there's a new note out today from piper sandler cutting its price target let's bring in piper sandler's kumar. where are we broadly in terms of valuations in the chip space have all the headwinds been baked in >> we are what i would describe as going through the bottoming process. so we've had about a quarter worth of issues with most of our companies that are particularly related to consumer. pcs and hand sets and now we're seeing some of that weakness spread to things like iot and even industrial iot. the two areas that seem to be hanging on really well appear to be data center and cloud, and then of course automotive. so we're at a point where, you know, a lot of the chip end markets are going to some digestion of sort, but a couple of end markets are still hanging on that's -- i would say we're into it, and we are looking to come out of this sort of correction for most of the industries and markets in about a quarter or two. >> we'll dive into the specific cate categories, but i want to talk about spending as well when we have the chip shortage, we saw those spending plans put into

maria: it's cut into economic growth, we know that, mark, i spoke with nancy lazar from piper sandler is what she said about the housing market, watch. >> it's coming. >> we started a lot of houses last year, they are still completing them. you've yet to see layoff announcements in the housing space but absolutely you nailed it. you will start to see layoff announcements in housing. maria: we have layoffs in tec. >> you look at sales force, lyft, amazon, microsoft, google, the list goes on and on with regards to all of these big tech companies that are letting people go. you know, with regards to the housing market, dr horton had a pretty good day yesterday. orders came in above expectations but what kind of flew under the radar was the fact that their cancel rate. you can order but then you can cancel when it comes time to actually finalize the deal. their cancel rate a few quarters ago was 14, 15%. it's all the way up to 32% and i remember that back in 2006 i was one of those dummies and i bought one of those preconstruction homes. a thousand dollars down. in 2006. i am. [laughter]

. >>> online sports betting is taking off and that's what piper sandler says will happen to shares ofraft kings. the firm initiating coverage of the company with a buy rating, says the stock could surge 40% from here, and that profitability concerns are unfounded. those concerns, though, have pressured the stock. it is down 40% this year and, boy, it took a big tumble after earnings reports suggested that they would see a bigger loss next year than expected before turning profitable maybe in the fourth quarter of next year joining us now is the analyst behind this call, matt farrell, research analyst at piper sandler. good to see you. >> good to see you too thank you so much for having me on today. >> your initiating coverage of draft kings at a time when you have price targets on this company as high as -- not you -- your other analysts -- as high as $38, and as low as $12 or $13. give me a sense of why you think that this is a good company to own right now. >> well, coming out of q3 earnings, the company did miss its initial 2023 ebitda guidance but from our perspective, ebitda esti

piper sandler says they're too much to own and lending volume as rates go up and the rival affirm. stu: affirm is a rival. lauren: 17%, same thing. weak forecast and they're blaming peloton because it's selling fewer bikes and treadmills and a lot of people purchase the expin sieve devices with buy now and pay later with affirm. stu: citi. lauren: bloomburg is reporting they're cutting bankerring operations because of plunging refuge and down a quarter of a percent and meta is up because of the cost cutting. cutting and layoffs. that portrays there could be more not just tech but corporate america cutting jobs. stu: that's right. meta will get rid of what, 11,000, 13,000? lauren: 13% of the work force. stu: they think it could split over into corporate world. thanks, lauren. fox news voter analysis is top of mind and top of mind for vovoters yesterday. we'll tell you the most important issues and how they affected the races. msnbc rachel climbs far right are intimidating democrats. let's roll it. >> arizona is an open carry state and a lot of far right in arizona has been willing t

lauren: they are launching an online sports book in maryland and piper sandler initiated up price targetlue and just wait until we tell our viewers what is going on at the world cup. wait till i tell ashley. a growing list of big-name celebrities under scrutiny after they appeared in ads for the failed crypto exchange ftx. kelly o'grady in los angeles. are they facing a fast action -- class-action suit? >> reporter: they are. whether they will be found guilty as the gray area. the class-action lawsuit claims $11 billion in damages on behalf of ftx users, sandbankman-fried and a number of defendants, tom brady, shakeel o'neill and others and the crux, the defendants did not disclose the nature, scope and compensation related to that partnership. they disclosed they were brand ambassadors, somewhere equity stake holders but how much each got paid is unknown. is an example of an ad featuring stefan curry touting you don't need to be an expert to trade with ftx. >> quit messing around, give me some tips from crypto. you are an expert, right? >> i'm not an expert and don't need one. with ftx

nasdaq down 68 best buy nordstrom dick's sporting goods dollar trade joining me to look ahead piper sandler chief investment strategist michael kantrowitz great to see you. thanks so much for being here this morning i like what you wrote on most recent note if there was ever a time to be tuned into the macro data this is it tell me about macro data what you are seeing michael. >> yes, good to see you, maria. as well. happy monday. so we've been talking about our hope framework all year, and that is an acronym that stands for housing orders profits and employment, the way the u.s. economy reaccelerates or slows down, in every cycle, so there has been a lot of debate this year about the market health of the economy crosscurrents around the world when we break through that acronym the housing data last week we saw nahb builder confidence data fall to one of the lowest levels since housing crash of 2006 -- 2007, 2008, pmiflt's around the world contraction territory half below 50, or in contraction. and this year has been especially last several months really where profit expectations have reall

at markets down, dow industrials down 110 right now lows of the morning, we are talking about piper sandler chief global commitment nancy lazar, could go up her take on the economy next. . you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. emblematic. >>. >> . maria: welcome back, stocks are down, futures indicating a decline, triple-digits for the dow industrials this morning we are awaiting more results from are midterm elections also looking ahead to economic data important market moving numbers like cpi out tomorrow, joining me right now piper pooifrp chief global economist nancy lazar the first question has to be midterms, what are you expecting impact of midterm elections to have on the economy, or markets? >> we'll, quite frankly, from econo

bringing in a chief technician at piper sandler start with amd >> sure. amd, fundamental story at amd is constructive following amd for us here at piper and a lot of positive things happening around the data center, enterprise pc market should be a positive for the stock. technically you look at the chart, not reversed a longer-term down turn yet. still below declining average and bottom line for us is, morgan, see it close above $80 before we think it's more than a relief rally at this point in time. >> all right, craig. by the way good to see you if daylight hour, too, my friend. congratulations on biking. talk about that in a second. right now talk about toys. hasbro talked about christmas when from i understand children like christmas how's hasbro setting up? >> distributional-looking stock. >> what does that mean >> look at the chart we have here looks like a rolling over dome, when you look at the chart below a following 50 day, 200 day moving average at this point of time no support for shares from our perspective, use a relief rally to sell hasbro.

right now penn mutual asset management portfolio manager george cipollone your take two items piper sandler says was most important yesterday, that jay powell said peak rate is likely higher than previously thought number two that it is very premature to talk about a pause is that what you heard? great to see you four things, shocked market expecting pivot five bear market rallies past year so number one he said we have a ways to go number two, he said the level of rates needs higher three premature to discuss pause as you mentioned number four commitment to getting this done, now that harkens walk to when testimony in senate, and there was direct response to shelby he said we have a commitment to getting this done, because he was questioned whether or not would he be tough on reiterate same points since march. dagen: he made clear greater risk not tightening enough as "the wall street journal" editorial today points out, that a 4% fed funds rate is still negative, in in real materials. and no disinflation or easing prices happens without rates being above the inflation rate. so, the fed ha

any opportunity in either stock here with the bull case for amd is harsh, research analyst at piper sandler and nvidia camp is chris roland at susquehanna financial group. great to see both of you today amd, harsh, give me a sense of where you think there's upside with this semi manufacturer? >> okay. so thanks, contessa, for having us on your show. whether you ask us to choose between amd and nvidia, it's two of the best semiconductor stocks there are no losers here i want to start off with that. we like amd for several reasons. the near term is derisked because they reported this week. the pc segment, should be flushed or cleansed out by the end of the march quarter or the bulk of it point number three on the service side, they have two very powerful chips coming out in 2023 which is unprecedented by the same company, both going head to head simultaneously and taking share against intel and milan, the previous year's chip is on the market doing well concurrently the business, what they call is embedded is a gem. solid business, very diverse, extremely profitable you're getting a gem of a

adjustments the healthcare this is one of the issues, that a lot of analysts were expecting to help, so, piper sandlerrning, that we are going to see, we're going to see gasoline flip from last month's drag to headline, and we're going to see a few more months elevated shelter exactly what we just saw we are also seeing adjustments to healthcare insurance, your thoughts, on really where the inflation is, i know it is across the board. but, in the month of october, we saw a bit of a cooldown herschel was reporting, a temporary thing? your thoughts on numbers. >> i was doing a calculation rallying according to what was said better than expected 7. % is still -- 7.7% hitting highest that we saw until biden got into office was back 40 plus years ago, if you add 7.7% year-to-year here, but if you compare that number to how much has inflation going to be on up since joe biden has taken office 14.4%, 14.4%, real wages maria with those numbers now, real wages for real americans, has decreased 4.5%, sense joe biden has taken oath of office that is what is affecting real americans just to put food on tablecloth