leslie picker on disney.matt boss on some retail picks we'll kick it off with the broader market right now and what a turnaround we saw down 180 with the dow at the lows of the day. market was in a bad mood earlier on the weaker than expected news out of china, off its economic data and a weak read on new york area manufacturing we turned around and continued the rally we've seen over the last few weeks with the s&p up half a percent nancy, have you been buying into it if it is a bear market rally, it is resilient, impressive and broad. >> sure is, sara thanks for having me we've been adding risk back into our portfolio in june, which turned out to be a good near-term decision at this point i'm not really willing to chase the rally we're adding small amounts to some specific names. but i think you're going to get another chance i don't think we're going to retest the lows, but i do think you're going to get another chance to step in and pick off some of the names that maybe you didn't finish buying in the sum

our leslie picker.ad on "power lunch," natural selection, while oil prices seem to be on the downturn from their highs, nat gas are still strong and is it time to take profits with the 60%+ rallies. fears in the spotlight, the industrial giant set to report after the bell and what will its results say about the state of the economy. "power lunch" will be right back it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ with xfinity internet, you get advanced security that helps protect you at home and on the go. you feel so safe, it's as if... i don't kn

. >>> i'll sleep we have more to do on this friday when we come back leslie picker is here with the big hedge funds and what they are doing in the board rroom paypal has something to do with it. >>> and many of the world's biggest tech stocks up 10% or more in one month. more crazy market stats for you. >>> later on, incredible friday rbi on just how much money fast moving electric car owners are making and it is not on the stocks dow futures up 17. we're back right after this. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. [zoom call] ...pivot... work bye. vacation hi! book with priceline. 'cause when you save more, you can “no way!” more. no wayyyy. no waaa

. >>> let's get a news alert on a new investors in twitter leslie picker's got it >> hi. carl, green light, david ihorn in a new letter to investors saying that they purchased a position in twitter with an average 37.24 per share. unclear of the size of this position green light not a known merger arbitrage trader not one to dabble too much in the goings-on of delaware chancery report but it appears that they have a stake in twitter and say that the price is about $17 per share of upside, if twitter prevails in court there in its case with elon musk and believe about 17% down side if that deal breaks and giving it a 50/50 odds that something like this should happen, say 95% plus at the time, according to this letter interestingly, and, you know, worth noting for background, of course, that green light has been a long time short on twitter. haven't written about tesla since 2019 and don't inted to break that streak now, but elon musk is, of course a different story. also interesting insights here in the letter about just overall macro environment. gr greenlight not a trade

leslie picker has some new details. leslie what, do we know? >> so this is an ongoing situation.t exactly clear why lee is leaving however, i just received an internal memo sent to carlisle employees by co-founder bill conway he plans to take over as interim ceo and also held a virtual town hall earlier this morning. based on that memo, some additional reporting, it appears that he intends to execute the strategic plan that lee laid and their ceo search will prioritize candidates with a, quote, demonstrated track record of leading global companies so perhaps someone outside the firm with c-suite experience shares are 6% lower on the news today, sinking the stock deeper into underperformance relative to its private equity peers in 2022 the market clearly caught off guard as the company reported 2q earnings ten days ago with no hint at a management shift instead this was a sunday night announcement with lee giving up his c-suite and board seat his contract was set to expire at the end of the year i'm told some turn in negotiations likely led to the shift but the private industry sh

leslie picker has the details. >> hi, yes, sara this comes on a report from the verge citing people familiarff 20% of its employees it has about 6,400 employees plans to lay off about 20% of them the article goes on to say that they have been planning this for several weeks. they will begin on wednesday and hit some groups harder than others the article cites the t team working on ways for developers to build mini apps and games inside snapchat, they expect that to be severely impacted are the words that the article uses and also its hardware division, which is responsible for spectacles and the pixie camera drone that was recently cancelled. snap declining to comment to cnbc on this reporting, but 20% of snap's workforce is expected to be laid off according to people familiar with the matter that spoke with the verge, sara. >> leslie picker, thank you very much of course we'll bring you any more information as we get it. i guess not too shocking for a stock that's down 80% or so from the highs. what's interesting is it's just the latest in a trickle of tech companies that had seen their sto

leslie picker with the story any idea what they want here, leslie >> hey, sara we have some idea at thisnt in time. value act revealing its stake in a 13-d filing earlier today. the 11 million shares owned at an aggregate price point of $350 million makes value act among the times' top holders valueact saying in the filing that it plans to have future discussions with directors and officers about topics ranging from management to board composition and whether it makes sense for a valueact employee to become a director there. valueact also says it will discuss operations, dividend policy, financial conditions, m & a, business strategy, executive compensation, and corporate governance so a large swath of topics. bloomberg also reporting on a letter that valueact sent to investors including additional plans that included a more aggressive rollout of the subscriber only bundles, like the athletic, cross words, cooking and news, potentially even wordle. "the new york times" saying that it's aware of valueact's statement, adding as we do with other shareholders, members of our management team

biggest investors position their portfolios during the second quarter and the associated volatility leslie pickerllowing the money and following the whales, whale-watching so to speak leslie, what are you seeing? >> seeing a lot of whales out there but the theme of the quarter was managers off-loaded risk with some sporadic pretty small opportunistic buying it really does make sense, dom, considering the s&p dropped 18% in the three months through june which is the time frame covered by these filings many major investors sold off some of their tech everyone power you're in particular they lowered risk in amazon and microsoft and a louisa's trimmed their earnings in many of their tech names to stem losses in performance. michael bure knowing for calling the subprime mortgage crisis sold out of all 11 equity positions. we're talking meta, alphabet, warner brothers, discovery just to name a few. he added one $3 million bet to geeo group, a private prison operator other managers added to some of more their value-oriented plays. berkshire hathaway's warn busted up chevron and viking global doubled sta

so far. >> omar, leslie picker here. i am curious if you agree with that and whether you agree with the gains that we have seen in stocks are more of a fundamental rally than perhaps the macro things we have been talking about with regards to potential for less aggressive set policy and potential for slowing inflation and things of that nature. >> yes. thank you and good morning. a couple of things. one jock, starting with the macro question and talking about the things out there, these markets seem to be fueled significantly by the expectations that the fed will change as far as that they will be a pivot and that will be at some point less aggressive. that seems to be a little premature in many cases. a lot of bargain-hunting. there is a lot of short covering that is happening in the market. the volumes that we have seen, especially even this week, are much, much lighter. very common in august. overall, we will see the shape of the market rally seems to be a lot driven by lack of fear, as opposed to a fundamental convic

produced over 3 million cars in total falling as big as shanghai this is as some dive back in tech leslie picker joins us at the deadline >> lots of whales so far good whale sightings ahead of the deadline, saurus buying 30,000 shares and d1 citing another share of tesla these showcase the long positions held by fund managers on june 30th that's the last day of the second quarter they'll provide some insight into how professional managers capped off the worst first cap of stocks and whether they were poised to capitalize on the rebound that ensued in the subsequent six weeks there have been early filers not everybody pro crass at this nats to the deadline with soros, d1 each holding. d1 selling down data dog microsoft open door and almost the entirety of its stake in robinhood and it bumped up in snowflake and atlassian. it upped its exposure buying more alibaba and j.b. dotcom and li auto. trimming ev names including tesla and rivian it cut its intel holding nearly in half. first quarter if you recall saw a lot of managers rotate out of broken tech fearing what we saw in the broader markets we

disclosed $2 million stake and thanks to a new rule, there could be a whole lot more activism ahead leslie pickereak down the details. >> yeah, we could see a lot more activism in the months ahead somewhat technical rule change in the way that investors can vote set to take effect tomorrow and this involves something called the universal proxy card and botattles over the board, investors can vote on any mix of their preferred candidates previously investors selected either the management slate or the dissident slate. in other words with that political analogy, they would havevoted for a one party ticket but the corporate defense practice says that it is a boon to activists who are popping champagne when the rule change was first passed by the s.e.c. >> activists believe that the rule change will give them more leverage they will believe that they win one or two seats in a proxy fight anyway and so that means that they will ask for more during settlement discussions and it will make it harder to parties to achieve limited settlement and resolution outside the proxy fight. >> and the s.e.c. says th

leslie picker joins us now with a look at why shareholder activism seems to be picking up lately thisace either, is it, leslie? >> it is certainly not, tyler. activism saw a slight uptick in the first half of the year, but still well off the highs of the pre-pandemic era the second half of the year appears to be rife with activity as well. elliott confirming stakes in pinterest and paypal this week alone and bankers and advisers to companies and activists say they are expecting an unprecedented second half. >> i think we are already setting ourselves up at a good year but it's likely to be a record year for activism i predict unless there's a major event on the back end of the year, something macro or something that disrupts the markets, there should be a pretty significant amount of activity in the back end of the year >> markets are a key driver here, of course, with valuations stabilizing in recent weeks. for many companies at lower levels that's especially true of that growthy tech area. there's also a rule change coming down the pike in september that may favor activists as well

leslie picker, you are still whale-watching you have the latest breakdown. >> i don't have my whale watchingutfit on yet still whale watching in spirit berkshire hathaway also boosting its stake in apple during the quarter. $120 billion worth at the end of q2 there major investors sold off some tech exposure. exited stakes in amazon, dell, microsoft. apple loses david tepper as alphabet as well as in alphabet and micron and added to the stake in meta. tiger global, coatue sold off many tech names to stem losses in performance during the quarters and for the first half of the year. elliott, which had pushed for changes if you recall at twitter a few years ago, interestingly dumped exposure during q2 shortly after elon musk announced p announced plans to buy the company w he don't know if they hold beneficial exposure in derivatives and so forth they did get out of that exposure during the quarter. michael burry sold out all of his equity positions, including meta, alphabet, warner bros. and discovery and apple. one standout was viking global which went on a buying spree, at least double stake

leslie picker with the details. >> david einhorn taking a stake in twitter with the bet that it's takeover close. einhorn's green light capital took a stake in the media company during the second quarter in an average price points of 37.24 per share. he didn't disclose the size of the holding and we'll get a better idea when the filings opinion they provide a $17 per share upside if the deal closes and he believes it will trade down $17 if it broke apart einhorn staking his bet in merger arbitrage fashions on the findings of the delaware court he's handicapping the odds of any other buyer wiggling out to be less than 5% joking that it's the same proportion of bots that might be on twitter's platform musk is claiming that he believes that figure is far higher einhorn said that the widely held belief right now is that musk is above the law which explains why twitter shares are trading so far below the deal value of $54.20 per share. it would invite many more buyers' remorse suits in the future he said the risk reward as a results is favorable that the chancellor presiding over this case will

along with the broader sell-off, but it's the private equity names taking the brunt of the pain leslie picker joins us leslie, private equity names i guess they're leveraged to financing conditions and things like that? >> yeah. they're basically acting as leverage data when you think about the portfolio companies that sit in these large asset managers they are looking at their comparables, they are falling in the market today and these are -- the ones in the portfolio companies are liquid, often have a bit more debt on them so when you hear commentary that sparks fears of a recession, these stocks do tend to fall there's also the added headwind of the fact that rising interest rates kind of reverses this dynamic they have enjoyed the last few years where when rates have been low, they have been able to capture a ton of aum as a result of being kind of a replacement in essence for the yield that they weren't getting in traditional areas if the 10-year is higher, if there are other pockets of the credit market where investors can get yield, they don't need private equity as much to get that ou

. >> my colleague leslie picker did a story on regional banks.now that's what you prefer as well >> yeah, absolutely. for me as it relates to financials, i like the kre, a regional bank etf. for me the play with financials is own growth and net business income those are business lines the regional banks play to pnc is my favorite name in the space. to joe's point, capital markets, goldman is best in breed the ib environment has been really tough, but from a trading volume perspective and just understanding what's going on in the environment and volumes being what they are, i think goldman can still do well. that's where i am on the financials trade. >> jim, speaking of goldman, that was your final trade just yesterday. >> yeah, sometimes i get it right. you know, riffing off what jason and joe just said about capital markets and trading, i think there's another aspect to this, which is the overall big macro picture. if this cpi number today is an omen of what's to come and maybe the fed's not as aggressive, that leads to fears of recession abate,

>>> welcome back to the halftime report activist and investors fights might be able to heat up leslie pickerhy >> it could mean busier times ahead for you and me the somewhat technical rule change that takes effect tomorrow it's expected to have very big implications for the world of activism it involves something called the universal proxy card in battles over the board, this will allow investors to vote on any mix of their preferred director candidates. previously investors selected either the management's slate or the dissident slate. they say the new voting dynamic gives activists more leverage. >> the universal proxy is a game-changer for corporate america. activists were popping champagne when the rule was adopted. this is not good for corporate america. this is the most impactful rule change for proxy fights in a generation >> experts say that vote-splitting increases the chance that activists, when, say, a seat or two in a campaign where under the old system they may have lost entirely they may make settlements harder to come by, increasing a likelihood of costly proxy fights and we

all right. 4:00 eastern time, in overtime, joe is with us, kevin simpson, brendon, we mentioned leslie pickere stock move as well and give you top dividend plays. dan ives is with us, elon musk is fighting back even more we'll see what he thinks the end game is there and the impact not only on twitter but tesla by dan ives covers. wise, you're first. >> i'm short the xli it's a hedge and against some of the stocks they own are in there, but i think it goes lower. >> okay. written. >> probably early to buy here fcg is a natural gas etf i wholeheartedly agree with what josh said, put it on your radar. >> sarat >> edison international, utility in the west coast, 4% dividend in the yield, 15 times earnings, it's a great defensive play with rising earnings. >> okay. josh brown >> yeah. i think uber i think that august 1st level preearnings which is about 24 and change, 25, should be a sustainable bottom the upside is significantly greater than 4 points and i like the setup here. >>> we'll watch s&p 4,000. we're about 15 points below that i'll see you in o.t. the exchange is now. >>> thank you, sco

. >>> leslie picker is following the money. >> preempting its only 13f filing is revealing in a letter back in disney, dan lobe didn't say the size of his stake, but gave some unsolicited advice to, quote, unlock further value in the near-term. he detailed these suggestions to ceo bob cha peck which included a cost cutting program that included suspension of the dividend, the acquisition of the rest of hulu, a spinoff of espn and a board refresh. we haven't yet received third point's 13-f, those are due out tonight. it's unclear if this is a position the firm held at the end of the second quarter or baulkt in in the sixth weeks since. >>> "the wall street journal" reporting moments ago that elliott has a large position in cardinal health and is seeking five seats on the 11-person board. the article cites people familiar with the matter, the journal goes on to say that elliott's, quote, exact intentions couldn't be learned there, although speculated based on some analysts' notes that potentially they'd be looking at a spinoff or, you know, ways to trim down that business a bit. melissa.

his entire position in the company, only five months after taking a major stake let's get out to leslie pickere details and timelines behind this exit it is all the talk of the town, leslie >> it certainly is behold, before our very eyes, the disappearing memeium that's what happens when a meme stock erases the premium garnered from an investor with a cult-like retail following after he or she cashes out let's take a step back it was a little more than five months ago when ryan cohen, the billionaire founder of chewy.co revealed his stake in bed bath and beyond accompanied by a letter to the board pushing for changes. the next trading decade on march 7th, the stock soared 34%. that nearly mirrors today's price action with shares down about 40 prkt currently on news that cohen cashed out the entire city of his stake. and the stock awe its fair share in late june, the stock traded below five bucks a share after reporting sub-par quarter and ousting its ceo. this week, bby shares surged back up into the 20s and confusion over a few s.e.c. filings seemed to indicate that cohen was newly bullish. b

down slightly there is news green light capital, david einhorn's firm, taking a new stake our leslie pickers following the money and joins us now on the phone. this news coming out in a letter from green light, and what's your take here it's a little bit of a different kind of play for david einhorn. >> reporter: it is so einhorn is nope more for sparring with musk over tesla shares and now he's on the merger and that it will close. there's a theory that there's a $17 per share upside if twitter prevails in court, and a $17 per share downside if the deal breaks, so kind of 50-50 is how he's marking it, and 99% of the time the deal like this will close and he believes the delaware court sin sentivized to follow the law f.musk were to get off the hook, it would invite many more buyers or more suits and, you know, it would call into question the credibility of the court as a whole, so specifically in the report or in the letter he, quote, by saying that in 2019, largely in relation to tesla, the accepted reality appeared to be that elon musk is above the law. he was half joking, half serious,

. >>> welcome back to "halftime report," i'm leslie picker we're diving deep into clean energy playsation taking steps to combat the climate crisis with last week's passage of the inflation reduction act sparking questions about the new energy economy, what will the ripple effects be on sexplain chains and beyond as we move towards a more energy efficient era and what are the most crucial alternative energy sources out there. joining us now is vice chairman of vetify along with tom johnson, blue horizon capital partner who runs the blue horizon new energy economy etf ticker bne thank you, gentlemen, very much for being here tim, the administration pledging $370 billion in energy and climate initiatives, more spending in this area than any other single piece of legislation congress has ever passed according to goldman sachs, mostly, though, in the form of tax credits. give us your take. who stands to benefit the most here >> yeah, so as we see it, it's going to be really broad-based it's not just the groups that are going to be generating distributing, and using the energy that we cre

leslie james picker, and he's a former spokes person for the earth liberation front. back in a day they did a lot of sabotage. and this is likely explaining what the purpose is. what happens when you're successfully completing a sabotage? sabotaged mission? have a listen. they create this scenario where there is now consequence for bad behavior in a society where there is no consequence for bad behavior. a corporation can go and cut down a forest and pollute and what have you. and at the worst, they get a fine that they have no problem pain. and they just go on with business as usual. but after the earth liberation front step on the scene, mom, you know, they have to stop and think about is what i'm doing. gonna upset these environmental as so much that i'm going to be the next target of a large scale arson attack. will my company be burned down? and if they are bit target of that kind of thing, well, that's going to cost them some, several things. it costs them some money and some time and some anguish, ah, and hopefully cause them to, you know, rethink what the, wha

i'm carl quintanilla with david faber and leslie picker. we had about a 1% gain for a moment, but setting back into red good a busy morning with decent make r macrodata. >> and the last day in august. we are starting with pvh, cutting its full-year outlook and cutting 10% of its global workforce, saying it's facing a challenging economic environment. we've seen that headline a lot lately shares down about 4.5% another name in the red is hp, the latest computer maker to report a slowdown in spending on electronics. we'll end with bed bath & beyond, volatile once again, down double digits, about 23% right now after filing to selling additional common shares in the future. you know, potential restructuring at this company involving a credit line. you've got striking workforce potentially, of course this filing to raise more cash to pay down its massive debt load so, you know, shares at under $10. >> a company that's been mismanaged for a long period of time, suffering the consequences of that, went from private label, now going back to branded

i'm carl quintanilla with david faber and leslie picker. >> we're 30 minutes into the trading sessione three more we're watching another name moving higher is palo alto networks, topping earnings expectations, issuing an upbeat forecast a 3 for 4 stock split hack approved and we'll end with -- after they cut the full-year forecast the russia/ukraine war and you kip of forget they have such significant international exposure >> btig goes to neutral. so they go to neutral it's always there. >> though they have to figure out a way to spend it that will actually help to increase the possibility of growth for the company. better than expected, 200 net adds to the customer coup. >> hand to believe it was an. >> 79 i think is the low, so not that far off >> of course, it looks like many of those other pandemic names as well >>> we have retail also in focused this morning courtney reagan has those. >> both -- but with different outlooks macy 'ceo told me while no evidence of trade down, overall transactions are down. but gifting categories, beauty, luggage, those are way up. , quote inventory

i'm david faber with leslie picker we are live at poll 9. carl and morgan both off this morning.once again, a strong reception to a report on inflation that came in a bit tamer than perhaps people had expected. >> a bit of a deja vu, as you look at the screen we have 30 minutes into the trading session. here are three big movers. sonos investors have heard enough, shares tumbling after revenue fell well short of the estimates, while announcing the departure of the cfo next month. sonos shares down 23%. bumble also cutting forecasts saying it's been impacted from the war in uscience and tiff competition from the likes of tinder and then investors saying they're here to say for rental property manager vacasa. an upbeat outlook of limb 31% in this morning's trading >> a new name for me sometimes i've never heard of that company? >> i've heard of casa. >> and i've hear of vacation >>> down about ha of a percent, still up year over year. who better to does what that means than our senior economics reporter, steve liesman. good morning. >> another better than expected report this peopl

i'm carl quintanilla with leslie picker, david faber has the morning off, and morgan brennan is on maternityime we're watching a lot of macro, and the speaker's trip to taiwan >> here are three big movers, starting with oil giant bp, raising the dividend payout. getting a boost from high commodity prices we have seen this story over the last few weeks on news that activist investor elliott management is now the company as largest shareholder. shares of pinterest up 14.5%, but we'll have more on that story later this hour. we'll end with uber reporting another big loss, shares rising double digits this morning, up more than 14%, ceo was breaking down the results >> the topline is strong, $29. billion in terms of gross bookings, cost of currency, ebitda, $364 million, well above our guidance, $800 million better than last year, and then, of course, show me the money three cash flow for the first time so it was a really, really strong quarter, but it was a strong quarter both top line and bottom line. >> show me the money, carl, is what he says and they delivered clearly the market is appreciat

i'm melissa lee along with leslie picker. we'll take a check on where we stand today. s&p 500 and the nasdaq just fractionally lower >> here are three big movers were watching. zoom falling they see news hurdles to sustaining growth. they also believe other macro-related factors, cutting costs will weigh on results. you can see shares are down 6.6% right now. >>> then home depot trading in a tight range, moving higher at the op today, 2. -- >> such a knee-jerk move to sell that incredibly well d. people do not even think about who the ceo and what he's doing. >> by the way, jim cramer is here with us on set. decker is a great person, so we decided he didn't deliver effort a great quarter? no we've seem then all our lives. >> we do want to get to news involving our own company. after 28 years, mark hoffman, longtime cnbc chairman, will be stepping down from his role. in a memo to employees he writes, what a marv his can-do family we've become. cnbc stands for something. it impacts the business world, vesselorer and individuals struggling to make sense of their money. yo

i'm here with leslie picker. are both off this morning a rougher morning than we have seen of late with the broad averages all down. business inventories out just moments ago. rick san telle has that for us it's a june number, so a bit on the assetened side expecting 1.4, and it delivered exactly that, up 1.4%. in the rear-view mirror, 1.4, our last look gets upgraded to 1.6. this makes the ninth month in a row of double-digit growth in business inventories depleted kniffin tore need to be replenished, and that would kid in when we get the final revision leslie, back to you. >> thank you very much, rick we are 30 minutes into the trading session. not including the retailers. taketwo falling after being downgraded by deutsche bank. they take it to a hold from buy at what they see as a balanced risk/reward. price target is still 160 implies a 17% up side. shares down about 2% right now best gas up in early trading, following that investor carl icahn raised his stake to 8.7% >>> finally krispy kreme tumbling after m

. ♪ ♪ >>> cnbc out with a new news letter leslie picker is here with the highlights. >> peter krause,el is broken he thinks it charges clients too high of fees regardless of performance. when he launched his own firm, he placed a higher emphasis on pay for performance. he told us in the interview we did with him, the existing model in almost all cases rewards people whether or not they perform so it's a fixed fee. and as assets grow, they earn more money he said clients don't actually hire them to grow assets they hire them to perform. now, 30% is charged for any outperformance against relevant bench mark that's higher than the hedge fund standard than 20% incentive fee. it's a base fee, comparable -- a third of the fee charged by a traditional mutual fund. with higher stakes to perform, krause says in the current environment he's focused on bottoms up stock in eye picking with sustainable growth. since inception, six of 11 funds have delivered alpha above the bench marks. we spoke with krause for the latest edition due out today to see the full interview, scan the qr code. >> leslie,

i'm david faber with leslie picker and mike santoli.we'll get headlines from steve -- actually, we're going to take it right now. >> i have discussed broad topics such as the ever-changing structure of the economy until high uncertainty today my remarks will be shorter, my focus narrower, and my message more direct the federal open market committee's overarching focus is to bring inflation back down to our 2% goal. price stability is the responsibility of the federal reserve and serves as the bedrock of our economy without price stability, the economy does not work for anyone in particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. the burdens of high inflation fall heaviest on those who are least able to bear them. restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance reducing inflation is likely to require a sustained period of below-trend growth moreover, there will very likely be so

i'm david faber along with leslie picker. we are live. morgan is on maternity leave still.t's look as we go into the second half hour of trading so far. a mixed picture. well off the lows that have been indicated by the futures and the nasdaq up. wanted to come to walt disney. why are we putting that up because we do have some breaking news for you this morning involving dan low and his third point, of course large activist hedge funds that our viewers are fairly well acquainted with. actually, in fact, if you may recall, almost two years ago loeb owned a large stake in disney and was pushing for things at the board at that point in time in terms of, for example, not reinstituting a dividend and spending more money onthe dtc business subsequently he sold out of the stock, actually made a lot of money, and now he is back in we've learned of a new letter from mr. loeb to ceo in which mr. loeb outlines a number of different things that he at least suggests would be helpful to disney. the letter though is reading more like a positive letter in the sense of one that is offering

look at how wall street investors may have shifted their portfolios during the second quarter leslie pickers now what did we find out >> that's right. speaking of a humanitarian story, i'm kidding, the theme of the quarter was managers offloading risk with sporadic opportunistic buying it makes sense, considering the s&p dropped 18% in the three months through june which was the timeframe covered by these filings. many major investors sold off some of their tech exposure in particular, dan loeb exited in amazon, dell, sendesk an apple micron, microsoft. large growth investors like tiger global sold off many tech names in an effort to stem losses in performance. michael berry known for calling the subprime mortgage crisis sold out all 1 of his equity position, meta, alphabet, warner brothers, discovery, to name a few. he added one $3 million group, geo. others added to the value oriented plays as well warren buffet picked up financial, apple and chevron viking global at least doubled stakes in meta, block, blowing and dollar general and ryan cullen, the chairman of gamestop disclosing yester

leslie picker joins us with the story and the investor behind the call look at you here >> i'm here.i've seen you on set >> welcome >> thank you it takes a short report to get me here. short. it was less than a week ago that solar stocks were riding high. the largest u.s. residential insta installer, sun run but on that same day, they were slammed in a short call report even so, the shares are up by about 24%. mary powell said muddy waters report is flat-out wrong it is an attempt to mislead with grossly false and inaccurate assumptions. for over ten years, our investors, lenders and independent -- joining us to talk about why he is so negative on the stock, let's bring in carson block the day that you released the report, sun run share jumped 30%, last thursday not the usual reaction but that was coinciding with forward momentum on the climate and tax plan do you believe that these bearish theses really hold up? >> they do, because sun run's growth, if not its whole business, is built on two sets of illusions the first set of illusions says to investors, hey, after all of this debt

i am david faber with leslie picker and mike santilli. we are here for this nice friday off. day of trading of the week. we are set up yet again this week for a higher open, but we shall see. let's get to our road map this morning. it does start with sustaining sales. reports indicating apple asking suppliers to build as many of its iphones this year as