gary friedman is vocal and cautious on the macro outlook moving forward he really tells it as he seeslly creates a reason to own this name here in the short term maybe not long term. yes, you mentioned that bar. it's been set very low and that should presumably create an opportunity for them to deliver on these results the really big thing i'm focusing on here now, for the first time in quite some time the balance sheet for the company, they have $2.2 billion of cash on their balance sheets so they can go out and get some type of aggressive share buyback policy to the tune of 25% to 30% of the overall market cap. >> wow >> i think that's a lever gary would look to pull right now if you go back to 2017, he did that exact thing when the share was back at a $30 share price area and if he makes that type of an announcement this quarter or some time in the future, the timing is unknown, could get some type of pop in the stock if you get a short squeeze. the short interest in the name has doubled over the last year to date from about 7% to 16% >> great points. there's the ten year and the t

earnings alerts in the retail space starting with rh lows after a big >> seller quarter for rh gary friedman cautioned, we have experienced softening demand trains which began at the time of the russian invasion of ukraine and further slowed over the past several months. the ceo also pointing that even though others are discounting goods, rh is not promoting or offering pwdiscounts to avoid brand erosion. a troublesome outlook. declining to 3% verses the 5% estimate fully revenue guidance is below expectations even despite the strong q1 quarter. the company did announce a $2 billion buyback program. and that buyback program constitutes roughly 30% of its market cap lastly, rh's ceo adding the next couple of quarters we'll face challenges as spending shift after the extraordinary growth from covid as rh continues to raise its product. quality shares are improving a little bit >> christina, thank you. we'll get back tore the second earnings release in just a moment karen, what do you make of the quarter here >> it could have been worse. it is not surprising to see slowing down we have seen it

really painful hey, we know high-end retailers are worried as we found out from gary friedman last night on his rh call. he is perturbed, thinks there will be a slow he is cutting numbers. revenue will be minus one or three. why don't we listen to what the resorts are telling us that would be worth knowing about. this is one of the times where until inflation is whipped and crushed there will be more rocky days like today. how can we not focus on it we get consumer price index on friday i can only use the closely -- cliche closely watched to describe it. be mindful, this data really does matter. here is an oddity, on friday we get the university of michigan consumer index you know what we need for the end of the year? gloom. it pleases jpmorgan and company. he knows he has to get things rolling on the deflation front we need it to kill inflation i bet we will find the conference is falling rapidly and that's what the fed doctor ordered to get from the scenario from an inflation one to one of full prices. so needed to preserve your purchasing power and your portfolio. david in florida dav

whether they feel like they have to pull some back friedman is an amazing operate tomorrow people say sell williams sonoma. they're very different i think that gary called it first. i think retail's terrible. i look at something like ckohl's and say wasn't there supposed to be a deal? i don't see a deal macy's anything in the mall is just a disaster and then people say, listen, because everyone is traveling, if that's the case, why is american express down under 140? i think the answer is that everybody's confused you want to take a trip and then you hear phil lebeau say your plane is canceled. if i was going on a trip, i would book five different airlines the biggest joke of all, the punch line, is that jetblue wants to buy spirit when the government's trying to block a deal between two defense contractors, and they still haven't even started the trial of simon shuster >> mm-hmm. >> so the government doesn't want any mergers >> we have a little more time on save as they delay the vote now to july 8th. >> how do you like that? >> because of that, you're seeing it up a little bit. is your view the second half will be as bad as the first? >> no. th

gary brought his a-game. >> so funny because of course, as is often the case, we're in the same place on this i was going to start quoting from friedman from the call, although i think we may have it to play for people in terms of -- i don't know that he agrees with you completely on powell, but take a listen. >> a big warriors fan so he's going to have a bad day today. you know that. >> what he had to say on that conference call. >> we know that the fed has to raise interest rates we know when interest rates rise, it usually leads to a recession. it surely is not good for the housing market anybody thinks that rising interest rates is a good thing for the housing market hasn't been alive long enough >> well, you have been alive plenty of time >> he refers to me because he said if you had a 40-year timeframe you would know, and i said yeah, look, gary in his previous conference call was a little rattled this is just a very good description of what could happen to the economy where rich people actually pull back, which is what you need, because rich people have been spending like crazy. rich people, there's a lot of rich people in the