mark mahaney of the evercore isi team.ring in kriti gupta who has been digging into the selloff. kriti: you just heard mark talk about, as you have more hawkish monetary policy factored into the market, high multiple stocks are affected the most. no surprise, a lot of the gains concentrated in microsoft, apple, meta. what is crucial, yes, you are seeing big tech lead the selloff. you are also seeing them leave the returns. you saw them lead the s&p 500 to those highs before they went into correction territory. something to keep in mind is what is the buying opportunity, what signals should you be looking for that have worked in the past? we talk about the conversion. we should also talk about the dollar. a weakening dollar has proven to be what it takes sometimes for foreign investors to buy the dip. that will be something to watch for in the tech space. matt: we had a couple of indicators that we could be seeing a turnaround. vix maybe gives investors to go back in once we show some capitulation. bitcoin seems to be a ris

julian emanuel of evercore isi is a 5100 price target on the s&p year end.ing into earnings season, the banks kicking things off this friday. tom: i'm glad you mentioned it. this is a big deal. i have said this before. maybe i am wrong. maybe this is why we saw the media splash earlier this week. they are not going to be embarrassed by their profit, but the fact is, the belief is they are minting money given and within the national struggle. jonathan: the banks have been off to a flyer. lisa: a lot of this is because a possibly steeper rates, possibly a balance sheet rolloff that will allow longer and to rise, but also this belief that lending is picking up, that people are starting to borrow now as they run down their savings accounts. that is what i am most interested to hear. how much is the borrowing increasing on the consumer side and the corporate side since that was the story of last year? there's a lot of money, no one was borrowing it. jonathan: the supply scene issues have meant people can't build up inventories. they have had no need to go and bor

i center back to what we heard from julian emanuel yesterday off of ed hyman and evercore isi. jonathan: did we agree whether we would go for a cruise or not? tom: look, it is in planning right now. we did not want to let you know about this. i did not want to let you know on air, but a "surveillance" cruise right now, the biggest problem we are having is out of st. petersburg, do we really want to go the distance, as they said in that baseball movie? it means we are going down to sarasota, turning around and coming back. [laughter] seriously, our guest coming up in moments has already agreed to come on. this is going to be really important. lunch with jon because he is only getting up at 11:00, and yes, there will be a memorabilia auction. bowties will be on hand. jonathan: and mugs that say good morning good morning. and then we both retire into the sunset, holding hands. [laughter] lisa: someone on twitter actually called it voyage of the dammed. i will say that is the impression of what we will get. jonathan: futures this morning, look at those markets. unchanged on the s&p

delivery company doordash has seen a sharp pullback from its peak in early november but today evercore isik to outperform, saying it's the only online food delivery player expected to be profitable in 2022 joining us now head of internet research at evercore isi, mark mahaney. thanks for joining us. really interesting and looking through the kind of four key reasons that you've upgraded it. the first one suggesting it's close to a trough multiple i guess my question on that is relative to what >> yeah. so, the market hasn't taken too kindly to our upgrade this morning so we'll see if we got it right or not. but we try to be patient this is an asset that we tracked since pre-ipo. it has traded over ten times so versus its own limited trading history, it's at a trough at least we felt like take at least 40% of the hype out of the stock, that's how much it's corrected from its peak that at least gives us a safer shot at it >> and in terms of some of the other factors, the other one that stood out to me is the way you are quite excited that it can expand >> yeah. so this is an asset since the

tom: she had an estimate like we heard from julian emanuel at evercore isi, and what we heard from james over the last few days at j.p. morgan. these people are betting on growth. jonathan: looking for a better economy and the year ahead. that seems to be a bottom line. tom: we do have a winner on "surveillance," ann marie nails it time and time again. today's wordle is spurs, because they play chelsea. jonathan: is that your word of the day and not the wordle? tom: it is the "surveillance" world -- the "surveillance" worl e. it is different. because of this inflation report, how does a bond guy and a short-term paper guy like you, ira, how do you interpret or use the data that we have will -- that we will see in 10 minutes? ira: it will be the internal data, so if we get anywhere between 6.5% and 7.5%, the market is probably not going to react that crazy. but some of the internal data is really important, particularly at i am going to be focusing on, the services component. bicycle he have four big components of cpi come with services been the one that tends to be the most sticky. if we

. >> thank you >> julian emanuel of evercore isi. i know what you are going to say, guy i dig julian do you dig what he wants you to buy this year? >> you know, it is funny i dig julian you're so in my head it is scary after 15 years >> i know. >> i'm with him. i would add energy to that i'm sure somewhere in there energy lies. but health care was an outperformer today, if you look, some of the big cap pharma names. i'm not sure those in the collective can get us to 5,500, but i like the sectors without question. >> what do you make of julian's premise that if the real tail investor wins full on into the market we get to 5,500, plus there's the notion that the fed won't derail the rally is that realistic under your scenario in that view, dan >> yeah, but not from here the retail investor, they're the ones that were chasing meme stocks, they were the ones chasing crypto, they were the ones chasing a lot of stuff that's down 30%, 40%, 50%. i feel it is easy to say we had the new entrants into the markets over the last couple of years a

sector is benefitting from the shift to value and sick lack names and despite the gain for the year evercore isictor is not stretched. guys, back to you. >> soaring pippa, thank you anastasia, it only complicates the picture to get oil at the highest level since 2014 what is the strategy to pick winners in the space >> you are right inflation picture is complicated but i like the energy sector a lot and should be a part of the strategy what i would say right now in the market environment you want to have maybe three trades something that does well with this value rotation but i might show away from financials because they're the big winners last year and not just the rate story but concerns around financials like expenses, for example. looking at the energy space it is mobility recovers, supply is constrained and not rising how people expected so energy is a favorite value trade for the year and same time talking about the broader strategy you take that and couple that with some of the tech shares on sale right now and as a previous guest mentioned tech doesn't trade on sale for the duration of

popping on the back of its first earnings report since its spin-off of kindrell joining us is evercore isi.5% sales growth for ibm, the best in a decade and really below that line, we saw growth across the new businesses software, hybrid cloud, even infrastructure turned positive does the stock get another look from you i know you're neutral now, but given this is the first report out of the gate after the spin, does it change the outlook >> listen, this is a very impressive set of revenue numbers that ibm is putting out, to your point. 6%, 7% top line growth a little kindrell in there, but without that, consulting grew double digits. software fwrgrowing 5% the challenge with ibm, it always seems one step forward, one step back, and a lack of consistency. so if they can live up to the expectations of what these numbers are looking like, this becomes a very interesting asset for investors to own as you go through 2022 >> tell us what you're looking for, which i guess will come out in the earnings call, the key things you're waiting for in the call >> you know, i'll tell you, there two thing

let's bring in evercore isi.learly, these results were excellent, and the market is welcoming them today were there any weaknesses? >> well, i'll tell you, tuf find a lot of weaknesses on the screen the two things you worry about a little bit, ipads were below expectations again, you mentioned there's been supply constraint due to the brunt of that. the other part is, you know, just as you look at the numbers, growth rates are starting to slow down. part of that is apple just grew very fast. so the growth rates are decelerating, but this was a very impressive print and aggregate across the board for the company. >> on that top line growth point, how tight do you think they'll be to economic performance, and if there's a bit of slowdown in gdp in the u.s., do you think that will hit them if it does, do you get a rather big reaction in terms of the multiple >> it's a great question i think you have the potential for stimulus checks to not be there as you go through the year those things could have some impact to th