. >>> we have piper sandler cutting amex to sell shares are down more than 5%1.we'll get to that call when "squawk on the street" returns >>> it's been a big weekend at the box office with barbenheimer bringing in over $200 million. imax, which is screening "oppenheimer" notching its biggest weekend since 2023 bringing in $35 million for the company, which is imax's biggest share ever of a film's opening weekend box office with 20% of total receipts joining us for an exclusive interview is imax ceo rich gelfond. w why was this unique for imax >> historically imax is an ancillary part of the box office if it's a hollywood film, you get drift off the marketing. but this chris nolan filming with imax, he made imax the centerpiece of his marketing campaign we led the way globally. as you said, it was 20% worldwide but 26% on 1% of the screens in the u.s it was 20% on 0.7% of screens globally we really led the box office as a matter of fact, i think there's a paradigm shift going on right now if you look at our indexing for hollywood movies over the last year, we've b

20% and sweet green a gain of 7% and salad chain nabbing a much coveted overweight rating from piper sandler and expects sweet green to nab the number one market share position in the fast casual salad segment. we're joined live in the hour and antony sotteau and stocks are up and bulls are partying and the federal reserve said the team pushed a recession off the table and all traders know parties run out of beer and munchies so what signs should you look for for that indication that the party continues or peter's out? to the floor show infrastructure capital ceo jay hatfield and chief economist jacob bryant. people are starting to leave or not? what are you seeing? >> we've been super bullish from the beginning and we've been correct and we even residented our target to 4555 to 5,000. the only caveat rate right now is we have two overhangs and first of all earnings seasons going to end and we get this september and october and lack of information and typically bad for the market and full back and we're get ago bit cautious and other overhang is rates and we've been correct about the stock m

china producer price index down nine straight months in june better-than-expected, piper sandler chief economist nancy lazar back with you welcome back. maria: nice to see you. maria: i want to get your take on second half of the year i know you've been zeroing in on the ask consumer the health of the consumer and you've said we are looking at a slow grind into recession you are not expecting a recession till fourth quarter at least later this year how would you assess second half right now? >> well, continuation third quarter you can going to see growth continue to slow slow further into qyou saw payroll data last week, as we move into the thairnd fourth quarter he we think will continue to deteriorate, watching, claims carefully following model claims should have turned up second quarter based on lag effects what fed started in march of 2022 if that continues to deteriorate profit margins revenues more pressure on companies to pull back on the job market the labor market, announcement rate up 3.6% still too tight means fed does need to raise rates, as suggests they will, really have

. >> the stocks are plunging almost 4% from piper sandler it's about a little better about 12.5%.alysts are saying is the loans continue to grow and they're pressured by higher interest rates it's 11 bucks a share, which is lower than the trading price green goddess, that's my go-to sweetgreen salad shares are jumping right now, not because i like the salad, but they're the stock to buy, setting growing foot traffic the analyst says it could help with margins keep in mind it opens up its first location in illinois. >>> meta shares meantime pulling back slightly following the launch of its new twitter rival threads. it's already racked up over 37,000 here to explain what it means is alex not every day you get a big entrance in this area. what is meta after in terms of the size and the revenue this is not necessarily a make or break business opportunity, but what is it doing >> there's always hesitance to go after the twitter space because it seems so small. twitter's best year was 2021 meta made over $100 billion last year le with relatively little extra work, they could end up mak

piper sandler downgrading carvana. higher valuation will provide a longer term outlook.g a look at shares of car sd carvana down .50% in pre-market. and evercore downgrading sirius radio following the 42% move to the upside on what was no news update sirius is the most expensive stock in the u.s. and cable universe with secular concerns about long-term growth popped yesterday down this morning. down 9%. >>> it is time for the "global briefing." swiss mining giant raising the guidance to $4 billion which is up from $3.2 billion glencore said the first few months of the russian invasion and now they normalized. >> this as price pressures in the country of japan start to broaden p with the drag from energy prices. >> chinese authorities boosting sales of automobiles and electronics with the goal of shoring up the slowing economy >>> the weak economic data wayingw weighing on the recovery and the busted property boom negative sentiment extending to equities as more investors weigh risk and reward of the chinese stock market the wall street journal characterizing this as a lo

and we just hit the stock a moment ago piper sandler raising target on apple ahead of earnings to 220. apple is well positioned and the chinese consumer shares are well positioned shares up in the pre-market. >>> it is time for the "global briefing." the european economy showing growth after months of stagnation second quarter gdp rising better than expected. .30% data showed inflation continues to fall. pearson saying the forecast after the first pre-tax profit revenue rose and they cited performance ando outlook and shares of heineken sinking after the forecast on weakening consumption. operating profit slumped in the first half and beer volume dropped as pricing increase by 13%. shares of heineken in the red as well. >>> coming up on "worldwide exchange," the one word every investor needs to know today and stocks looking to close out the sizzling july. our next guest says what we need to keep it going. >>> if you missed "worldwide exchange," check us out on apple or other podcast apps. stay with us >>> welcome back we have live shots from around the world this morning up on the top

. >> all right joining me now is the managing director at piper sandler.ood morning that ing you for being here. >> good morning, frank thank you for having me. >> pick it up where james gorman led off. the worst is over. they're guiding for a 25% decline. do you believe that the worst is what we're going to see in this quarter in its own upside for goldman and big investment banks? >> i think that's a fair assessment to me from what i'm seeing, it feels like maybe we need to get to 24 before we see a real pickup in activity especially in the financial space where we, you know, spend most of our type it looks like we're going to neat to get into that time period where rates suggest and multiple deals can be more where they used to be. i think we need that move into 2024 we need more normalization. >> when you say you need to see rates adjust, exactly what does that mean? >> i think, you know, in the financial space, if we can see rates move lower or stabilize, we can understand how it can work from a financial -- for a bank in particular, and, again, just

, most regionals says deposits stabilized neither interest income jumped opened mixed earnings piper sandlerctor jake great to have you thanks for being here i want an assessment of how you see things right now, taking into account, the better-than-expected, as well as growth slowing down how do you see it. >> on bank, i think what came out, macro head on, you look at big three what do they say loan growth slowing stress point for consumer tightening lending standards, we've had course last three-quarters, or slightly more now then you see, the sort of none revolving credit cooling, takes longer why because business consumers tap credit lines under financial stress i think stage at in credit cycle slowing impediment to growth weakest numbers since early covid, in terms of the fed numbers recent i think going to be here a while classly leads economic growth down up. maria: on heels of 10 rate hikes. when do you think we're going to feel impact of all rate hikes, because we've seen it on some areas, like housing, like autos but not overall you say a major theme is corporate profitability down

. >> what about zillow surging more than 10% after piper sandler upgraded the stock to overweight from neutral, liking thefrom neutral, zullo, of more than 60%, this year. does the stock have more room to grow? are higher interest rates going to pose a problem? >> this is a super interesting stock. i think, if you look back to 2021, their biggest revenue generator crashed and had to reorganize the whole company. everything sort of fell apart and that made for a better picture come here. what zullo is doing, then i'm going to invest in ai, so they will have these interactive types of scenarios, where you can virtually visit a home, you can work with chet gpt to ask questions about that home, so i think it will better the home purchasing experience. closer toward the end of rate hikes, we hope things start to come down, and everything becomes steadier but you still have a supply issue. i do think that zillow has room to run. >> can accord says it is a buy, the stock has had an ugly run, down 25%. the argument is that better days are ahead for the consumer goods company, but do you agree?

target o nvidia it is in the best position as the sector is in increased de demand shares up .7.75% piper sandleroving zillow to overweight looking at share gains and bottoming in the housing picture with improvements next year. looking at shares of zillow up 3% jefferies upgrading jpmorgan chase to buy j jefferies calling it a winner with strong liquidity positioning and best in class position shares of jpm up 1%. >>> time for the "global briefing." time to look at trading desks around the world chinese real estate stocks getting a boost after beijing announced two policies to support the real estate market there. the policies will remain in place until the end of next year china's automaker geely will sign agreement with renault. the remaining stake will go to a subsidiary of geely. and $9 billion shanghai ipo, ago to jpmorgan chase and an hsbc, among those working to bring investors to the biggest public offering this year >>> ahead on "worldwide exchange," the one word every investor needs to know today and truist advisers keith lerner says this signals a bull market to him >>> if you miss "w

lauren: this is a stock that more than doubled this year, and they just got an upgrade are if from piper sandlergo up 32% to $95. so the home furnishing industry is apparently stabilizing, and, therefore, wayfair can gain market share. during can covid everybody fixed up their homes, we were working from home, hey, i need a planter in that corner, and now it's three years later. maybe we're starting to buy furniture and accessories again. david: and a good old old-fashioned name, adobe. lauren: look, stock's up 3.5% because photoshop will be using artificial intelligence. you can perfect everything, so this is montization of a.i. for adobe systems. morgan says they're going to overweight, and they like how adobe's integrating a.i. into their work flow, and they say this is enabling stickier customer engagement. david: all right. we'll all look 30 until we're 7- [laughter] unless you get too close. lauren lauren i mean america it's useful, i always say when your taking your christmas card picture, everyone looks perfect except for that one person. you'll never have that problem again. david: disn

. >> dow down more than 1%, piper sandler says that increasingly concerned that american express willhitting the revenue growth of 10% because despite record spending the consumer might be pulling back on how much they spend they cut the company to underweight and cut it down to 149. stuart: nikola and electric truck maker. >> two dollars and change stock down 6%. an electric truck one fire and nikola truck in the same truck went on fire again. we don't know why and that is unsettling in wall street. >> yes it would. >> gap. they own athletic there leisure brand has a new ceo his name is chris blakely he comes from a low and a leisure brand that is very popular. lots of competition. they're trying to right the ship up 4% with the new entrance you dropped 11% in the last quarter. stuart: asked leisure stuff is something i never buy. >> men are increasingly buying leisure. if you pay attention to the work pants there a form of yoga pants, you cannot tell. >> i don't expect to see all guys flaunted around in that. >> you would be surprised. stuart: a new fox business poll reveals republi

piper sandler's senior analyst joins us now overall, scott, how would you characterize the quarter fors for having me. the bank earnings season has gotten off to a better than expected start with the biggest banks reporting. some of the panic fears which you alluded a couple moments ago seem to have dissipated i think investors are reflecting that in valuations so realistically the strong start we've had from the biggest banks, that could lose some momentum as more regionals and smaller banks start to report and might see more pronounced pressure on their deposit costs. overall a pretty good start to the season. >> david was mentioning pnc and the regions. even the regionals appear to be in better shape than what was expected so is there an opportunity here for these stocks >> you know, to a degree we've got historically low valuation. i think today what you're seeing is probably some of the regionals. you alluded to pnc had a weaker than expected guidance, but i think it's still being pulled up by the stronger results like bank of america, for example, and even there they guided to pe

. ♪ >>> welcome back piper sandler upgraded its rating on walmart to overweight.y believe as grocery inflation subsides the retailer has an opportunity to extend its market share gains we're looking at a different story with disney. it was moved to underweight and 76 bucks per share and factors include the fading popularity of the marvel franchise, "star wars" and pixar franchises initiating take two and grand theft auto 6 could represent upside potential >>> it's time now for your "global briefing." we begin with chinese equities rallying in the market's first chance to react to the top decision-making body vowing to boost employment and expand domestic brand and revive a tortuous economy beijing asking law firms to tone down the language used to describe china-related business risks in offshore listing documents of chinese companies and warning the failure to do so could cost them the regulatory green light for ipos. >>> indonesia that is trying to attract investment from manufacturers of evs and is now in talks with major companies like tesla and byd speaking a

nothing let's talk about valuation for a second one of the points michael made this morning at piper sandleright now, which is the upper end excluding bubble areas of what the market has ever been able to sustainably trade at so make the case for a 19 times multiple on a market where you go, obviously big tech is still overweighted and the nasdaq is rebalancing. at some point, are -- i don't know what the catalyst is, but can we stay up at 19 times >> look, 19 times, maybe historically this could have been extended, but you do have big tech, with really good margins that count for 27% of the s&p 500. the answer is no so if you look at some of the big tech companies, again, software and semi conductors, the margin is double what it is for the s&p 500. and it's such an important weight i think that's partially what is propping up the valuation. if you exclude big tech, then the s&p multiple is right in line with the ten-year and 15-year average. so i don't have much problem with valuation, as long as the economy is not in a recession. you know, of course this is a very stretched multiple of 19

record youth unemployment in china and tops 20% and piper sandler is cutting este lauder, the owner of mac, because the china recovery isn't happening. stuart: that's the company reaction of mac that i've never heard of. now this, you've got it on you. lauren: everyone has mac. i think you wear mac every day and don't even know. stuart: that's probably true, i don't know. i've got to fly. barbie smashing records at the box office. whoop de do, roll tape. >> hi, barbie. hi, barb reigns leading. >> hi, barbie. >> hi, barbie. >> hi, ken. >> hi, ken. stuart: look what i missed. okay. movie theaters had biggest weekend since before the pandemic. as we like to say, we'll break down the numbers. the top big tech firms, they sign a white house pledge to address the safety concerns of artificial intelligence. it comes as the president promises more ai laws to come. lucas tomlinson will have our report at the white house. new fox polls show donald trump with a commanding lead in iowa and south carolina florida congressman mike walz already endorsed tram and who does he think benefit -- trump and

if that can get through, that can add extra value to the breakout >> up next, zillow piper sandler upgrading stock to overweight today, citing a more favorable setup for the housing trade. shares are 75% all their all-time high made in february 2021. >>> think zillow is good representation of the high growth arena right now a lot of these look very similar. so, it seems to be more of a topdown move than anything else, but still being a great way to play it. it bottomed in 2022, and it's just been kind of stair-stepping higher off of that low very gradual uptrend, but a gradual uptraenend can be sustainable. >> and mshares of mattel are up. tim is very excited about the movie. still, the stock price is less than what it was a decade ago. >> this is a newer breakout and has the shape of a double bottom pattern. you have a successful support, followed by around momentum. it seems to be around the movie. looks like a real breakout to me >> you don't own mattel -- >> i own all three of these companies. >> yo so you're happy to hear ts >> zillow's had a tough one. coinbase, i'm under water. mattel

i want to bring in piper sandler chief global economist nancy lazar.g parts. but seems like the glue is the con super. the consumer confidence numbers are pretty good. how do you think the consumer continuously stepping up to the plate to keep all these balls juggling? >> first the question is right now where are which in the economy? right now you're absolutely right, the consumer looks to be in a goldilocks situation. unemployment rate is 3.6%. headline inflation slowed significantly. real incomes actually increased. that helped explain why the consumer confidence surveys have increased. but, my job is to try to figure out, well, how sustainable is that, where are we going? and, if you just maintain that status quo you're ignoring important leading indicators that suggest indeed the economy is deteriorating, will continue to deteriorate and the consumer will at some point see a tougher job market making it more difficult obviously for spending to continue at its current pace. charles: do you think the idea, this fomo, fear of missing out, or yolo, yo

piper sandler upgrading today. ed, thanks for joining us. much is, thankfully, a slowdown in the increase -- not a decrease, but a slowdown in the increase of grocery prices helping or going to help walmart? >> so we think we started to see this process begin, you've seen it in areas like dairy and protein. we've detected a significant uptick in the amount of rollbacks, so packaged food, and so it seems like vendors are trying to drive volume at walmart, walmart is partnering with them and they're driving prices lower for consumers we've seen back-to-school right now at last year's prices. so it seems like the pressure is starting to abate. >> and, again, i was reading your note and i live and am married to a consumer products executive, so i know about how walmart works internally, which is kind of this mysterious thing with rollbacks and you get these vendors. tell us in laymen's terms, what exactly is happening and how walmart is benefitting from companies -- you know, the sfl suppliers who will temporarily lower prices to increase volume

piper sandler downgrading to a neutral. and you can read more about this in the 4-plus percent move in coin base on cnbc. don't go away. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> a couple hours into trading, we continue to shave away at some of these opening losses let's get post-to-post with bob pisani >> the internals are much weaker than it looks. we open 4-1 declining-to-advancing stocks. and with a new high on the s&p, you would think we would have a nice new crop of new highs out there, but less than two dozen new highs on the new york stock exchange that's not very impressive, and a lot of them are old names like walmart that have been around for a while. everyone's talking about broadening out the rally in the second half. we've all been talking about it for weeks. i just don't see it. that's part of the problem that i have look at the stalwarts and the standard big

want to bring in piper sandler chief investment strategist, michael kantrowitz.n twitter you posted this. 78% retracement. no other bear market bounce has done this much. you retweeted, what about adjustments like inflation? >> the point i was trying to make a lot of these bear market rebounds, all of these rebounds except the current one were a as a result of recession whereas clearly we didn't have a recession last year. we didn't see big job losses, broad-based economic downturn. the rebound, why did the market go down last year? inflation, rates. why is the market going up this year, those fears abated massive syly if not completely. to decks allize this from history you need to realize it is different from the past. charles: can we trust the worst is over? for a long time the october low was going to be retested. i don't know anyone still in that camp but do we still see okay, is this a bull market or a bear market? >> we would argue, we call, been calling it a pivot rally. that happens all of the time after every single tightening cycle as the market percei

piper sandler chief strategist, michael cantry which is. you rethinking -- i started the week with this. you're part of this. this is the biggest cap in history between the s&p 500 target on the upside and target on the downside. own the downside is the guy named michael. a guy named tom lee is on the upside. this is really historic and it's really but you're, you have some company i should point this out. also second half of the year this is the average year-end target is the lowest second half of the year ever. i will say the other years, the second it was down, the four times the market ended up higher. so are you retooling your thinking at all? >> we are not changing our broad opinion that the second half markets are going to struggle and the lag effect of all of this policy stimulus will continue to show up in weaker labor data. charles: we just had dana who was lauding the labor data. she is saying employers out there raising wages, real wages are up for the first time, 2, 27 months. you know, job openings are still near almost 10 mil

lauren: piper sandler upgraded to overweight. stock's up 12%.y see shares going up 35% because of margin improvement. sweet green is opening this new infinite if kitchen, completely robotic. if they can do that in more of their sweet green restaurants, that helps to save money. david: the next one is a sad one. trucking giant yellow says it's shutting down operations altogether. what happened, lauren, and who does this affect? lauren: the who is 30,000 workers, most of them teamsters, union workers. yellow took on more debt than it could handle, so now it faces an impending bankruptcy. they've been around almost a hundred years. some of their big customers were walmart and home depot, but they delivered for a lot of people. they actually got a covid lifeline, and now the government owns 30% of their shares. it's a penny stock, and treasury's owed more than $700 billion -- david: oh. it's going to be hard or to get that back. taxpayers are going to have to take a dive on that one. >>> well, ron desantis expected to release his economic plan as as

walmart it's the world's largest retailer it posted 611 billion in revenues last year and with piper sandler upgrading walmart from a neutral to an overweight do you think it's a buy even though it's close to its 52-week high >> that's the problem. we had a reversal come in today. why don't we let it come in a little more? i will tell you this sam's club is doing incredibly well, which is why i think walmart's doing incredibly well. maybe you buy some tomorrow but then give it some room i like to do a 5% scale. in the club people know, i buy a little more, then wait for it to come down and buy a little more. we are overbought but i think walmart is a very good stock and that is being driven by sam's. randy in pennsylvania. randy. >> caller: yeah, boo-yah the third time's the charm you are the best fly eagles fly we're going back and we're going to win >> playing on another level. >> we're going to win. coming from the horsham center sports talk. we invite you to come. we just had scott palmer we want you to come, jim >> thank you very much >> caller: i sent you a gift i hope you wear it the

numbers holding up do you still think we will see a recession nancy lazar was on yesterday from piper sandler said she is pushing recession out still thinks a recession but you the the ended of this year into next year. how do you see it? >> so a i think the risk of the recession still very high they have to raise rates further we have to slow the economy, they know that. there are seeing big economy kind of -- -- they are going to continue to move i think risk of a recession remains high, as you still moved interest rates a factor of 25 we are seeing economy slow, and some of that may occur, that causes confidence to wane more that would i think, push high into recession more quickly. >> adam you have to square the circle for me much rally that we've seen this year in stocks, i am talking about 31% gain in the nasa, and double-digit gain for the s&p and dow, partly was because of expectation, from market players the fed was going to start contracting rates i think pretty clear to all of us at this point the fed is not going to cut rates anytime soon we still have expectation of rally second

piper sandler is downgrading it to neutral after the overweight. target price up 48 from 39 bucks they need more market share gain carvana is well off the peaks we saw during the pandemic. it has been a very lightning rod stock. joe. >> that's right. quite a chart, dom thanks for more on the markets and earnings, let's bring in keith banks of the pension and benefits plan of bank of america. keith, good to have you on i'll not have to shame you into your callcalls. you haven't been on in a while in charge of pension plans -- you need to stick to some rules in terms of asset allocation you need fixed income. you need a stable portfolio for pensions, but need to be invested in stocks as well i can't ask at the beginning of the year what you felt about the markets. you were probably fully invested depending on the assets allocated. >> correct at the beginning of the year, we were not as bullish as the market has played out to be this year, joe. we, to your point, is our recommendation is to be fully invested in equities and fully invested in fixed inc

. >>> well, after a quick break, piper sandler's top stocks to buy and avoid in the quarter ahead.with the firm's chief investment strategist that's next. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com we earn your trust. maintain our financial strength and stability. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. >>> welcome back to "squawk on the street." i'm centrsilvana henao with youc news update. baltimore's mayor will not stop until they find someone responsible for a block party shooting, that killed two people he told nbc news this morning that police are still investigating whether the shooting was targeted. however, police say they have no suspect or motive yet. >>> israeli forces hit the west bank city with drones today killing at least eight p

9% the retail pricing and information platform is getting upgraded to overweight by analysts at piper sandlerlso goes up to $62. it was $42 they like amongst other things the trajectory for market share gains and broker ad budgets and better housing macro trends going forward. zillow up 9.5% there a check on jpmorgan chase, america's biggest bank higher by fractionally, three quarters of 1%, getting help from analysts at jefferies who upgraded that stock to a buy the target to 165 from 149 they like jpmorgan's more stable earnings outlook, better revenue diversity and think it's the best position bank to navigate a world with rising capital requirements of course all eyes on that stock and others at the end of this week we get earnings reports from jpmorgan, citigroup and wells fargo, all on friday morning guys, before the opening bell. sara, big week for big banks i'll send things back over to you. >> more upgrades than downgrades lately does that signal something >> what's interesting. we always talk about this notion that sometimes analysts do ratchet do their expectations going into earni

oppenheimer said fundamentals have not improved and they're caution going into trading then you have piper sandleraying it's all about valuation. what investors need to know about this fall when we're back in a moment. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. ( ♪♪ ) ( sfx: people cheering ) ( sfx: stock exchange bell ringing ) ( ♪♪ ) ( ♪♪ ) ( sfx: people celebrating ) ( ♪♪ ) ( sfx: people celebrating ) ( sfx: stock exchange bell ringing ) new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose res

. >>> and coin base up more than 100% year-to-date but under pressure today as piper sandler downgradesshares are down 2.5, 3% carl >>> let's get to dominic chu with the latest. >> we have carl morgan coming out, u.s. made factory orders coming out for the month up .3%. that comes in below expectations the consent was for.8% gain versus the month of april. in april it was about .4% as well so we are seeing a slight reaction there as you break things down, factory orders if you exclude the transportation side of the economy down half of 1% versus the month. you are looking at a consensus of down just about .6% if you strip out the defense spending side of things, may factory orders gained .8% versus april it was an expectation of a drop of .6% overall. one more thing to key in on, it's the durable side of things versus non-durables. on the durable side of the equation we saw a u.s.-made revision to 1.8% of a gain from a 1.7% before and nondurable orders down about 1.2% versus april, down about .7 was the expectation there. overall the markets seemed to be taking some of these in stride b

neutral citing the company's growing foot traffic, up more than 60% year to date watch affirm, piper sandlerhe stock to underweight. expects higher rates to pressure operating margins. >> ism services in jolts back to rick santelli. >> yes jolts out for the month of may expecting a number around 9, 900,000. a miss, 9, 824, 000. and last time we were anywhere near that number, we would have to go back to actually only march. march when it was 9 million 745,000. nonetheless it is a miss if you look at the five numbers for 2023 thus far, three below 10 million if we look for services side from ism, 53.9 the june read 50.3 in the rearview mirror. 53.9, the best level going back to february when it was 55.1 54.1 on prices paid and we all know this particular number f you're monitoring inflation, and its impact on fed decisions you want it to be lower. 54.1 follows 56.2. 54.1 the lightest level since march of 2020. if we look at employment, 53.1 remember this is services, 49.2 in the rearview mirror, under 50 our last look. the first time since mid 22. we popped up nicely, 53.1 the best read since

friday, weaker than expected quarterly results pushed the stock down today you get an upgrade from piper sandlert. they're saying, by the way, they think the tide may be turning. joining us at post nine for his first on cnbc interview is sweetgreen ceo and co-founder jonathan neman good to have you here. ♪ >> you want to explain to investors what you think may have happened to the stock in response to earnings friday and the rebound back to flat over two days >> absolutely. this is a big quarter for us we expanded our margin to over 20% for the quarter. we saw comp store sales of 3% with positive traffic. we grew 22% year over year leading to our first adjusted ebitda profit as a public company. all to say we're proud of the results, and it brings a lot of momentum. >> why has it responded negatively to on friday and then today seems to be regarded differently, do you know >> we missed slightly on the top line with revenue and i think we have a lot of things we're working on to continue to drive our comp store sales if you look at the overall picture year over year, 22% growth reducing our loss

joining us is piper sandler's christopher wray mond who has an overweight rating and $360 price targetere curious, kind of are you surprised by the market reaction today? >> for today's action, not really this approval, this full approval or traditional approval, as the fda is calling it now, and cms decision, was pretty wildly expected this is more of a near term sell the news phenomena. >> what do you think demand will look like now that it received the fda approval how is that factoring into your price target there >> yeah. so i mean there's controversy on this i think folks that look at the warning label, for example, the new label has a black box which i think is a surprise to folks, and it's somewhat onerous, you know, administration protocol, if you will, folks that look that would argue that doesn't, you know, argue a strong commercial uptake, but we've done an extensive amount of survey work, pretty interesting, the majority of alzheimer's specialists, about 80%, view this as a major advance in the treatment of alzheimer's we asked docs upon traditional or full approval, what'

the bear case was 32,000, and the guy at piper sandler it was a slam dunk for him what did you see thatnt from these gentlemen >> the biggest difference is we were looking at the inflation internals and not inflation was on a guide path lower than the consensus, and we thought there was a good chance the fed could back off its fight against inflation and that would make it a 1982 moment because it's an inflation war. i think that was probably the central thing. the second is we had a lot more belief in corporate resilience many were given notice to prepare for the hiking cycle i think the combination with supportstocks -- >> just overall, tom, just your approach to trying to decide how devious the market acts, and you can go back to jesse livermore it tries to do things to confound as many people as possible, and so not as many people are right going up or down, constantly we are all talking about a recession and lower corporate earnings and earnings have to come down and we are talking about these things nonstop, and people say we are going down another 20% when everybody on the street

network and diversified financial companies getting downgraded to an underweight by analysts at piper sandlercut the target price from 149 bucks to 172, they cited concerns over amex amex shares tdown 2%, remember. a more disappointing earnings report from last week driving a little bit of that negative sentiment over the course of the last couple of days. we'll keep an eye on those shares. >> thanks. the producer is always saying move on, wrap, don't talk to don. this time he say i have some tape of brian harmon it was broadcast by nbc, so i can kind of see the synergistic mode of talking about the open championship right now. >> lap the field i mean, if you've noticed, he has showed up at a lot of majors in the past, but he's only won two or three tournaments and now this is -- and you know where he -- he's a huge sea island guy, huge frederica, one of the clubs down there huge. >> he's a georgia bulldog, right? he's got roots down in that part of the country. >> great to see. he does it all -- think about this, he does it all left-handed. i can't even imagine, can you? >> i can't imagine b