tv Power Lunch CNBC July 12, 2021 2:00pm-3:00pm EDT
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list of neglected stocks worth owning and reddit readers are determined to send the price of silver into the stratosphere and china outflows accelerate abandoning stocks to the tune of a billion dollars in two weeks where is that money going? we'll tell you because "power lunch" starts right now. but first, let's get a check on these markets the dow is up 100 points we've cut our gains more or less in half. still the dow is outperforming the major averages up 0.3% the nasdaq has gone back positive the s&p and nasdaq floating with record highs in the trading session so far today the s&p real estate index also hitting a record up more than 27% so far this year we'll have a full report on the summer housing market in just a few moments. meanwhile, virgin galactic shares tumbling after the company has filed to sell up to half a billion dollars in common stock. this is obviously a day after
sir richard branson's successful flight into space. still, down about 15% today. all right. the start of earnings season follows a week shathat showcased the resiliresilience with profit expectations high, can the calm market uptrend continue mark santoli with a look at the markets' safety net. >> reporter: hey, tyler. the market seems to have earned the benefit of the doubt with this resilience. if you look at a one-year chart, october was the last time we had a 5% pullback on a closing basis, the second longest streak in ten years we've gone without such a pullback. the longest was more than twice as long. it was basically 400 trading days that ended in january of 2018. and when that one ended, investors got overconfident, momentum got out of hand and it was this rush of risk taking we're not seeing that here
as a matter of fact the main knock on the market it's not been all that inclusive meaning lots of pockets of stocks have been suffering and pulling back along the way. this is the equal rated russell 1,000. equal amount of money in each of them you see that it's actually well off its highs and diverged from the s&p 500. this is the way the market has exhibited that resilience towards strength and with very strong credit conditions and a good economic recovery behind it you have the fundamental story that keeps people wanting to stay involved. also, take a look at quality as a category of stocks it's also been insulating the market's down side quality versus momentum over the last three months. quality, strong balance sheets, earnings, basically profit margins, as opposed to momentum which now is full of things like financials and value stock so far so good by the way, tyler, today is a
good example of this equal number of stocks up and down and you're still clicking on the index level to new highs. >> i don't know, mike, whether there's a more unkind thing you could say about a market in this climate that is not inclusive. and i guess -- >> reporter: well, that's true. >> but it's a very apt point it's not as if everything is going up all at once and you can buy indiscriminately as much as you can find a stock picking market >> reporter: and, tyler, by the way, i think it's helped in kind of a back doorway which is it's kept people from feeling as if they have the market figured out. if it feels easy, you feel overconfident, you maybe look away from the risking involved and that to me is what sows the seeds for some kind of comeuppance in the market. seasonal factors >> you point out it's been so long since we've had a 5% correction maybe this is why. i have to say it doesn't feel
that way it feels a little more fragile than that, but maybe that's just context and me maybe that's just me mike, thanks a lot our next guest thinks earnings will live up to the hype but this could be as good as it gets he's focused on stocks that have underperformed and could be poised for a breakout. his name is on the door. you only own 14 stocks, peter. why do you run such a concentrated portfolio >> over the career i started managing mutual funds that had 100 plus stocks. it occurred to me we don't need that many stocks some of them are in fragmented percentage exposures in a mutual fund why not concentrate on the best in the family. that's why i started 11 years ago and continue to do that.
in some ways it makes the job easier, right, because you're focusing all your energy and intelligence, hopefully, on those stocks it just has a very potential to outperform of course on the down side can you underperform tremendously, too. you have to have a sharp pencil when you're doing this >> i digress a little bit. we love to have you come on and talk about in the market and we will get to that what is your sell discipline then you have 14 stocks in your portfolio. some hit home runs some hit doubles some hit singles and some strike out. how do you decide when, say, three of those 14 or 5 of those 14 need to go? >> and that's a question every investor should ask and, sadly, not a lot of people ask that question and the usual humble brag answer is, oh, well, when the stock has moved up and it's given me a
tremendous return, i cut my gains and i come back down-to-earth. that's not really what you're asking about you're really asking about how do you know when you make mistakes are you humble enough to admit it and smart enough to make those corrections? i never sell on price movement i only sell when there's new information about that company and just think what that means that really puts things in perspective. ignore the price movement. if you still have the confidence and there's no new information, there's no rationale as to why you should sell the stock because you might be panicked the stock is moving down >> let's get to the market today, or, you know, right now you say this may be as good as it gets because eps growth may peak this quarter year over year i guess that's what you're meaning here the circumstantial things behind the market, stimulus, low rates, easy money those are probably peaking now, too, as well
and does that explain why you feel the way you do in the market >> yes i think that's a good conclusion i also would say that, you know, through the third and fourth quarter of this year we will continue to see shockingly good comparisons. and why not? last year was really so horrible so i don't think it should rattle anybody's cage that we are seeing these strong, strong results. but i do think in 2022 is when we're going to have to pay the piper and get back to analytical comparisons. right now, tyler, it's very difficult to make any comparisons, right, because you look at last year and we're all over the map so while i applaud everybody for being very happy about this year, it's an exceptional period we've been in.
and hopefully we will never be in a period like this again. >> no fooling, i almost didn't say fooling. palo alto network, cyber arc among two of your choices, 2 of the 14 you own the one you're highlighting is booze allen hamilton, not up despite earnings growth that is very nice. 30% earnings growth. 3% gains this year what is the market missing here? >> well, i think we're so caught up in all of the other shiny object that is are out there that nobody really wants to look at a beltway consulting firm that's been around for quite some time, recruits the best graduates from technology schools and all along when all this noise is happening it consistently is winning government contracts to the tune of $100 million, $600 million, and it works in the cutting edge
technologies we all are very excited about, g5, artificial intelligence, cyber security it's a big think tank where over two-thirds of the people have technology degrees and more than half of them have security clearances so you should read into that in terms of the cutting edge research these people are doing. and it's a great way for investors to be able to participate in that kind of research >> peter, thank you for your time, your insights and your stock choices. peter andersen reddit readers have their sights set on silver they want to send the price sky high kristina partsinevelos is here with more. >> they go by the name of silver eight. the 123,000-plus members encourage each other to buy bars and coins as a hedge against
inflation. they want to push up the price of silver to 1,000 bucks it's just offering around $26 today. retail traders argue there are way more paper claims such as derivatives, for example, on silver than actual hard core tangible silver. if demand increased, supply would run short and the price would surge. the squeeze on silver differs for companies like gamestop and amc. not as many silver short sellers to attack. money managers have had net long positions since 2019 according to data from the commodity futures trading commission >> if you think of the history of silver, humanity has been mining this stuff since we discovered picks and shovels there's plenty of silver aboveground. a little like gold it doesn't get thrown away. >> and that's why many around the world do believe currencies are very vulnerable and that physical investments are the way to go. they even helped push up the
price of silver to a five-month high that is why we call that a short squeeze as well. the demand for bars like this, and this is a silver bar right now, are exported to soar to 26% of total demand up from 8% last year one member of a group of silver told me he believes the market is manipulated by bullying banks and that's why he's holding on to this stuff for a lot longer i knew you wanted to see this. >> i thought it was an iphone at first. >> come to the parents' table. come here. come on up >> this is worth $300. >> it's heavy. >> it's 10 ounces. >> that's a lot >> i should have looked it up. >> looks like a little credit card >> right >> worth a lot more. >> especially because so many people are storing silver, gold in their houses or more specifically all across the
world. gaining in popularity. >> all right short this -- okay, thank you, kristina >> i'll leave now. >> back to the kids' table behave yourself. mortgage rates are coming down does that signal a summer surge for home buying? and later the big banks kick off earnings season. which ones are worth buying now? which are worth avoiding our traders are on the case. as we take a look some stocks beating 52-week highs today. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business...
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welcome back to "power lunch. i'm dominic chu. shares of cheesecake factory getting help over at raymond james. they've upgraded to outperform cheesecake gets $60 and brinker at $75 they think there's strong upside as well as attractive valuations for both of them given their recent stock drops some investors have been taking a view on the economic recovery. powering ahead with "power lunch" and restaurant stocks >> thank you very much after a brief slowdown the
housing boom -- in the housing boom, a new surge could be on the way as mortgage rates decline and some new supply hits the market diana olick has more >> reporter: the housing market has been a perfect storm for sellers. the winds may be shifting. strong demand and record low supply are starting to ease and mortgage rates are coming down new listings jumped 4% in the period ending july 4th with the year before. they were also up 3% from the same time in 2019 and that was the first time new supply topped pre-pandemic levels. the number of active listings still down 32% from a year ago, but that's actually the smallest annual drop since early february mortgage rates are helping buyers as well they started the year at a record low, then spiked higher in march and have now fallen back to the lowest level in about five months. home prices are still nuts, up
over 15% from a year ago, and that's why a monthly housing sentiment survey from fannie mae found that in june 64% of respondents said bad time to buy a home up from 56% in may. 77% said good time to sell up from 67% in may as long as we see gains on that sell sentiment, though, we should see even more growth in new listings which, tyler, would, in turn, help those buyers >> let me ask you a question that is random and it is based on the sign -- >> i love those. >> it's based on the sign that is over your shoulder for compass real estate. do you see it? i see these signs and i didn't know -- they're new. who are they do you know? are they a big company >> reporter: compass >> yes >> reporter: yes, we've done lots on compass, tyler a huge company recently ipo'd, taken over very much of the real estate market, most of the agents i know in this area have gone over
very popular listing site. and it's because they actually try to put a lot in house. that is all the aspects of home buying for real estate agents. they have a lot of very high-tech platforms that help them to list the homes, to do virtual showings real estate agents tend to really like them and that's why you see so many compass signs. >> well, that's what i've heard is that agents like them, that they've come into markets, they've bought up agencies -- the prime agencies in a town, whether it's my town in new jersey or your town in new jersey -- and you see these signs and that it's a technology based real estate agency, he said as he turns both ways here. >> sometimes i hear critics say all they're doing is giving agents a more attractive sort of package, but that it's unsustainable in the long run. >> reporter: absolutely. >> at some point they won't be able to keep doing that. >> reporter: what it is for real
estate agents when you have to get the virtual tour company the staging company and the listing and it can add up for the real estate agent when you put it in house and offer them all these tools, it's much more attractive to them because it costs them less on the listing side to show the house the way the buyer wants so when they get the commission they're not having to dole out so much in the listing of the house. that's why they like it so much. again, it is a very high-tech platform are other agencies doing that as well of course they are it's just a question of who did it first and fastest >> there's no one who knows real estate better than you i can throw you a question like that out of left field and you whack it out of the park every time thanks, di >> reporter: sure. >> and i totally know what you're talking about they've taken over my town, too. back of the newspaper, absolutely up next, is tesla the aol, exclusive comments from the
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welcome back i'm rahel solomon and here is your cnbc news update. according to a new report from nbc news, the state's legislature requires a two-third quorum to be present to conduct business in either chamber the plan could spell legal trouble including being arrested a haitian-born doctor has been arrested as a suspect in the assassination of haiti's president moise. haiti's police chief suggested the 63-year-old man was plotting to take over the presidency. playcomplicating recovery efforts at the condo collapse jose diaz, who goes by pepe, his chief of staff has also tested positive drake bell has been sensed to two years' probation for charges related to contact with an underaged girl he met online.
he will be required to register as a sex offender. >> thank you let's turn to the markets and get a check where we stand this hour. dow is up 105. we're up 195 at the session high i believe both touching record highs. it's now positive by 19 points time for today's power movers first up, l brands up around 5%. jpmorgan raising its price target shares already up over 100% for a year that's another way of saying it's doubled next a massive move higher for state auto financial up 190% today. liberty mutual agreeing to acquire -- that's the emu -- for $52 per share. liberty mutual saying the deal would add a network of 3,400 agencies and finally disney, the release
of marvel's "black widow" snacking $80 million. get this, $60 million from dismi plus sales jpmorgan reiterating it's a top pick recovery in its legacy businesses, meaning theme parks and productions. theater chains all lower as this displays, as we were alluding, the power of disney and streaming and the threat it may present to viewing in theaters >> i just look at the amc share price, $43 and change. $60, well above that the bloom is off the rose. post-pandemic still a lot to be proven with the old theater model. >> you look at places a lot, right out on route 4, and you know where i'm talking about, used to be the sachs fifth avenue and is now a huge amc
not perfect timing >> can they fill the seats >> sorry, not sorry. >> was that bieber tesla is seen as a forerunner of the climate cycle. does that guarantee they remain on top leslie picker is here speaking with the head of the climate fund >> i spoke on a bi-monthly newsletter and raising a multibillion dollar climate fund so we spoke about the outsized amount of capital flowing into environmental plays including tesla. something that reminds him of what happened with technology in the late '90s. at the time he says society realized that the internet was going to touch everything just as he believes climate companies will but the capital markets aren't quite set up yet to value winners and losers, he says. >> i think we'll see the same pattern in this cycle, in the climate revolution, where there's going to be a lot of excitement in the early days
companies may jump and react to that excitement. but a long-term ecosystem of capital and capital solutions will grow and that will help the revolution unfold. >> now coulter says tesla is similar to aol in the late '90s and is a poster child. fast forward a few decades and people are rarely using home pages like they used to. he notes tesla may not end the way aol did and doesn't believe climate is in a bubble >> leslie, thank you very much leslie picker. ahead on "power lunch," as beijing continues its crackdown on tech, abandoning chinese stocks at an alarming rate with the growing tensions for the most exposed retail stocks in china and the list of top states, which are seeing the biggest comebacks. we'll explain the rankings and give you a hint who is in the top spot after this.
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wti futures down about one hatch of a percent at $74.14 that is well off the worst levels of the session, though. brent crude dipping about 0.4 of a percent to $74.24. blue line futures saying three narratives are influencing prices here. the first is the delta variant and what it means for demand the second the disbanded talks between opec and its allies and what that means on the supply side and the third is the record surge in u.s. gasoline demand last week leading to a larger than expected inventory drop now the energy sector is just about flat but chevron is managing to trade higher after bmo initiated coverage with a buy rating, $123 target. they say that strong free cash flow and expected dividend growth should push shares higher, kelly. >> it might be down but we're still talking $74 a barrel and certainly feeling the pinch at the gas pump thanks over at the bond market
ten-year notes rick santelli tracking the action for us. rick >> reporter: yes, kelly. it was our second big auction. we had 96 billion in supply and do remember the fed buys at least -- at least -- 80 billion of treasuries and mortgage backed securities. 30-year bonds looking at a three-day chart. we are staircasing above previous days' highs reversing the pattern of the previous days last week and beyond when we were trading below previous day's lows momentum shift if you look at a one month you can see we had a decent bounce off five-month lows but telling in the supply is normal. we have to really watch. we have jay powell on wednesday and thursday and humphrey hawkins. it's not just us all sovereigns are the best. you can see gilt and bunds drop
and bounce the same as us. >> thank you very much china's recent crackdown on its own companies has sent those stocks plummeting. didi down about 30% from where it opened on its ipo date just on june 30th the crackdown spooking investors, too, pulling money. seema mody has the numbers on the outflows >> reporter: that's right. increased regulation is prompting investors to offload shares of chinese stocks about $1.2 billion in the last two weeks. that compares to inflows of $8 billion during the same period a year ago that according to iif. selling is more prove nent in china where the volume timt of the stock mark has been much greater than other regions like euram and latin america. while investors have typically overlooked the risk of regulation this time around it's clearly having an impact on sentiment. goldman sachs pointing out the risk appetite for chinese stocks has sharply dropped to below
average levels, more so than other countries in asia. the latest efforts to crack down does follow years of china actually pitching itself to foreign investors like black rock to be included and to reach or widen its pool of mainstream investors and most recently loosening restrictions in china's bond market. it may just come down to growth, guys can these larger tech companies continue to defy gravity and grow their sales in the face of regulation we'll get the second quarter gdp numbers from china out this thursday tyler? >> so fund managers, how are they coping with this? what are they doing as they look at chinese stocks to either buy or sell? >> interesting point you make, alibaba along with the likes of microsoft and facebook, and just
recently billionaire investor leon cooperman telling cnbc he is an owner for this premise of if you want growth and want to chase growth, they have grown in their capital market structure to make investors like the ones here in the u.s. more confident about putting money to work there. what happens given the sell-off last week? $17 billion of market cap erased from the likes of didi remains to be seen i think it comes down to earnings and what type of numbers they can turn out in the face of regulation >> you add in regulatory risk to the other risks that come from owningany kind of foreign developing market stock or just any stock generally so it complicates the risk calculus. seema, thanks. let's stick with the topic for a moment analysts in the retail world are watching u.s./china relations closely. a lot of the big brands do a ton
of business this china and came under scrutiny before, even some getting calls to boycott could they again given the current climate especially stocks like nike what risks do investors need to be aware of? brian nagle is the consumer growth and e-commerce analyst at oppenheimer. is nike the only name that kind of jumps out >> well, good afternoon. nike, i think, we talk about nike a lot there are other names as well. my team and i have been watching other companies such as adidas, h&m, have all dealt with disruptions. looking at nike, the company reported, as you said, absolutely phenomenal results not that long ago. one of the key topics in the fiscal fourth quarter report was china. and, for me, the real key takeaway, we talked a lot about the disruptions there, some of
the bickering back and forth between the countries, is for nike the business really improved through the may quarter and then into june we'll see what happens as you were saying in your opening china is obviously a very fluid topic we've been studying china as close as we possibly can lately. right now it seems in terms of nike and the other companies the trends are getting better. >> brian, i have to say i haven't heard anything on the grassroots other than here and there, places where people try to point out the hypocrisy of the way if you buy certain brands you're enabling the policies of the communist party even if you're buying phones, iphones, that have components that are made there. it doesn't seem to penetrate the broader consciousness. i'm not sure it will barring some major adverse issue in china. you wouldn't really call this a material risk, would you >> you're making a great point
i always put the caveat out there it's very difficult for us sitting here in the united states studying china. it's a very, very difficult to do that. if i look at the comments like nike has made, an absolutely phenomenal company well run one of the points they make, they've been in china for 40 years. they've really built themselves as a local brand in china. and while you have these disruptions from time to time like we did earlier this year back to march or so, underlying demand, underlying consumer demand for the nike product is still very strong and probably getting stronger i think that's true for a lot of these brands at the end of the day, that's what matters the consumers want these products >> thinking through this a little bit, and we've seen the communist party crack down on its own major tech platforms whether because they view them as a competitive threat, as data leakage, what have you, they have no qualms about doing that to their own companies the only reason i can think they
don't do this to american companies is they need the -- what's the word i'm looking for -- the approval in a way that american companies by being in china confer, the legitimacy, i guess is the point i'm trying to make. the fact that nike and apple -- u.s. companies are far more vulnerable to china shutting them down than the other way around i think i read gm sells twice as many -- twice as many iphones are sold in china and gm is china letting this happen simply because in order to have american products in their market it actually buys them legi legitimacy >> if i hear you, it's a great point. i just don't know. it's difficult for me to comment on it. my role as an analyst covering the consumer sector. like you said when we started the conversation, leading consumer companies inthe unite states and other countries do a lot of business in china
most companies here that are internationally focused continue and have for a long time talk about china, a big growth opportunity. that's my only window into this. i see nike, the trends have gotten better. nike went so far this last report to outline new longer-term financial targets. they talked about sales growth in china getting back up towards the mid teens which is a very healthy growth rate. they expect the business to rebound. that's my only window into it. >> as you say here, nike has been in china for 40 years and they're viewed as a local brand. maybe that's part of the story as well. brian, thanks. brian nagel joining us from oppenheimer. up next, another massively important earnings season is upon us beginning now. the big banks set to report tomorrow our traders will tell you what to expect and the key things to listen for
welcome back to "power lunch. one day until the second quarter earnings season kicks off. goldman sachs, jpmorgan, citi and bank of america will lead the charge with their reports the next few days. those are some pretty big banks. your trading nation team to discuss. michael, what's your outlook for these stocks >> look, i think many of the key components and fundamentals are lining up in the banks' favor. you have the overall growth of value rotation which benefits the banks. the economic recovery. our economy will grow at 5%, 6%, 7%, whatever it may turn out to be at the end of the year. specifically on the top six banks the deposits are up roughly 30% since the start of 2020 you're seeing the dividend yields up roughly 40% on the banks. and they're very well capitalized. they passed all the stress tests. the most recent, and they're
trading between 11 and 15 times earnings which is historically low for the banking stocks it will be important what the message from the fed is. earnings will be key because hopefully everyone is expecting them to be positive earnings, and it's more important, also, to look at what happens with inflation. as inflation grows, banks usually perform well is that going to continue to be the case i believe you own them and i would almost joverweight banks >> you like them and the price they're selling. so what are your specific picks? which do you like? >> yes, so more range bound interest rate expectations, we are advising more of a market weight stance towards banks. we're differentiating between them by those that have been able to rally back above their pre-covid peaks, the ones showing relative strength in our work
for instance we recommend jpmorgan over wells fargo as an industry neutral you really see it in the relative ratio jpmorgan has been the underperformer since last november the market has been rewarding the beta on wells fargo. i think jp now offers rotation potential, a little bit of a stronger position coming back into focus >> all right gentlemen, thank you very much ari and michael, we appreciate your time today. for more "trading nation" head to our website or follow us on twitter. kelly? it's that time of year again, the list of the top states for business. scott cohn is live to share the rules and another hint >> reporter: hey, kelly. we're back on dry land we've learned to be careful about this because in the past people have actually figured out from the vegetation behind me where i am we're photographing it very carefully this year. we'll tell you more about our
welcome back, everybody. cnbc's top states for business study is back this year with some new criteria but those same old diabolical hints, even tyler and i don't know where scott cohn is. let's bring him in with more scott? >> reporter: kelly, we started this back in 2007 and it started with a sort of innocent conversation in the cnbc newsroom just asking about why companieschose to do business in one state over another. and what we realized there's a ton of data about all of the
states we can use to rank them we separated that data into ten different categories that are common among the way the states sell themselves and we weight those categories based on how the states are selling themselves that varies from year to year and now coming out of the pandemic and the economic dislocation, states are talking about cost of doing business you can read more about our whole methodology at topstates.cnbc.com and find out where i am, the top state for business, coming up tomorrow on cnbc on "squawk box. we'll talk to this state's governor and will have more about the top states, the bottom states and everything in between on cnbc. where am i another diabolical hint. mic drop one more hint coming up on "the closing bell." we'll bring that to you later today. to topstates.cnbc.com for more
how we do this every year. >> i'm wondering how this year availability of labor has affected the rankings if at all? >> reporter: you know, it's interesting. it's something that has been a big issue going back probably four or five years where for a number of years workforce was the heaviest weighted category that may come back what they're talking more than anything else is cost, infrastructure, and our broad measure of quality of life because there's so much more to it as we come out of the p pan pandemic expect we'll hear more and more. >> cost is the most important. so what goes into the measurement of cost? i assume it's taxes. i assume it's real estate expense. i assume it's wages. is there anything i'm missing? >> reporter: yes you sexuassume all of that right
incentives utility costs. costs of office space, industrial space just everything that goes into the cost of doing business there's a separate category, a cost of living, not something the states talked about as much clearly in the inflation scare times. but cost was still a big deal. they're talking about the things they're doing for the states another area related to that, access to capital. that's become bigger as states were trying to assist businesses in getting through this crisis >> kelly, it's windy and woodsy there where scott is and he says mic drop i don't know but we'll find out tomorrow, won't we, scott? >> reporter: yes, on "squawk box" tomorrow. >> fantastic after the break, they say in space no one can hear you scream but everyone on the planet heard richard branson cheer. the latest on the space race enpor nc rurns
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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. icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain. welcome back, everybody. stocks are higher ahead of a big earnings week. the dow, s&p and nasdaq moving to the upside. touching record intraday highs again. the dow about 100 points off of those levels about 100 points off its own session highs. >> i should listen to my father-in-law. he said the market would have a good day today >> how would he know >> he just knows
he knows when the mets are going to lose, too >> that's easy to predict. virgin galactic and richard branson reaching the edge of space on sunday. the spacecraft "unity" launching above new mexico with two pilots carrying the billionaire founder and three virgin galactic employees. he has a lot to say. he's talking a lot there he is the first of the billionaire space company founders to ride his own spacecraft bulls on the stock highlighting the achievement. the event was called a marketing coup the market can't ignore the market filing after filing a notice with the s.e.c. to sell up to $500 million more. often you get that kind of decline when you do that secondary offering it was electrifying. >> what did you think about it
were you even born >> the soviet astronaut was the first, i believe, into space and alan shepherd and john glenn who lived in my hometown was the first to orbit space i think we said we didn't want any part of this, didn't we? >> we are not the ones, tyler, pushing the frontiers, putting ourselves on these rockets you have to give him credit. i look at this and say if guys who are billionaires like branson and musk and the rest of them want to use their capital and what they're raising from other companies to fund this -- >> go do it. >> go do it. and they're not sticking somebody else in there they're putting themselves at risk >> branson, i would like to be richard branson for a day. he should have some or ththoden
work if i could be him for a day, i would be he would be a lot of fun >> to a quick point on the stock, if it moves to session lows throughout the day, we talked to an analyst who double downgraded to says said they're not going to be cash flow positive until 2025. keep that in mind. >> he'll have fun every minute of the time. is wilfred over there at "closing bell" >> no. >> he's recovering from england's loss >> he was scheduled to be off. >> i have this whole apology set for him. thank you. and telly. welcome to "closing bell." i am sara eisen. stocks are mostly higher the dow climbing back from a triple digit loss at the open. any close in the green for the major averages would be a record >> wilfred frost is not here >> it's no