schlumberger will cut those by 30%. i recently spoke to caitlin allen. i asked about some of the biggest shifts in the last five years as all types of oil companies try to go green. >> we have seen a shift in capex spend from exploration to low carbon businesses. i would say that is pretty distinct. alix: does the trend the last? >> i believe it will. for a lot of those reasons, just organic, the fundamentals of oil and gas in north america, the shale model is more of a develop it of an existing acid-base -- acid-base. -- asset base. not just related to this low carbon stuff but also some of the underlying fundamentals of how these businesses are run. alix: there is increasing pressure for oral companies to recognize scope three emissions. is that realistic? >> when companies talk about reducing goals for scope three emissions, they are talking about changing their product mix. there is no other way to do that at this point. there are potential unintended consequences there unless we have an economy-wide carbon pricing mechanism that is formalized. i thi

and schlumberger, by the way, actually had a great quarter schlumberger had been hurting.k at the hotels because that's how good american express was, particularly hilton, they've got a deal with them and health care is on fire a lot to like here, scott, a lot to like. >> slb beat on the top and the bottom or honey well did. >> they didn't like honey well because of aerospace, and stock was up 9 earlier believe me, if you bet against ster yus, you're a darn fool he's going to beat you every single time. he's down there in north carolina with our buddy dave tepper who owns the panthers, whether he likes that new rule for the nfl. one and tdone, right? >> what do you think about that? >> i'm glad you brought that up because that is a talker for sure around nfl, if not all of sports circles this morning, jim. basically if you test positive and you cause the game to be canceled and they can't make it up, nobody's getting paid, and you're getting a fair amount of backlash out of that this morning, jim, as the nfl takes a stand. >> well, i think that the nfl's -- i think that ma

>> it will be the guys with the biggest footprint, schlumberger, baker hughes. halliburton is trying to join that party as well. all three of those guys are trying to pivot away from north america into international markets, where they see better growth. you will have more of that pricing power in international where there is also less competition with the victory oil servicers. alix: thank you, david. always good to see you. time for commodity in chief, where we talk to one executive in the commodity world. we are speaking to the ceo of -- motors. these vehicles need to drive a long time, come along mas, and fuel up quickly. and what may work for your car may not work for a bus. an electric car can charge overnight and drive short distances, but it will not take much for a long haul truck to stress the grid. natural gas is better than diesel but it is not truly green. enter the company that went public. it's solution is to use hydrogen power fuel cell batteries. you pull up and fill your tank with hydrogen. while you are driving, it combines with oxygen and the

but if you want a little more data, frankly othe oil space, we'd go with a schlumberger or halliburton, where we're also long, obviously. >> let me ask something that ties this all together when we're talking about oil staying at $80 or $90. the last time it went up to $100 was right before the financial crisis that obviously portended doom more than it portended a strong period of investment returns that was over ten years ago. so maybe, you know, in real terms were well below those levels is ail at 80 or 90 going to act as a break on the economy? it's the only part and it acts as a tax on consumers. is all that tax going to go into them buying gas for their cars or paying fuel bills. >> the u.s. economy is much less sensitive to energy prices than it was when i started my career 40 years ago and, you know, it's just not as important. remember, we're also a big oil producer so there's a winner and a gainer in oil going up. but then the u.s. economic activity is roughly neutral to oil itself the prices going up is part of the inflation story. and it's one reason we think the fed is at

i think there's not total conviction from broader investors is chevron, eog and i believe it's schlumberger those are capital discipline companies and i think all of the trends that chris talked about could be played up through those three. >> not everybody cease rising oil prices as an opportunity to buy energy names and read about hsbc's downgrade of the sector and go to cnbc.com/pro >>> blackstone surging on the back of a big beat and we'll break down the results, plus didi in distress, why investors are dropping the ride hailing service. n'go anywhere. much more "fast money" right after this tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. >>> welcome back to "fast money. plaqu blackstone, and the

i love schlumberger, they have the best balance sheet in the oil services they are the technology leader, i think they have showed enormous kind of capacity in capex restraint in capital discipline and at a time when i think this is still a really exciting space where there is innovation. so to me i -- some of these trends on commodities and emerging markets are things that these aren't short one year or even you know shorter trades i think we have seen long cycles, they are long cycles, it took a long time and a lot of pain to build up to a place where the fundamental switch, then you had catalysts whether it has been covid, et cetera. >> karen is raising her hand, uncharacteristic of course, karen, go ahead >> yes, let me just play devil's advocate for a moment. oil, a big headline today, but let's look at -- we're in backwardation. june of 22, it is 67 does that, you know, to me that's not a -- the best sort of bal ballast for the oil continuing to go higher story playing devil's advocate here. >> tim >> want me to respond? >> yes. >> i think you have a case where first of all the cur

as oil fell so did the oil shocks, chevron, exxon getting hit alongside schlumberger and more guy, you'veclearly got a little ahead of their skis, right overbought, the rsi, mac d, whatever frame, probably a little outside of that top what do you make of a psx here >> i still like t i mean, i thought it would actually go rocketing through 100 i think it got up to 94 and pulled back why they haven't work is because crude and dan nathan pointed this out to me traded right up to a 13-year down trend line which is pretty significant. it basically as carter would say touched it to the penny. i happen to think we might get a bit more of a pull back here but we will go ratcheting through the upside that's what makes markets. i would buy the levered name specifically psx on this pull back. >> dan, what do you think? >> i'm not a buyer here. if i think about all these other industrial commodities we've seen considerable pull backs from these kind of spring highs here, i suspect sooner or later crude will do that, too, that opec plus announcement probably helps pave the way and pretty soon we will

i mentioned it because bank of america today put them on their u.s. 1 list, schlumberger.ssive double top at 25 bucks from december 2019 to the june high traded down to 19. i think that's enough where halliburton could be really interesting. let them report earnings, see what they say. but for just a catch-up trade, i think hal makes a lot of sense. >> down 3.5% today expand on your thoughts here about the energy trade >> well, listen, if you were just looking at any one of these inflation inputs that people have been screaming about for the last couple of months that had kind of ripped higher earlier in the year, but have come off pretty dramatically, it made perfect sense that crude oil might do the same. and the confluence of events with the opec plus, volatility around whether they were going to reach a deal or not, it all kind of coincided now with this variant, really becoming a concern for some investors here, or at least about the pace of second half growth if you look at crude oil, and jeff just said something really interesting that he expects it to find a home a

momentum of return to work in person, and a strengthening labor market and we did it to replace schlumberger that's turned out to be at good trade. slurnla down 10% starbucks up 2% in one week. that's the reason we did that. that's a 10-stock portfolio, very active. lam research is different. we own that as a long-term play in the quality growth portfolio. obviously a semiconductor stock, trades at 22 times earnings, growing at 50% year on year. and this was an addition not a new purchase 3% free cash flow. really exposure to the growth in ai, 5g, connected devices, all of which require semis and, you know, i think it's just a way for us to get more growth exposure as these -- as we alleviate the kind of current chip shortage. so that's why we did those trades. >> understood. so jenny, i mean, does anybody care that we're top heavy again? we certainly are moving that direction, right you've got money going into that small number of the biggest stocks in the market at the expense of a lot of the smaller ones i mentioned the russell equal weight lab haging. mike santoli has been talking about

in the green within the sector oil field services are outperforming so this is companies like schlumbergerbaker hughes all at least saw revenue growth during the second quarter. later this week we'll hear from majors, so a lot of things to watch there, including capital spending going forward, as well as dividend hikes, or just sticking with the status quo >>> trait ahead, shares of lockheed martin are under pressure we'll diving into those numbers next you can always watch or listen to us litch on the go on the cnbc app we'll be right back. dow is up, heading for a record close. yeah, i mean the thing is, people like geico because it's just easy. bundling for example. you've got car insurance here. and home insurance here. why not... schuuuuzp.. put them together. save even more. some things are just better together, aren't they? like tea and crumpets. but you wouldn't bundle just anything. like, say... a porcupine in a balloon factory. no. that'd be a mess. i mean for starters, porcupines are famously no good in a team setting. geico. save even more when bundle home and car insurance. al

schlumberger, all off highs. pretty oversold, if you believe in the reopening story obviously people are arguing we should be doing something, or buying in some way as for the earnings that keep going on jim mentioned ppg. a real issue for certain sectors of the economy ppg, paint and coatings maker. business fabulous. volume up 24%. people engaging in all sorts of things that involve coatings, paints and automobiles tremendous raw material shortages, tremendous logistics issues getting the raw materials to them and as a result they actually didn't havea very goo earnings report because the higher prices that they were able to charge are not offsetting the higher costs. that's the big issue overall can you maintain margins raising prices to match the cost the case of ppg, not able to do that you see what's going on there. margins matter really a lot, remember, ultimately margin at least maintaining margins they're not. other companies have fastenall for example, supply chain issues, cost issues but also able to r

you see the cruise lines, you see airlines you see copper stocks, you see the oil stocks like schlumbergery these are characterized as cyclical names. the market internals we've been talking about this for a couple of weeks traders have had a problem with the way the market's looked. the momentum, the percentage of stocks above their 50-day moving average, momentum indicators have been slowing, breadth has been weaker. the advanced decline line has been weaker. new highs have been kind of crummy in the low single-digits, 10, 20, 30 in the s&p 500, that's not much at all given the fact the s&p is near a new high. the other thing of course we've been talking about, we did this last week, small and medium-sized stocks have been underperforming really since april or may look at the russell 2000, it's 10% below its recent 52-week high the s&p mid cap is 8%. the dow transport is 12% this is a little worse today, but this was going on for the last couple of weeks we've been talking about it it wasn't like these weaknesses appeared out of nowhere. active traders, call active traders, they'll tell

check it out schlumberge and others up about 2% >> the ev road map for porch we'll hear from the company's cnbc >>> news on the car front. after the all electric taycan. got to figure out. phil lebeau is with us you can't get the regular model. eight months and i still don't have it. >> joe, instead of you and i discussing this, let's bring the question to cal the north american ceo we'll get to joe's question in a little tell me about the second quarter. >> yes good morning thank you for having me. figures are just out q 2 for us was 18,958 units that's a plus 55% from last year we tend to not compare from last year because that was covid time in the first half year of 2021, we delivered more cost in the entire year of 2012. >> the taycan, you saw sales there surge. now eclipsing what you did for the 9/11 people have said, joe, look, if i'm going to get the porsche and i want the driving experience, i want the 911 are we starting to see the conversion there but they are saying i want to go electric >> that's an excellent question. at the end of the day, we are seeing more from all of our

aon corp., hasbro which lauren just talked about, freeport-mcmoran, hewlett-packard, schlumberger allup 3%. and the nasdaq winners, walgreens, yes, tesla ahead of their earnings after the bell, intel and marriott all moving higher today. and the winners on the nasdaq. let's take a look at zoom if we can. the video people, bank of america say they're a top pick. they say that zoom's latest acquisition will help them remain player in enterprise software in the years ahead. that's up, stock is up nicely as is 599, up 1.25 president. show me krispy kreme. jpmorgan says they're overweight. [laughter] no, that's not a joke. it's actually an analysis of the stock. they see they see a potential 13% rise ahead. krispy kreme, overweight. come on, you've got to laugh. all right, a check of the big board, slightly lower. the dow -- ooh, hello, we've turned it around. is that right? up 17 points at 35,074. turned into an even smaller loss, right on the water mark, if you like, on the dow. that take a look at the 10 is-year. now that's turns around a little bit, tiny, up .4 basis points to 1.28 on