t. rowe price our strategic investing approach can help you build the future you imagine. t. price, invest with confidence. >>> welcome back to "the exchange," everybody. geopolitics front and center today as houthi forces vow to retaliate for last night's u.s. coalition strikes in yemen. it's not the only geopolitical event investors are watching. tomorrow's presidential election in taiwan is another and could become a key test not just for relations in the region, but for u.s./china relations, as well. here to discuss is former nato admiral james debritas. let's begin with the strike last night which sent oil prices higher by 3% overnight. so this was something, by the way, that you, admiral, called for about a week ago in an op-ed. so tell us why this was the way to go now. >> yeah, it's a bad pair of choices, right? but door number one is just allow the houthis, backed by iran, to continue to take down merchant ships, shoot at our warships, at merchant ships, take mariners hostage. that's a pretty bad door, considering they are shutting down the red sea, and about 15% of

t. rowe price our strategic investing approach can help you build the future you imagine. t. price, invest with confidence. >>> and welcome back to "the halftime report." let's get to our "calls of the day." uber touching a new record intraday high and wells fargo thinks it can go even higher boosting from $2 to $76 a share. >> we bought it a year and change ago. we were still holding that position, it would be way over 7%. this is in our discipline growth strategy. it's the third time we've trimmed it, trimmed it at 47, 50, 58, 59 last week. i think that's just responsible. i think their price target is too aggressive for the next year. maybe high 60s is more rea realistic. there's 10% upside. i think there's other things that could easily return more than 10%. reinvest and maintain a balanced portfolio. >> joe, you own as well. still bullish? >> i think today the intraday high is an all-time high for uber. i see it going into the 70s. this is an industrial growth story and to get the type of growth this company delivers, the type of balance sheet and then the overall necess

t. rowe price our strategic investing approach can help you build the future you imagine. t. price, invest with confidence. >>> welcome back to "halftime." investors are falling out of love with paypalace the company fights off competition. kate rooney is following the money. >>> paypal has dominated since the early internet days, but they're not as dominant with people now shopping more on their phones. the experience is clunkier and that may be eroding market share. mizuho cites apple pay and cites that auto fill feature and buy now pay later. then you have demographics, mizuho surveys show younger shoppers prefer it. paypal's venmo is behind zelle. finally, that pay with venmo option was recently removed from amazon's check-out. amazon has its own one-click check-out options. a shift from early 2020 when about 90% of analysts were bullish on the name. back to you. >> that is fascinating. i'm still a holdout on venmo. >>> kari, you sold paypal two weeks ago. why? for everything kate cited? different reasons? >> we've been patient, more than patient. it literally went down n

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t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. >>> good afternoon, everyone. coming up shares of boeing down big today. a tour plug blows out. just the latest problem with the 737 max series. >>> stocks are higher across the board. even with boeing, the dow is positive. were the declines last week a healthy pullback in what is still a strong market? here are the numbers right now. it is up 23 and the nasdaq is up almost 1%. the s&p 500 -- nasdaq is up 1.7%. >> and we have more formant deals to tell you about. the move would boost the cancer portfolio. >> shares of cytogenetics they are up as much as 16%. the company has been going through a sale process. there -- we start with the leading story of the day. boeing shares down sharply today after a tour plug throughout on a 737 max mine. the faa ordering dozens of those planes to be grounded. what is the latest? >> as this investigation continues you have the ntsb investigation into the incident itself. let's start with that part of the news. the n

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t. rowe price our strategic investing approach can help you build the future you imagine. t. e price, invest with confidence. >> this is bloomberg markets. i am amber. time for our stock of the hour. we are looking at shares trading higher. looking to build a state of about $1 billion in the company. they planned to push the online dating company to take steps to boost its stock price. let's bring in alex. what has failed the stock? >> is underperforming the broader market. this is because it has been a challenging backdrop. facing intense competition. it makes sense that elliott took interest in the company. it is known for amassing big companies and pushing to make changes to add shareholder value. it is not clear what exactly elliott fascias demands are going to be here. a lot of analysts expect that growing cash flow will be a priority. we are going to see some of the demands that they will outline here. >> elliott has been known to be one of the most fierce out there. how is the rest of wall street responding to this movie? >> it is a pretty positive reaction so far. one

t. rowe price our strategic investing approach can help you build the future you imagine. t. back to power lunch. that big energy deal we talked about yesterday, it's official, chesapeake buying southwestern for 7.4 billion dollars. here is what bill break-ins and scholar capital tell us about why the steal is a perfect match. >> if you look at the red counts, there are frock crews, they are very similar and so you can have rid efficiency and drilling efficiency, but you can also have operational efficiency. a merger makes a lot of sense for these two companies. >> let's talk more about this now worth -- we should add an asterisk that it means to have regulatory -- or not have them come and stand in the way. >> that is certainly true, and obviously these deals have been more closely scrutinized, and this -- this combination would create the u.s. gas producer still, there is only about 78% of total u.s. natural gas. it's not like the have a lock on the market by any. means that's less than 10%, and so there's less of a case potentially. definitely, the -- but still, regulators

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t. rowe price our strategic investing approach can help you build the future you imagine. t. idence. >>> welcome back to "the exchange," everybody an influx of chinese cars is terrifying the west. that's a headline from the economist last week. this as china has been crowned the new king of the global auto market, overtaking japan as the top exporter in the world and not by a small difference, either the country shipped more than 5 million units overseas in 2023, while japan is expected to lag behind that number by almost a million. the chinese ev maker byd has overtaken tesla as the top ev sell they are the world. my next guest says china is well positioned to keep growing market share for more, let's bring in johnson wong, head of china industrials, based in hong kong jonathan, welcome. good to see you. where is china dominating in selling exported vehicles? >> if you -- thank you, by the way. if you take a look at the market overall for china, overall passenger market continues to grow it's growing 5% last year to a record high in terms of auto sales. when you look at that,

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t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. >>> delta airlines just reporting. phil lebeau is joining us now with more. >> joe, this is a beat on the top and bottom line. the company earnings $1.28 a share in the fourth quarter. 1.17 was expected. revenue was better at $3.66 billion. let's do the numbers within the numbers in the fourth quarter. revenue total per seat mile negative 3.4%. operating cash flow of $499 million. free cash flow of negative $695 million. cost per seat mile is better than expected. up 1.1%. the street was expects a little bit higher there. 9 9.7% operating margin in fourth quarter of 2022. now for the guidance. in the first quarter, delta is earnings for 25 and 50 cents a share. the street is consensus of 38 cents a share with revenue going up 3% to 6%. for the full year, delta with free cash flow of 3 to $4 billion. they had $2 billion of free cash flow in 2023. that would be an increase in 2024. capacity up 3% to 5%. also delta announcing what many have been expecti

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t. rowe price our strategic investing approach can help you build the future you imagine. t. nce. neil: we were wondering when we would get the etf news, everyone in the holding pattern. jackie

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t. rowe price our strategic investing approach can help you build the future you imagine. t. price, invest with confidence. >> all right. we want to continue our contrarian picks by our committee members. anastasia is with us today. so what have you been thinking about? >> real estate. commercial real estate both public and private marks and i would say across the entire capital stack equity and also debt and first of all, scott, talk about a hated asset class. >> that's for sure. >> there are so many concerns about maturities and the $1.3 trillion that need to be financed and by the way, the mortgages were taken out at 3.5 need to be refied at 6.5. there are office vacancies and that's been so well telegraphed or talked about and the 28% vacancy rates and so as a result of all of that as it flows into commercial real estate they have slowed to a trickle last year and the performance in the public markets reads the etf was up 8% and so i think i've made the case that this is not an asset class that's well liked and very contrarian, but here's my take. yes, there's concerns ab

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t. rowe price our strategic investing approach can help you build the future you imagine. t. ce, invest with confidence. ed: after the adobe-figma deal was called off, where do we stand with tech m&a looking to 2024? we will talk about that with masha bucher in today's vc spotlight. she is the general partner and founder of day one ventures. lots of assets under management. masha, we got obsessed in september about a very short-lived ipo window and then we lamented that a lot of deals got shut down. if you are a venture capitalist with a portfolio of touring companies, what are your options in 2024, what do you advise them to pursue? masha: first of all, figma was one of the most interesting and important companies of our time, squeezing value for freelance, entrepreneurs, and people. this deal being called off meant a lot. it meant for later stage investors, look into investing in later stage. investors realize, there is someone who wanted to acquire your portfolio companies, ready to pay a sizable amount for this opportunity, it might not go through because the regulator may

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t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. stuart: back to the mashes. lou basenese with us. you've brought stock picks early intervention program colluding cybersecurity eff hack. >> i'm going to tell you, we're be fighting a forever war against cyber criminals and that make this is a forever growth and investing trend. here's why. if you think about traditional warfare, it's limited by a finite land mass. we know where the boarders are and digital warfare is infinite and the amount of data we're producing as a society and world grows exponentially. we're going to produce 22 zeta bites of data. that's a trillion gigabytes. this surface area that cyber criminal cans attack keeps expanding and the other thing about cybersecurity is we're always two steps behind the cyber criminals. can't play with a silver bullet one company. etf that gives you expose uroto 50 different companies on the leading edge of reacting to cyber warfare. stuart: another one inno data. that's a cybersecurity firm. >> mo

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t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. >>> welcome back to "worldwide exchange." in a watershed moment for the crypto industry, the s.e.c. approved the first spot bitcoin etf. this will draw in new investors into the crypto market. watching crypto right now and it is green across the board. some other coins are doing better. the 11 funds operated by ark invest and franklin templeton and wisdom tree and others are expected to start trading today. joining me now is the technology reporter mackenzie sigalos with the key adoption. mac, good morning. >> frank, good to see you. >> mac, spell it out. what are we seeing? is this a watershed moment for crypto? >> up until the wednesday approach from the s.e.c., the $30 trillion wealth management industry in the u.s. largely had been cut out of the crypto sector. view investors have any material allocation to bitcoin at this point despite it being the best performing asset class in the last 18 months. the vanex ceo saying the financial advisers hav

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t. rowe price our strategic investing approach can help you build the future you imagine. t. we price, invest with confidence. sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh caroline: -- growing adds business and a sign of investment products outside of grocery delivery. we sat down for a conversation about it with fidji simo. take a listen. fidji: we have a lot of interest from retailers. now you can see -- good for the holding, and many more, from -- and we think in 2024 we will have more deployed. the reason they are excited to deploy is because customers love them. we hear over and over from customers how fun the shopping journey becomes when you're using instacart and how convenient it is. caroline: future for u.s. shopping, how international could this get? you are someone who is french and i know there is already exposure in spain and france. fidji: we certainly wa

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t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ . >>> welcome back. taiwan spiking after topping fourth quarter estimates, sharing a bullish 2024 outlook. our next guest says it is one of the best ways to see the bubble. here is the asset managing partner, doug clinton. it's great to have you on. so talk about what you mean when you say you believe that we have an ai bubble ahead of us. how is that expected to play out? how would you tryto benefit from it? >> mike, i think we are basically in 1995. and in the 2000s. in our view, we will have three to five years of those stocks that are continuing to work higher and those stocks with the exposure getting higher in many cases that we will see higher earnings as they build out the infrastructure included. then we will get to a peak at some point and that is what happens with every bubble. three to five years with that. that is where things will get hard. it's always fun to play bubbles on the way up. it's easy to cheer, but you need to