shares are getting a nice bump off 3% and downtown, josh brown has a new position in roblox josh lays out his compelling fundamental case for buying the stock, but it does make me think of another part of this conversation and it's the fact that shannon, the stock's down 28% from the 52-week high, right? you look at a number of stocks that have fallen dramatically from their highs and just like josh says, you know what i can make a good fundamental case for roblox and part of the story, certainly is the fact that shares have declined the way they have to give them an opportunity to get in on the what he deems is a reasonable level. makes me think that there must be other stocks out there in this kind of world that have pulled back too much where you guys have had to have your eye on some of these things and said if it gets down to a specific level, even if the growth can't be repeated to the level it has so far and even if the price to sales is through the roof. or even if a company isn't profitable, i'm still willing to take a big bet on the future how do you deal with that, shannon?

josh brown, do you agree with jim lebenthal? now is not the time to buy these stocks, he says. >> i think some of them you should be buying, and the important thing, and i think jim would agree with this, the important thing is we don't just label a group of stocks from all different sectors and in all different fundamental situations, quote, unquote, a.r.c. stocks. there are huge differences in these names. if you look at what's not bouncing today it's pretty telling. docusign, peloton, baba, zoom, they all have something -- take out baba -- they all have something very, very extreme in common, i have a feeling those companies should be talking about merging. some investor should stick them together leave that out of the conversation it's way too difficult in the down trends and way too difficult for those comps. i bought pay pal recently, added to uber recently i think those are buyable. i don't know if they're in ark or are ark stocks. they are 40% to 50% off their record highs so i want to be a buyer will i don't know if the

. >> you know who did that right before i let you go was josh brown in the heart of the sell-off he tweeted buy them and he talked about it on the show >> i didn't want to single him out. josh does it, yeah i've seen josh at my bar he's, like, give me -- how about a model on and i like it here and could you -- extra salt on that margarita and it's pretty good here. that's the way he is he's always been that way and that's why he is such a lovable guy. he is. >> josh, you weren't afraid to jump into the fray when it felt pretty ugly. >> i'm blushing. no, of course, not i'm 44 years old i'm going to live to see dow 100,000. i know that sounds outrageous, but that's compounding at 7% a year until i'm in my 70s so most of the people that i'm talking to on a daily basis are thinking that way and all of us are looking for opportunities to buy low, not looking for opportunities to pay all-time highs. by the way, to people in my generation and this is no offense to anyone older. we should not be rooting for all-time highs it doesn't help us all we're doing is taking the boomers out of their stocks

>> let me again tie this back to my good friend josh brown earlier.ood to tie it to somebody else. let's look at draftkings for a second, and draft kings has a valuation right now of 30 times run rate revenues, and here's a thought exercise to tell you how expensive some stocks can still be if you quadrupled draftkings' revenues and gross profits, quadrupled and basically that everybody in the united states, every state has sports betting and then some and it grows, and you take their marketing spend which is currently over 100% of revenues you take it to 10% of revenues which is their target and you keep the overhead at today's level. you don't add anything draftkings would still be losing $200 million a quarter or $800 million. and that is completely and totally insane and the heart's content and this business model is flawed and you have to take the fan duel. and talking about the market spend in the u.s. and how crazy it is. but we're giving them their target at 10% of revenues for marketing spend. all of this stuff that you see on tv goes away ba

next ten years i do not think they'll lead the way for the past ten. >> is there a bet, but for josh brown coming >> there are seven buts from josh here. >> there are other calculations going to stocks such as recurring revenue and that's microsoft, amazon, apple and facebook, so you have the residual revenue stream that will support part of the earnings you pay for that, that's not in the multiple alone it should be in the multiple and that's the higher multiple and then there's also the brand and they have great, global brands and if it's selling at p-e, that's not the entire analysis and that's why you own these stocks because they have fortresses around their revenue streams. i want seven buts from josh brown sounds luke a cable show, but josh, how do you defend your amazon position? >> well, i would just say to jenny, absolutely you're entitled to your opinion, but the facts are the facts, you don't think any of these would outperform either because i specifically remember a variety of disagreements we had about that and yet this year the s&p 500 over the last 12 months did 24.9% in t

downtown, josh brown, let's start with you i have to ask you, why crypto, why now?t do you think this will mean for investors? >> so i first got involved in crypto in 2017 very casually in a very experimental way, and a lot has happened and we are on the doorstep of this thing going mainstream there are just too many projects under way. too much money from venture capital and elsewhere funding all sorts of companies and businesses and applications and as a wealth manager we have a responsibility to our clients to find a way to get the kind of exposure to potentially reward them for taking that risk. as a fiduciary, we have an added responsibility to do so sensibly we approached jeremy we talked to wisdom tree about our idea for an index-driven a prech for an sma and jeremy had been thinking along those lines on his own and it made a lot of sense for us to collaborate and the result is what we announced today. >> jeremy, over to you wisdom tree in general is focussing more on defy when you talk to your clients where are the near-term opportunities when you were looki

mike santoli is here to break down these crucial moments and today we've got josh brown from ritholtz recovery in the end of the pandemic and a return to normal economic and market conditions next year. josh, do you agree with that call >> uh, yeah, for the most part i tend to just try to focus more on weekly market action. this is like a mirror image of last week, what we've been seeing so far. so, i think that's a bigger positive than anything looking out further on the horizon and the one thing i wanted to make sure i mentioned today, the follow-through in small caps is really like nice to see. that's just been a tough area to be but the russell is having a much better day than the s&p or the dow. i like when we see that kind of action this time of year i think it bodes well overall. >> mike, we were due for a pause right after a big burst. i would suggest this is pretty positive still >> no doubt about it it would make all the sense in the world to be just digesting two-day gains of more than 3% in the s&p. all day you've had more stocks up and down, to josh's point you have tract

josh brown, is this the market saying that rate hikes actually won't matter to market levels as longlegraphed? >> i think maybe there's some element of that. i think a lot of people put on some hedges that maybe are going to get unwound maybe there was like a minority view at the margin that there was going to be some sort of a shock or some sort of uber hawkish tone which, i mean, for me that would have been a very easy bet to fade i've been saying since the summer that the taper when it comes will be seen as a relief we deal with over a thousand high net worth households at our wealth management firm, many of whom are small business owners or executives at mid-sized companies. not one person i've spoken to this year feels like we should still be doing emergency stimulus in fact if you look at areas like the housing market, it's been counterproductive sticker shock on homes actually slowing the number of transactions so nobody wants to see more of this it's good that it's coming to an end. i would point out that on a net basis we are still adding liquidity to the system. we're just

momentarily and first welcome in the investment committee, joining me, kari firestone, jim lebenthal, josh brown and jon najarian of market rebellion. the nasdaq getting hit again, down 244 and the ten-year note yield at 142 we're watching for that closing high on the s&p and we were above that level until we gave it up. it's 4712 so that's the number you need to keep an eye on as we have the conversation for the next hour or so. jim lebenthal, i turn to you first. you suggest that the activity in the market yesterday post fed was in your words, nonsensical, and you have been mr. all in, so that sounds very interesting to me. >> thank you, scott. i appreciate you starting with me i will take the explanation that everyone is putting out there that it is a hedge for worse and that's the explanation for yesterday that's fine, but i don't think that's the right takeaway if i go back three months ago, four months ago the consensus is that it won't be three rate hikes in 2022 and maybe they won't. i know there's a body of people out there who think that the fed will never raise interest rates. i've he

with me for the hour, stephanie link jim lebenthal, josh brown and the dow is down 160 a loss of one-half of 1%. the s&p down 1%, approaching a 00-point decline what could end up being a 2% decline. we'll have to watch that and the ten-year note yield at 143%. let's kick it off with the gang. farmer jim, i go to you first. you've been mr. all in are we at a crossroads for stocks today >> simple answer is yes. >> i think what you define those crossroads as, scott is the fed will become less supportive. today's ppi number continues the trend of inflation being much higher than expectations so now we're not only talking about the taper being accelerated this week. we're talking with much sooner rate hikes next year than was expected just a few months ago that does have the market on edge it's something that the market will adjust to, but what we need to expect going forward is higher volatility. we've lived in such a benevolent regime for the last 14, 18 months and it's been two months since the s&p 500 touched an average. buckle your seat belts one interesting crosscurrent today, scott, is

our investment committee, jason snipe, jenny harrington, steve weiss and josh brown let's get a lookhis hour, the stocks are higher and the s&p down ever off the worst levels since the beginning of the month and 1.3% and s&p 500 just off session highs of 4622 and we are at 4617 and nasdaq up by 1 1/4% and take a look at the russell up 2 1

we'll get his first response >>> josh brown from ritholtz management is still with us, and, mike, i'lle the last few sessions, big comeback in the omicron variant, cases coming down in places like south africa where we first saw it. you still have the fed worries, though how have we rebounded? >> one of my touchtones is that a threat that seems less threatening is a friend of the bull market because it does get the market to kind of sell in a pretty indiscriminate way. and on top of that, just people just exiting some of these broken momentum stocks so i think we're kind of sold out coming into the week, and that's why i think just incremental good news on omicron said, fine, maybe we're going to get through this thing a little bit quicker and in better shape. market holding true to form. at the index level it looks really resilient the fed, i feel like it's more in tune with where the market was already pricing. yes, we might have some scares along the way, but for now it doesn't seem as if there's too much of a challenge to the prevailing view coming from fed rhetoric >> let's turn o

with me for the hour, stephanie link jim lebenthal, josh brown and the dow is down 160 a loss of one-half

. >> and josh brown. >> nice bounce in coinbase i think it can continue. >> nice bounce across the board. stocks, big bounceback in technology, and the nasdaq "the exchange" begins right now. >> thank you very much, scott. hi, everybody. i'm kelly evans. a really for the second straight session like scott was talking about. the nasdaq is leading the way up almost as many points as the dow. what's changed and which stocks could be the next great opportunities in the tech space. the semi names are flying, cloud stocks helped by strong results from mongodb media names are selling off. we'll dig deeper strong guidance has shares of designer brands, what the parent of dsw says about the consumer and the holiday shopping season. the ceo ahead. dominic chu has the number. >> solidly in the green but it kind of speaks to the notion of what's the bigger impact on the markets. was it fed concerns? was it about interest rates if was it about omicron what was the bigger downside draft? today, you are seeing some of those worries ease no matter where they are the nasdaq composite the notable trade to

what that means for the viewers is you're staying invested i watched the show yesterday and credit josh brown and i thought his point on corporate buy backs is excellent you're seeing a strong surge in that we have that at all-time highs consumer spending is strong. the position as you look forward here is you want to stay invested if there's particular stocks that maybe are going to decline to the levels where you think the fundamentals warrant stepping in, buying it one of those names would be cloud strike for me. you know a couple months ago i got out of it and looking at cloud strike down at 200 and have not pulled the trigger just yet. i still think you're looking for opportunities, not the exit. >> oh, wow, okay since you went there let's stay there because we've been thinking a lot, talking a lot about those kinds of stocks. not necessarily just crowd strike but a lot of the names in the cathie wood universe a lot of high valuation and high-tech stocks some including most on the screen today have suggested stay away you need to let theic stocks c down more. i'm surprised to hear you sa

i'm sorry, we just can't do it [ laughter ] josh brown >> berkshire hathaway, some of the best growth combined with some of the cheapest valuation you can find in the large cap space. i like it right here >> all right quick update on stocks dow is up 637 points does it for us "the exchange" begins now. ♪ >>> i'm jon fortt in for kelly evans. what a difference a day makes, again, after yesterday's late-session selloff stocks are higher right now, and in all that volatility should you wait for the smoke to clear? >>> plus, the great re-evaluation. job applicants taking their time to figure out what they want in a new position we have a look at where they're applying, what jobs they're applying for, and what all that might tell us about tomorrow's big jobs report. >>> and the mortgage bailout is ending we're going to look at what that could mean for the winter housing market but we begin, of course, as always with today's markets with dom. >> mixed in the beginning, but now decidedly in the green that's what we got right now the reason why there's been some buying activity in these names

an optimistic josh brown visa and paypal. should i hold, sell or add these?essing group has been very disappointing this year in terms of the overall performance of stocks. it was once such a loved group, but i think as we look to next year and as investors are trimming their winners from this year and looking for a really strong fundamental group that hasn't participated as much in the rally, this could be a group they look to in part with visa as we look at an increase in cross-border transactions, that's likely next year and an increase in travel that should help the company with paypal there have been an expectations reset here that paypal remains one of the fastest growing and innovative companies within this group and next year there is a catalyst early in the year with the launch of venmo as a payment option on amazon which we think should be incredibly good for that part of their business. so fundamentals are still strong here we would look to potentially add to this group and investors will take another look at it. >> pulling back 12% in the last thr

momentarily and first welcome in the investment committee, joining me, kari firestone, jim lebenthal, josh brownarian of market rebellion. the nasd

we'll debate that with the investment committee p joining me is jenny harrington, josh brown, jim lebenthalin equities today, there you go, pretty much highs of the day 612, almost a 2% gain and volatility continuing over the next few days, and there is the nasdaq and it's a laggard today, still a 76-point gain there, a half a percent and the russell is having a strong day, too.

josh brown put this out earlier today. you have pfizer and clorox up today by a pretty good amount. that's covid is a problem. and then carnival cruise lines and american airlines up by a pretty good margin that's the everything is fine camp nobody agrees on much these days the market seems not to agree either if you full it back to sector level, i think things -- so what worked today, it was stables, utilities, health care, and i do think that covid cases are going to start to look scary over the next couple of weeks i don't know that cases are the right metric now, but i think that the market could react to that in a meaningful way given the fact we have a few other names propping up in the market now. watch the 50 day i am looking to 4300, the delta low. that's also now the rising 200-day moving average keep an eye on that level. >> dan at richard bern steenl advisors put this out, a note. it's called defensive bubbles. defensive bubble stocks are like umbrellas in hurricanes. so basically the notion that even in defense of sengters, they will go down if the entire market is goin

thanks, pete josh brown >> i can't believe nobody is talking about this it is the biggest breakout in the market berkshire hathaway b shares, printed a record high in late may, early june of this yoord. spent the rest of the year consolidating. we are about to close if we go out here at the highest closing price of all time in berkshire b shares what is in this? industrials, financials, two of the best sectors right now i would be long here >> thanks, everybody "the exchange" begins right now ♪ >>> thank you, scott we have the flip side of what josh was just talking about. hi, everybody. i'm kelly evans. ahead this hour, an ugly ppi report has stocks in the red today. the nasdaq is slumping 2% when we look behind dom, still down about 300 points, all as the fed kicked off a big two-day meeting. will they look at inflation numbers and taper faster my next guest says it could stay ugly for a while and he has four name to ride it out. what is going on with media stock? they've been crushed today we will see what is driving the losses and who is best positioned to turn them around big cal

momentum from this year carry into next year if so, how far look back at the stock summit picks from josh browne're back with "squawk on the street" right aftethr is everything you've seen me do was made possible by what you don't see. cause when you're not looking, i go to work. ♪♪ strength isn't a given. it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it. tonal. be your strongest. >>> the final countdown to 2022 has begun. some countries around the globe already ringing in the new year, many deciding to cancel their celebrations with the latest omicron outbreak new york city, however, among those deciding to move ahead with its annual times square celebration requiring proof of vaccination, masks and cutting the number of attendees by 75% joining us now is tom harris president of the times square alliance that helps organize tonight's festivities. thank you for being here and happy new year to you. just kind of going to discuss the elephant in the room new york broke through its largest singal day covid record yesterday reporting

. >> i think josh brown invests in klarna. >> a fave. >> a private company. >>> more about spending, consumer and inflation ahead with the head of saks and dri driving moderna lower today. down 6.3%. check out the top searched tickers on cnbc.com. peloton down again after a 11% slide yesterday. we'll hit that one and oracle comes to life. 16%. actually done really well this year we'll hit the movers in the market zone. we'll be right back. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com >>> let's check in on the individual market movers shares of moderna falling today after releasing early data around the mrna flu vaccine. protects against four strains and enclear if there's more protectio

josh and julie will report it for us. i thank you both as well as you hayes brown. you guys, heck of a news day, that's for sure. >>> coming up next, the growing covid crisis in this country in a study that says omicron is not any less severe than previous strains. >>> also later this hour i'll speak with incoming new york city mayor eric adams and his concern about the rising cases of omicron here locally and what we can do to keep it from spreading further. spreading fur. age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. introducing the biggest advancement in the history of small business bookkeeping. having someone else do your books for you. i'm linda, your quickbooks live bookkeeper. let's do this linda! sounds good! a live expert bookkeeper who understands your business. felipe, i've categorized last month's hair gel expenses. steve, i just closed your books. great, how are we looking? profits are up! on to next month. on to next month, linda! get your books done for you by trusted experts. int

josh allen ended up in a walking boot after the game. he will undergo a series of tests. the ravens also suffered a setback after lamar jackson's exit. they lost to the brownsaltimore still hangs on to a one-game lead in the afc north over the bengals, thanks to san francisco's 26-23 overtime win against cincinnati. also this one, landover, maryland. the cowboys went out of their way to feel at home. dallas shipped in their own sideline benches for the divisional rivalry after getting word that the heated seats on washington's visiting sidelines were out of order the week before. how about that. as for the game despite letting a 24-0 halftime lead slip away the dallas defense held firm forcing four turnovers and recording five sacks in a 27-20 win over the washington football team that allows the cowboys to close in on the nfc east title. my fantasy team which i know a lot of you have been wondering about. we lost yesterday to close the regular season but with a little help still get in as the sixth seed for the playoffs starting next week. hop on the band wagon, ladies and gentlemen. >>> now an emotional day in denver as the broncos remember the late demar