dave wilson has been looking into the stock for us. back in june apple changed the operating software for iphone which required people to opt in in order to be tracked across the internet. no surprise, most people said no and that is become an issue for facebook in terms of their advertising business. they pointed out in july when it came out with second quarter results there was already becoming an issue and it would be even more of a concern for this quarter and next quarter. third quarter is almost over and it came out with a blocked post on their facebook business blog that, among other things, "we have heard from many of you the impact on your advertising investment has been greater than you expected." that becomes, an issue especially in north america where most of facebook's revenue comes from advertising on a per user basis level. far more in europe and far more than other parts of the world. to have this issue with the ios software and apple, it comes at an inopportune time because only in the past few quarters facebook has man

stocks editor dave wilson is here. september is typically a week month. what is going on? : historically, the s&p 500 has done the worst in september out of all the months in the year. what we have going on today is what we call triple witching. it used to be quadruple witching. he will get into the difference. we are talking about the expiration of stocks index futures, index options, and options on individual shares. it used to be single stock futures, but they no longer trade. on days like today, you get a burst of trading at the open, another burst at the close. the numbers that are there on the chart are from june, the last time you had one of these quarterly expiration. 5.8 billion shares in the last hour of trading were reported after the close. beyond that, you tend to get some volatility at times when you have these expirations come up. this week, you have not seen it so much. with the declines today, things are broadening out a little bit. certainly in past quarters, we have seen the s&p bounce around as people prepare for the expiration of these contracts, and in

dave wilson, senior stocks editor talking about affirm. coming up, academy sports and outdoors reporting record sales in the second quarter. we discuss what is driving demand on the back of that earnings report with the ceo, ken hicks. this is bloomberg. ♪ matt: this is bloomberg markets. i am matt miller with amanda lang. shares of academy sports and outdoors reported second quarter above-average outlooks. let's bring in the ceo ken hicks. what is driving this surge in earnings? ken: we are in the fund business. that is what we sell. right now we need more fun, but when you look at the things we sell, they have to do with the trend towards wellness, being outdoors and having fun. that is what people are buying. amanda: what has your pandemic experience been like? we imagine a business like yours has benefited and it seems to have from the pandemic. however, retail has obviously been hit hard in the midwest and south. what are you seeing? ken: we were open all through the pandemic as an essential retailer, and we sat a shift in the consume

matt: dave wilson talking to us about uber. woods are can best management is allowing one of its funds to invest in canadian bitcoin etf's. in a filing for the $5.7 billion arc next-generation internet etf, the firm tweaked the fund's prospectus to include a reference to holding exposure to cryptocurrencies by exchange traded funds in canada. which makes sense because as far as i know, that is the only place you can get an etf on bitcoin. yet, not yet allowed in the u.s. and there are few in the great white north. amanda: that is right. we have seen canadian firms leading the way on the creation of the etf for bitcoin. this only makes sense. this presumably will attract a lot of potential momentum to those etf's. we will watch to see whether we see any change in inflows but it is an interesting opportunity for the etf's on the side of the border. matt: i am sure you know what you are getting when investing in kathy wood. she is a bitcoin bowl. this shouldn't surprise anyone. i am guessing she would invest in pot stocks? also ve

dave wilson talking about the railroad. coming up. facing increasing scrutiny around energy usage, technology has just announced that she just launched a carbon negative bitcoin etf, which will plant trees to offset its carbon footprint. we will speak to the ceo next. this is bloomberg. ♪ amanda: welcome back to bloomberg markets. for those who are interested in investing in crypto, the sustainability of space has been under a micro spoke -- microscope. a carbon neutral way to invest. accelerate financial is behind the etf. julian: thanks for having me. amanda: left us start -- we know it is of interest the actual mining of bitcoin is seen as carbon intensive. what does your fund offer? what will you do by way of offsetting that footprint? julian: great question. we understand that the energy intensity of the blockchain and, therefore, carbon emissions are a significant issue. we decided to address that the decarbonization initiative is part of the management piece of accelerate carbon negative. this initiative is in the form of a glo

dave wilson is with us. that does seem to be the theme -- a little caution at play. so much caution that they withdrew their forecast. they are looking to be pre-much in line for the third quarter. as far as the year goes, they are anticipating an increase of more than 30%. if you look at analyst average estimates, they are at the high-end of the company's forecast range. there was a fair amount of optimism but it is not panning out. ppg does a lot of business with automakers and there are challenges trying to get semiconductors that has been an issue in terms of production. they are being hurt by that and by worsening supply disruptions as well as higher freight costs. familiar themes from the second quarter results we've seen over the past several weeks. in terms of the second quarter, the issue was profitability. earnings was short of connections. put it all together and the gross profit margin was less than 30% for the first time in nine and half years. this company has had issues already. clearly that's only going so far in terms of the company's performance. rom

dave wilson joining us.he opec secretary-general speaking about the future of oil demand as brent oil touches $85 a barrel. we are off on that level now but questions about what opec should do if we have consistently higher prices. this is bloomberg. ♪ alix: this is bloomberg markets. i'm alix steel. a sizable move in cotton prices. cotton futures reached past one dollar a pound for the first time in a decade. classic supply-demand. adverse weather and shipping bottlenecks driving up the cost all around the world, but the price is the highest since november 2011. question is, do we see a supply response? do producers produce more? no where can we see that more in question then when it comes to the oil market. brent hitting a three-year high, $80 a barrel, but unable to withstand that pressure. opec today says they see demand growing until the middle of next decade and global fuel consumption will recover by 2023. what does supply do? the opec secretary-general mohammad sanusi barkindo spoke about that. >> we

dave wilson digging into the numbers. this is a company that, you mentioned olive garden, it is about half of their revenue. another 1/4 comes from longhorn steakhouse. they have other brands as well. put it all together, and you're talking about a company that is more optimistic for its fiscal year that ends next may. raising forecasts for earnings, for sales. you're looking at sales in locations being more than 30% up. sales have already recovered from the hit they took during the coronavirus pandemic. the latest quarter, $2.3 billion. second quarter in a row they were around that level. darden has been on a tear over the years if you look at their chart. this would be the biggest advance since that streak began, so darden has a lot going for at this point. alix: i had point out, just so you know, unlimited breadsticks is the thing at olive garden. they just keep coming. guy: honestly, my family would love that. they would be all over that. alix: of course they would. guy: keep it coming. alix: the pandemic was obviously

thank you so much, dave wilson.up, a preview of what we can expect in the august payroll report. joining us is economist veronica clark of citigroup. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. with greg bonnell. what can we expect from tomorrow's payroll data? joining us to discuss is veronica clark, citigroup economist. the whisper number is just above 700,000. what is your outlook? veronica: we have a forecast a little higher, expecting 850,000 jobs added in august. we do see two sided risk around the number. more uncertainty around the august print than the last few months. we could have more labor supply issues or we could also have a return to work as unemployment ends. greg: how important is this number? i think of this as a 1-2 punch, the first one being jay powell, the markets, but a week later you get this key data point which is pretty central to the fed's course. am i putting too much weight behind this number tomorrow? veronica: the fed has really refocused our attention on ev

dave wilson is looking at those issues. : like a whole lot of other companies they are having difficulty getting the goods where they need to be, whether we are talking about getting them across the ocean or getting them into the stores. the costs are going up. mark trenton talked about how costs rapidly accelerated during their second quarter. they are facing delivery delays of 30 to 40. he expects that to go beyond next year's first fiscal half. on top of that they are seeing fewer shoppers in the stores because the delta variant is keeping people away, especially in texas, florida, and california. when you put that together you are talking about a revenue decline of 26%. analysts are looking for a drop of 23% this quarter. bed, bath & beyond is looking for an even bigger drop. they expect revenue to be just under $2 billion. they brought down their full-year forecast. they gave third quarter projections that were short of what analysts were expecting. it is kind of ugly. alix: supply chain issues, like, you could draw a d

dave wilson is here with the bigger picture. dave: that is the challenge, seeing the picture.few weeks with copper, it really matters for freeport because that is where they get three fits of their revenue. not really going anywhere in the end. you had the potential for a strike in chile. that seems to have been worked out. now you have the concerns of debt issues, what that will mean for copper demand from china. you put that together and you see the price on the london metal exchange going nowhere. why does it matter, what is happening in china and every grant? copper goes into housing, wiring, everything. 70% of the copper around is used for that. all the equipment carries a bigger share. certainly other uses but construction is a big one, no question. when you look at freeport, this is a company that has benefited from what copper has done over time. second quarter, 88% growth in revenue from a year ago. while analysts are expecting slower growth in the third and fourth quarter, you are still talking 41% for the fourth quarter, more than the 15% you saw in last year's quar

stocks editor dave wilson has more.a travel theme in the show and i feel like we have gone from the least comfortable ways to travel, talking about airlines, to more and more luxurious ways to do it. certainly, on a carnival cruise, you can stretch out.. dave: it is not just the flagship carnival line, it is princess. eight of their nine lines are operating. the exception is in australia. that is where they have this 50% capacity by the end of october. we are talking 42 ships, a little bit less than half of the total, but some of the bigger ones will be on the seas. they are ending for 65% by years and. it will take a while. this company has been losing money ever since the pandemic began. we will find out how much they lost in their latest fiscal quarter tomorrow. analysts looking for somewhere around $1.6 billion on revenue, . it is going to take a year for the company to start making money again, according to analyst estimates. that is something to watch, what that progression looks like. beyond that, the idea of whe

dave wilson, you always have the repercussions for us. : but we are talking about is something that focuses in on mccown, -- macau, the city backed by the mainland government. they are talking about more direct supervision, more local ownership of the casinos. there is a current minimum of 10%. looking at the possibility of tightening credit controls. these highrollers come into town and they want lots of credit. that becomes an issue. you think about what is going on in the mainland. the chinese communist party has never been a fan of gambling. then you have the question of money laundering being a part of the mix. all of this comes at a time when the casinos in macau are nowhere near recovering from the effects of the pandemic. sure, first have revenue was up or than seven times from last year but still down 57% from two years ago before the pandemic it. when you look at these companies , you do have quite a bit of dependence on macau in terms of the -- where the money comes from. wynn has about half of its revenues this year. they also

bloomberg's stock editor dave wilson is joining us now. dge is ordering apple to let developers -- in terms of the way revenue is generated. how big of a blow is this? dave: it's going to be a substantial one as it plays out. apple gets $20 billion of revenue per year from its app store. when you think about profitability, you are talking margins of more than 75%. so, this is clearly a source of earnings for apple, and they have made the point over the years that they want to focus more on services and less on devices such as the iphone. the control of the payment system, which is really the issue here, the idea that, if you're going to sell a game or make purchases in a nap -- an app, it goes through apple's payment system and they get their 30% cut, that's really the issue. that's what the maker of games like "fornite -- "fortnite" went to court about. it looks like the ruling is in their favor. alix: this could open the door for other losses. dave: you kind of have a duopoly when it comes to payments on mobile phones. apple and google. y

alix: really appreciate it, dave wilson.ay think oil prices are high, but investors are still not buying energy stocks in the same way that you might think with brent around $75. an interesting take on the why behind that. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to w

dave wilson has a look at what's next. dave: there is certainly lots of precedents to go by.. is an example. we wrote about that yesterday how elliott is challenging the management. now elliott has brought this 10% plus stake in citrix systems which is about remote access software. if you take that 10% number, elliott would be the third largest shareholder. they also have a stake of $1.3 billion based on today's trading. elliott's whole playbook is about trying to increase the backpay of the shares. we don't know exactly what they are going to ask for, but we do know that citrix is an up and down because it does remote access software with the classic stay-at-home stock. at least for the first few months of the coronavirus. since then the shares have come down. they were lower by about 20% this year. before our reporting and the wall street journal noted elliott's investment in the company. then you look at citrix's evaluation versus its peers based on projected profit, it is at a little more than 20 times earnings. to put that in context the s&p 500 by the same yardstick is

david wilson breaking down the numbers. over to you. dave is now talking about $9 trillion in terms of aerospace and defense in the next decade in the markets that it serves. that is up from $8.5 trillion a year ago, $8.7 trillion two years ago, pre-pandemic. and a roughly even split between planes, aircraft services, and defense in space. boeing getting more optimistic because in part, as they put it in a press release, the global market is recovering largely as boeing projected in 2020, so you've got domestic air travel coming back. they figure regional markets will be next. when you talk about long-haul flights, they will be back to pre-pandemic levels by 2024. you put that altogether, that is going to mean demand for more planes. but when looking at $3.2 trillion worth of spending, a little more than 1/3 of the total. 19,000 jets. clearly they are optimistic for the next 10 years beyond that because if you double the numbers, you don't get to what their 20 year projections are at $7.2 trillion in more than 43,000 planes. that number is u

dave wilson tracking the story. do we really yet understand the implications of this? obably not all of them, but the bigger issue, and it is one that apple and to some extent google owner alphabet is facing, is whether they can maintain their own payment networks and require people and companies that develop apps to use it. that is why epic games went to court. the judge ultimately ruled that it was an anti-competitive practice on apple's part to require them to use the app store and pay the 30% fee that went along with that. so now you have the potential for developers to offer their own payments, and for apple or for google to have to go ahead and use them. there are issues in terms of where the case is at the moment. that said, you have this potential with $20 billion, according to analysts, and annual revenue at stake. 75% profit margins. they don't report app store revenue separately. apple has services business that is part of that. almost 20% of total revenue last fiscal year, looking at analysts 18% this year, which ends in september. then you look at the share

alix: dave wilson joining us. crowd strike ceo coming up at 5 p.m. in new york.are starting off the month in the green. adp numbers will continue to provide that stimulus. it was about the disappointing adp that really changed the name. senior equity strategist will be joining us. if you take a look at the individual sectors, you are looking at utilities up. infotech still up. all of that feels very much like a safety bid. we had a selloff yesterday. today is a willing mix story. lull on the day bloomberg dollar. setting the fed up for a longer process of tapering. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announc

jonathan: dave wilson, let's talk about buybacks. ones came out with second-quarter numbers yesterday so we are talking about a lag. two things jumped out of the report. one is the total for the s&p 500 of about $199 billion. the first quarter last year, that total was about $199 billion. in the second quarter last year, they were down 55% so now it may back the entire decline so we are back to pre-pandemic spending. what's also notable is just how much overall -- how much of a role bigger companies, in terms of buybacks played overall. the 20 largest spenders accounted for about 56% of the total. put that in context as the dow jones did. he looked back five years, 39% of the total for the top 20 out of the 500. you go back 10 years, you are talking more like 29%. buybacks have become increasingly concentrated just like arguably the market itself when you think about the waiting of the biggest companies within the s&p 500. jonathan: an absolute monster on the s&p 500 for buybacks. here's a move we need to talk about, bitcoin. negative

i'm sure that dave wilson is a fan. dave, talk me through those numbers. what do they say?e: it's not just earnings, sales and profitability were well received. sales, they rose. analysts were anticipating decline. in terms of profitability, the gross margin, 34.7%, down from a year ago but analysts had expected a two point drop on average. general mills looks good that gage has well. and then when you look at revenue, sure, people were not buying as many serials or whatever in the grocery stores, the retail business didn't do well, but look at two areas in particular. one, convenience stores, food service. people are going out. whether it is haagen-dazs or whatever. this is an area of the company has moved into the past couple of years. first it was blue buffalo and then in this quarter, which they just reported on, you had the purchase of tyson foods and the snack business helping things along. alix: if only they would bring back coffee chip ice cream, that would be huge for me. it's really off the highs from back in june. what's reflected in the performance? dave: this c

is that time of the morning when we catch up with dave wilson of bloomberg. have you got? >> taking a look at reports, i actually mentioned yesterday, i was talking about it previously in the context of how long has it been since we've seen a 5% decline in the s&p 500, or how many years do you go without one? turned out, this one is focusing on a relationship between the s&p 500 performance this year, and what is happening to forward earnings. in other words, analyst projections going out 12 months. and the best way to explain the entire s&p 500 this year is by looking at what is happening to these profit forecasts. you are up roughly 20% on the s&p 500 for the year, but if you look at the forward earnings based on our data, they are up 29%. what we are seeing is at least the kind of profit growth to support what has happened this year in the s&p 500. analysts are certainly looking for that slow down in the third and fourth-quarter and presumably even more out to next year when you get those comparisons with, shall we say, the pandemic recovery that we have b

dave wilson is here with the details. dave: polestar is a company started in 2017.olvo cars, that's controlled by china. we are talking about a china connection here in terms of the deal. you have got to understand that polestar is a company already making your calls. unlike others who have gone public through the blank check route. 10,000 cars sold last year. there are a couple of models already available with or to come in the next few years. that's how you get to a $20 billion valuation on the company for sure, when it comes to this deal. the billionaire door brothers and guggenheim, coming together. in july there were reports that the deal was in the works, so you saw the shares jump up and come back down and now that the deals are happening, the shares are pretty much back to where they were around their peak in july. people seeing the deal as a positive when you consider where the shares were originally sold. alix: so, what does happen to the shares when the deal is completed? dave: that becomes the real question. a lot of companies have gone public through th

matt: thank you, dave wilson. i want to mention that on holding is now trading. be talking to the ceo on bloomberg television in the next hour. so if you are a buyer were just watching this ipo, we see a pretty decent spike on the first day of trading. we will speak to the ceo of abm industries about safely returning to offices and schools amid the spread of the delta variant. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller with amanda lang. as we were talking about for the break, on holding is now trading. shoemaker pricing at $24. it's a 50% right now. you can see 35.94. the company is backed by roger federer, tennis superstar. one of the greatest tennis players of all time. we will be talking to the ceo of the newly traded shoemaker in the next hour. let's talk about safely returning to schools and offices. so many of us are doing it or hoping our kids do. services like cleaning and facilities management are huge part of that. abm industries is a provider of those services and recently reported earnings that beat on the bottom and the top

amanda: dave wilson, thank you so much for that. that's our stock of our. -- stock of the hour.e seeing a return to the bond markets. today record for corporate grade bonds. -- a two-day record for corporate bonds. walmart, $7 billion could hit $8 billion of bonds and its first green bond. what's notable to me about this is obviously, low rates are encouraging the borrowing. these are not companies that need to borrow in the sense that many of them are cash rich. some of the companies like apple tapping the bond market. we could see rates go higher. this could be the story of reaping what you can before the story changes. matt: what's interesting to me is the green aspect of not just walmart, but a lot of the debt issuance we are seeing. michael tobin and another road story on the bloomberg -- wrote a story on the bloomberg about lending corporate some esg credit for a price. helping them sell that -- debt that is sold as esg. there aren't necessarily incentives there, i recommend viewers check it out. amanda: a shoot trend. we know that companies will capitalize on it. -- it's

we got that from dave wilson earlier. what happens after a 20% move. you get a repeat of 1987?t is too dramatic. do you get a pullback. kailey: looking back at history has been a mixed picture when you have a 20% run. we have seen 54 record highs on the s&p. that is a record of records. we have 211 trading days without a 5% pullback. how long can that realistically last? jonathan: no idea, but price shapes narrative. it is easy to go on the show and say buy the dip. when you get the 5% move for the 10% move, it is easily confused with something worse and it is quite difficult to actually buy. it takes confidence to sit here and say i think it will continue , because if we get that move lower, it will come at a time when we see decelerating growth in the united states. it is easy to build a bearish narrative off the back of a price move lower given the environment we are about to go into year end. lisa: which is the reason i dubai the argument, how fragile -- reason i buy the argument, how fragile is this market? how much are people trying to hedge against this? that shows a vul

bloomberg's dave wilson.t, we talk about what's happening in the energy sector, jeanine wai joining us next. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. guy: guy johnson in london, alix steel in new york. this is bloomberg markets, what you are watching. we are going to see the inventory data dropping on a squeeze when it comes to the oil story out of the u.s. ida, we could see an effect there. another thing -- is delta causing people to drive less, i.e., are people staying home more? alix: here are the numbers. the inventory draw was 6.4 million barrels, a pretty big draw, double what was expected. gasoline inventory has a huge draw at almost 2 mill

dave wilson is digging into the market action. not now but we hope by early november, more passport holders will be able to enter the u.s. airspace? >> that's right, the biden administration did not set an exact date. for the past year and a half, if you are in the u.k. or the european union, you couldn't get into the u.s. at all on the past 14 days but now they are allowing people who have been vaccinated to enter the country. you will still have a travel ban against the unvaccinated. if you haven't unvaccinated american coming in from europe, they will still be required to at least get a test. it's not a complete reopening in that sense but it's a step in the right direction especially for companies that depend on international flights. united, delta, american are getting at least a third of their revenue when you break it down on a per passenger, per mile basis from these international flights. not all of your buttock good chunk of it is for all of these companies. the idea that things are easing up is definitely looking like a

alix: thank you, dave wilson, for that. vaccines. covid vaccines for kids could be on the horizon.gory poland will be joining us for his take. this is bloomberg. ♪ >> the story is not over because more data is coming in and will be coming in. guy: dr. fauci over the weekend talking about the booster story. we are waiting on details about whether the fda will give boosters the green light. the advice from experts is we will see that. the biggest surprise is we are now getting data from pfizer biontech talking about the idea we could be vaccinating children down to the age of five. this has always been a tricky story. very different physiological challenges. they are dealing with much smaller doses. the data seems to be posting a fairly positive outcome and on a much wider group than they were originally targeting. alix: 5-12, no serious effects to the shots. the u.k. and u.s. have taken different views. just now, you're starting to vaccinate 12-year-olds to 15-year-olds today. we are hoping to get data in the fall in terms of vaccinating younger than 12. this comes at the same time

tom: one of the great features we have come dave wilson and i have never touched gluten-free. th the utility analysis. come on, you by dominion and forget about it -- you buy dominion and forget about it. dave: no, not lately. it is not only the longest losing streak ever for that index come which goes back to 1989. it is the longest streak for any of s&p 500's 11 main industry groups. it goes to show you how relentless the decline in these stocks, which are pretty interest rate sensitive, has been. tom: are they a retirement vehicle, as we were taught? by you, frankly. dave: not so much, given that the industry is changing. there is so much solar power around, and when you think about what is in the utilities index, it is largely a more traditional electric, gas, and water companies. so you really don't capture that transition. i would just point out that if you look at the 10 year treasury over the timeframe where the utilities index has been falling , the 10 year yield actually fell on five of those days, which means the bonds were rising at the time that the utility stocks

dave wilson is looking at the numbers. you buy leggings yet? don't think they make them in my size, taylor. sorry. but there are a lot of people liking what they see lululemon, clearly, from the way the results were way ahead of projections. the analyst average estimates we surveyed here at bloomberg. it is all about coming back to the stores. you had sales in stores more than doubling in the last quarter. direct to consumer, which includes their website, up only about 8%. you put that together, you get 61% sales growth. lululemon likes the idea of people coming back to the stores because then they can take the classes, like you were talking about. but profitability is going up, too. when you look at the operating margin, they are making $0.20 on every dollar of sales, up about $0.16 from the first quarter. then you look ahead, you see a company whose third-quarter projections are beating estimates, coming higher with their annual estimates, and analysts are raising their projections as well. put it all together, lululemon is on a roll. guy: abs

dave wilson is with us now on the consumer discretionary's with procter & gamble, coca-cola, costco,ples. >> absolutely, tom. looking for signs that we are back to the.com years? you can see it in that industry group. we have seen the waiting of consumer stapleton stocks. food, beverage, tobacco. boring to some, but nonetheless the key is that you have got the lowest weighting of that group within the s&p 500 since march of 2000. and of august, five point 75%. -- 5.75%, putting it together this has been the worst performing group this year among the 11 may firsts. tom: are they buying back those shares? the ceos of dr. and gamble, walmart and the rest, they have to say let's buy back the shares? >> no doubt there's some of that going on, but the group is going up this year and isn't keeping pace with the s&p 500. that's in part why the weight is coming down. less than half of the peak that it was in 2008. tom: help me, it's health care and radio with technology. >> i mean that's what it's been but if you are looking for echoes of the end of the.com, here's one of them. tom: thank you

dave wilson goes out about two hours. he's here with the put call ratio. how quaint. e anymore? dave: at least one person cares, liz ann sonders over at charles schwab. tom: she will be on later. dave: she put out this note friday on twitter. she puts out a bunch of charts every day. this one caught my eye, looking at put call ratios for individual stocks as opposed to those for indexed options. what is interesting is you've got the biggest gap between these two ratios, the ones for the individual shares and for the indexes, in 14 years. it basically tells you people are piling into options as a way to bet on stocks, and at the same time, you've got more hedging going on in the index options. at least, that is the way it looks given the numbers. tom: the indexes are blended out to be a more cautious statement now, where the roulette players are going long the market in the individual calls. dave: absolutely. you did fine, tom. but think about the meme stocks. we've seen when you get these bursts of gang, it is not just in the shares of these companies. it is also in th

david wilson drives forward the conversation that earnings matter. dave: they absolutely do.looking at a comparison between earnings and stock prices. tom: i'm all-cash. i'm looking. dave:dave: it really depends on your timeframe, what that relationship looks like. keith lerner at truist was pointing out that earnings have grown faster than the s&p this year. if you pull back and look at a little more than a decade going back to 2010, around the time you had a low in earnings, it is a different story. over the course of the past year and half, the bull market we had an u.s. stocks, the s&p 500 has really pulled ahead of the growth in earnings. that is the key point. tom: that is a multiple expansion. dave: you could say it that way. that is one way to look at it. but beyond that, you look at the top performing groups like technology, you go back over the last 10 years, you see a far bigger increase in share prices than you do in earnings. same thing and that consumer discretionary category. retailers, automakers, homebuilders, you name it. then you look at stocks where they a

: on the equity markets, david wilson, compare and contrast not the s&p, but the one that matters, the dow, and the one that people really care about, the nasdaq 100. davely. when you make that comparison, as oppenheimer did over the weekend, you find out the nasdaq 100 is at its highest level relative to the dow since march 2000, and we all remember what happened then in the height of the dotcom years. tom: is it the same now? dave: you can argue that question. certainly technology companies dominate the nasdaq 100. they are represented in the dow as well. let's not forget, apple and microsoft are there. tom: this chart, on radio, it is something to see. dave: gross is beating quality. that is what this ratio suggests . we've seen it move up 16% in the last four months. this is where we got to the point where we are back at the height of thedotcom years. ash the height of the -- the height of the dotcom years. tom: we've got to keep it short today because we are in china, where there is a restructuring as well. right now, let's assess capital structure. into karen ---- enda curran joins us. what is the social outrage, the political outrage in china ove