prices, or commodity companies can raise their prices to miners, and we're going to start to see that in the next six months. particularly in areas where there has been deflation in pricing, and i think that's a factor in the market. >> this notion that, okay, you've had this great rotation from out of favor sector

mike santoli thank you for being here great to have your insights. doc you come back over. >> yes, sir. >> you sit at the big kids' table. we will take a quick break and we will come right back. >>> it is a red hot stock. it is bucking this week's selloff. it is even rally today and 20% this week. plus send our kmerts your questions amid this week's market turmoil we will answer them straight ahead in "ask halftime." to reach us, go to cnbc.com/"halftime," or tweet us the "halftime" with scott wapner and the traders is back in two minutes. >>> hi, everybody. welcome back i'm sue herera here's your c flbz news update at this hour health and human services secretary alex azar telling a house committee that the risk the coronavirus spreading in america remains low. he also sought to explain plans to combat that virus >> it is really important we correct this impression that it will require this massive hospital isolation for normal patients we are in containment mode right now to stop any further spread but once -- if we end up having broader spread, it

"mike santoli's midday word is comingft t aerhe break we'll be back right after this ♪ ♪ ♪ ♪ ♪♪ this.ect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. ♪ ♪ and helping you plan for future generations. discover sound that can truly move you in the 2022 grand wagoneer. awarded best driver appeal by j.d. power. >>> welcome back to the show senior markets commentator mike santoli, sorry, we were just having a chat about our prior lives at one point mike santoli you're at the nyse with the midday word it feels like it's yesterday 2.0. i'm channeling my yogi berra for baseball guys like you it's deja vu all over again. with deexpect this meltup to keep going higher? >> a little bit. the market, dom, acts as if continued to be the case that large investors follow that they are not exposed enoug

senior markets commentator mike santoli joins us with his customary "midday word." what stood out?e because of fitch. is this just the pause that refreshes? >> what stands out is it seems like the first one-day proper shakeout but just a shakeout at this point one way to look at that is the low for the day, so far on the s&p, is the 20-day average that's like one of those case, very, very short term, in good up trend we don't know if it's going to hold there. i do think plenty of things lined up coming into august that said maybe it's enough for now on the upside. whether it's the seasonal stuff, you had a lot of bears capitulating we had a gdp number yesterday at 3.9, everyone celebrating a stronger economy than anticipated. then we get the fitch thing. it's an occasion to rethink where we are, but it's not even behind the yield >> there have been so many macro things you just cited. we are full of microeconomic catalysts. it's been generally good, but is it enough to keep things going th >> the reactions have been kind of meh it hasn't been an embrace of the numbers, it just tell

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that's micke santoli our senior markets commentator.rades next. ♪ ♪ ♪ ♪ at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. >>> got a big closing bell at 3:00 eastern time. man right there, rick reed err of blackrock will join us. his look ahead to 2024 and when the first cuts can could. the whole thing and also dan greenhouse reporting nicole webb and eric jackson, as well. i hope you'll join me then. let's do final trades. steve weiss, start us off. >> i'm staying in character and i'll stay with the one-year treasurys just over 5% yield. you can sit and wait it out. i have enough aid in my portfolio already. >> i thought you would have something dracula-related. you would stay in character. are you recommending garlic? >> i'm a big supporter of the u.s. government. i'm staying in character. >> that was pretty funny, by the way. cvs. usually these are positiv

that's golo.com. >>> mike santoli at the table with us.nd of the week, what's on your mind? >> there's some sense in which there's strength, a bid in the market can seem like a victory lap. told us what we were hoping to hear and what we expected to hear. i think if you dial it back, the market has set itself up. it's hard to find real flies in the ointment. as treasury yields have crashed, credit spreads have been going down. the cost of capital is going down. the s&p at the same place it was two years ago. on the other side, it's just tough to really quibble that much except when you see a little sign of, you know, margin pressure, when you see maybe some consumer fatigue, how much are we going to stamp down economic growth if at all. those questions will hang over this market for a while. i don't think we're precariously purchased. >> fedex and nike not enough yet to throw anything overboard. >> i think that's the way to think about it. i'm looking at things like overall discretionary performance relative to staples. overall higher beta

mike santoli.l next. ♪♪ ♪♪ ♪♪ ♪♪ this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. >>> back to the halftime report. tesla, with the model y and goldman slashing the price target on the stock from 190 to 220 and this follows ups last week. a lot of people taking the delivery numbers and when you hike in price do you think it's coming from a position of strength or a position of weakness? >> it's clearly coming from a position of weakness, and i think that tesla has broken momentum. i think that's very clear. obviously, we took a position in tesla at the end of january. we'll address that at the end of

mike santoli joins us now with his "midday word." what are you looking at?ning there has been an attempt at a pullback early mostly it gets bought back today weaker than the s&p is showing with small caps down almost 1%. the equal weight down half a percent. in general the market is still working off this overheated condition by sort of turning sideways, staying still. certainly investors bring treasy yields are going you have the ten-year and two-year above 4.9 so it seems like we will have to fill in some of the blanks a lot of data over the next two days to see if the rate moves will be breakouts for real so watching that, with these extremes we came into the second half with. large over small, stocks over bonds, growth over value high beta volatile stocks. all that stuff came in sort of stretched. so the trend is your friend. but it seems as if there's room forgiveback. >> so the vix up more than 3% after a muted first half of the year what do you make of that of course, sit a holiday week. >> we're coming off of four days which we only had half a day of

>> are you all agrees with santoli, where he says it doesn't look like the. the big effort kwets you have to ask our is it. in fact, the yield curve is flattening instead of steeping ems. >> two in the -- >> its twoes the two and the ten. >> two and the ten wejts from 48 basis points to 73 that's pretty severe deepening that's a good sign >> so everybody is buying the bank as a result >> the 200 day is still 8% below where we are right now so to be even talking about a change in trend, it's so premature, i think the bigger picture is maybe 20 vix doesn't make sense or 19.2, wherever it stopped, but probably 9 double either and we'll find the spaces that is more appropriate. you own banks? >> jpmorgan -- >>'s a fund flow. >> the stock's been in a remarkably steep uptrend there are stocks you can buy that are not going to be boo-hooing over higher rates and might be a benefit into the next quarter they report. >> of all the banks i've been adding to and i own a lot, goldman gave an increase in the volatility, an increase in the commodity complex, the cheap valu

senior markets commentator mike santoli joins us now with his midday word.urs and a tweet make, i guess. >> seemingly, yeah, scott. i guess you have to have the market primed to be looking in this direction for the fact that things have gotten stretched. so somebody like bill ackman who has kind of gotten the bond call correct more or less says that's enough for now. i think it just reminds people that we have gone a very long way on the yield side. not to mention, you're seeing a little bit of friction around 5% on the ten-year both friday and today. so at least for a moment it's, like, go to your neutral corners and see if the market in a pretty oversold state with earnings on tap and with the better seasonals will maybe show up at some point. it seems like that was the e excuse for a little bit of relief and i don't know if you want to extrapolate much from it. >> are tech earnings going to be good enough for a knockout for bulls to think there is something going between now and the end of the year? >> yeah. i can see where you would not want to necessari

mike santoli. >>> coming up, the setup on more key earnings, ich whis still ahead this week.ll do it next. your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. >>> we're back with earnings to set up for you. all right, josh, shake shack, thursday before the bell. book end those for me. >> that will be a fun day for me. let's go backwards. toast is a really, i think, a really interesting situation. this has been a tough stock. it got absolutely murdered the last time they reported in november. but then if you look at a chart, it fought all the way back. it got back into the 20s. so actually, it has no decline since that earnings report, which is incredible. and i think the reason is, this is small-cap tech. this is -- and it's preprofitable small cap tech. this is

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mike santoli. the key earnings set up this week.♪ ♪ >>> all right. we're back. some earnings coming up this week. cisco is out after the bell. sarat, you own it. >> i think it's how sht prize customers will be spending money and they'll have a view on the global spending especially given what's happened in the last few weeks and any indication of anything positive will be good for the stock and for the sector. >> joe, cisco, as well. >> it's all about ai infrastructure. we need to understand what, in fact, the orderses have been so far in 2023. estimates for half a billion dollars and we'll see if it meets that. >> the stock is only up 10% year to date. >> yeah. >> slow and steady. >> palo alto also. >> that's where i get a little bitmore excited than cisco. palo alto is not reporting friday afternoon so maybe that's encouraging. idiosyncratic was the story as it relates to fortinet. forget that, that has not happened with palo alto, and enterprise is the story andal on alto are the leaders there and those are the two names in cyber

that's mike santoli.s playbook up next shopify's point of sale system helps you sell at every stage of your business. need a fast and secure way to take payments? we've got you covered. how about card readers that you can rely on? yep, that too. want one place to manage every sale from every channel? that's kind of our thing. whatever you sell, businesses that grow grow with shopify. ♪ you were always so dedicated... save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor, you're an owner. setting up the future for the ones you love. that's the value of ownership. >>> so we're going to do these earnings things. this is like milestone wednesday. we have meta back above a trillion dollars in market cap we want to show you the chart there. stef, don't pay attention. you don't have to listen to this >> she did great >

senior markets commentator mike santoli joins us with his "midday word."e, looking at the board, still in the green, solidly on pace for a fifth straight day of gains but off the highs. >> the market is fatigued, both the nasdaq and russell, up more than 4% week to date coming into today. even though say we're in the green, 80% of volume is down it makes sense here given how stretched we've gotten, the acceleration this week shows you people felt forced to embrace the soft economic landing scenario a little bit of a green light flashing from the cpi number did the market figure that out before everybody got onboard with it? now that everyone has bought in, is it time for a reset lower >> the market seems to have basically exorcised the macro g.o.a.t. of inflation, a hard landing. has it in your mind? >> i don't think it's banished those ghosts necessarily for now they don't look threatening. i totally agree with that. it raises the bar for everyone to be impressed with what happens next a pullback of 4% or 5% would be no big deal from here. i think ideally

that's mike santoli. >>> up next tracking the trades.rom berkshire hathaway we'll tell you what else they're doing in omaha next. >> announcer: are you following "the halftime report" podcast? what are you waiting for look for us in your favorite podcasting app follow now [alarm clock ringing] (♪♪) [van engine] (♪♪) [card reader chimes] (♪♪) [inaudible chatter] [kitchen bell dings] [inaudible chatter] [keyboard clicking] (♪♪) [card reader chimes] (♪♪) >>> berkshire's 13-f hit and we wanted to give you the highlights they sold general motors, procter & gamble, u.p.s., you own berkshire. but gm >> if i had to guess looking at the labor negotiations and saying he doesn't want any part of it. he played in the airlines, 20 or 30 years ago, and he remembered how that went. maybe there's some rationality as we see the uaw failed to ratify the contracts that have been negotiated. they are buying back shares. i'm going to stick with it i think i understand why mr. buffett sold it. >> the other point i want to make contrary to what up said earlier