bob pisani has a good story on cnbc.com it is a broad range of companies with buybacks. if you don't think washington is doing anything, we had some talk last year, but is there anything else coming up that would make that not a wise decision for the companies in 2023? >> that instinct is when washington had to serve slight taxes here remember, that happened when democrats were in control of washington these companies are an easy target we are in an age where few people will jump at the $400 billion company. that is why politicians have their plans to put out for something making its way into legislation is not something. that is always headline risk i don't think it is substantial risk >> jimmy, you mentioned a norm th -- normal environment in d.c. jimmy pethokoukis, thank you very much. >> you bet >>> more coming up on "wex," investors gear up for the monthly jobs report. adg ayout what to watch in the trinday ahead. "worldwide exchange" will be right back stay with us >>> welcome back time for the "wex wrap-up. apple reported the first revenue drop in seven years. >>>

what bob pisani described as extraordinary.e to cut to begin with but the size they did is noteworthy >> i think that's not it, the size -- >> 65% >> butcompanies do that. it's more like intel who has paid a dividend for so long and has been such a consistent dividend payer and grower, it's more than that wh now a couple of things, this is not in our dividend portfolio. i expect the cut on that i'll give this response in three thoughts. from a portfolio management perspective thank god for palo alto from a philosophical perspective i heard a quote last week and i think it was contributed to ken griffin, invest from conviction but hold that conviction lightly. when we invested in intel in 2020 at about $60 a share, we invested with conviction we didn't hold it lightly enough we should have sold in a long time ago now to the third part of it which is mpragmatic. earning $2 a share they earn $60 billion -- they don't earn, they have revenues of $60 billion a year, twice that of what nvidia has. 75% market share this isn't a dead c

vicks is lower, though let's get to bob pisani. >> nice little bounce.ittle bounce right across the board, even sectors that haven't been doing so well for the month of february. let's take a look at the sectors right now. china, jim was just mentioning, just a terrible month as a lot of people simply abandoned china once again people are talking about china, whether or not it's investable, but mchi, which is your key etf for china there, bouncing nicely today. retail, which has had a terrible month as well, also bouncing nicely today banks held up pretty well, and that's doing well today. and some of the other sectors here, like semiconductors, which have also held up reasonably well tech's been one of the modest winners this month, also doing well here. railroads are bouncing transports are bouncing nicely here union pacific, csx, norfolk southern, all on the upside here of course, union pacific just collapsed recently, was $212, went to $190 or so, now it's back to $212 again on word there might be a new ceo down the line that's moving on the upside.

. >>> speaking of movers, let's go post to post with bob pisani more on why walmart came back in today'sde and home depot did not, bob. >> i'm very excited. we're back on the floor with a camera i'm feeling very nostalgic about it a lot of people ask what happened with home depot versus walmart. hi, home depot wave home depot never got really into the rally mode 299 it opened just -- after the open it was 299. volume is huge it's already almost twice normal daily volume look at walmart, totally different story. walmart was at one point 142 and change just after the open almost immediately found buying. 147 now. we hold there. we get above 147, that will be the highest close for walmart since the middle of december the question, why walmart holding up, doing better, home depot not? i think it's pretty simple we're dealing with a very famous defensive name here. nothing is really working in retail right now if you look at what's moving, we have a defensive stock in a slowing economy. in fact, we have the ultimate defensive stock in a slowing economy. guidance, well, it wasn't particularly

. >>> the world's largest eft conference under way and bob pisani is there. bob >> scottie, wish you were here beautiful day in miami beach welcome. this is the etf portion of "halftime report." i'm bob pisani coming to you from the conference, the biggest eft conference, 2000 rias and providers to hash out the latest trends let's talk to tom lydon, along with tony rockne, global head of efts we saw outflows from mutual funds, inflows into etfs what's the hot topics? what are they buying this year and what are they not so enthusiastic. >> enthusiastic about the fed doing its job. we're going longer in duration, lower in credit quality and more money going moo international etfs like developed emerging markets, china, areas unloved. here in the u.s. surprisingly, small caps are outperforming large companies and then we're seeing information technology booming and advisers get behind them. >> another sign of the continuing strength of etfs, morgan stanley getting into the business tony, you're an old hand at this they brought you in to shepherd morgan stanley in

bob pisani, post to post this morning. >>> let's turn to emerging markets.t guest says they're the perfect place to look for bargains with pe ratio at attractive levels. joining us on the phone, mobius capitals founder mark mobius it's great to have you back. how do you describe the picture in em given all of the hand-wringing going on stateside with regard to the fed >> looks good, actually. it's interesting to note that while the fed is considering raising rates, a lot of emerging market countries are lowering rates. i'm hearing -- they're looking to lower their rate, brazil is lowering rates some other countries as well so, it's very interesting to see how this all played out. but in these emerging countries because of the ukraine war, it's beneficial with countries importing oil from russia at a lower price, of course, than they were paying before. so it's very interesting to see what's happening in these countries. i would say the outlook for emerging markets looks pretty good for this year. >> what do you buy with that kind of back drop? >> well, we ar

our bob pisani following that money for us bob, a trillion and counting >> reporter: that's the holybuffett yesterday called people opposed to buybacks financial illiterates. wall street is continuing its love affair. chevron and occidental announced increases. investors seem to love both buybacks and dividends 2022 was a record year for both of them. buybacks, $930 billion up 5.5% year o now based on early numbers, it's early, but 2023 may be the holy grail. we may hit $1 trillion in buybacks dividends also potentially up 5% that's according to s&p global that 1% tax on buybacks it seems to be having little effect on announcements. it's about the cash flow the buybacks will keep coming. back to you. >> you can bet they will that's bob pisani what's your take on this especially what buffett said i know you are a student of what his writings have been and on and on and on, besides being an investor in berkshire hathaway itself >> it does not do a ton of buyback activity they've done some. they have put a governor on at what price they'll buy it. i think it was 1.3 times tangible book.

coventrydirect.com. >>> little rotation here as money goes into the nasdaq out of the dow let's get to bob pisani, united health down 15. they're not happy with down 6, i weak strange die could the my here. the growth stuff they're going for. cathie wood's arc fund off to a great start, five-month high meta strong, alphabet strong, consumer discretionary, amazon, strong there, and semiconductors also strong. i want to hit on consumer discretionary. home building stocks are hitting new highs today, so pulte had a great earnings report early on there's been several price upgrades to pulte in the last few days horton's at a new high, lennar's at a new high. i don't think kb home is, but it's close elsewhere, big cap tech here meta is on fire. google, amazon, apple, all really strong. growth is really back. this is a big trend in 2023. mark zuckerberg got comments about the love of efficiency people like it when revenues go up and costs go down the buybacks, $40 billion buyback is 10% of the market cap if he they go through with this. they've been buying back shares, reducing share count 2.4 billion,

especially in technology let's bring in bob pisani for a little more. ob. >> there is very strange rotation going on. what's happened is we've been moving towards growth and away from defensive for weeks now, but it's accelerated in the 24 hours since jay powell had his discussion and his press conference so most obvious what we call speculative technology stuff associated with cathie woods, the art funds moving even before that but up noticeably again today robinhood and roku and shop ify up 5% to 10% in this particular area and stuff, most beaten up stocks last year. stocks with tough stories associated with them some are associated with meme stocks, carvana, coinbase, amc, bed bath & beyond. all of these moves up here those are clearly speculative names moving rather seriously. then the opposite. we have very high-quality defensive stocks selling off now, the health care group, some of the pharmaceuticals, and some of the other names, have very specific stories associated with them why they're down, but it's not true with consumer staples, also slumpi

bob pisani we're going to stick with the retailers for now, joining us on set, d.a. oming in bob's point on inventory, how important is that? >> i think that's one of the biggest issues we're seeing in the fourth quarter and what's going to happen in 2023 that's going to look better retailers took pain in 2022. they identified the issue early and marked it down pain point in 2022, but i think it's going to be a benefit. >> today's two prints which is the better inventory picture >> walmart walmart's inventories flat up 25% mid year aggressively marked it down. took the medicine. i think that will lead to better margins. >> does that explain the price action >> i think so. home depot is hurt by trends in housing market the existing home sales came out and they missed. price appreciation is getting squeezed, so i think there is a housing issue. walmart's comps were great the guidance appropriately conservative why would anyone get over their sees right now in terms of the 2023 outlook john rainy just started. more conservative than we thought. you want to set a low bar

. >>> turn to bob pisani at the new york stock exchange. it's the dow in the red and everyone else positive or is that still the case? >> united health, merck, some of the other consumer staples weighing on the dow right now. the s&p to the upside. news in the middle of the day. "wall street journal" says apollo in talks to acquire aerospace parts maker iconic that moved in the middle of the day. but the big story here, you see the jump by arconic, how we have big games in the major tech names for february nvidia, huge mover in the semiconductors tesla up 22% meta up 19 ge health care has been a big winner near a new high, only public for a few months. big decliners for february, dominos, news corps, and some of the energy stocks like eog, conoco phillips also with oil stock in the mid to high $70 range. s&p 500, let's just say down about 2% for the month of february but up about 4% for the overall year right now been choppy ending off the lows for february back to you. >> all right bob, thank you. >>> kristina partsinevelos now has our cnb

bob pisani at miami beach. >>> nasdaq coming off the longest win streak since november '21 what's aheadthat's coming up in about five minutes. >>> as tax season gets under way, one deduction is a thorn in many's side, the salt deduction is no longer available democrats failed to remover a $10,000 cap on that. one group of americans have found a way to make it disappear entirely no cap for them. robert frank joins us with the latest robert >> well, david, this is taxpayers who own pass-throughs and they can avoid the salt cap in over 30 states. it's all thanks to the pass-through entity tax. it pays an extra state tax, passes the deduction onto the owner. the biggest beneficiaries are hedge fund managers, private equity partners, lawyers, doctors, car dealers, and other business owners. critics say this is unfair and expensive since the benefits go to those making more than $1 million a year policy centers say taxpayers in new york and california have already channeled more than $40 billion through the loophole daniel hemal, a law professor at nyu, estimates the federal government will l

let's get to bob pisani to join us. >> carl and i were talking, we're limping into the end of februaryig sectors of the s&p 500 and that has people frustrated target is finally their getting their hands around the inventory levels target on the upside chico's had a good earnings report, the leader in retail the numbers on target because the only thing people care about is they're finally getting the inventories down last year they blew up and now cleaning the deck. that's the story here. weighted towards none discretionary items like food. the traffic up fractionally. guidance is light and that is not good only look at the inventory the stock is expensive about 20 times forward earnings with the lower guidance here. the retail trends, we're at the end of the season and the trends are clear. consumer strong but slowing, labor demand is really strong, cost cutting and inventory reduction are the two big themes and that's all leading to some pressure on operating margins here as for the end of the month, carl and i were talking about this, we're essentially up on the year, down for the mo

let's get to bob pisani. riday so, look at the pce today, we had the ppi, cpi stronger, the whole underpinning of a bull lille rally is based on the idea that the glide path to inflation is lower. now, not only is it sort of stalling out, but the pc was actually higher, and that's a real problem so, the big issue here is look at this two-year yield 4.8% we're heading technically towards 5% this is the highest since 2007 my mother called and asked about this robert, tell me about this two-year yield how can i invest in it when your mother starts calling, asking about it, now it's seeping through. bond yields are significant competition for the stock market right now. it's pulling money away from the stock market that's a problem you can blame the fed, but there's the issue right now, and this is putting a lot of pressure on growth sectors today and all this week. ark is down about 8% on the week i mean, ark is up still about 20% for the year, but you get my point. semis are weak emerging markets are weak when i

bob pisani following the action. welcome back, bob.ew york stock exchange how are you? >> good, tyler had a nice week off in mexico. wonderful country. i think the important thing about today is you have combined the disappointment with home depot with two-year yields at a 52-week high over 5% a lot of comments on that on the floor today. and you've got a rough day it's really about consume discretionary stocks so home depot really has not moved on that 297, 298 level all day. any attempt to rally has been very, very short-lived over there. so housing-related stocks, lowe's, mohawk, lennar, stanley black & decker all of those stocks have been in the low end of the range here for the s&p 500. at the same time other consumer discretionary-related names, autos for example, general motors, ford, advanced auto parts, genuine parts, anything like that, 3% to 5% declines overall. there's not much in the gainer list, but it's basically defensive names. people remark very quickly how walmart bounced back pf you've got a defensive stock in a slo

we'll hit bonds and commodities but begin with bob pisani at the new york stock exchange. >> kelly, it is right in the middle of the trading range, but it's interesting to see fisker move so much the ev makers have had a terrible year, generally having trouble hitting production targets overall. they missed on earnings but made very positive comments about deliveries they've been waiting for the suv for a while now, and it's going to be called the ocean they talked about 46,000 deliveries this year that would be a huge target if they were able to make it. they're still losing money and projected to lose money but a possibility they could be cash flow positive maybe and that has a move in the names up 20% for fisker most of the other ev makers haven't. the thing for fisker is, they are having this manufactured in europe they're a contract manufacturer. they don't have their own plant. they will help them out again. that's the biggest gainer at the new york stock exchange. elsewhere, closing out february down 3, 4% on the s&p 500. not a lot of big gainers, but some of the aerospace and d

bob pisani. >>> so seema moody for a news update. >> good afternoon. here's the update.re nine air pollutants at levels that could cause long-term health problems in the air in and around east palestine, ohio, where a train carrying dangerous chemicals derailed "the washington post" reporting the findings by texas a&m researchers based on epa data that appears to contradict federal and state reassurances that the air is safe even as residents complain about rashes and breathing problems. >>> 12 states led by democrats are filing suit against the federal government challenging special restrictions on miferpristone. the move as a texas judge appointed by donald trump considers a separate suit by an anti-abortion group that seeks to immediately stop sales of the drug the argument that it was wrongfully approved by the fda 23 years ago >>> and for everyone keeping score, selena gomez the most followed woman on instagram. she had given that up to kylie jenner when she took a break from social media but her reign may not last long. gomez says she's taking another social media

were saying we're probably bracing for a hawkish surprise let's bring back our panel, along with bob pisani and rick santelli rick, what are your thoughts >> reporter: we do see two-year notes spike. we saw tens spike. they're coming down a bit. the dow jones industrial average dropped. after listening to steve's highlights of what the fed has in the statement, it seems to me the guardians of the u.s. economy, the federal reserve, aren't going to be happy until they give birth to a recession we've seen economic contractions like pmis and i see sections slowing, but we have a strong labor market labor is a pain the fed doesn't want to occur. they want to induce weak labor pains and to do that they will keep higher for longer no matter how you slice this, i do believe the markets are going to continue to look beyond the rhetoric, look beyond trying to give birth to a recession and the cleansing breath it may need for pricing after we've gone through covid and all those issues in the end, it certainly seems to me like all the momentum in pricing has reversed, and the only thing left is for the

cnbc's bob pisani is with us from the new york stock exchange. what the heck is going on? >> well, chris, there's two problems. we're down 2%. this is the lows for the day. today we had earnings from some big retailers. home depot was a disappointment. this is a big bellwether for the u.s. economy. particularly people fixing up their homes. earnings were dispointing and the guidance, the indications of future profits were disappointing as well, indicating the consumer might be slowing down and the consumer has been strong recently. that's the one worry. the bigger worry is about inflation. there are concerns here that inflation is going to remain higher for longer and because of is that, the federal reserve is going to keep interest rates higher for longer and the issue is how high is it going to go? we don't want to go back to 7% mortgage rates like we had at the end of last year and we've been down into the 6% range going down. we don't want it going back up. and how long is it going to be higher? we don't want interest rates too high. we want them down in the lower end

dow down to start let's get to bob pisani. >> 2,000 ira's gathered to figure out the state of the economy and the state of the stock market there's an awful lot of confusion down here. look at the markets at the open. the third down day in a row for the s&p 500. 2/1 declining to advancing stocks metals, mining, energy sector strong staples are having a tough time. procter, johnson & johnson, a tough start to the year. overall a confusing time talking to the registered investment advisers here, the attendees to this conference, they're having a hard time figuring out a few things. they want a consistent story to tell clients and they don't have one. these are the kinds of documents they're passing around they're amazed in the rebound in the stuff that was beaten up small caps off to a great start. growth underinvested, great start to the year. even the bond is rallying, up 3% the other big topic here is how much more is left of the tech rally. many of these investment advisers underinvested in technology they're handing around the stock charts down here with tesla, nvidia, amg up 23% even

then you've got chevron, pfizer, and meta as bob pisani sort of remarked sarcastically, should we beple to produce more iphone? why do you think the oil issue hit so much more closer to the nerve and triggered a all these kinds of responses about how it's using capital, as if it has any control over the oil price. >> i personally think this argument works for all sides the white house gets to make the point. we want gasoline prices lower. we know that feeds into consumer confidence and poll ratings. at the same time, you don't think something's going to change we have enough to go around. meanwhile crude is at the same price it was 15 months ago what are we talking about? you want it go to zero. >> right, right. we've seen windfall taxes come down year-round. so itcould happen here. >> without a doubt i guess my point is like the company can say we're smart disciplined stewards of capital, we're doing what we're supposed to be doing on all fronts. >> the question is whether you think the politicians -- if the politicians ever get their act toke and actually do what they're saying, th