leslie picker. >> they seem to be having an impact. the jump in yields having an impact on bank capital for regional banks at a time when they really can't afford it. since the end of june the 7-year yield has resulted in a 60 bp basis points hit for banks between 100 and $700 billion in assets according to data from goldman sachs on this very topic. the move in the 7-year amounts to an estimated debt worth $12 billion to capital in the last six weeks and 10% impact to book value of the aggregate group, goldman said. the impact more pronounced for regionals than the largest u.s. banks because they manage their security portfolio differently. higher rates across the board have been impacting the liability side of the balance sheet causing banks to pay out more for deposits or risk customers putting funds in higher areas. they're tightening lending standards, couple days with higher deposit rates cut into margins and the largest elephant of all in the banking industry is the prospect for additional regulation with looming capital require

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jamie dimon and montana and leslie picker. >>> our "chart of the day.having its worth day in about a year pippa stevens with the move that leads to the down side >> the latest company to warn about weakness third quarter revenue guidance came up short of expectations. the ceo telling me, quote, in the u.s. there's a real slowdown the u.s. market is not growing this year and i don't see any resolution next year the picture is better in europe. it's not a demand side issue like in the u.s. residential market 80% of solaredge comes from outside the u.s. end phase is much more u.s. focused. the slowdown is thanks to higher rates which increases the payback period for solar systems but utility projects are less sensitive and demand is robust all higher, dom, the last three months, back to you. >> joe, you sold a renewable name take us through it >> this was in the portfolio based on strong momentum at the end of 2022. this is the worst performing technology name. >> end phase energy. >> i apologize the return on equity is strong, the revenue growth is strong

leslie picker and kate rogers with what to watch ahead of cava's first earnings report a number of peopleedia pointing out issues with fidelity's website throughout this final hour of trade fidelity acknowledging that. we're aware that customers are experiencing issues with fidelity.com they say we're working urgently to resolve these issues. we apologize for the inconvenience and appreciate your being a customer. tough timing final hour of trade for anybody who trades on that site in terms of retail. >> it is the market's been heavy for a while. i mentioned the s&p was sitting right on top of last week's low, which was also exactly where that mid july breakout took place higher it seemed like it was tempting sellers to take it below i would be the say there's a lot to connect the fidelity outage it seems like too many friction points today yields are hanging around their highs. whether it's because of reaccelerating growth, inflation going to be sticky, fed going to have to be on the case or just a global story in terms of japan gdp, all that stuff into the mix with august seasonseasonal

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. >>> jamie dimon sitting down for an exclusive interview on "power lunch" with leslie picker. trength of america, as he takes his annual bus tour of the nation. leslie is with us now from bozeman, montana seems like jamie could have been holding pom poms, holding a flag, baking a pie >> a huckleberry, pie in monta. he told our audience to leave new york, leave california, get out here to montana and idaho and, you know, we met up with him here in bozeman, montana it was a stop on his annual bus tour where he meets with clients and visits bank branches in our interview, i asked him about his take on the fitch downgrade in the u.s >> it doesn't really matter that much you know, the markets decide it's not the rate names that make these big decisions number two, they point out issues which we all knew about but number three, most importantly, american public, this is the most prosperous nation in the planet it's still the most prosperous nation in the planet the most secure nation in the planet i would point out that there countries rated higher than us, aaa, but they live under t

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cnbc's leslie picker joins me now for cnbc on msnbc. walk us through the new data and what it means for people in the housing market right now. >> so chris, a 23-year high in mortgage rates is essentially causing people to stay put in their homes and that means sales of previously owned homes are dipping more than 2% in july compared with june and 17% year over year, that's compared to july of last year. all of that data is, according to the national association of realtors. and chris, this means that the pace of homes sold was at its lowest since 2010. 13 years ago, that was in the aftermath of the financial crisis. now all -- not all regions are trending in the same direction. sales dropped the most in the northeast, down about 6%. but they actually rose in the west, up nearly 3%. but the overarching problem is that no one is putting their home on the market because they don't want to forego the lower mortgage rates they've been enjoying for several decades now in lieu of the current 7 plus percent rates that are currently out there.

jamie dimon sat down with our leslie picker for an exclusive cnbc interview within the past hour leslie joins us live from montana with the highlights. >> you can potential see jamie behind me. he's on his annual bus tour, hosteling a luncheon with clients here in montana. it was a wide-ranging interview. it's a proposal at this stage, but he says the banking industry has so many rules, but very little calibration >> we need certainty, policy, the stress test clearly didn't work, so we do 100 a week, and i'm far more worried about cyber, and i just think -- we don't have -- we shouldly veg regular conversations about what we're worried about, what they're worried about, so lack of transparency with prael practitioners. a lot of ivory towers, they've never been in the real world i would like to see them get in the boxes ring someday. >> while fed officials would say that heightened capital requirements were important for stability, dimon believes the march and april turmoil would have been have prevented by higher capital rules, but he was critical of the regulators' handling of the sili

leslie picker has been watching that for us. she joins us with the details. >> all night long.ers in digging through the filings, they are doubling down in big tech in the run-up of the second quarter. the others, crystallized their gains. you're pairing back exposure to the sector stakes in alphabet and amazon were cut in half microsoft, was trimmed tiger boost its stake in meta at quart er's end and it bought more nvidia. selective in the tech space. other managers buying into the rally. don loeb telling investors its exposure to microsoft and amazon and google were offset by losses elsewhere. and we can see from the filings that their point did boost the stake in amd and microsoft took a position in amazon, worth $500 million and sold half of its stake in alphabet, google's parent company. that's the one they did pull back exposure. apple is bullish on tech adding to chinese tech names, as well. two had slashing stakes in alley babby, jd.com and li autoto name a few. they may have changed in the six weeks since june, especially for the managers who tend to trade more frequen

i wouldn't necessarily say all that is over >> leslie picker, to you the man made famous by the big shorts a new big short >> it's pretty big showing a combined notion value of $1.5 billion for some of the bearish bets against the broader market indexes mic micha michael burry, with the s&p. that puts 2 million shares of the invesco qqq, that cracked the nasdaq and it's a limited revelation. my colleague e-mailed burry for additional e-mails he puts his portfolio protection we spoke about that earlier today. that's what david einhorn is doing at green light he added that portfolio protection through index hedges. an they have themselves as worried. einhorn says the inflation is more entrenched and the market is appraising. einhorn said, we think a reacceleration of inflation and higher rates could disrupt the bold narrative as a result, he's tightened the net exposure you have bearishness in the filings. the deadline is after the close today. a small sample size, but interesting them, nonetheless. >> that goes to our conversation with, the reasons why those who are bearish, are bearish >>

leslie picker joins us with highlights from her interview with jamie dimon good morning >> good morningion to downgrade the u.s. rating, quote, doesn't matter that much. i questioned him on his core reaction behind the move and he told me washington should get rid of the debt veceiling completely he believes businesses need certainty and he thinks there' been a lack of it on the regulatory front >> we need certainty, policy the stress test clear liver didn't work. we do a 100 week and they do one. i'm far more worried about the name of that stress test we should be having conversations about what we're worried about. there's almost none of that. there's lack of transparency a lot of pop in ivory towers with a lot of opinions they've never been in the real world. i'd like to see them get if the boxing ring one day. >> he was also critical of regulators' handling of silicon valley banks' collapse >> i also think we made huge mistakes on silicon valley bank. we created a crisis that maybe didn't have to happen. they should be asking a lot of questions like themselves. whenever we make a mi

>>> good wednesday morning i'm carl quintanilla with leslie picker today, can accord chief market strategist tony dwyer is with us his recession call and chief takeaway from earnings so far this year. >> and the ceo of abercrombie & fitch also joins us. huge earnings beat here, raised guidance and the impact of shrink in retail >>> later on, roger ferguson on the possibility of not one more rate hike, but two, as we get closer and closer to powell's speech on friday >> and as we get closer and closer, the markets continue to turn higher and higher you can take a look at the nasdaq, up 1.4% right now. the s&p up about 0.9% and the dow up about 0.4% today. >> topping the tape for us is this relief in yields and why the cure for high yields is often high yields. that has been the thesis of mike santoli, who joins us this morning. we got back to 4.25. >> we did. and these are minor moves relative to the overall moves we've seen higher in yields, but yesterday we spoke about how this move above october highses in the ten-year note yield, the concern about that was for straining growth it's the ma

let's get over to leslie picker. you've been busy, leslie. >> yeah. it's been a busy year, but interestingly enough, since the end of the quarter, the kre that tracks the regionals was up 20% before today because the companies went through earnings season looking better than people feared. the focus changed from the balance sheet which has been the real, you know, focus during the first quarter of earnings, in the second quarter it changed to the bottom line, bottom line liked okay you saw modest, you know, deposits coming out of the system, a lot of that was attributed to taxes paid in april, you know, a little bit of qt there as well, and everybody said maybe the worst is behind us and they bid the stocks up. what moody's did today is reminded the market of the various headwinds that are out there. you guys were talking about, you know, obviously, the competition for deposits, the regionals' ability to have that pricing pressure relative to some of the big banks in terms of what they pay out for deposits they have to be paying more to keep those dep

i'm carl quintanilla with leslie picker on the floor of the new york stock exchange.higher yields are ahead, that's the thesis from jim blanco, and why there's one more hike coming from the fed. >>> shares of smucker higher after strong earnings. the ceo will join us first on cnbc in just a moment. >>> later, elf beauty announcing the biggest deal in the company's history. stock is now outperforming nvidia over 12 months. that ceo is with us in the second half of the show. >>> but we're going to start this morning on investor

i'm carl quintanilla with leslie picker is the pause set up for a pause?modities, ed morris, with us. >>> later, an exclusive with the ceo of sunova, first on cnbc after earnings >>> let's take a look at the markets, about an hour and a half into trading here green on the screen. nasdaq the laggard here. the dow up more than 300 points. se

we want to get to leslie picker on anticipating the list yft nur after the call. >> lyft had numbersne and dramatically trailing its rival in 2023 uber, if you recall, reporting its first-ever operating profit last week and mobility in the entire space is helping to drive the stock higher in recent weeks and lyft has undergone a big change at the top with david rischer, having stepped into the ceo role in april. for analysts the overarching question is relative to uber and overall pricing commentary and the ability for them to control various costs including insurance expenses the street is expecting a loss of one cent per share on an adjusted basis with slightly higher year over year revenue of about a billion dollars, mike? >> leslie, thanks very much. let's get to phil on rivian numbers about to hit phil >> as it was with fefk ar and with lucent and another one of the pure ev start-ups, it is all about the guidance and now they have made roughly speaking, 25,000 vehicles in the first half of this year and what do they say about the full-year guidance and it's 50,000 vehicles and t

the ceo was on cnbc with leslie picker and basically said he thought based on activity and what he was seeing that capital markets bottomed a month prior to when they just reported earnings i think that is a nice theme at 15 times with a 3.7% yield and buying back a ton of stock, i like that one. and schwab, it's about cash sorting slowing, and it is and also also have bottomed, so says the ceo the stock is still down year to date you have to pick your spots. i would not go close to any regional bank at this point. >> why don't you own jpmorgan? >> too expensive when i can get these others under one times book to me, nothing wrong with jpmorgan. i think it's a consensus loan and i will make more money in bank of america. >> joe, you own it >> i do. >> by far the best performing big bank stock this year >> it was the worst last year. >> what have you done for me lately >> i purchased jpmorgan in march. i thought they would be the beneficiary of deposit inflows and clearly that's what's happening. i also own bank of america i've struggled with that for the better part of the last 18 mont

i'm carl quintanilla with leslie picker u.s. steel, as you may know by now, rejected unsolicited takeover from cleveland-cliffs >>> transitioning on wall street former goldman sachs exec is here at post 9. >>> ceo of wheaton precious metals on his outlook on what is turning into a very interesting commodity space. >>> so far this morning, we've seen all three major indexes in the green. staging a bit of a rebound from earlier when all three were in the red. when we started the show last hour so, you know, some kind of mixed commentary today the overbought theme is still out there. you've got some concerns about china and potential contagion risks over there now some additional headlines. >> the ten-year back to 4.2 and breaking news out of the fed let's get to steve liesman. >> good morning, carl. new york fed household expectation showing one-year expectations falling from 3.5% to 3.8%. a fairly large decline in inflation among the population one-year inflation expectations are at their lowest level since april 2021 this follow

leslie picker joins us with the details. that article, so to speak, in question as well >> yeah, it's a pretty wild story. according to tiger global this all is from a disgruntled former employee it's been going on for months. it was a nine-page, single spaced anonymously written, a pdf has been circling the rumor mill for months and it caught fire in the hedge fund community. you got it i got it it's been sharing virally across the community. the piece alleges everything from internal strife within tiger to limited partner rebellion to regulatory issues tiger calls all of this, quote, a pack of lies in a letter to its investors obtained by cnbc and confirmed by the firm, who declined to comment beyond the contents of that correspondence. tiger says it's been, quote, engaged with experts to assist with response to these malicious attacks. they go on to say, unlike the anonymous coward, you know who we are, we are here and ready to answer your questions. it's worth noting the firm has rebounded from a tough 2022 after last ye

leslie picker joins us with more good morning. >> good morning, sara. lot of people hope it is i sat down with alan waxman co-founder of sixth street for our delivering alpha newsletter out today. his firm has a sizable presence in growth investing having made billion dollar plus investments in spotify and airbnb before each went public i asked waxman where we are in the ipo cycle and whether he expects the window to open soon. he said we're in the seventh i think of the cycle >> we've already started to see a real pick-up in our pipeline as people ultimately commerce has to go. you can only extend the runway for so long and there are growth opportunities out there, and i think people are starting to look for capital picking their heads up and having the ipo market open a little bit, a little bit of a small creek, helps and sort of gets commerce moving again our expectation is for 2024, volumes will be higher, i don't want to say much higher, it's hard to call right now, but materially higher than they were in 2023. >> he said this year the challenge wa

i mean, by the way, leslie picker -- >> great interview >> unbelievable interview.et's acknowledge when people do amazing things had jamie dimon say things that i thought were very instructive. obviously, does not care about the regulatory environment right now, even though he's winning in it look, when i look at -- at the magnificent seven, they are linked, hand in hand, with the 20-year, and i wish they weren't because that means that they're not going to have a good time. >> if you missed leslie with dimon yesterday, take a listen to what he said about fitch. >> it doesn't really matter that much you know, the markets decide number two, they point out some issues which we all knew about, about our debt ceiling crisis, things like that number three, the american public, this is the most prosperous nation on the planet. it's still the most prosperous nation on the planet it's the most secure nation on the planet there are a bunch of countries rated higher than us, like aaa, but they live under the american enterprise military system to have them be aaa and not amer

morning welcome to another hour of "squawk on the street" i'm carl quintanilla with david faber and leslie pickering 42 points we're on nvidia watch today but there's bond buying going on as global pmis miss in europe and the u.s. and rates are down across the board. >> nice breather for a change. 30 minutes into the session, three movers we're watching. foot locker shares slumping, missing estimates cutting guidance and suspending the dividend after net sales fell 10% year over year that stock down 33% right now. here's another volatile one. peloton plunging shares now more than 95% off their 2021 all-time highs. remember that in the midst of the pandemic and today's move, down 19%, coming after losses came in 30 cents worse than what the street was suspecting and new subscribers also dropped and watching toll brothers on the positive side beating on the top and bottom line and raising the full year home delivery guidance as they say prices rise into q4. >>> let's get to new homes with rick santelli. >> yes, this is july new home sales expecting a number around 700,000 that's seasonably adjusted

>>> how does some of the world's richest investors play the tech rally band this ai hype cycle leslie picker for today's "tech trade. it felt like to me there were more interesting layers in this round of filings >> reporter: you are right, carl those who leaned into that ai hype certainly saw it pay off in turns of returns tech focused hedge funds were the best performing strategy group they study gains of about 15% year to date, about three times the performance of the average hedge fund hedge funds were big buyers of ai plays during the quarter with the group adding, for example, 16 million shares of nvidia and 12 million of microsoft. among the firms adding new stakes in nvidia, appaloosa bought shares of alphabet, meta, microsoft and nvidia and more of amazon and microsoft by coatue tiger dissolved its stake in apple. according to bofa, the most crowded trade for the fourth month in a row you can see that come true in the filings we dug through, guys >> leslie, i know we were talking about tiger and the comeback this year generally how has the performance been >> reporter: pretty averag

he will sit down with our leslie picker they'll be in bozeman, montana, a stop on what is his annuale on a bus this time in the northwest >> do you think he travels the whole way on the bus >> i don't know if he goes the whole waonhey t bus. >> we'll have to ask. >> another important question. >> rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe t

targeting by a series of misinformation attacks and likely coming from someone with a specific agenda leslie picker joins us with the details. >> hey, tyler. this is a pretty wild story here according to tiger global, this all stems from a disgruntled former employee. it's been going on for months behind the scenes. a source sent me a nine-page single spaced anonymously written document thament alleged to be a draft for the new yorker it's not supposedly a predecessor of this pdf had been circling the rumor mill for months and this caught fire in the hedge fund community which has been sharing it virally. it has internal strife within tiger to regulatory issues among other things tiger calls all of this, quote, a pack of lies in a letter to its investors which was obtained by cnbc and confirmed by the firm who declined to comment beyond the contents of the correspondence tiger says it's been, quote, engaged with experts to assist in responding to these malicious attacks. the letter goes on to tell them, unlike the anonymous coward spreading this false narrative on the internet, you know who we are,

i'm carl quintanilla with leslie picker on the floor of the new york stock exchange. coming up, higher yields are ahead, that's the thesis from jim blanco, and why there's one more hike coming from the fed. >>> shares of smucker higher after strong earnings. the ceo will join us first on cnbc in just a moment. >>> later, elf beauty announcing the biggest deal in the company's history. stock is now outperforming nvidia over 12 months. that ceo is with us in the second half of the show. >>> but we're going to start this morning on investor sentiment. b of a noting equity inflows are on the rise for the fourth straight week with etfs being favored over individual stocks. senior stock commentator mike santoli with us. where is sentiment right now, given the nice rally? >> i think coming into this week -- we cooled off from a month ago. i think you got a little exub exuberant, probably in those single stocks. you saw the options volumes and everything get a little nutty in july. we backed off that following the market. now it's still, i think, everything has remained withi

i'm carl quintanilla with leslie picker is the pause set up for a pause?hief strart gist will join us. >>> and citi's head of commodities, ed morris, with us. >>> later, an exclusive with the ceo of sunova, first on cnbc after earnings >>> let's take a look at the markets, about an hour and a half into trading here green on the screen. nasdaq the laggard here. the dow up more than 300 points. seeing a bit of a bounce as we're about 85% of the way through earnings season at this point in time. a lot of questions we talked about last hour, you talked the hour before that about the overbought status of the market, how we reach peak fed. a lot of fed speak this morning. looking ahead to cpi and ppi later this week. >> ppi on friday in the wake of some of the international ppi numbers, which, of course, are negative in a lot of cases. meantime, banks helping to lead, better than a percent. industrials up a percent berkshire up a couple of bucks. >> berkshire helping lift other insurers because they showed how much of a tailwind higher rates have been to their b

. >> thank you very much our leslie picker. an extraordinary interview with jamie dimon. take a quick look at the markets. we are at fresh session lows right now with the dow down about 308 points the s&p is down 57 its first decline of more than 1% or move of 1% in either direction in quite a while the nasdaq is down about 2%. >>> let's bring in brookings fellow, and fellow covering banks with oppenheimer and policy analyst and cnbc contributor. welcome, everybody to you first, let's start with what you heard jamie dimon say about the importance or lack thereof of fitch's downgrading of the u.s. credit >> look, i think he's right. i mean, credit rating agencies are overly relied on by investors, by government, by regulators they're just folks offering opinions this kind of comes out of left field and i don't think it has much value when i was at the treasury department in 2011 we got downgraded and s&p and treasuries rallied that same day. i think his optimism about the economy was my big takeaway. >> will there be implications from the downgrade that we're missing for,

leslie picker joins us now with some highlights from the latest delivering alpha news letter. an, leslie, we've heard about some. we're waiting for a lot more. what's the story? >> yeah, the question is whether that some that we've heard about is idiosyncratic or the beginning of something big. i sat down with alan waxman, the ceo and cofounder of sixth street. his firm has a sizable presence in growth investing having made billion dollar plus investments in spotify and airbnb before each of those went public. i asked waxman where we are in the ipo cycle and whether he expects that window to open soon. he said we're in the seventh inning of the cycle. >> we've already started to see a real pickup in our pipeline as people ultimately commerce has to go, you know, you can only extend the runway for so long. there are growth opportunities out there, and i think people are starting to look for capital and picking their he understand up and obviously having the ipo market open, a little bit of small crack that helps and sort of gets commerce moving again. our expectation is for 2024

leslie picker is here with more.hese we call them the big regionals and maybe some of the trust banks. is that right? >> that's exactly right. there are 27 ratings actions in all, all along this same thing interest rates likely to remain higher for longer. amid quantitative tightening assets, loans and liabilities deposits, risks associated with monetary policy, have been pressuring profitability and regulators are layering new potential rules on mid size banks that could cause them to ultimately pull back on loan making which could, of course, affect profitability as well then there's that canary known as commercial real estate. talk about it all the time on this show. particularly office buildings and certain pockets of the country that have plum meted in value due to the prevalence of remote work. q2 earnings releases informed the ratings actions which is interesting because prior to today's move the kre was up a whopping 20% since quarter end and some major issues that the ratings agency flagged have been pretty

leslie picker joining us with "delivering alpha," her newsletter. >> appropriately named, right? concept. >> today's newsletter features alex waxman, co-founder of sixth street. it's a huge player in the direct lending space. m waxman spoke of the explosive growth it's seen recently. >> the die nynamic right now, t evolution changing from what was predominantly all banking activity, now more private market activity, that is a megatheme that is hitting across all asset classes, from corporate -- the way corporates are financed, small-medium -- >> public corporates? >> public/pripublic/private, re infrastructure. the plumbing of the sis ystem a how it's financed is evolving in an accelerated way. >> all the capital that's gone into the direct lending space, the private credit space, some criticized that as being the potential for a bubble. is that what you see given your perspective on the space and your view of competitors, as well as your own book? >> it might be a bubble, but it doesn't pose systemic risk. that's the important point. a lot of -- at least the way sixth street doe

telling you, you have to get a higher yield in order to get bonds through >> you won't want to miss lesli picker'son cnbc. >>> coming up, inching to new highs. caterpillar plowing through earnings estimates. >>> and later, check up on pharma stocks. diving into results from pfizer and merck, reported this morning. much more "fast money" right after this (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. >>> our sales were up 22%. we -- all three of our primary segments were up between 19% and 27% on the top line. $5.55 per share. first time we've ever broken $5. showing up in the bottom line. >> that was caterpillar's ceo earlier today on "squawk on the street." the industrial giant climbing to an all-time high on the back of a better than expected second quarter. the company sees strong demand for construction products. ra

leslie picker has the details. >> hey, mel. managers here appear to be doubling down on big tech during the runup in the second quarter. others crystallized their gains. tiger global in the latter camp here, pearing back amazon, microsoft, they dissolved apple, but it boosted its stake in meta, to hold $2.5 billion worth of that company at quarter end and it bought a lot more nvidia, as well. other managers actually buying into the rally third point's dan lobe telling investors in a letter at the end of july that its exposure to microsoft, amd, amazon, and google were, quote, undersized and the profits from those positions were offset by losses elsewhere during the quarter we can see from today's filings that third point boosted its stake in amd and took a new position in amazon, worth about half a billion dollars at quarter end and actually sold more than half of its stake in alphabet, which is google's parent company apple broadly bullish, boosting stakes in alphabet, amazon, microsoft, and adding to chinese tech names, as we

l leslie picker has the details. >> a sizable bottom line beat for lyft, reporting 16 cents of earningstreet was expecting a loss of 1 cent that sent the stock skyrocketing as much as 13% in afterhours trading, but it has since come down on a q-4 revenue growth outlook that was a bit lower than analysts were expecting the conference call near completion here, but kicked off with questions for the company's relatively new ceo on his strategic vision he gave a sense as to how they feels about volumes versus profitability. >> first, do the right thing, and then do things right so, the right thing is for us to offer an option in our app that allows our riders to save money when they want to, and everybody likes a deal and then, over time, we're optimizing the profitability of that now, any portfolio is going to have some lower margins, some higher margin products i expect this to be a lower margin product forever >> our producer laura bachelor spoke with irrisher who said market share is 32% quarter over quarter. market share an important piece of this industry, melissa. >> leslie, thank yo

leslie picker. >>> up next, we'll get you ready for the monday morning opening bell on wall street.professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. (vo) explore the world the viking way td ameritrade. from the quiet comfort of elegant small ships with no children and no casinos. we actually have reinvented ocean voyages, designing all-inclusive experiences for the thinking person. viking - voted world's best by both travel + leisure and condé nast traveler. learn more at viking.com. (warehouse ambience) introducing togo's new french dip sandwiches featuring fresh artisan bread piled high with tender roast beef, smothered with melty provolone cheese and served with hot au jus for dipping. try the roast beef or pastrami french dips today only at togo's >>> the futures are up, but they're not up like they were, and the major averages are havin

i'm carl quintanilla with david faber and leslie picker, live at post nine of the new york stock exchangen has the morning off. muted open here around 4400, but there is something for everyone today. banks, retail, semis, china, fed speak and a lot more. >> ipos, deals, it really is a news worthy tuesday here. we're 30 minutes into the trading session. here are three movers we're watching today. shares of dick's sporting goods plunging this morning. reporting a 23% drop in profit in the second quarter, also slashing its earnings guidance amid an increase in retail theft and slow sales in the outdoor category. those shares down about 23% right now. >>> target, another retail mover, hitting a 52 week low as nvidia racks up another all-time high, though in the redhead of results tomorrow. >>> and shares of macy's dropping despite a beat on the it top and bottom lines. the retailer striking a cautious note about consumer spending in the back half of the year and standing by its conservative full-year guidance. shares now down about 8%. ceo jeff gennett joins us to break down the numbers in ju

the economy, bank lending, and a whole host of other issues when he joins "power lunch" with leslie p pickerost 1% but still off their lows this morning. and we're also paying close attention to the s&p futures over the last six hours. take a look at this. right now you're seeing a smart decline. s&p right now, the futures down just under 1% off of its lows. early this morning you're seeing the slight upturn in the last hour or so. >>> we also want to take a look at treasuries on o the back of fitch's downgrade from aaa to a a-plus the ten-eer benchmark at 0.02 off of the tide of yesterday we'll continue to watch the yeeds yesterday. let's talk more about this with brooke maine here in the house thank you for being here. >> thank you for having me. >> we oop've got to start with the top story. fitch downgrading. do you see it impacting the rest of this trading day, the rest of the trading week what's the long-temp impact? >> it's disappointing to see the downgrade. it's disappointing i get it thoechlt it went from 3.7% in 20202 to 6.3% in 2023. that's a significant increase. debt ceiling neg

i'm carl quintanilla with leslie picker u.s.liffs >>> transitioning on wall street former goldman sachs exec is here at post

i'm carl quintanilla with david faber and leslie picker here at post nine.has the morning off. trying to get a little bit of bounce after three weeks down for the s&p. a lot is going to depend on the data and the earnings headed our way. some high-profile ones including nvidia. >> a pretty big week. wea we're 30 minutes in. tesla rebounding this morning, though still in correction territory after a double digit fall in august. shares more than 25% off 52-week high and up 6% today. >>> and nvidia, carl just mentioned it, continuing its ride higher. hsbc raising its price target to $780 per share as baird calls it a top pick ahead of results later this week. that stock up about 4.5%. and finally, palo alto surging after a strong eps beat and guidance. more on those results in just a moment. >>> well the dow is coming off what was its worst week since march. the nasdaq posts its biggest three-week drop since december. all this as investors brace for fed chair powell who will be at jackson hole later this week. steve liesman joins us, of course. he gets ready fo

in portfolio moves revealed late yesterday, some of the world's richest investors, let's get to leslie picker. you say rich investors, you think berkshire hathaway that firm revealing a few new stocks in the home building sector the firm disclosing it owns a stake in d.r. holton, worth about $276 million at the end of the quarter and showed smaller positions in nvr worth $71 million and lennar worth $17 million. likely a pick by one of warren buffett's other managers in total, the home builder exposure is less than $1 billion, a small fraction, of course, of berkshire hathaway's $350 billion in equity investments. shares of d.r. horton and nvr and lennar moved higher when berkshire hathaway revealed this after the bell, still moving higher today this showcases managers' long equity positions and backdated to june 30th it's not the firm's first foray in the building product space. privately, berkshire hathaway owns clayton homes, which does manufactured and site-built home construction, and owns shaw which does flooring and benjamin moore. this declined 2% in q2, according to berkshire's earni

leslie picker joins us leslie, hi >> we could be getting a little bit busier here.billion under management but this is waxman's first-ever tv appearance sixth street does direct lending to real estate and sport franchises and even agriculture and has a sizable presence in growth investing having made billion dollar plus investments in spotify and air b&b and whether he expects the window to open soon. he said we're in the seventh inning of the cycle. >> we've already started to see a real pick up in our pipeline as people -- ultimately commerce has to go. can you only extend the runway for so long. and there are growth opportunities out there. i think people are starting to look for capitolal and picking their heads up it gets commerce moving again. our expectation is for 2024 volumes will be higher -- i don't want to say much higher, it's hard to call right now but i would say materially higher than they were in 2023 >> so he says expect to see more activity in the fourth quarter and into the first quarter of next year. and private credit and as well as whether we'