ed: i have seen a few spac listings, but this is impressive.more than 210% on the first day of trading from thursday's close of the pre-spac trading. two charts to look at to give context year. look at the d spac index, a basket of 25 companies that have gone before grinder. look at the two year performance. two years ago, there was euphoria around companies going public via spac. look at how those companies have fared. not well. the number of special purchase acquisition companies that are actually ipo, the vehicles themselves that seek to go public then merge with a company, taking it public by the process has completely dried up. why is grinder different? caroline: we will ask george arison. extraordinary day of celebration for you where we saw the -- listing and performances. a real celebration for what has been a momentous year for lgbtq people. i am interested in your perspective on how this makes you different from a private company. >> public companies have to have good controls. which we are excited to have. we get to report numbers re

going public in a spac merger.er grnd at the new york stock exchange it is up almost 300% in a first cnbc interview is ceo and founder george arison. let's start off with the stock price. i made the point in covering spacs many time. 98.2% redemptions so very few shares out is this what you anticipated or what can you tell people about all this volatility and this huge move up >> i told the team yesterday, get ready for volatility i'm sure there will be volatility, but we're not here for a month or a day we're here for years we're building a company for the long term. all our shareholders that were big shareholders in grindr before bought into the transaction. the people who own this company believe in it is a ton it's an amazing thing to have a company built by a gay founder, by a lot of lgbtq developers and engineers for the gay community, now out there trading. >> well, it's clearly got some enthusiasm behind it and i do want to talk about the business process again, 98.2% of the spac holders redeemed, so there'

a steel company and selling used car company isn't that counter intuitive >> lordstown is a former spac today. shares of ride are up. a number of other investments. somewhat someone they made a lot of investments >> did you ever think you would be talking a $2 stock? >> there have been a handful in fact, i want to talk about another below $2 stock one of the biggest spacs michael klein. >> running credit suisse >> multiplan npln i did talk about this company when it was -- when it announced that transaction nothing but pain for quite some time it has really been ugly. and they came in well below estimates in terms of ebitda there it is right there. >> software solutions. again, this is what -- >> this is in health care. >> yeah. i'm just saying i'm trying to just literally compile the losses of 2021 from the ipo market it's unfathomable. there are billions not even worth 100 million. i can't even count those but the losses are, david, very much like 2000 they are like 2000 >> they are like a lot of those dotcom companies built on absolutely nothing in terms of a business model and impla

lgbtq dating app grindr going public today via spac. up more than 200%.ier merging with a blank check company, tiga acquisition, in a relatively small float which accounts for some of that huge move, about 98% of the spac holders redeemed their stake when they voted to approve the deal therefore, did not maintain ownership and create new shares in the resulting company here. we asked grindr's ceo about that on "squawk on the street" today. >> we actually told everybody throughout the process that we didn't really need cash. grindr makes money every month it's a very profitable business because our users love our business we spend virtually no money on marketing, so our margins are very strong, and our gloet is very strong, so we think we have everything we need to do the work for the long-term and grow this company >> yeah, and just to emphasize, an extremely tiny publicly traded float as a result from this company, maybe half a million shares, so that huge price move you saw is really about the liquidity in large part grindr going public, though, in a to

nighttime saturation bombing and theyhave the edge on spacs the spacs are mines being carpet bombed around the clock craters everywhere if you want to avoid a mine field, you have to go to the new leaders of the market like health care. leaders like the oils. leaders like the financials that lay off people and stocks go higher, not lower. buy the industrials to travel and buy consumer packaged good stocks with commodity costs coming down. that's why i keep suggesting you look what you're doing in the investing club, the cnbc investing club here is a good one we like -- you like beer i had free beer once at the bar. people like free beer. we like the k constellation brands my work shows that when you go into a recession, beer conception actually rises. at the same time raw costs like aluminum and glass go lower. that's my stock for this moment. stz. how about lly? eli lilly on tonight and a boat load of drugs and even better for obesity could be among the greatest sellers and the best of all time without it, missing pepsi co, you don't need a weather man to know when it becomes the tailwind

lot of money come into this stock but remember, the ipo market, the capital markets through ipo or spacbeen shut and there's been no real deals coming to the market and we know that that window will open again and more companies are goal to the market again and what it takes to get that is one or two or three. deals that work well and grind service connected working extremely well so for people in the stock, it's a great move up. but you have to be cautious as an investor and if it continues along the path, the first of many strong ipos we see where there's a rush for investors to want to be in the companies coming to the public markets. that will come. stu: working or will come? >> working towards it. stu: okay, thank you. republicans want the green agenda to be the thing of the past. we'll report on that. for the first time in history, the united states will soon import more agricultural produce than it exports. farmers say it's putting their livelihood on the line. a report from new jersey after this. ♪ stu: that's las vegas. the sippinger is adel as you can see. she kicks off her ne

joining me now in a fox business exclusive is the man behind the spac, the special purpose acquisitionreverse merge with. the production board, is what it's called, and the ceo, david freeberg, is here. what is it that intrigues you so much and makes you think this could be a real answer? >> right. i mean, liz are, you spoke to the acute problem of the wheat exports happening many europe right now, but there's also a chronic problem associated with climate change, supply chain disruptions and this conflict has caused massive disruptions in fertilizer availability around the world which is going to have a longer-term effect on global ag production. south america seems to be generally more geopolitically isolated. it's already the world's largest ag export market. it represents about a quarter of global ag exports into markets that are in need for calories, and it's growing faster than any other region. so the productivity or the yield per acre that's being achieved by farmers in latin america today is still less than half of what we see in the united states. so a lot of head room till t

there is no appetite for ipos and won't come back until the market is more secure and forget about spacs, please. the craziest thing is what people are buying. later tonight, we'll talk about what i call the if recession, as in if there's a recession. here are the stocks to buy not sell exactly the napmes you're supposed to sell do you think the bears bet against new corp usually line up against the wall and just annihilate? they spent the last few weeks rallying like crazy. they're saving it. they're not immune but seem immune to a slowdown they finished nicely when the market pulled back into the close because the market is led by tech, which is the biggest sector companies that let you buy now and pay later or help businesses figure out who is credit worthy or make point of sales are a dime a dozen and most of them are just pro se nothings who can keep them straight i have to look them up every single time and i know a lot of companies. same for the companies that help manage, massage, explain or protect data i wonder if we couldn't have that done by palo alto and salesforce.com and m

results front, both earnings and revenue topped wall street's expectations >>> shareholders of the spacpresident trump's technology company public voted to push the deadline for a merger between the two to next year digital world acquisition holding the shareholder vote tuesday, moving the union into next september the pair had first announced plans to combine in october of last year. the merger is also facing investigations by the s.e.c. and doj according to a recent filing. >>> goldman sachs agreeing to pay $4 million to settle an s.e.c. probe into its esg fund according to reports, the investigation was focused on how goldman's asset management arm managed mutual funds and other products that picked stocks based on the esg criteria. the agency reportedly claimed goldman marketed the fund and similar investment strategies without constantly following a consistent framework that had laid out a compliance plan the report adds that goldman neither admitted nor denied the allegations, dom >> thank you very much >>> retailers are rallying into the key holiday shopping season after beating

merger this is one of the few spac plays i've been willing to get behind because it's a real businessngs and real scarcity value. they are a u.s. producer that's mostly hostage to china. sure enough, when they reported they shot the lights out like they've done every quarter since they became public even better, we got encouraging products understand that and in response, the stock correctly jumped 9%. so let's take a closer look with the co-founder, chairman and ceo of mp materials to learn more about the quarter and where his company is headed. welcome back to m"mad money." >> great to be here in person. >> great to see you. you have something to celebrate that america should celebrate. not just good numbers but you have a -- it's 2% to call it stage two. what you're doing is you're making our country's rare earth min minerals less hostage to someone that may at any given moment cut us off tell me about it. >> we're building an american magnetics champion magnetics are important for electric vehicles, motion technologies of the future we can have the rare earth materials but the cha

jack: a spac is involved.looking to go public that way by the end of the year. jack: i want an idea from you and andrew. do you think the energy ship may have sailed? andrew: sale exxon has been on a tear this year, there stock nearly doubled, pushing $500 billion and hit a record high today despite the fact that oil is down $20 a barrel from its peak, natural gas prices are down 50% from the high and earnings are down for exxon. i would say be careful about exxon. energy is a difficult business. whatever wasting access, climate activists breathing down your neck, i would say take profits in exxon now. jack: you will take that money and put it in a speculative name. ben: theinterest has been beaten down but hit it slow earlier this year and hasn't gone down much. it is above the 50 day moving average, there's activists involved and this might be the time to go after it. jack: a lot of contrarian pics from barron. check out this week's addition the following is an important paid program about humana medicare ad

it happens because the bond market sees true weakness, a key weakness in the economy, it is spac's the fed to cut -- it expects the fed to cut rates and that is where you see real weakness in corporate profits that affect the risk assets. so we really look to the short end of the curve to be our guide to tell us the timing of the recession. katie: so more movement there at the short end when you think about a potential re-steepening of this deeply inverted yield curve but let's talk about the long end for a little bit because bloomberg's liz mccormick had a great interview with the chief rate strategists over at goldman sachs. the view was inflation will remain someone about the fed's target over the next few years, so our yield forecasts are a reflection of the view inflation will be somewhat structurally higher. this cycle is different, not like those we have seen the last 30 years. what really caught my eye was this call that the 10-year treasury yield will stay at 4% or above through 2024, quite a big call. do you agree with that? do we have or percent treasury yields in our future

there's a lot of younger people who have companies and a lot of spacs, david, looking for something tohink that it's better to return the money. >> well, many are. many are choosing to liquidate rather than continue to try the hunt, which proves to be somewhat frustrating at this point for many of those spacs that raised the money. but again, have not actually been a bad place to be invested, because you're getting 100% or actually a little more sometimes, and in this market, if you invest in the spac to liquidate, you're probably like, i'll take that that's better than an s&p down 22%. >> a lot of people come on air and just say -- a lot of the wealthier people -- it's a disaster i mean, i would come on and say, look, just be in the two-year. don't buy the s&p when it's all the way up wait until the s&p comes down a lot. and then, you know, pick of the litter because this is not a disastrous moment there are other people who say this is a, you know, worst since world war ii, and i don't really like that language, even though i like the person who said it, paul singer. >> we haven't me

you have spac's liquidating left and right.are your clients asking you to do when it comes to marcus? philip: the focus in the u.s. is on mortgage rates. when you go to europe, the issues there are all commodity and ukraine and russia. in north america the focus has been interest rates and inflation. that's why the move today is viewed with optimism which is why we are seeing that reaction on the stock markets. guy: the reaction is epic, the nasdaq is up 6%. phil, it's great to see you. we really appreciate it. the move is really quite sensational. the nasdaq up by 6%, s&p up by 4.6%. ftse 100 logging on the commodity story but certainly having a good day. dax of 3.5% with technology being the lead story. the cable show will be on air in london at 12. dab digital radio. alix: we will focus more on crypto and look at the ftx fallout. we will look at the rays to regulate crypto. charlie cooper with our three. this is bloomberg. you are looking at a live shot of the principal room. this is bloomberg. >> we are seeing this in real

remember spac was that twocups of coffee ago',s, that worked out?got weeks to adjust to figure out the game plan for january and february. >> i think they would love to see some economic stability. return lisa, right now, we are not getting that, are we? >> although maybe next year, if this concentration, we might get some consolidation. you do wonder at what point they really right sized and you could sort of understand what the future is. i keep thinking about what michael sure was saying. it's really interesting how we are seeing the end of tech leadership as we know it and there is more to come. i wonder what this looks like, given the growth, the generation of a lot of the sellers. mark: super bearish but i say this because it is a worth of discussion. last decades are not unheard of. if you think an asset class might goo through one of those, what does it tell you about a major weighting of the smp and just being long the index? >> their crystal begins. at what point does that shift back to europe? mark: the global story? are we going to do th

look atgetty >> getty was a profitable company, and yes, they do, and those who are supportive of spacsuld point out that the performance of those companies versus typical ipos has not been that divergent they've both been terrible overall and this, of course, as we know, has been a very poor year for overall new issuance of equity >> you know what it's also been a poor year for? some restaurant chains >> yeah? what did you have in mind? >> well, i think that there was an announcement today, and robert, i want to thank him for this, because he brings a lot of good things to attention cheesecake factory, they significantly hire electricity calls. >> yes >> now, that's a new angle for why you miss a quarter now, yum, on the other hand, had kfc, international, kfc, taco plus six, pizza up plus one. xfs. but when you see things like cost of electricity, that's like a whole new wrinkle about why you miss a quarter, and i think it's important to point it out, simply because, wow. >> there was also some reference to that. another on the strip >> we're seeing it >> costs a lot more money to kee

of so much liquidity going around and so much frothy market behavior you saw meme stocks take off spacsakeoff and valuations soar that froth is coming out of the system what are you seeing on the private side >> that is an interesting question i looked into the data around what has happened on the private sector if you look at the last ten years or so, there has been something like 5,000 new venture growth private equity firms formed in that time period last year alone, $100 billion went into private investing. over that same ten-year period, you saw186%. you saw average check size go up in the same timeframe, startups went up 47%. you can look at that and conclude higher dollars going into not as good companies than ever before by a larger number of investment firms. when you see that trend, it breeds belief on the e entrepreneurs that money is free and you can spend as much as you want and continue to grow. we havhave gone from the market that was value growth to chasing growth at all times. that is what we are seeing somebody used to buy at a high price. >> it has changed with the en

it was a total success for the because they got their painting, spac approved, young people, belittle them. london, the british capital and the center of the country's art world. accounting for around 15 percent of global turnover. the british art market is ranked 3rd after china and the u. s. london is also the headquarters for emily ebbing house and the art loss register. the database for stolen antiques and works of art in its quest to find missing art and return it to its rightful owners. the company works with art dealer's insurance firms and international police investigators vasquez and that's a song session sat. this is a work we've had here for years that has still to be returned to its owner. anything i'm from us. we're in the van in deep style. it was the theft we worked with. the dutch police on ham diesel zagging m d t t. as i to come at, they took care of the perpetrator side who stole it while we're involved in the objects himself and who it needs to go back to fact, take a look. the painting was stolen in the netherlands years ago. it too, has been documented in the ar

we see parts of the market where we're really close, maybe it's crypto, maybe it's spacs a lot are down 70 or 80% or so what would te fine capitulation? the s&p is down 16%, and some of those massive tech names still make up a massive amount of it. >> i think you can look at it a lot of different ways. one, those flows have to go the other direction. valuation is trading at a huge premium to the rest of the market, that valuation gap has to close or go the other direction. i think we all have to stop talking about it the fact that that's the center of every conversation, it tells you a little bit about where -- >> are there other networks other than cnbc? >> not worth watching at least. >> let me ask you because you have been out there for this view, and you have been right and even though apple is only down 7%, i think this is the point you're making. what part of the market do you like here as we're seeing the shift and there are parts of the economy that are work something. >> i think there are a couple of ways of looking at it. when we're in an environment where profits are slowing,

there are many in the stock market there are spacs other speculative stocks but also crypto cryptocurrencydownfall of ftx, may nerve verify gotten to the state it did without free money free money that needed to go someplace. be invested without due diligence, invested in currencies et cetera as the tide comes out, thomas, do you think others will be waiting in the wings that will show themselves? >> i certainly think so. i mean, free money for so many years, and the malinvestment that came from that. now, not all -- i agree, not all stock buybacks are bad but those of releveraged, they have a reckoning. took on debt that has to be refinanced don't have equity. those things are going to have to kind of come up and be levelled out, and that's going to be painful. and that's why i say the other side of this is not just the consumer it's the -- it's businesses and who have to continue to invest in plant equipment and future growth, and that's where the trade-off between getting rates back up to where they should be and getting some of the bad action out of the market and get it focused on inv

this is a spac rolling boiling allies making them cool, too it's a fun thing their printing money i want to own this one ahead if you want a speculative stock now, thursday, while it starts like at 4:00 in the morning like ally bue alibaba. i think the chinese government wants a good number. they want american investors back in the stock market and need the money and, you know, the easiest way to lure americans back in is have alibaba have solid results and commentary shook off by the government it isn't the first sam freedman bank but i'm sick of trusting the chinese government alibaba will be hostage to the party. this quarter that might be good for them, next quarter might be bad. two tough ones, kohl's and gap kohl's preannounced an okay number, i don't want to stick around for the holiday projections as i do like the interim ceo who takes over next month, as for gap, it's incredibly inexpensive unfortunately, gap is fighting for its life in a contest and i don't want any part of that salvage mission but the one i do like is palo alto networks i recommend buying the stock, let's say

archer went public via spac if or reverse merger a year ago september, shares haved had a very roughover-year. but let's get more from the cofounder and ceo, adam goldstein. okay, tell us about the midnight and, most importantly, when you feel someone like me is going to be able to get in and -- in it and go from newark to manhattan or vice versa. >> so electric vertical takeoff and landing aircraft is an exciting new session halt's coming to market. we are building midnight to be certified here in the u.s. with the faa by the edge of 2024, so we can start operations really quickly after, the beginning of 2025. liz: and what will it take between then and now to make that happen many on time? i mean, i would imagine the federal aviation administration has to be involved and more money will be needed. >> yeah. so archer's been very fortunate to have raised a substantial amount of capital when we went public on the new york stock exchange last year, and that's really enabled us to hire and bring on a world class team that's really going and building this technology. i'm wail out at flig

as we head to a break, showers of the dating app grindr surging after completing its spac merger it goes public at a time when its rivals are stumbling match down 50% this year bumble bumbling, tumbling, fumbling 30% nus. "power lunch" in two mite can he stand on his own... once he's all on his own? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ xfinity rewards is a program as you plan, protect and retire. whose sole purpose is to say thank you with experiences big, small, and once in a lifetime. sometimes it's about cheering hard enough to shake the stadium. let's go! -haha, woo! sometimes it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this- welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks. your rewards. >>> online sports betting is taking off and that's what piper sandler says will happen to shares of draft kings. the firm initiating coverage of the company with a buy rating, says the

richly valued software as a service stock, financial tech stocks, newly minted ipos, spac names, theseviscerated. the first group to feel the pain in a high inflation environment where the fed raises interest rates. we haven't seen high inflation in so long growth stocks are the most vulnerable to inflation. look, if you own something and t trades on future earnings ten years down the road, well, inflation makes those future dollars a lot less valuable, doesn't it second, these unprofitable companies are the one that is desperately need to raise more money. so hard to borrow or s sell equity. when the fed declared war on inflation last november, i told you to get the heck out of anything speculative, and circle around real companies, the kind that you probably heard this if you remember the investing club. i'm sorry to repeat, i said it over and over, you're looking for companies that make stuff or do stuff and can turn an actual profit, and return it to the shareholders or at least some of it the dow jones industrial average is full of old-fashioned companies that do stuff to return c

and if you look at stocks that are linked to donald trump, specifically the spac which is taking trump's social media company and platform under pressure, so-called red wave in the tuesday election seems to be ebbing. you do have it down nearly 20%. let's get back to the broader markets. we've got to go back to disney, because we're not really sure you can blame today's market losses on republicans when disney's the biggest laggard on both the dow and the s&p. plus, there's a sword of cam cleese hanging over the -- cam cleese is hanging over the markets. the cpi, the read on consumer inflation, jumped six-tenths of a percent month over month in october from september's four-tenths of a percent, and year-over-year the expectation is that the it climbs 8% and, yes, that because ease back from september's 8.2% but still not where the federal reserve would like to see direction going. let's bring in our floor show pros to guide investors through this maze of headlines. joining me now, brett chutety and, of course, raymond james policy analyst ed mills. ed, are we right? the red wave from the

liz: a huge number of investors in the spac that took dating site grindr public odd are kicking themselvesr because they opted ore deem their stock for $1050 a share rather than -- 10.50 rather than participate in the merger, and look what they've left on the table at least so far? on its first day of trade, share9 of the dating app are -- shares of the dating app are jumping 184%. they went as high as 400% at the moment, but the stock is trading at $33. demand stark -- sparked so much volatility, the stock has been halted 17 times so far today. 45 minutes left to trade. the site is valued at $2.1 million. the los angeles-based dating app looks to further monetize it platform. grindr, arguably the most popular dating app with is 11 million active users. grindr says users spent an average of 66 minuteses a day on the app. together hose two, bumble and timber, only 32 minutes. how can grindr keep the momentum going? ceo with george arrison joining us live from the new york stock exchange on quite the day, george. i mean, you and your team were probably hoping for a warm welcome, but this is

the truth is he's in a -- the truth social is in the midst of a quite possibly doomed merge we are a spaccher. and, you know, both on paper that agreement would require him to mostly stay off twitter until next summer. and tweak it and truth things several hours before he tweets them essentially. you know, but also, if you -- you just -- so there is that. there is a legal element there. theoretically, an emerged company, the shareholders could sue him from saying you promised us to be here and you're going to the competition. but certainly the return to twitter would doom truth social which is not doing great anyway. i think the notion that trump is, you know, being cautious because of his profound respect for shareholder rights and the law seems slightly unlikely. >> i'd say. slightly unlikely is an understatement. take a step back. set aside the trump part of it and talk about elon musk and twitter. you say he's no doubt people are talking about twitter. he created a lot of attention there. he talked about there. he's talked about verification, $8 fee, reinstating accounts. big picture,

high toast low, moves are more commensurate with the higher growth markets, spac market, some on thearket are down 50% to 90%. those are typically concentrated in businesses where the path to profitability is less clear where the human economics haven't been proven out. essentially investors are less willing now to value future cash flows at the same level they are willing to value future cash flows. you look at some of the category leaders, spacex and esg-levered names and solar technology, et cetera, businesses where previously there were very well-funded second and third-pier players coming in with easy money from essentially very large mega cap funds creating pricing wars, forcing them to price down you know, we're seeing a lot less of that now so we're seeing the second and third order effects of this will be a consolidation of capital around some of the incumbents which will actually benefit the market leaders in the next 12 to 24 months but currently, you know, i think that the correlation is actually relatively 1 for 1 on the private said. >> you mentioned space yes, and i kn

lucid shares down, basically to the spac price where it started. churchill capital four that's going to do it for us on "squawk on the street. "tech check" starts now. >> good monday morning welcome to "tech check." carl has the morning off today, out with the old, in with the older. julia has the latest on disney as shares surge on news of bob iger's return. we'll discuss that in a moment plus, more from crypto's man of the hour, disgraced ftx founder sam bankman-fried as he sits down with cnbc for a rare one-on-one, and sharks continue to circle the waters more on what to do with apple ahead of the holidays plus the chi china tech names you may be missing out on a big show ahead, markets start off on the weaker side the nasdaq down about 1% >> we have to start our feed with one of the stronger stocks because of the news out of disney, shares are popping, as former ceo bob iger takes the reins at the company effective immediately again, and bob chapek heads for the door. our julia boorstin joins us now with the latest. >> well, jon, i'm hearing ig

what we saw with the spac boons were about these overly optimistic forward-looking statements that companies could fall back and say, these were statements of opinion. we're talking about what did and did not happen and what the company says about history what the company says about these loans is not what actually happ happened and we have a lot of paperwork that shows money moving that in ways completely contradict what the company's stories is and when you get to the cash flow, this is the sort of reconciliation that other investors can do but those are -- this is all based on their filings now, the one other thing that's also really important to keep in mind with this company is that when it went public in 2021, directors and managers sold about $330 million worth of stock in the ipo the company only sold about $87 million worth of stock then there was a secondary offering, just five months later in which the same group of insiders sos sold over $600 miln worth of stock within five months of being public, and this is about a year of being public, they sold about $1 billion worth of stock

right in the liquidity that rushed into the economy, a lot of it went into speculative assets like spacsike there's a lot of hyper-buzz surrounding crypto right now. stuart: i haven't heard it mentioned this election campaign period, not once, until i just did there. thanks mark. >>> now this, the powerball jackpot is now $1.2 billion. we'll tell you how much of that you have to pay in taxes if you take the lump sum payout. >>> a bright spot in the housing market slump. soaring mortgage rates could mean good news for your property taxes. we'll explain it after this. ♪ go big or go home. ♪ go, go! ♪ go big or go home. ♪ go, go! ♪ if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. technically when enamel is gone, you cannot get it back. but there are ways you can repair it. i'm excited about prona

meantime, shares of the lgbtq focused dating app grindr are surging on their public debut, public via a spac. and also two names in the gree masimo and cogent communications both on our insider buying segment. a segment we do almost every friday on worldwide exchange, at 2:00 a.m. eastern. and cnbc pro, sign up today. both of these stocks had some of the biggest insider buys this week masimo, their ceo buying nearly $5 million worth cogent communications also had some big buying. three more names on this week's list we do five every week. >> here's what's happening at this hour. with nancy pelosi stepping aside, new york representative hakeem jeffries has announced that he will seek to become the democrats' next leader in the house. if elected, jeffries would become the first black leader of congressional caucus and the highest ranking black lawmaker on capitol hill. >>> the justice department is asking the supreme court to reinstate president biden's student loan relief plan a federal appeals court had wl blocked the program while a legal challenge by six states moves forward. the governmen

chipmaker i would much rather own frito-lay's parent pepsico or even the small independent cheeseball spacad and aren't meant to be eaten or right now owned for that matter. i like to say there's always a bull market somewhere and i promise to try to find it just for you right here on "mad money. i'm jim cramer see you tomorrow man #2: unfortunately, we had to shut down the strip in las vegas. woman: right now, we're seeing these casinos shutdown coast to coast. lee: when las vegas went dark during the pandemic, our screens lit up. ♪♪ for locked-down consumers... a new range of apps made betting, gaming, and even investing easier than ever. my friends personally, sports betting or investing, any way they can make a quick buck. oh, we need to miss. lee: you bet a lot? dabbundo: yes. you bet often? i do, almost every day. lee: for a generation raised on smart phones and influenced by social media...

and fentech celebrating a listing via spac it's going to also recoup the beginning of the spill thatber. >> there was a sense that the guys who were saying it's going to go up, it's bouncing, it's over now they're going to have to rethink. why would they have to rethink because when you get a situation like a walmart, which buys back, that's different from buffett. that's real capital. how about this theory. the theory is that the holiday season, at least for walmart, will be better than expected that puts pressure on target we know that someone is -- we've not been able to see both do well we have not seen home depot and lowe's do well there was a special many, many years ago about the age of walmart i think it was even though you haven't been down in a long time, it matters. >> it does i would point out grocery is where they had particular strength not that there wasn't strength across the board you are seeing 8.2% u.s. comp store sales numbers year over year but it does appear when it comes to growth it outpaced general merchandise. that is something to keep an eye on there becaus

we're going to see something break we've seen a lot of things break in the cryptocurrency market, the spac ark stocks and yet we are not seeing an economy-wide credit crunch or a recession caused by an economy-wide credit crunch i agree with brian, what the yield curve may be anticipating is we're going to get a surprisingly sharp drop in the inflation rate i think we're definitely going to get that in durable goods i think we'll have durable goods deflation next year, which is more of a typical scenario for durable goods prices services will continue to be a problem. i look at the yield curve, i look at those two components what i see is two-year treasury notarizes faster than the band note, that's coincident with a peak in long-term interest rates and short-term interest rates. i think the yield curve is predicting we've already possibly seen a peak in interest rates. if that's the case, i think that's a good argument for making the case that we've seen a bottom in the stock market >> rosenberg was on the tape this morning cpi a year from now under 3, but unemployment over six. do you ag

this is probably going back to late last year, but to me, the whole crypto bonanza, along with the spac were two of the most ludicrous things that were wonderful signs of an excess bull market in financial assets i've ever come across. so, i guess one thing it might signal is that the breadth of ownership of these things hasn't been so dramatic, but i think the more substantive point, as part of your very interesting question, and -- i would imagine some of your other guests with a lot of resources should be answering that, it probably does relate to how much the savings rate comes down. obviously, with a lot of the more mainstream tech stuff, a lot of people have been holding those and still wearing significant wealth losses or mark to market losses as a result of that it's a pretty good question. >> yeah. certainly anybody who's traveled to europe or anywhere else in the states lately is still hunting for that wealth effect we talk about. jim, great chat. look forward to next time. thank you. >> good luck take care, guys. >>> time now for a news update contessa brewer has that for us.

lucid shares down, basically to the spac price where it started.o do it for us on "squawk on the street. "tech check" starts now. >> good monday morning welcome to "tech check." carl has the morning off today, out with the old, in with the older. julia has the latest on disney as shares surge on news of bob iger's return. we'll discuss that in a moment plus, more from crypto's man of the hour, disgraced ftx founder sam bankman-fried as he sits down with cnbc for a rare one-on-one, and sharks continue to circle the waters more on what to do with apple ahead of the holidays plus the chi china tech names you may be missing out on a big show ahead, markets start of

. >> one name i just followed because it was a spac deal, remember a leading value-based primary carerovider and population health company. that's right remember, there was also cno, ano, there was some talk about it being a takeover. take a look at the stock >> talk about it >> there was real reporting on it not from me. not from me. it's down 27%. numbers were not good. not p&g. i'm talking about cano health. there it is. ebitda came in below the street estimate reported revenue, $665 million management citing lower than expected revenue per member. lower risk for its new members is the reason for the lower revenue despite medical costs coming in better than expect thanks, guys that gives you a sense of what i was talking about there. remember when it was moving up you can see that little peak there. >> people -- it does have a legitimate -- i mean, the business model's quite good there. >> no, it is i'm not kidding. i looked into it >> you did >> yes >> is it better today than it was yesterday? >> well -- >> is it -- or is it 31.2% worse? >> you know what let the jury decide. i mea

off for the dearly departed how one northern california family plans to honor the life of a woman in spac folks, it looks like we're gonna have to land this big old bird earlier than expected because it's the xfinity black friday sale. stream your heart out with the ultimate streamer setup when you get internet with unlimited data for 55 dollars a month. plus get a free flex 4k streaming box. oh my! and for a limited time, get hbo max included for 1 year. even you in 22c. flight attendants, prepare for streaming. drop everything and get to the xfinity black friday sale. click, call or visit a store today. on top cars. we are hearing new witness accounts of immunity, bus car jacking. one man took that bus on a wild ride that injured two people and damaged cars. and despite inflation, american shoppers are spending record amounts of money. this holiday shopping season up next . how people are preparing for today's cyber monday deals. from ktvu. fox two news this morning's onto good morning. thank you for waking up with us here on morning sun, too. i'm pam cook. good morning. i'm dave clark.