let's bring in nancy tengler, ceo and cio of laffer tengler investments. nancy, good morning.ng frank. >> nancy, let's start off with your word of the day. it's not nvidia. we know it's not nvidia. that was kind of the word yesterday. what's the word of today. >> chaos. chaos. the old. >> son sun tzu. >> quote that in. the midst of chaos, there is also opportunity. and we. >> are finding opportunity. >> in this market, particularly with. the recent sell off. it's not quite a. correction yet. >> so yeah. >> it's definitely not a correct i think s&p is about 3 or 4% off of its high. so not quite a correction. but what do you make of some of the rebounds that we're seeing today. you look at chip stocks. we're seeing a number of chips. chip stocks move higher. also power stocks. they're connected to kind of the data center play. we just talked to an investor from andreessen horowitz saying that he believes, you know, that that jump in power is still going to be needed. are you seeing any opportunities in either one of those spaces? >> yeah, i mean. >> actually we were. >> adding t

i want to bring in nancy tengler. nancy is, i notice in your title of your latest note, you say past is prologue are. explain how that's relevant to this. >> okayment. [laughter] this is an old eisenhower anecdote where there was a young man who went to washington and he saw that engraved on all the ped pedestals in the national or archives, and he asked a cabby what it meant, and he said that's just bureaucratic talk for you ain't seen nothing yet. we had the deepseek deep fake a come weeks ago a, and now not on only are the hyperscalers reaffirming their cap-x and doubling down on it, some of them are increasing cap-x. and i think that tells you what you need to know about the future of a.i. charles: let's talk about this, because morgan stanley out with beautiful research here, and it's talking about just, you know, the transformation p if you will. so the first chat iteration, 12021 -- 2021, costs came down again with chatgpt and now with deepseek it's down tremendously. that means more businesses are going to use

maria: i totally understand that, and, you know, nancy tengler jump in that is what market always doesrading on expectations of things to come we've got a new administration, new policies coming out deregulation, giving the market a boost. nancy: i think so valuations if you go to 90s not out of whack we have cisco 100 times peak earnings back then certainly lofty if you look at equally weighting s&p trade 19 multiple, so, i think when you have a transformative technologically advancement like a.i., i think you have to step back say is growth going to continue? we think it will. if you look at the earnings, that earnings reports we've been listening to the case for generative ai exploding, we sure do, selectively don't want to chase super high multiple levels but we are buying starbucks new ceo turn has happened we think a great entry point not just all technology. maria: that is good finally we have seen a broadening out christopher what about tariff situation a debate on with whether or not tariffs going to undermine some of trump's other policies like deregulation, the federal budge

joining the conversation bullseye ingenuity fund manager adam johnson is here tengler investment nancy tengler is here and national review stock photo caroline donnie. "mornings with maria" is live right now. ♪. it is time for the hot topic of the hour president trump proposing a historic plan for the gaza strip in an effort to rebuild and stabilize the middle east. >> the u.s. will take over the gaza strip and we will do a job with the in the dangerous bombs and other weapons on the site, level the site and get rid of the destroyed buildings in the economic development that will supply unlimited numbers of jobs and housing for the people of the area we have an opportunity to do something to be phenomenal i don't want to be a wise guy but the riviera of the middle east this can be so magnificent and they can be destroyed and live in peace and a much better situation because of living in hell. >> president trump's first foreign leader benjamin netanyahu yesterday praised trumps vision for the middle east. watch. >> your willingness to think out-of-the-box with fresh ideas will help us achieve a

maria: thanks very much gerri willis joining us with more on that nancy tengler thank you for being herehere is a couple crosswinds we have l.a. fires slowed interest in home-buying mortgage rates elevated based on recent history i think talked about this last time on, 12% somehow made it work that is going on a fed said we are going to target, the fed we're going to target 10-year remember the fed has cut a hundred base points if a way to cause fed to stop letting mortgage securities you on off balance sheet may not help housing starts but if we see increased demand will work out. maria: yield on 10 year 4.57% up two basis points as we with await january housing starts building permits out five minutes economists expecting decoastline 7.8% for new homes, one-half percent decline for future construction a market mover? adam: longer term the real issue a shortage of how big, function of population growth, as you and nancy talked about unaffordability, one first executive order to create more housing more supply. adam: right that is right, so, that for me mitch longer term issue i think ul

joining me now is cfra director of equity research, ken leon, also with me is adam johnson and nancy tengler you for joining the conversation. >> great to be here. maria: i want to start on earnings, disney crossing earlier this morning, double beat with revenue boosted by a strong holiday box office performance and higher profits from the streaming business. the company's flagship streaming service disney plus reported a slight decline at 124.6 but forecasting an increase of 875 million in operating income 6.how do assess the earnings picture so far for the fourth quarter, ken and what are you getting from the management's guidance for '25? >> disney is now able to deliver more consistent performance across all its businesses even though it was a revenue and earnings beat, it wasn't a blowout firing on all cylinders. they had two hurricanes and the joint venture they took $50 million hit there as well. i think overall we're in a position now where investors can see disney consistently growing this company and has a strategy that will work in a changing environment for entertainment. maria:

nancy tinkler is here to do the honors. today. she is ceo and cio of laffer tengler investments. you're aboard because let's start with home depot which is still up 3% after beating fourth quarter estimates and snapping an eight quarter losing streak for comp sales, which rose about 1%. do you like the stock here? >> yeah, actually. >> kelly, thanks for having me. >> home depot is in our 12th. >> best ideas portfolio. >> it didn't. >> feel like a best idea a couple of years back. >> and the. >> stock has. >> has. >> has had some sort of resurgence last year. but we think from here the company beat on earnings revenues. comps were up 8.8% versus an expectation of down 1.7. tickets were up, transactions were up and the organic growth was positive. while analysts were expecting negative. ten out of 16 departments posted positive comps. but the guidance was weak, which is why the stock sold off in in the pre-market. i don't know why any ceo would give a robust guidance in this environment. so we think, you know, the dividend increase was a little bit lackluster. but we think, you know