shares of lennar on the move, down 3%.et's go to get the details. >> reporter: yes, down 3% after the company reported a mixed bag for q-3 and they came in with a beat on qps and that was the first revenue miss in 2-1/2 years for the company. like dr horton and others, they lowered their guidance for q-r closing. that is below wall street expectations of a little over 20,000 they said the industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue in to the foreseeable futures, that is why they were sibs 00 homes below the guidance but buyer demand the strong and it's reflected in the sales growth it was driven by strong price appreciation revenue per square foot increased 14% and cost per square foot increased 8% >> you mention strong demand, what does the backlog look like? >> very strong loob, they are coming in with a lot of people coming in to a market still has nothing for sale and the existing home side, we saw supply move up a bit over the summer but then it drop

is down over 20% from its highs, and i love the home builders right now, you had i believe it was lennarly because of their outlook with slightly negative on supply chain concerns but supply chain concerns mean pent-up demand and home builders will benefit going forward especially today when new starts were surprised on the upside. charles: we saw pretty good permits but not single family houses that gets to that supply chain thing, i'm inclined to agree with you but i'm telling you i'm looking at the home builders and i wrote up lennar last night after they reported. they can just get supply at these levels profit margin should be pretty big. always appreciate you, thank you very much, appreciate it. so liz claman, 3:15 yesterday the market, the buyers appeared during your hours and they put una pretty good rally extended to today. do you think lightning will strike twice? liz: i don't know it feels like we have a stop and reverse parab olic move every five seconds especially since you were talking in the last couple minutes of your show. i think after having a breakfast of stocks inves

lennar provided third-quarter deliveries that came in less than what the street was looking for, andd fourth-quarter guidance that was also a little weak. but the demand pipeline still seems to be pretty robust, so maybe this will work itself out in the end. it yesterday, we did get news out of conocophillips that the u.s. oil companies agreed to by the u.s.-based permian assets from royal dutch shell in a $9.5 billion deal. most of that money, about $7 billion going right back to investors through a special dividend. american airlines up for a second straight day. this was the one bright spot yesterday, the u.s. releasing some of those restrictions on foreign travelers. lucid motors up for the second straight day on the back of that news last week of certification of the longest range tv vehicle to come to market. tom: valuable. i missed the conocophillips story. at the greenwich economic forum, they are in recovery after a difficult pandemic year. over 200 true industry leaders will be here today. the basic theme is what do we do with the zero bound, and how does it rebound back to

very briefly, we know that christian lennar will be having bilateral talks with the greens. they say they need to agree to a common agenda between the two of them before they can speak to olaf scholz. dani: great catching up with you. that is maria tadeo staying on top of the german election. get to the first word news with juliette saly. >> a pivotal trade meeting between the u.s. and the eu this week will be narrower in scope than originally planned. the contents of a joint statement outlining the results are still up in the air. the u.k. has officially put the military on standby to help deliver supplies to petrol stations in an effort to stem the widening crisis. it is the latest emergency measure after supply chain disruptions that have blamed -- drained petrol plants and emptied some supermarket shelves. panic buying has seen sites run dry around the country. south korea's sk innovation says it will spend $11 billion constructing battery factors -- factories with ford. the two sites will be the biggest investments in the automaker's history and will employ nearly 11,00

you had housing starts that did come in higher than estimates, but lennar reported revenue yesterdayhat talked about the supply chain issues. they can't build a house if they can't get the stuff to build a house. that overall index down by over 1%. guy, it is going to be tricky for large physicians to be taking place as we had that selloff into the fed tomorrow. guy: fueled by a range of things . shipping costs, raw materials, all of these things could pose near-term risks to the economy, potentially long-term risks to the portfolio. this is all according to the oecd's latest interim outlook report. the oecd chief economist spoke to bloomberg a little earlier. >> what we need is indication on the conditions for the economic viable that will make those policymakers move. the last thing is fiscal policy will not last forever. we have climate to address. this will require resources. governments need to plan now on how they will adjust in the future for addressing those challenges. guy: iain stealey, j.p. morgan chase fixed income cio, joining us now. it still feels incredibly optimistic

i don't worry so much about supply there is a demand for lennar homes that is extraordinary.n, stuart miller, he says they don't have enough homes to meet demand, don't say they have too many homes and they can't -- and there is no demand there's a level that i want to own lennar this is a day where people want to own -- they want to go back to tech because they think tech doesn't have sensitivity and starting to feel much better about putting evergrande in a box. evergrande is in a box and they -- and that's because xi is in control xi is -- david, xi is a dictator, but not for life yet. >> not for life yet. if airbnb started in that country, it would have been not for profit >> it was started in san francisco. >> i was just saying -- what are you looking at >> lucid is on fire. >> people -- i spend way more time than i should with him. when we're in our office here, he looks at the tape he can't stop himself from looking at the tape. >> i have to if i see lucid up and i know they have a meeting and everyone is excited about lucid right after i had my back surgery, i had the

this as lennar reported mixed results, the company saying it faced supply chain complaints.hares there down about over 3%. and stock number three, universal music. shares surging in their public market debut in europe it is the largest listing in europe of the year it is the company behind artists like lady gaga and taylor swift opened over $29 per share come down but still a 35%, perhaps a giant win. >>> still on deck. it is day two of our two-week special series go big or just go home our top stock pickers lay out their best plays for the rest of the year, just for you you'll hear what david katz likes headed into october but only if you keep it here on "worldwide exchange. >> announcer: today's big number 13.4%. that was the growth in the number of billionaires around the world in 2020. topping 3,000 individuals for the first time ever. according to a report from wealth ex. america makes out here. the history she writes in her clear blue skies. the legends she births on home town fields. and the future she promises. when we made grand wagoneer, proudly assembled in americ

meant until someone said you're at war against the housing industry >> i read your slaent piece about lennar miller we think he's a fine man, but you're not crazy about the group right now. after being crazy at the bottom, ca candidly, because i know we both agree, or i agree with you, and i went out because i talk with you, you're kind of lukewarm right now. >> yeah, i think that what we are concerned about is the market is too hot, and there's just a massive amount of capital that's coming into the space, which is really about alternatives are just not as attractive i called the residential housing market the prettiest girl at the dance. you have a massive amount of capital, whether it be the sexiest girl at the dance is bill furet, and we published a report, a deep dive on the market, in the last 18 to 24 months, jim, we had $60 billion of capital announced that's coming into the space. so they're all going to the same markets. i think there's concentration risk on top of the land grab that the public companies and the private builders are buying so much land, both through options and own

i'm inclined to agree with you but i'm telling you i'm looking at the home builders and i wrote up lennar last night after they reported. they can just get supply at these levels profit margin should be pretty big. always appreciate you, thank you very much, appreciate it. so liz claman, 3:15 yesterday the market, the buyers appeared during your hours and they put una pretty good rally extended to today. do you think lightning will strike twice? liz: i don't know it feels like we have a stop and reverse parab olic move every five seconds especially since you were talking in the last couple minutes of your show. i think after having a breakfast of stocks investors kind of appear undecided about whether they want a late lunch. yes, there is green on the screen as we head into the final hour of trade, but if you look at the dow intraday, the rally disappeared about 16 minutes ago. enthusiasm evaporated and now the blue chips are still higher by 72 points they pop their head back out once again, but clearly investors are still trying to sort out the potential impact of china, evergrande's mas

similar guidance from pultey and we will be getting quarterly from lennar later in the day >> what is on in china is basically a giant question about the property sector. in china it is not a new story but a very, very old story they had a version of kind of our '06 house situation for years and years. they had home prices appreciating, the government trying to figure out what to do about afford abability and the government trying to figure out how to crack down. for those looking at the u.s. and say, wait a minute, we will end up in a similar position with the way home price acceleration is going. >> we have that, double digit gains, prices for new and existing homes up over 18% year over year, some call it a bubble but you have to remember we have strict underwriting. i'm not an expert on how chinese mortgages work but i know the underwriting on loans today is very strict meaning you have to have a lot of skin in the game on your home even if prices were to pull back, so many people have equity in their homes, in fact $1 trillion added just this year. there's a huge cushion for home

quarterly sales guidance, citing a shortage of supplies and labor to meet demand a similar message for lennar supply chain constraints limited the ability to sell new homes for the quarter. that stock off about 3.5%. >> futures set for a rebound as the fed kicks off the two day policy meeting following a bruising day for the broader markets, the s&p 500, dow, nasdaq all down somewhere around 2%, a little bit less. stocks did finish off the lows for more on the markets let's bring in silvia and our friend joe, managing director of vert investment partners, cnbc contributor. silvia, you point out this pullback we've seen, if this is it, that is quite a bit lower than we've seen as an average for a pull back over the last decade, and then from that, you deduced that it's usually about 14%. you think it was an overreaction even though it was much less than the average pull back and you're buying? >> absolutely. good morning, joe. yeah, you know, so over the last few decades, the average bullback has been between 13 and 14% so the 5% move isn't so concerning to me, it's more of an opportunity to b

and lennar lowered the expectations due to constraints below wall street expectations of a little overman miller said the industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future and why 600 homes below the low end of the guidance and demand is strong and reflected in the 5% year over year sales growth and the highest quarterly percentage in the company's history driven by strong price, revenue increased 14% and cost per square foot 8% and community count ended flat due to supply chain challenges and delayed permits. growth will be closer to 7% than the targeted 10% growth. back to you guys. >> thank you so much >>> still ahead pfizer one of the few bright spotteds on wall street today after releasing vainine vig data on thcod cce children under 12 the details of that coming up. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. at usaa, we've been called too ex

guidance was lowered for home closings due to supply chain issues we'll get quarterly earnings from lennarts next week, the federal reserve meets and why there isn't expected to be any major pronouncement of tapering or scaling back stimulus, they're moving in that direction. the consensus is that they're going to announce it in november then start to pare back in the months that follow but always market moving and will be interesting to note whether they also take note of the weaker inflation numbers, some of the mixed numbers on growth and what's that going to mean for this tapering decision and eventually on interest rates. >> and this is one of the meetings where you get the dot plot you have every committee member mutt put out their projections about when they're going to raise rates. that's usually the source of the most confusion in the markets because people have to try to interpret them and then maybe overinterpret them and chair powell has to say don't look at the dot. that's the confusing element from the september meeting >> 1% decline though on the s&p today and we got another

we saw it with lennar on monday.in as fast as expected due to supply chain issues the ceo of kb said while our third quarter deliveries were impacted by the ongoing industrywide supply issues and labor shortages, we are working through solutions to mitigate the issues and stabilize our construction times part of that of course jacking up the price up 11% to $426,800. deliveries though were up 35% just slower than expected. >> thanks so much for that down a couple of a percent financials, meanwhile, were up about a percent and a half today. outperforming the broader markets, following a slightly tough couple of months for the sector as a whole. senior analyst mike mayo joins us on the phone. first a broad question on the sector and all the main banks that you follow basically seemed like the fed today that we're not going to at least have rate hikes for a good year, year plus does that mean it's going to be a sort of sideways move until we see yields move up >> if the fed is right this is a good environment for banks