josh brown or steve weiss hating on robinhood on what is a momentous occasion foreign the company >> i'm not hating on it at all >> no, you just dogged the company totally out, steve i want to hear from craniume >> this is factual i'm giving you the facts everything i said was a fact not emotional >> you called -- you said therapy not at disrupter, i mean, come on >> they're not a disrupter what are they disrupting >> i -- >> i met them six years ago, seven years ago when i was out doing tours out west and they had about 500,000 clients. and vlad tenev said i'm on going to disrupt the industry. people are going to want to get involved one day i might have 12 million people and that's going to up end everything i was like what is he talking. long haired guy stanford this stanford that >> they're not his clients they're not his clients. 22 million -- 22 million use iris are the product not his clients. >> that's fair you're absolutely right. it's the app but i meant that in terms of he had a vision and you got to hand it to him. i thought he was crazy that the app could be that good but

thanks for rolling with that my bad for throwing you a kurvel there >> thank you >> next question, steve weissw what do i do that's from john in salt lake city all right. mr. weiss, what do we do hey, john, well you didn't follow me when i went in because i have owned this just over a year with the costs substantially lower at nine and change i like it. this quarter wasn't great because china put them in the penalty box and the went down from 2fers to double digits because the swiss said we're not doing business with huawei i like nokia, i'm still there. i haven't sold any >> for jim, do you likekind are morgan still and if so, do you have a price target >> yeah, so the short answer is yes, i do. and i know this stock has been a vexing for some people off 8, 9% from the high. up 26 processors on the years. theyious reported earnings better than expected, second quarter in a row i expect that to continue. in terms of the price target, i see this in the low 20s, 22, 23 over the next 12 months. that's an excellent return especially with the dividend i would buykind are morgan here >> josh, jason

liz young, steve weiss, josh brown, let's check stocks first and foremost down sharply, cutting losses the 10-year touching a new near-term low. the 19.29. dow down about 250 right now liz young, the question is what's requesting on with rates? is it about positioning? does the bond market know something the stock market doesn't? what are you telling our viewers to that question today. >> this is a question i think we all woke up wondering. i don't have a better explanation than most other people on exactly what's happening with the 10-year but what i can tell you is this, i think we're going through three big transitions in the market and as investors the first of which is that we are moving from the first half of the year to the second half of the year. and i think there is going to be a clear division in the two and that's going to be characterized in the second half by a search for catalysts. that's what we're looking for right now, what's the next catalyst the second big transition is that we are moving from rebound to recovery. we have now rebounded to prior levels of gdp, prior

look at those moves, steve weiss.d to you about some of these names which you used to invest in, in the past not the ones specifically on the screen but the alibabas, for example. you are short again. also short penduoduo and bendi >> you can't own these stocks. it's almost irresponsible as a fund manager when people tell me they're cheap, i tell you, how do you know that? you own a v.i.e. structure you may wind up with owning a bagel, owning zero so they are going lower. we're in a cold war. the new weaponry in cold war is financial and hacking. this is financial. the chinese government is cutting back on billionaires you think they'll be kind to shareholders in the u.s. just get out find other ways to lose money if that's your thing or find ways to make money in other tech stocks stay away from these too much risk. >> that's what cramer said this morning. whatever it is, you have to get out. pete, do you dare stick your toe in the options pool here because a lot of these names have sold off so much or what? >> yeah,

steve weiss, joe terranova, jon najarian and kait moore from blackrock global allocation team good to see everybody. stocks higher again. bond yields are higher again bitcoin is up today. shannon, was that it correction now over? >> seems a little premature, doesn't it i thought the world was ending last week. no, in all honesty, i think that what we're seeing is that earnings are strong. we're ahead of tech earnings next week. and i think that always creates a bit of enthusiasm. there hasn't been any negative news from the fed. economic data data remains fairly supportive of that narrative. perhaps we have crusted over the recent bit of weakness but look at the 10-year. you noted it, up 14 points that's not normal behavior and i think the bond market will continue to be in, you know, in focus, the next couple months, looking towards jackson hole i think the equity market is going to digest earnings over the next three or four weeks and then look for that next catalyst i expect we could see additional softness then. i think it's important not to get whip sawed here. we're oscillating

joining me this hour jenning harrington steve weiss. john najarian good to see everybody. stocks trying to post the fourth week of gains. they have a little bit of work to do today. negative across the board. yields at 1.31 on the 10-year. hot retail number. jon najarian, shall we ask what the state of play is right now, and whether it's a sign the rally is weakening help point it out. breadth, narrowed significantly. you have money flowing into big tech as we know. and the russell 2000 equal weight has been lagging. you have bitcoin down. you've got spac indexes come down substantially the ark stocks have been correcting substantially as well the innovation fund is down 6% year to date do we have a weakening rally >> i think we've got a pause right now, scott i don't think we've got a weakening rally. i think the pause is just that the real tech drivers are coming in a couple of weeks they're not here this week we knew that bank earnings would be somewhat challenged by the interest rate picture we've got right now. that's not a surprise to anybody. and they did not make s

fears of more crackdowns names like didir, alibaba ten cent bide ewe our gang talk being about that steve weiss>> i'm here, scott welcome back. >> thank you you owned a name like alibaba earlier in the year. i don't think you ownny chinese stocks today would you ever own them again, is the question? >> i would not own them again for very simple reason, is that when you own a chinese stock that's listed in the u.s. that's an adr you basically own nothing. and there is a good chance you have no avenue to collect if you get into a dispute i've sued through my fund chinese companies that have ripped off u.s. shareholders by taking companies private far below what they are worth. and since they're camen listed companies you go there but these companies -- i won't get he can it will variable interest equities vie created to get around the chinese laws that for bids ownership in critical industries bau they're all critical industries it's technology, telecom, et cetera just the very fact that they are created to get around the law is a warning signal and what do these vies own they don't eye own e ass

steve. nice job >> enjoy it while it lasts, weiss. enjoy it while it lasting. steve weiss calling. we'll see you back on the show a lot of people think the neg leg of the rally hinges on what happens this week. maybe what happens in the subsequent days with the tech stocks reporting dictates what's happening. what's interesting is the latest fed survey shows that investors think gains for stocks will be minimal for the remainder of the year our senior economics reporter steve liesman with more. steve, why do you thinks that? why did they say >> well, base cthey think it's done for this year but better next year. the respondents think we have clocked the gains for 2021 pretty pessimistic group, scott. but they think neck year holds promise. here are the numbers mostly pessimistic 34 respondents to the fed survey think the s&p topped out at 44.11 this year. they see a 7% rise in 2022 58% think stocks are overvalued down from 72% in january next year's rise in stock prices comes along, by the way with expectations for higher bond yields not necessarily huge deterrent, 10-year seen ris

steve weiss, target, all-time high today 42% gain year to date. >> yep and, look, this -- not unlikes struggling and has remade it in an image that fits particularly well going forward digital. basically three companies that own this market. and that's walmart, costco and target i would argue target even more so than costco i keep thinking at, should i sell, should i sell but then the number goes higher and higher. a discount to the s&p with better growth going forward, i'm staying there. >> okay. farmer jim, abvee, 52-week high today. the stock up 10% year to date. if i recall, this is a new name. didn't you add this last week or the week prior >> it was last week, and a couple of weeks before that i added bristol-myers. the reason is because of the pharmaceutical sector is breaking out take a look at pph, the vanecetf about to set an all-time high. last high 2015 abbvie has a 4.5% dividend yield and marching higher along with the sector that's a pretty good setup >> i think we've got brenda's technical issues figured out let you go with american tower all-time high up 25% year to d

shares are up after the surprise profit jim lebenthal, you told steve weiss not to get out of this name he should have listened >> we can bring in weiss too he knew it was coming >> yeah, he should leave and you know, knowing the way he travels it's clearly not by airplane he must travel by steam loek motive and sail driven ocean liner it's easy to see aerospace. huge recovery, demand for new planes the report -- i expected nothing from the report. and i got a christmas gift look at free cash flow negative 700 million expectations were over negative 2 backup that means we are clearly in the right direction. you got this tug of war between bad news like the 787 production snafu and good news like the report bad news is going away the. 787 production issue is getting involved in a matter of two to three weeks. once that's gone, you've got a recovery that's going to occur the next couple years. the free cash flow means that the balance sheet is getting cleaned up much quicker than anyone expects as for steve weiss as far as i'm concerned he is on a no fly leis with boeing. play with spirit

but jim i want to bring in steve weiss on the phone and have a conversation about a stock he just sold. i know you fis joked about it and tweeted at each other about it in a joking sort of way but, steve weiss you're on the phone now. you sold boeing after intimating you were getting fed up with delays and around the dream liner. >> i went into boeing as a trade because of my view on management, david calhoun, who was a at ge aerospace. of course we don't know how they did there. i just thought he has done a terrible job managing the company. at chairman of the board before what happened with the max happened, he was -- he was major over overseer of the company. i went to as a trade now long-term thing. i kept making excuses. at the end of the day i've got aversion to be water boarded this company continues to trade down, mistake after mistake, it's not just -- people cite the fact that it's not just the negative metrics 2020. it started in 2019 where they were losing money, where cash flo turned negative and long-term debt has gone from $10 billion to $60 billion it's a completely dif

steve weiss. l brands sold l brands. why? >> yeah. first of all, to jon's point, assuming a discount on extended life products to see the thesis play out in terms of l brands, fwbought that two weeks ago stock's moved up great gain everybody knows what i know, not uncommon, more value to the company. it's ahead of itself looking to take off xposure. it was, got far in advance where i thought it would be two weeks laterants why did you sell micron >> micron, went as a trade, if you recall the range of trading, 80 to 100. thought they came out with a pretty good quarter, but disappointing to the streets trade wasn't working out not a market to stay in trades long term. you know by that i mean, weeks, whatever. had a stop on it moved my stop up stock moved up made a little money on it. got out. maybe i'll come back a great 5g play but trading in the commodity stock. >> you sold xle, too said it was a trade, too is everything that goes down just a trade >> yeah, watch your call well, i lost money on the xle. so -- >> only channeling what

we don't want to go through lawsuits >> i don't see them eagerly signing up >> steve, steve weiss, ase, the s, and the g >>> regulating it all. could establishing rules around esg backfire and hurt the very people it's supposed to help we are going to dive into the complicated skegats ve eaof them.orha >>> welcome back to stable investing. he's open to establishing a framework. javier is the founder and managing partner of fenway and cnbc contributor great to have you. welcome to the family. this is a really difficult one for regulators it's a huge problem just talking with steve weiss how should we expect to move forward on this >> it's a good question and if you stop for a microsecond what we're seeing is that the sba is at the top of the sphere of avoiding capitalism, talking about the purpose of a corporation. you have general assets moving how do you establish a regulator framework, metrics and data that's standardized. it's difficult >> so, let me ask you this is it possible, in your view to establish standards that could be applied when, for example, a fund describes itself as

we debate with our committee, jenningoy harrington steve weiss. josh brown well to all of you let's check the markets this hour the s&p 500 coming off, get this, 34 record closes in the first half of the year, hitting record highs today there you see it up about add third of a percent the dow higher coming off the first negative month in five but five positive quarters in a row for dow. nasdaq lower after posting the seventh positive month out of the last eight off about a half percent right now. jenny, how do you handicap it? is it as good as the first half? pretty good. but good but not as good or what >> i don't think it's going to be as good -- >> this is for jenny i'm sorry, jim >> sorry >> i think it was at good that would imply we're up 26% this year or a little bit more. that seems unrealistic it wouldn't surprise me if we ric back six months from now and we're up around the 13, 15% range. but what we can see over the past weeks there can be a calm surface and massive churn under the surface. i can guarantee it's not a straight line betwee

weiss. on the phone, i believe. >> yes, sir. >> steve, do you want to tell us about this >> sure. first of all, i'm operating under two premises here. 2021 is as good as it gets look at their model going backwards since 2013, they've had negative leverage. the more trading caps they've brought on to the platform, the m more money they've lost. the principle risk is not a slow down but the new chair of the sec coming out and saying we're not going to allow order flow but significantly curtail it he said june 9th on a statement, let me quote this, many robinhood might have exceeded any savings they might have thought they had gotten from zero commission trading. they've been seanctioned so the can't do certain things. what they say publicly about helping investors and doing everything for investors, it's against both investors on the platform own morgan stanley, goldman sachs. don't own this if the government does away with a payment to order flow, which is 81% of revenue, then this company doesn't exist. finally, they have 60 class action lawsuits against them based on the fine the

liz young, steve weiss, josh brown, let's check stocks first and foremost down sharply, cutting losses 250 right now liz young, the question is what's requesting on with rates?

. >> steve weiss >> i'm taking this $20 i took on the golf course yesterday and adding two shares of portion to my core holding. >> joe, give me a name quick >> mosaic. >> does it for us. "the exchange" is now. >> thank you very much, scott. hi, everybody. here is what's ahead stocks continue to rebound bond yields are climbing even crypto is popping today why is my guest taking some risk off the table? we will have him in just a moment >>> plus, jpmorgan doling out for dimon. and could netflix use some flesh blood? we'll ask about all of it. >>> and crypto accounts are proliferating. more than 6% on your digital currency holdings and let's you borrow with crypto, as well. we'll talk about the opportunities and the risks as regulators start to crack down dom chu is here with those numbers. >> it's day two of this recovery trade since the sell-off we saw on monday. now the dow, the s&p 500 and nasdaq have all recovers all of their losses from that monday sell-off and more. the dow is up .75% it is caught up to where it was before the selloff happened. up about .5% for the as much and

steve weiss, joe terranova, jon najarian and kait moore from blackrock global allocation team good tod yields are higher again bitcoin is up today. shannon, was that it correction now over? >> seems a little premature, doesn't it i thought the world was ending last week. no, in all honesty, i think that what we're seeing is that earnings are strong. we're ahead of tech earnings next week. and i think that always creates a bit of enthusiasm. there hasn't been any negative news fro

joining me today, brenda vangelo, jim leventhal and steve weiss.the markets there is the dow good for about 28. s&p 500, a fractional mover higher nasdaq higher by about 1

we debate with our committee, jenningoy harrington steve weiss.ou let's check the markets this hour the s&p 500 coming off, get

joining me this hour jenning harrington steve weiss. john najarian good to see everybody.s trying to post the fourth week of gains. they have a little bit of work to do today. negative across the board. yields at 1.31 on the 10-year. hot retail number. jon najarian, shall we ask what the state of play is right now, and whether it's a sign the rally is

sinking despite beating last night which meant we get steve weiss on the phone because he has been talkingg up to the report i'm looking at the stock i hope you're not. it's down about 8.33%. what do you do tell people who followed you into the name, steve? >> well, you do what i did you buy more look, i spoke to the ceo today it was a phenomenal quarter. it was a great conference call i think there is some misunderstanding in terms of the margins which relate to covid. their own fabs which didn't hurt but for customers needing a couple more components that's where it hurt the margins. even though the margins were up quarter to quarter look, this is the beginning of a 10-year 5g cycle if you listen to the customers that they talked about, that they have new design for it's phenomenal. if you own apple there is no way not to own this because they are the supplier for rf chips. but the total addressable market for this company increased exponentially. it used to be phones now it's the entire world. peloton, autos and it's selling despite growing earnings at 73% which won't be sustainable but

with me for the hour today josh brown, steve weiss carrie firestone, jon najarian and good to see everybodythe dow, s&p today. investors dieting those earnings reports as i said. we're getting to those in a moment but first the big ipo robinhood going to public. let's bring in leslie with the latest as we wait for the first trade. we've seen a lot of activity where u

and they make me proud that they're an american company >> yeah, you know what props to my guy steve weisspounding the table on moderna for so many months has added to his position on numerous occasions, and that stock continues to be a winner jim, speaking of since we're talking about the nfl -- >> your guys have been so good i'm sorry, your guys have been so good on the show, guys have been very, very hot, and people should be watching the show. you have a lot of bulls and they're giving you -- they're giving you great ones. farmer jim has done some good work too >> yeah, no, they'll appreciate you saying that for certain. they're the ones who are doing the heavy lift for sure. since we're talking about moderna and we're talking about the nfl and people are looking forward to going back to nfl games, and we've talked about how the market has narrowed, are you suggesting, did i hear you suggest earlier, jim, or at least intimate that you think we could broaden out from where we've been, that some of these stocks that have been stuck lately because of -- or at least in part of delta could

>> i think it is a good time, i don't know if you listened to steve weiss yesterday. he was buying puts left and right. i don't think that's necessarily going to be the way to go when i look at faang, but i do think when i listen to apple and i talk to tim cook last night along with josh lipton, i'd say as bullish as i've aheaheard, ad don't forget, the customer loyalty is so great that if they can't deliver the chips in there for the phone in this quarter, you've got it more elongated. >> you're loyal because you're a hostage. >> hostage hostage? >> i spent three hours in an apple store this weekend they couldn't even let us buy a phone for three hours. >> i was in the 5th avenue store yesterday, it was slamming 75% of watch customers were new to the product, and in china, 85% of watch customers are new to the category. >> i asked tim why bother. how can it move the needle, and he said do you think basically health care moves the needle and i said, yes, the watch is incredible i find people wearing watches who have never even thought about wearing a watch, david take

>> stevie wonder stevie weiss is right about qualcomm get on that right now. >> all right, steve. >> so josh does do fundamental work i'm going with freeport which i added to during the show today >> all right great stuff. thanks for watching. "the exchange" starts now. >>> thank you, scott i'm kelly evans. here's what's ahead this hour. bitcoin's wild ride as the rebound in prices continues. we'll speak with the ceo of grayscale about the recent price swings, the fed's concern about stable coins and the grayscale push to become an etf. >>> plus, a blue chip check from american express to intel to apple, even microsoft. some big numbers of the dow making headlines and making moves. the news of the trade on all of them straight ahead. >>> the ceo of alaska airlines joins us about earnings and the state of travel and the future of travel across the u.s dom chu is here with the latest. >> the travel and leisure stocks reopening trade helping bounce off the lows from monday the markets are taking a breather the dow, call it flat on the day so far just a tiny bit to the down side the s&p