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tv   Fast Money Halftime Report  CNBC  July 2, 2021 12:00pm-1:00pm EDT

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that laugh and i'm glad we got a few in there that was a slice from the digital side as we wrap up the special show on jeff bezos and the legacy at amazon and jassy takes over see more content like that online cnbc.com/tech check. let's get over to sully and "halftime report." >> dooerds, jon, julia thank you very much and welcome to the "halftime report" on a big jobs friday "i" brian in store for scott again. more americans going back to work and the growing economy has markets and your money at new records. money pouring back into a crucial area of the market, maybe moving out of another. so how does it balance out and are there more gains ahead for the markets in the money and a lot of topics to debate and discuss. we have the perfect investment committee today. shannon, courtney gibson, michael farr and jim leiben that
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will before we get to them here is a quick hit on where stocks are. at highs for the day the major averages for a second straight week of gains the s&p 500 hitting a record high and get this, aiming for a seventh straight day of gains. lucky seven. that would be the longest winning streak since back in august of last year, wow and the nasdaq hitting record highs. the dow at the highest level in about a month. up 70 points right now on the nasdaq comp. about a half percent for all major major averages well to everybody. happy friday the jobs number come in hot and maybe not too hot shannon. i tweeted it was kind of the goldilocks number, good, made people happy but wasn't so good that puts new fears of fed tapering back on the table how would you break it down? >> i couldn't agree more i think this was, first of all, a great number coming into a
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long weekend nothing for investors to be particularly concerned about there were -- you know there are a couple of points here on the jobs number. it has disappointed consensus the last couple months which yields the conclusion that perhaps economists aren't sure what's happening with the pace of the economic recovery they're not sure how much these higher wages that are being demanded by workers to come back into the workforce have impacting hiring i think this number essentially said, yes, there are higher wages being paid, yes there are some mismatches between supply and demand in the employment market but we are seeing jobs coming into the market. and i think what we're also seeing is we're seeing that, you know, that u-6 numbers that measures the underemployed and part time workers. that number is under 10% the first time since the pandemic. that's an important point. because if we get participation steady and then also see some of the workers that classify
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themselves as being underemployed back to full-time work, i think those are the trends that the fed is looking at as promising. but not necessarily too hot as to take them off of, you know, the current course. >> yeah. well, courtney, between us kids, here is the dirty secret of the jobs number. don't tell anybody the jobs number doesn't move the market the fed moves the market and the fed looks at the jobs number with that in mind, does this number change what you think the fed may or may not do with rates? >> sully, so good to see you today and everyone on the committee. like, let's really think about this for a second. as you mentioned so beautifully, the jobs number and the fed are intertwine the good news about what happens in america is that we get the data we know what the fed is seeing to a certain extent across the board, whether earnings, wage growth, jobs, manufacturing, you take your pick we can create our own story if
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we like around where we think the economy and market is going. has my position changed on where i think the fed is going to go absolutely not i think they have been incredibly transparent about how they are thinking about this and i think the numbers that came out today, again, further solidifies jay powell's stance of watching the numbers and paying attention to the data not moving too quickly and not moving too slowly. i think what we'll see in the july jobs numbers will be incredibly important as well as september. but we'll get something out of jackson hole i think in august whether or not they decide they are going to signal that they'll begin tapering or not we'll see. i think it's possible. but i'm not sure that they're going to kind of use that quite yet until we actually see what happens when some of the unemployment programs begin to roll off it's great to see the companies and markets absorbing higher wages. because two-thirds of the gdp is consumer spending.
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if higher wages are coming in and companies say we can afford to do this we need to do this. guess what they expect a return on the investment from the economies. the employees are getting paid more and guess what, they shop at wal-mart, shop at take your pick buy flights, stay in hotels. let's pay attention to that because that's why i think the market issited today and we'll continue to see great news and great transparency which is key out of the fed appear we'll begin to watch that as we move to the second half of the year >> yeah, four states ending the extended unemployment benefits june 12th. six more the 19th got a real world economic experiment going on in realtime jon najarian foing us by phone we called him up at klondike 557. what happens what is the options market saying what are you seeing in the internals about what the market may be suggesting about the fed. >> well, certainly the market is not overly concerned, brian, just to courtney's point we're
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seeing the lowest level for vix nearly a one week low today -- not one week one year low we hit 14.25 for the vix minutes ago, right now now at 14.50 for the so-called fear index and the range for the year, last 52 weeks is 14.10 which is the low to 41.16 is to there is very little if any fear in the market here. i think they're more or less confident that where we are going through the summer into jackson hole is a fairly safe place. and jackson hole, of course, will be a potential wildcard for how the quesfed i was us the ouk from there forward that's the next point on the calendar, brian, the jackson hole, not really today's jobs report >> yeah, and, jim, how do we
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look at it with all the other data points we've seen, the jobs number is a big one, but just one. we had other things seeming more inflationary how do you read it do we get a fed rate hike before the dot plot -- which i can't stand even saying -- suggests that we might in 2023? >> i'm glad you're going there, because it's really the rate hike we should be worried about. you know, that's when the fed turns hawkish. all the time that they're tapering they're still buying bonds, okay. that means they're still accommodative. let's talk about this. in order to have a rate hike they have to complete tapering they're not going to be accommodative by buying bonds and raising rates at the same time in order to end tapering they've got to start tapering. i'm telling you, i don't think they start tapering until january. here is why. because the end of the year is the worst time to start tapering you know that. i know that. everybody in the panel knows that you don't want to start tapering the second half of november on
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so if you're going to start tapering before november -- excuse me, before the second half of november, you've got to make that call this july you got to come out of the july meeting and say, we're ready to talk about tapering now. i just don't think they're there. i think this goes back to your question about how important is this jobs number it's a little important. but it's one data point out of many we've had two dismal jobs report and trying to combine that with jobless claims and fed regional surveys saying the labor market is good. the bottom line and here is my stake in the sand -- there isn't enough data for the fed to star meeting. and if they don't get aggressive at this july meeting then the earliest is august, which means they can't start tapering until january. >> so i guess, minl, westbound par phrase our friend jim cramer it's not that they know nothing. it's maybe they don't know enough right now would that be the way to say it
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piggy backing on jim's comments. >> i think, brian, that's the right way to say it. happy independent day by the way. this is my favorite holiday of the year i mean to celebrate america is just my favorite you know, at our -- and jay powell's last comments we heard he sort of is embracing the uncertainty. he is data dependent he said a couple of times we just don't know. we have to wait and see. i think leben thal is on to something here pains me to say it they certainly got themselves in trouble. december 2018 we had a full-on bear market because the fed basically overstepped. i don't think they're doing it again. and when you think -- you know we're looking at the granularity of employment numbers. let's go back a year and think about sitting here now you think about where we were a year ago at the beginning of the shutdown, a shutdown economy, even january we're up 14% since january
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january we were hoping to figure out how we were getting vaccinated and that any of this would happen, so that that the fed, given all of that, and as many things economically and in business are happening as quickly as they are, i think the fed is right to be patient and i think mohammad alarian said in the cnbc.com piece take your foot off the accelerator before you have to stand on the brake. >> and he actually -- actually agrees -- you're actually right, jim. we're getting back to this more to do. but right now, hold on -- right now we have a big market flash upon a stock broad come. let's get to kristina. >> the ftc federal trade commission is charging broadcom with illegal month opization and orders the semiconductor to supply -- stop anti-competitive conduct. what they are saying is that the broad band has been monopolizing
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the mechanic for semiconductor components the commission also issued a consent order that would force them to -- to require the customers to source components from broadcom on an exclusive or near exclusive basis and the quote from this report coming out right now is probably the most i guess significant the ftc bureau of competition acting director said, america has ha monopoly problem. today's complaint reflects the commission's commitment to enforcing the anti-trust laws against monopolists including in high-tech industries again this is coming out the ftc is charging broadcom which you can see on the screen getting hit slightly now dropping even more -- over illegal monopolization this is with semiconduct are again the bold statement america has a monopoly problem. >> yeah under the avg, the ticker there not a huge hit on broadcom
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we'll talk more about it with the semiconductor christina thank you very much. >> back to the markets technology is the best performing secretary they are we can. s&p and nasdaq hit new highs led by tech. the reason is very simple. there are more buyer than they are sellers. big time money is going back into that group. bank of america's flow data showing the first in-flow to tech in eight weeks. that is reflected many of the names that you know making shareholders even more money microsoft and alphabet heating new all-time highs today guys, amedt amzing kourtney tech is where it's been for five plus years got a little wobbly starting the year it looks like it's back. do you agree is that where people should put new money. >> i definitely do and at luke capital markets we cover institutional investors as well as some on the high net worth and retail side. what we've seen is almost two to
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one buying over the last couple weeks on the dip with tech back in i think there was a lot of fear at the start of the year, you know, we can debate at another time whether or not it was correct or not as it relates to interest rates rising faster than expectations. but i think that it got a little hot when you think about the other cyclical names and value names. and people thought there was going to be this tremendous migration from growth back into value and that tech was somehow going to disappear tech is the underpinning of our economy globally i think depending where you want to be in that space, you have to be in that space and so i don't care if it's fintech is the play, the apples of the world, microsoft, if you like the chips but tech has to be a staple in the portfolio or the market will chew you up and spit you out, to be honest with you for me personally, the long-term play is absolutely an overweight to tech until we decide the next thing underpinning the economy is but for right now it's moving
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everything and we have to be in it. >> yeah, leading all the etfs, leading all the indexes. even if you don't want to own tech, you're probably going to own tech or have to own tech let's move to specific technology names okay because alphabet, google, named a top pick at bernstein. saying even with some of the regulatory uncertainty, the government poking around about regulatory issues, the analysts say there is not much to not like about google right now. saying why i love google, jim the second half of the year, 30% operating margin and a mote more robust than the walls of the neen whatever the heck mean are you yes and alphabet slash google. >> thanks for admitting. i don't know what that reference was. i think with alphabet what you start with is that the fang names are attractively priced right now. but looking at alphabet in particular, this still
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photographer a 5-year period has greatly lagged the rest of the fang nims. 5-year annualized return, 30%. you may say that's good and it is but amazon 5-year return up 37%. apple 5-year return 44%. all of the stocks have had kind of lange luvrt maybe not alphabet but looking at apple and amazon just up a handful of percentage points year to date which may mean they're pausing, consolidating. either way the valuations and business fundamentals right now are positive for the fang names to start working right now the only risk that's oand it's been out for years is regulatory and litigation we can't keep you are heads in the sand on that but that's not a reason to be out of the stocks. you have to be in these stocks >> 16,000 kilometers of earth bank wall around the city ido nigeria.
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the wall of benine reference microsoft, goldman sachs still pounding the table, reiterating a buy. so a 340 target. 27% upside love the longer term shifts, secular shifts all benefitting microsoft as well. shannon, they see a pathway for sustained double-digit top line growth along with continued margin expansion but the stock has already been red hot. how much of that is priced into microsoft already? >> well, microsoft is our biggest position, has been our biggest position the last couple of years but we did trim the stock in the fourth quarter of last year relative to other names available in the market. you know, some of this may be priced in. but, you know, you think about, sully, the business, you could just buy microsoft and you actually could get exposure to so many different trends, to cloud, gaming, to enterprise spend at the business level.
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you could essentially buy what are the sustainable trends in technology just buying microsoft. and so i do continue to think that the way that they have built the business, you know, being able to determine -- and i think this is what google suffered from is a little bit of pie in the sky spending, especially on the venture side microsoft has been very disciplined about the businesses they put money into. and the return that they expect to have from new business lines. and i think that that, you know from a capital allocation standpoint makes it a great stock to own the next several years because there is no way to kourtney's point that they don't benefit from the accelerating economy and the growth that we're seeing but they are also well positioned to be able to have that return to shareholders over the next several years >> long way from the zune music player satya nadella named chairman and as big as though names are
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they're big. there is no stock more of the market than apple. it's not heaviest wait in the dollar weighted down apple is the most hi widely owned in the world retail investors mutual funds and hedge funds and a disappointment to all three the last six months. apple quietly having the worse first half to a year in five years. but that may be about to change. apple is actually the best performing fang name this week the question is will apple stock get the mojo back in the months ahead? jon najarian by phone, you own the stock, own calls you're obviously bullish >> i really like the stock the move that it's made lately, the endorsement it's getting from more and more institutional investors, not just people that, you know -- i have all the respect in the world for analysts actually, brian i don't mean this light heartedly. but i pay more attention to
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people who are putting their money where their mouth is and institutional players have been accumulating positions in this name for months now when it was in the low 120s virtually every big block was being bought as people were either exiting or nervous and saying, boy this hasn't performed well they were selling to the diamond hands, if you will, if we use a digital currency or at least a meme/rebel stocks adjective. we see more and more of these diamond hands just buying, buying, buying, all the way up in apple i think that continues into the fall, brian. >> diamond hands, michael farr on apple, i -- you're going to hold this thing for the long, long, long-term i imagine. >> well, i think there is no question about that. and when you look at some of the other names we talked about this morning that i own too
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i mean, google, microsoft, up 30 or 40% year to date when they averaged 30% the stocks had a good run and look good the balance of the run. apple hasn't run and they've more mean being a bit of contrary yan buying things that aren't hot i don't buy the most popular thing on the day that sort of a discipline for a really solid company i think makes you better money longer term when you look at it compared to the rest of the group, i think a.m. is a standout buy >> is there any reason to not like -- kourtney, we're on the apple love fest. jeff gundlach made a point a number of years ago saying everybody owns why would it go up at the time when everybody owns the stock? i think you're going to knock apple. if everybody owns it, who is left to buy it >> i'll take your bait i'll take your bait, brian. >> kourtney.
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kourtney. >> take it >> okay. and then we got to pass to farmer jim because we agree on this name for sure ultimately with apple that name has been crushed recently. i mean, and people for a while -- i've been sitting on my apple position for a while, i'm not seeing the growth i wanted to see but i know it's going to be there yes the last products are lasting longer but i still continue to buy them every child i have gets an ipad at some point because it helps mommy a little bit i do not care when you have a name and a company that's as innovative aso and creative as apple is you have to be in that name and as give you one. people were talking about microsoft and holding it we did see some large institutional sells at this point in microsoft i'm sure it wasn't because they don't believe in it, similar to shannon. it's just it hit high numbers and you want to trim a bit to lock in at the end of a quarter. think about what institutional
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investors are doing, benchmarked against the benchmark. how are you performing in the portfolio? you got to take wins off i think, apple, however, is at a point where it's set and stable for a breakout wait for the next supercycle >> hounds tooth coat, jim. >> yeah, listen i'm so sorry i stepped on kourtney's toes misheard the cue this is as simple as the line from "all the president's men. follow the money when the stock is down they are buying and are retiring more shares they shrink the share count by six times year over yao yeevro for those thinking it couldgo to $90 i know there are analysts that's not the analyst with tesla at 150. there is rationale to that flow because the cash flow isn't there. but with apple the cash flow is there. the stock dips they buy back
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more shares. follow the money >> that's it follow the money we like it all right good discussion on apple. so apple has not been exactly red hot this year. but what has been red on the is the semiconductors, at least some of them many chip stocks coming off the best month since back in february about half the stocks in the smh etf are outperforming the s&p 500 year to date names like nvidia hitting all-time highs nvidia up by 50% in three months up for demand things like cars, data center. you might have heard about cryptocommodities and all the mining it takes there. jim, back to you on this, because i noy this is another group i liked a long time. but, again, things just -- i get -- maybe they can go up forever. at some point do the valuations get stupid >> well, listen, this is a great question i think i've got to answer it by
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saying the semiconductor space is a wide space. maybe look at nvidia say it's overpriced somebody else will say, yeah but that's the call four years and you missed it the whole time i am in qualcomm which i find tremendously overvalued and another share repurchase story in nxpi at fair value. but fair value grows well above the rest of the space because of the exposure to automotive industries including avs and evs. i'm not touching the microns and texas instruments right in the middle of the fairway. if somebody wants a deep value player, go in on intel which i think we got to start looking at again. it's been in the penalty box a long time. the point i'm driving at, brian, is if we just look at nvidia we could miss a lot of other beautiful trees in the forest that is the semiconductor space. >> jon najarian, where are some
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of the beautiful trees in the semiconductor arboreteun. >> certainly the chip space, brian. you can't ignore advanced microdevices, amd, the stock has been an absolute monster put it up against nvidia samd has been dominating data centers and so forth i think this is a real issue that people -- that trade these stocks all the time, know that this is a monster. amd. and for the year right now, let me just get a quick one here for the year, the stock looks like it hasn't done anything, but you look at, you know, this last surge just like apple from the middle of may this was a $73 stock. now it's a $95 stock i think that surge continues because of everything farmer jim just said. this is something people got to
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have, whether it's for data centers, whatever kind of chips you need, chances are either nvidia or amd make it. and that's why those are two of the top picks in the space >> all right good call there. and good calls lately, certainly, pun intended on the option side as well as the stock side on some of the semiconductors they have been red hot it's a red hot friday. we have done a lot but a lot to do straight ahead. one big bank getting a big double upgrade today as an analyst does a total about face there is the chart name ahead you are getting out driving this woke, a lot of you are you can listen, watch, do whatever cnbc app, download it today, "halftime report"" is back in two with the dow up 103. >> announcer: this cnbc program is sponsored by td ameritrade
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welcome back i'm rahel solomon here is the cnbc update at this hour in florida authorities announce the recovery of two more bodies from the collapsed kondo
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the death toll at 20 with 128 still missing. they are working to tear down what what's left of the building >> president biden say the withdrawal of the u.s. troops from afghanistan is on track but not done in the next few days. earlier u.s. forces pulled out the main manipulator compound in afghanistan. the what comes next on the war in afghanistan what's done to maintain gains against the taliban? the supreme court says it whether here hear a dissipate from maine over state funding and religion barring families from using a tuition assistance programs to help pay for christian schools boy could you tell us of america settling with victims of sexual abuse a key moment in the bankruptcy case for the boy scouts. yur owe you're up to date.
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thank you very much back to the markets and your money. the double upgrade in the mystery chart we teased. it's pnc financial wolff research going from underperform to outperform, skipping perform, you know, hold, it's also raising the target on pnc to a street high of $252. they say superior revenue growth outlook. your call of the day, my knowledge. you owned it a while pnc never gets the other love as the other big banks but just keeps performing >> yeah, i mean, welcome -- welcome to the match, here, wolff. that's what you say in golf when somebody finally makes a decent shot not that they don't. but this one you're a little late, better late than never because it's working i think it continues to work i've owned it a long time. up almost 30% year to date but 17 times earnings. 1.6 times book
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2.6% dividend. a terrifically solid balance sheet. and, you know, i think the stock buybacks continue. i think you see the dividend increase i like this call i hope to hold this stock for another five or ten years. it's a core position for me. >> wow, core position. all right let's move to another name, and that is big blue getting a little bit smaller today. we're talking about ibm. and ibm shares are down big after news broke that the president is leaving the company. random but interesting he outearned the ceo of ibm by $10 million. bringing in $27 million in total camp according to facts he'll be fine. but shannon saccocia will investors -- you own it it's down 5%. >> we bought ibm last year and really on the thesis that the red hat acquisition was really going to allow ibm to move
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towards this hybrid strategy that's been so successful for other big tech firms this is definitely concerning to us, i mean, i know that the argument is you're getting, you know, kind of paid to wait for the catalyst to unlock the value with 4% dividend yields, probably closer to 4.5% right now with the stock moving the way it is. but i think this bears worth watching come in last year, krish na in the midst of the pandemic. and it's really requiring some deft execution on his part to make sure the red hat acquisition proceeds as planned. it's certainly something if you're in the stock you want to keep an eye on you are getting paid cash flow in the next few months to figure it out but the ability to execute on this new strategy is critical for ibm. >> yeah, a whitehurst got paid according to fa kbchlt, 27
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million in total comp. ceo only made 17 our investment committee making moves in the market. let's talk about the happiest place on earth, i think, kourtney, according to some, that's disney. buying disney, trimming peloton, the classic g.o.a.t. trade, get out and travel, i guess >> doesn't mean you still don't workout by the way but you can walk around the disney parks in the lulu lemon clothes that was a shameless plug. disney, right, a name that has not seen the comeback i would expect as of yet let's think about this for a second the parks the better half of the last 15 months have been closed. you saw a retrenchment, people concerned about a new ceo, bob iger blah-blah blah let's be clear, disney is a global brand that functions like a machine. and when you get a machine you could kind of just let it hum along and does just fine, which
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disney will. but instead they continue to innovate they continue to add they have the second largest subscriber base in disney plus behind netflix by 2024 they are expected teen 230 and 250 million subscribers. think about that number. they are underestimating i think. they continue to bring out new shows. "wanda vigs. and and once once theaters reopen and society gets back to a continued sense of normalcy, disney is going to knock the cover off the ball it's a safe bet you get growth out of where else do you see that growth in a name that's been around for as long as disney has? i mean, it's a name i want i'm keeping in the portfolio and i think you got a window to get in but this name is taking off. >> okay. all right, there you go, very, very bullish take on disney by kourtney a lot more to do stay with us on halftimex
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because jon's latest trades in unusual activity are coming up and before the break, let's look at some of the stocks hitting new all-time record highs today. and it's just kind of a happy mix. you got domino's pizza, up 2%. target back to the ipo back in 1967 you go dayton hudson, corporation. and even o, o, o'reilly at new high three in many names. markets up friday into a long weekend we're back after this. “cracked windshield” take 1.
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all right. well back. it's not just about stocks this hour we are also keeping an eye and an ear on a critical opec meeting happening right now. the meeting actually just started. opec, you know could not make a deal yesterday united emirates, uae coming in at the 11th hour and demanding more production after they reached the framework of a deal. this angered the other members and my sources inside opec say the mood is tense. tempers have flaired the question for this on the oil and stock market will we get the deal today. >> we don't know there are three possible outcomes. running through them quickly
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the saudis and ut uae semgts differences mend fences, here it hout and get to the deal made on paper to add 400,000 barrels per day through december oil remains steady most likely outcome. option two, no new deal reached. so if that happens, opec may stick with the current plan which means they would add no new barrels to the market the next few months. and given the demand is growing, that outcome, the worst for consumers, probably best for oil stock owners, it would send oh oil prices and stocks spiking. oil could hit 100, could have $5 a gallon gas in that situation according to goldman and others. option three, the nuclear option no deal gets done, today, not this weekend, not at all the uae goes it's own way. maybe -- maybe leaves opec starts pumping a lot more oil. other countries get frustrated they do the same
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that is the very least likely option maybe a tiny percent but it's not zero percent given what i'm hearing about how the negotiations are going, three possible outcomes. and the third option while tiny, not priced into the market, again the meeting just started we'll get news next couple hours. i will bring it to you as well as soon as we know something, you will stay focused. oil down just a puch time now for unusual activity and jon both moves of what you are seeing are in the retaylor at least retail and consumer products sfas. >> exactly, brian. you might not be surprised about that given that the back-to-school shopping should be the largest we have ever seen and i mean that exaggeration, ever seen. because of all the folks that are returning to schools, and perhaps a lot of the clothes that they wore last year that
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just wouldn't be as appropriate for heading back to school wal-mart is the first one, brian. the stock was 139.80 this morning somebody stepped in and bought 11,800 of the next week expiring 145 calls. calling for a rally of about $5. because these are short dated i will make quick moves next week i expect to hold four days second one, vf corp. vfc, buying the august 85 calls with that particular stock at 84.15. now this is the parent company of north face, timberland, supreme, vans, eagle creek, a bunch of that kind of apparel, foot wear and so forth i like this one it's a longer trade, all the way until august expiration, not next week expiration like wal-mart but i will be in this likely three to four weeks, brian
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>> watching vfc and wmt, vfc a longer trade jon thank you very much. >> thank you. >> uber shares pulled back just over 10% in the past three months but a callout on it today sees significant upside potential so should you jump in no uber? the debate next on "halftime." 'a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪) let there be change accenture
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all right. welcome back we are seeing session highs for the dow and s&p 500. look at that, dow up 0.4%. s&p up a little more best performers in s&p detroit based plip company, and nrg energy let's get to the big calls on wall street. call number one. bank of america says uber has significant upside potential and kourtney is a better buy than didi the second half of the year would you agree. >> you know, brian, you know i like a nice hedge. if you recall uber owns a piece of didi. they've been trimming the procession if you want to diversify, uber is absolutely the play in ride share, in food delivery.
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another company that continues to innovate but doesn't have to. they could sit on just a ride share business instead they make investments out of the company with their cash, which is great they've invested in a competitor think that for a second. they continue to invest in uber eats, prescriptions. you take your pick they can deliver. uber is a name down 1% on the year it shouldn't be. it's trades at a discount to the peers. if you are not in, i highly recommend you take a look at it if it fits your portfolio specifications >> kourtney, thank you skok number two, fedex, named a top american idea for the third quarter at bank ofamerica. michael, the stock is up 93% the past 12 months almost all coming in the previous six months been kind of flat lately you own it, what are you doing with fedex >> i love fedex. i've loved fedex just a long time, brian. 13.5 times earnings in a market trading at 22 times earnings
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you got fedex at 13.5 times earning growing 15% a year for the next five years compounded you get a dpivd in there the company can repurchase shares, putting more into the b and bp intensifying delivery areas, profitability increases i like this as a core holding, owned it a long time up about $50 this year hasn't been a huge winner but kept pace with the markets i think -- i can't imagine when i'm selling this stock hope i never have to >> there you go, bullish on federal express with the 1.1 dividend yield experts ready to answer your questions. ashati aerhek lfmeft t break with the markets at session and record highs
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[swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. all right. we're going tennessee, ohio and iowa first one to you cresten, down on beale street in memphis asks what are your thoughts on honeywell, particularly with the infrastructure bill? >> so, i think -- love honeywell, love this company t i don't know that it's necessarily the first name that you think of when you're thinking about infrastructure. but what you should think about when you think about honeywell is you should think about the intersection of industrials and technology this is really a company that's on the cutting edge of
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technology they're just as innovative and creative, to steal kourtney's line from earlier, as companies in the tech sector you want some of this lift from the infrastructure package but you also want a company that's going to continue to innovate for the next several years globally, honeywell is your pick >> there you go. all right. second question goes to farmer jim. john in iowa writes, is it time to jump into caterpillar or deere or maybe both? >> you've got to remember what makes these stocks tick individually deere is catalyst play, caterpillar is an infrastructure play certainly deere has earth moving equipment. but if your play is on continued agricultural growth, maybe because china is going to live up to the terms of the 2019 trade deal, then deere is the way to play it
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that's been the bigger winner than cat in the past several years. infrastructure is what i believe in more. i would be a bigger believer in cat but they should both do fine >> cat trumps deere. okay is delta stock going to increase in altitude -- i see what you did, derrick -- or is now a good time to abort -- i guess the landing. a lot of airline puns in there what do we do with airline stock? >> we're definitely not aborting it and we absolutely 100% are going to continue to see this stock rise delta, throughout the pandemic, had done everything right that you would want to see from a consumer-facing company. let's just forget that they're an airline for a second. let's forget the strength of their balance sheet. they did what they should have done to maintain their customer. and that's their power honestly i really look forward to seeing them bring back more flights. and if mr. bastion is listening,
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please increase the number of people in your call centers. we're back everybody is ready to get back to normalcy, business travel, personal travel. we're all ready to get on a delta plane, and we need as much service as we can. delta come the next several weeks will continue to fly high. >> leave your number and we'll call you back ne ininhours. >> exactly >> final trades next on "halftime. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq
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[sfx]: typing [music starts] [sfx]: happy screaming [music ends] this is cynthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. get the card built for business. by american express. ok, at at&t everyone gets our best deals on all smartphones.
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services this is everything you want to be at. from mortgages to personal loans, you take that pick. shannon? >> mondelez. great way to get sector. >> raytheon, 2.5% dividend jim. >> qualcomm. >> like it, jim. there you go thank you, everybody that's it for "halftime report." have a great long weekend. happy fourth of july, everybody. "the exchange" with new record highs begins now you're welcome, kelly. >> thank you, brian. i'm kelly evans. hi everybody, and welcome to the exchange 850,000 new jobs and wages on the rise so, why are bond yields falling again on this great jobs report? we will tell you why and look at the stocks that could hurt if wages continue their climb plus it's branson versus bezos in the space

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