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tv   Fast Money Halftime Report  CNBC  November 4, 2021 12:00pm-1:00pm EDT

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losses julia? >> yeah, and i'm keeping my eye on pinterest reports after the bell and the big question there is do we hear anything about pinterest being at play and carl, will they be able to grow that user base? >> yeah. meantime, oil below 81, guys we continue to hear about potential supply -- surpluses in q1 hasn't closed below 80 since october 8th. let's get to the half. >> welcome to "the halftime report." front and center this hour the taper and the takeoff as stocks hit record highs following the fed's big decision and does it mean the so-called everything rally is about to take everything higher we'll discuss with the investment committee today and see the moves they're making following fed day as well. joining me for the hour jenny harrington and josh brown, jon najarian, founder of rebellion.com. the nasdaq 100, the russell all hitting new record highs again
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today. take a look at the bottom of your screen, too there are several double-digit movers in focus. some of our committee members are rejoicing and others, they are reeling. we'll debate each of those names and what you need to do with them right now and on that note we'll get to the markets and i first want to get to moderna missing and they cut guidance for sales. steve weiss joining us on the phone and we need to hear from him, steve what's your reaction what do you do with your position today >> well, what i've done is i've added right down here to the position if you recall i had some schmuck insurance which is far below the market so they helped with these a little bit today, but still it's a painful day look, they cut guidance this year, but they attribute it to and i believe the timingissues this is a new company. this is not pfizer that's been around for 100 years moderna's been around for a hundred years and the covid
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vaccine is with the first commercial product so where the issues lie is in delivery and the networking in terms of getting it through to the end markets outside the u.s. europe went pretty smoothly. the u.s., as we said, went pretty smoothly and ameaand other countries haven't gone so smoothly both because they went a little backwards and moderna doesn't have the experience that others have. so these are temporary if you look at where they put their guidance to, 700 million in the bottom this year, that's easily attainable. that will be less vaccines that they sold in the third quarter by quite a margin. so, look, there were definitely some execution issues here and that's undeniable. the question is to mylong-term thesis and what does it do to my conference in the company and my answer is it's shaken a little bit because of the quarter, but it's not really stirred all that
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much i'm still in it because this is a technology platform, and they have a pipeline that continues to grow. more vaccines and therapeutics going into trials and the company is executing on the medicine front extremely, extremely well they will get over this and if i thought this was just a covid company i wouldn't be in it, and they've got about 15 billion in cash and they announced an essential complex. the future is extremely brit these high beta companies and highly volatile companies that are new in terms of they're just generation that they're moving forward to, they've been around ten years, as i mentioned. they have bumps around the world. we've seen in amazon and time and time again and they were shaken out those points in time and they've made a mistake
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i spoke to the company once today and i'll be speaking to them again at 2:30 and that will be a question whether i add more or not >> what -- what would you want to hear from them that would make you add more. you do say they had execution issues so this is more than a supply chain problem. what do they need to tell you to make you buy more? >> actually, there is some supply chain issues in there, as well but they would have to give you additional comfort on their relationship with the regulators with the regulators in europe, the european medicine authority is fully behind an endorsement for adolescence. so they're approved for that i want to know why the nordic company, and the nordic
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countries and there are four of them, why they have this view on moderna where the swiss paused it, despite the data in millions of people. i'm talking 250 million people on myocarditis not being much different from pfizer and yet the efficacy and moderna being much better. so i want to know what's going on with that i attribute that to not having longstanding relationships with the regulators that pfizer has where they've come out in the market with drug after drug and vaccines, et cetera. so that's one of the issues i want to get a better sense on. obviously, i spoke about the company before, but at this point -- >> i know you're betting on a pipeline being much more diverse than just covid, but this underscores, it really underscores the risk of a one-product company that you've placed a pretty large bet on in your portfolio, right? that's sort of the moral of this story, as i see it, is as
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optimistic as you are and effusive as you are and the praise of this company and the outlook that you have for it it is still today a one-product business >> well, i mean, it's one commercial product it's not one product if you take a look at their pipeline and not just out in the future, they ghost their first patients in phase three where there's nothing in the market and the phase one, phase two data has been excellent on that and that's for birth defects no competition and 2 to 5 billion market commercial product they have one commercial product. you know what i mean >> right but you know what, scott that's what biotech investing is about, and you take, you know, there's going to be volatility and a lot of people come into it because they see the momentum and they don't really know what they're getting into and you have days like this that much more from the not and my bet is
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it defies opportunity. anybody who thought they missed it at 400, they'll wait for the stocks to relax a bit and there's been nibbling on it and it will resume it. so, my interests are aligned with the management. stephan, even though he sells stock he's still one of the largest shareholders with $6, $7 billion in it and he's not going anywhere he's got ownership up and down the line in the company. >> very, very smart investors in here, still. >> it does underscore the rick, and these kinds of stocks that are overwhelmingly risky corvo is also getting slammed today, steve i have to ask you about that, too, because it's one of the biggest losers on the day, as well what do we do here >> so corvo, and when they
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report tonight and they reduced positions in there corvo, i'm going to be patient it's extraordinarily cheap, the company. they're going to earn 11 and change next year and seasonally you want to own these in the first quarter and throughout they attribute out of the 150 million or $135 million in mobile phone, they attribute just about, i would say all, but 15 million is what i said in the call last night to supply chain. 15 million's demand from asia and we know about that so to me, it's a solid stock, solid holding. it shouldn't be down as much because it was so well advertised when you had the apple news, but it is. i'll wait to add on that i don't see any rush to add in this market. it just seems to be shooting the stocks that underperform, but it will bounce. look at the logistics. it's having a nice bounce. >> and fedex, i mean, that's well off the bottom. >> okay.
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so it just takes a little time >> i appreciate you calling in and i know our viewers wanted to see you. steve weiss. then there is qualcomm and it is soaring after the beat and raise. let's bring in, jim lebenthal, mr. all in cramer said this is a company that's very smart that the street got very wrong. up $15 is not enough and apparently the market listened because it's up even more than that now, jim. >> yeah. and the market did get it wrong. let me lead with the punchline this is at 200 and above i think it will be there within six months and frankly, scott, it will be there before the end of the year. what jimmy said is right it never deserved to be down at 120, 125 and it shouldn't be at 155. you know, we're looking at earnings for this fiscal year which has already started above $10. above $11 for next year. you look at the growth rate in
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earnings you look at the operating leverage that the company is generating you look at the diversification of the business and i will tell you this deserves a 20 times multiple, easily so 20 times $10 plus for this year it will be above $200 and i'm not going to rule out that it happens before the end of the year and i would put a six-month target in front of that. 33% return earlier this year, scott, when it was in the 120s it was all on the supply chain issues. you and i have been talking about this the market gets it wrong from time to time and it was getting it wrong earlier this year because the supply chain issues were temporary and they're already over what you have now is 5g is rolling out rapidly and the company has 40% of its business that isn't hand sets it's internet of things and it's automotive applications for which they bought there company which frankly, looks genius. i'm going to summarize by saying this i know when i sound breathless about a stock and that can be
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dangerous, but i'm telling you, there are nothing, but reasons to be breathless when you read a report from last night nothing but reasons to be breathless. >> you first purchased qualcomm in march 2020 at around 76, but you say youraverage price of buying more is about $125, just to get everybody on the same page who is playing at home as to what sort of prices we're talking about. >> right so average price of $90 for longstanding client and myself you know, there's one thing and this actually pertains to my buddy steve who is having a lousy day. there's one aspect of investing that you always hear me talk about which is be patient. things didn't look so good during the summer, right you and i had some funny moments. you really cracked me up when nvidia split and i said that's why it's going up and you said it should split it was
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hilarious. there are lousy moments and if you know your companies and you can be patient because they have the cash flows patience is the biggest virtue of an investor >> if that cracks you up so much you need to get out more >> you delivered it well >> i appreciate you. dr. j, what is your option with qualcomm they were buying november 5th, 132 call, scott. they paid under $4 for those calls and obviously, a huge winner you know, i think they must have been listening to you and jim talking about qualcomm because this was a recent purchase and they're right and right and boom to the upside. so those calls are now $24 in the money. that's a heck of a return on less than a $4 investment. so, yeah 6x, almost 7x on that trade. 700%, scott. wow. i'm happy for jim and i'm happy
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for everybody who is in qualcomm today. >> must be happy, too, josh brown for people who are in nvidia i'm looking at that time right now. a monster. this stock is a monster and it's pushing on 300 bucks and up more than 12% right now, josh brown >> it's not the same amount as qualcomm and they didn't even have to report earnings, so that's cool. i've run out of superlatives for the nvidia story a big price up, wells fargo is all at 320 the market cap is now 740 billion. to me, like all of the talk about metaverse, whatever. you can't render any of the graphics required to live this fake second life you're so excited about if you don't have gpus from nvidia and that's the bottom line. i've been talking about this for five years, and i really do believe this --? has a shot, and i know it's a stretch right this minute ask it has a shot at some point in the
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2020s, truly joining the faang names at a possible trillion dollar market cap. of course, a lot can go wrong, too. i say that with all humility, but i really believe that when you look at the markets they're in and the dominance they have in the market, it's one of these names that really could be there at some point. so i'm really excited about it, and i stick with it. i recognize not every day is going to be as good as today i can take the downs with the ups, too >> it makes me -- jim, you want to talk about tech in general and coming off of the fed decision yesterday and the fact that yet again, we have the nasdaq 100 setting new record highs. you have, your tech exposure i would characterize is mostly value tech and old tech or however you want to characterize that ibm and cisco. >> boring tech >> it's intel. surprised you don't own qualcomm it seems to be in your wheel
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house, too the kind of name that you would. what's your view here on the back of these conversations we've had about some pretty high- hig high-flying names? >> i think it's kind of in the same way that i think of faang to stop painting them all as one. in our old school boring tech, we own amat, cisco, palo alto, teradyne we also own ibm, intel, vmware, taiwan semi. so some of those are up 65, 40, 30%. some of them are up 1, 4 and 12%. i think it's -- i think it's really important to look at each individual company on its own merits and not try to lump them together because i'm not sure we're in an environment where we can lump or broad brush paint -- i think it really is a stock picker's market. i loved it and it killed me to sell it. i bought it on the announcement of brexit at $53 a share and
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then sold it about a year ago at 128. i had to sell it it didn't make the dividend hurdle anymore it became too expensive for what i needed to sell it for and i repurposed it and i have been envious of jim seeing the investment thesis continue to play out and work. i think that the value tech, if that's what we want to call it, i think it will work better than the hottech and the pelotons and the pinterests and etsys i think it will work better on average with the year going forward and i think it will be harder to make money and when it's harder to make money, cash flow matters more. >> it could have an issue if rates start to rise. dan niles was on the program talking about his expectations that the fed will have to raise rates multiple times as to why he thinks some of the names like apple are dramatically overpriced and it remains to be
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seen what happens on that front. rob sechin, where do you stand on the technology stocks >> i tend to be in jenny's camp. overweight quality tech. how do we define that the names and the largest holding is microsoft and other large holdings, google they tend to be service driven rather than hard parts and they're less geared to inflation mishaps and supply disruptions our view is that priced right, long term growth characteristics where they're building an enormous amount of book equity, that these type of companies are going to do well, and how can you be bullish about the market, and we think that after the fed yesterday we're in this melt up scenario for a little bit and as david tepper talked about on the show, if rates stay tethered you can get this kind of an
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environment and we'll talk about the fed later, i know, but how can you be bullish on the market given the construction of the market, on a market cap basis without still being constructive on these names there's going to be volatility around rates and there's going to be volatility around regulation and that's part of what we get in these >> that's what we've talked about and it's garth versus gap, the growth at a reasonable price versus growth at any price and the stocks that may be more volatile in an environment where interest rates could continue to rise on that note, let's bring in jonathan krinsky chief market technician at bay crest and he has a new call that i think a lot of you will find interesting. be careful chasing the nasdaq here he thinks we're close to a peak at least in the short term why do you think that, j.k.? >> hey, scott. we should note that we're talking about the breakout in small caps and the potential for
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year-end strength and biotech. we still think that's the case so we don't want to make this as a great, broad market call and i think, specifically when we talk to the nasdaq 100, we're at a point where the risks are extremely poor and we think you'll get a better entry point and just a couple of things you're looking at. you can look at the spread of the nasdaq, too and the 20-day moving average and it's 5.5% and that's the widest it's been and the only other time around that is april and it's a bit of a sideways down and 8% pullback back in april. we are also up nine days in a row. 15 or less 17 days and we're up 11% over that stretch. that's the biggest ten-day -- sorry, 16-day gain interest a new high since september 2020. if you remember september 2020 was the blow off in the nasdaq if we think it sets up in
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rotation including ourselves with the other, i.e., small caps and we think small caps can actually go higher even as the nasdaq goes lower. we saw that earlier this year in february or march. >> i hear you. you cite the winning streak as a possible negative and maybe it's a little tirid and come back to you and why get in front of momentum like that and if you have a freight train moving forward and look at what the ten-year is doing today. the market is digesting very, very well, and what the fed had to say yesterday isn't that a reason that tells you specifically and the price action in the nasdaq tells you to stay with tech. >> again, we talked about this in the show a lot and a lot of it comes down to timeframe, and it doesn't mean that you have to shorten the nasdaq and you guys
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talk about nvidia and that's about the widest it's ever been and here now, is this the spot where you want to put capital into a name on that and it will get a better entry point in the days and weeks ahead you can always look at sentiment and certain indicators and surveys are about heading back toward the most optimistic levels i've seen in quite some time when i put it all together, it's hard to stand in front of this momentum we've seen this before and you tend to get the pullback and consolidation from these types of metrics >> josh, you have a question for a counterpoint to mr. krinsky? >> no. i have a question. hi, jonathan, how are you? so i know this is far afield from technicals and you guys
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must be tracking this data at a certain point, there's just too much inventory of stock, right? but it's, like, inconceivable that we haven't gotten there yet. so this year we've seen companies -- this is, like, as of last week raise 165 billion in 304 different ipos and that's 60% higher in the number of deals from last year, and it's a double in dollar terms over the amount of money that was raised. so we have, like, i don't know -- like, 500 new stocks or more depending if you count spacs in the last 18 months and it's -- it almost feels like it's accelerating and we'll see this deal come out somebody's got to find $60 billion somewhere because that's where it's coming, and that's just one of several that i can go down the list that we should see between now and the end of the year is that the real concern here that we have just such an
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overheated, large-cap tech and consumer discretionary trade in combination with just more and more and more supply coming, and at a certain point we run out of money to put into all of this stuff and that's where things could -- that's where you get that inflexion point is that the way you're thinking about how this ends? because i don't see a fundamental reason for that to end and it's almost a mechanics answer >> that's a very valid point the tough part about the market cap weighted indices in some ways, the worst the breadth gets the more -- the less it matters in the sense that as these mega-cap names become a bigger part of the spx. you know, the rest of the market matters less and less. that's the paradox i agree with your point, big
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picture, that certainly is a concern and that's how long-term bull markets end we're making more of a tactical call and specifically with the ndx name, but i hear you loud and clear on that point. >> thank you very much we'll talk to you again soon jonathan krinsky of bay crest. so dr. j, i want to address this everyday rally we're on the far side of the fed. the market has seemingly diej efforted or is in the process of digesting that fairly well i'm looking at the vix which you follow closely 15 let's call it 15 what does that tell us >> yesterday and today with the bank of england and yesterday with our fed and today with the bank of england, scott it seems that they'll let inflation run a lot hotter they're going to wait as much as they can over in england and here we've already said that the
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taper will begin and the question is how big will that taper be, 10 billion, 15 billion a month. in any case, powell did an excellent job yesterday of staying right in the middle and not going hard one way or the other and for that reason we see the ten-year coming down and obviously the move over in great britain has something to do with that, as well, but i think overall, you're right and tom lee is right about the everything rally continuing. i mean, look at tech and the jumps that we're seeing across the board there. >> look at everything. >> look at everything, right >> you mentioned discretionary doc, let me just give you some numbers and forgive me just because you mentioned it and i want to give context this quarter and you talk about the great breadth of a rally discretionary is up 15 technology is up 10.5, energy
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10, real estate, 9, industrials 7 1/2 and staples and health care, utilities and communication services doing pretty well, too >> yeah. and as we see all of those numbers, scott, we're seeing easing in energy today and that will definitely make people feel better, of course, it doesn't have that instant on and off at the pumps, but to see crude oil pushing, you know, the entire month of october, it was just up, up, up to see it pulling back and $81 instead of $90 certainly would be a lot better. but nonetheless, it's a question of how long does that pullback there take or is it something that's just resting and you get back to another leap ahead i hope it's not another leap ahead. with that demand, that will push prices higher. >> especially for us and when
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you have a number of stocks we do, moving double digits up or down and we have people on the program to talk about those positions for you. we will do it next you see lumen technology, and penn national gaming, both ever double-digit movies. jenny harrington, we'll talk about those two next
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i'm sue herera
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here's your cnbc news update at this hour. a russian national who helped compile alleged ties between the 2016 trump campaign and russia has been indicted on five count of lying to the fbi. specifically, igor deaf m shenki accused of lying of the steele dossier. the 5g rollout over concerns about air safety raised by federal regulators time is needed to address whether the frequencies will interfere with cockpit safety systems. in vienna opec and its allies have agreed to increase oil production by 400,000 barrels per day, but they rebuffed request from president biden to pump significantly more oil and a juror in the kyle rittenhouse murder trial has been dismissed after he was heard joking about the police shooting of jacob blake whose wounding triggered the protests where rittenhouse allegedly shot
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three people on the news tonight, accusations of discrimination in the choice of the jury that will decide the fate of three white men charged in the death of ahmad arbery >> sue herera, thank you let's take a look at penn national gaming. doc, you have calls. so what do you do? >> well, it's just like animal house, scott where you say thank you, sir may i please have another? you don't want anymore you don't want anymore of this just a couple of days ago, scott, goldman sachs moved their target up from 115 to 128, but being in good company of losers like me and goldman sachs right now doesn't feel any better. luckily an awful lot of the positions expired last friday october 29th and the ones that i
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hold today, i'm going to take my penance just like steve weiss and say wow, this is ugly, although unlike steve weiss i am not adding to this the bar stool sports side of the business scott, was great, but the profit side of the business, in other words, revenues were up dramatically because they added a bunch of state, but unfortunately the capex, the spending they did was just absorbing all of their profits, missed by about 30 cents and 62 to 32 on the profit side those calls are just rips, as they say, scott. >> and then there's lumen as we mentioned before the break let's throw shares of lumen technologies up. jenny, congrats to you you mentioned it as a final trade last week and i hope people took advantage of that. what a huge winner tell us about it >> lumen's kind of cool because this is something that we've
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owned for a while. it's kind of done nothing for a weil and now it's started to move what it is is the merger of the century link and the old level three and you have old, boring copper assets and then you have fiber. the story has been in place for two and a half years now and this dude has been marching forward with this strategy to unlock value and to get rid of assets that aren't as productive and to really move forward so what we've seen in the last year is the spin-off of a lot of existing assets and they're selling them at ebitda multiples of five to seven times the fiber assets are selling at multiples of between nine and 17 times if you take all of what they have left and ally those multiples, the stock should be probably in, like, the mid to high 20s and we re-visited that analysis and re-assessed our conviction in it and that's why i was comfortable giving it as a final trade and it was pretty cool to continue to march along and execute on the strategy of
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unbein unlocking fiber and the best part of the call is that they were committed to the dollar dividend i had thought that that might be trimmed after the investor and they committed to saying no, they can pay the dollar dividend and that's safe and we'll continue buying back shares as much as we can so i came away positive and positively surprised i see that you're also buying -- i see that you're buying more of a couple of names that you already own. one being h & r block. >> it traded down for absolutely no reason. this is one where you can do the work and say there is no reason this is down for new accounts where i leg in slowly and not everything is the price, i added to h & r block for new accounts that hadn't bought yet they announced earnings and its up 8% since.
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you know when i say it is a stock picker's market, there is so much going on beneath the surface and if you're careful and thoughtful, you can really pick things off and there's a lot of opportunity to do that. so don't think it's just up, it's too late. no, if you get smart you can find a lot going on beneath the surface and take advantage of it. >> let's take a look at the intraday chart which is going to show a nice move there, jenny, as you talk about it i'll ask them to throw that up for me, if we could national retail properties i'd like you to talk about that, too, because you also added more to that name there's the move i was looking for in h & r block i wanted everybody to see a better than 3% move and it's pretty much highs of the session, we can call that. how about national retail properties >> identical story to h & r block. i added more to this on monday same thing for the accounts that didn't own it because everyone else owns a full position and i wake up monday and come into the office and it's up 3%. no reason, absolutely going on
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great, we drifted from 30 to 44 on abslutsly nothing i know how well this company is executing and i know they're reporting and i feel quite safe and added sure it. sure enough, earnings come out great. they're collecting a ton of rents and trading at 16 times ffo and they're pumping out dividend and h & r block have 4.6% dividend yields so again, if you know your portfolio and know when it trades down and makes sense, you can add to it. it's just not as a market as sometimes it seems up, in, uber, shake shack and square all getting ready to report their earnings after the bell we'll get you ready for those next on the half out with its list of the world's most diverse and inclusive companies. it finds the u.s. leads with 25 of the top 100 firms the industry with the highest score is software and i.t.
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all right. let's talk about some of the earnings reports after the bell today. i want to start with shake shack, if for no other reason, someone on twitter asked me to ask you about expectations going into the report. what do you tell them? >> it's twitter. >> did i say shake -- go ahead go ahead go ahead >> somebody asked you on twitter, so i have to respond? all right. shake shack is down a lot, actually, from its highs of february it got caught up in the whole new stock mania, up into the low 100s and ever since it's had a pretty rough year. a lot of that is because of increased food costs, and labor costs and i don't think that is something that is resolved in the quarter that they're about to report or in their forward-looking guidance so i think they're doing all of the right things in terms of digitizing the business
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marketing and introducing new products and this one might still be in the penalty box with a lot of other qsrs and restaurant stocks just because of the overall environment, but i'm ride or die here i'm not objective at all i love the company and i love the stock and i'll hold it no matter what. >> i thought you would say the black truffle burger and just drop the mike again. did you ever have that, by the way? >> yeah. >> yummy of course, i have. >> three times a week. >> give me your take on uber now. >> so uber benefited this week because of what lyft had to say about ride sharing coming back it's possible that ride share and revenue eclipses food delivery revenue at uber this quarter. certainly for the fourth quarter that should be the expectation it's also possible the company will stick to its guidance of being cash flow positive which they've been saying for si
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quarters now would happen in q4 this year. they've had some remarkable hurdles along the way. i think if they can do that. the stock should have some traction so guidance is going to be more important than anything. one other thing that people will be watching for is the driver shortage and what the commentary is around that it will probably be the first question from the analysts if it's not in the press release itself that's what i'm watching for i'm long uber and i believe in the platform and all of their services and i think the stock will work. >> dr. j, give me square you have calls >> yeah. and i'm hoping, scott, that we see a lot of -- you know, the cash app usage increase and the crypto side of their business, as well as the lending side because again, as i said yesterday, as rates are increasing that lending side could become a bigger and bigger profit center for them so square holding those calls.
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>> we're looking at an ipo today, as well and home furnishings retailer and it's dropping on the ipo debut and we'll follow that money d an we'll do it next down 5% as we head to break. we'll see you in two and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart. one... two... whatcha got for me, whatcha got? watch those eyes... healthier is doing what you have to do while doing what you want to do. you're going to do just fine, you will. ♪ this is what healthier looks like. ♪ at pnc bank, we believe in the power of taking steps forward. moving ahead. whatever the pace.
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♪ ♪ >> all right the home furnishings retailer, our house is going public today and our leslie picker is following the money for us how should we be thinking about it >> they want people to be thinking about it as rh. unfortunately, if you look at today's trading and if you look at the dramatic downsizing of this deal. they're not necessarily riding on those coattails, at least immediately. that company slumping in its debut down about 3% right now and chatting with the buy side, i'm told concerns surrounding the housing market and bottlenecks are front and center you tried to order a couch recently, guilty, you've seen this first hand and then there's zillow's news this week that it was shuddering its home flipping business and that wasn't good for sentiment about where we are in the housing cycle
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35-year-old our house thought the market would pay up given the recent performance like its peers which has withstood some of these concerns at least recently trading up about 50% this year, about double that of the s&p. instead, after muted reception during the roadshow they ended up slashing the size in half doing away with the 10 million shares that current shareholders were planning to sell. the pricing gave it a significant discount it is a price of $13 per share and equates to an enterprise value of 12 times 2023 ebitda whereas rh is trading closer to 15 times they thoughtit would coax more investors to the table, but it doesn't appear to be so today. >> you covered this, and timing is everything and timing is in a variety of factors and it is no different for the reasons that you said >> you've seen so many ipos go public this year investors are starting to get tired of this idea that these companies have done well during a pandemic year and we had a top
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line growth of 51% and there was nothing to shy away from what does this company look like as we work through some of the housing issues that we've seen are they still poised to benefit or are the bottlenecks and the supply chain issues and inflation catch up with them following the money as always. that's leslie picker stay with us jon has unusual activity coming up next. are you a veteran? do you have a question for the halftime investment committee? e-mail us a video with your name and rank askhalftime@cnbc.com you can be featured on our special show on veterans day thank you for your service
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all right. time for unusual activity. i saw you guys put out something. i'm looking at it as i say this on ford earlier. another new high what do you see there? >> well, scott, for the last several days we've had unusual upside call buying in ford the stock has percolated from a couple weeks ago, 16 level to 17, 18, 19, now buying back some of those high priced bonds which is of course how they borrowed money and they were paying over 9% interest. you have to wonder why they're taking so long to buy those back, scott, since they have so much money, cash in the bank but at least they're doing it now. and people are willing to bet at
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the 20 strike going forward they're buying this week they've bought 20,000 of the 20 calls. they bought them in december, earlier in the week they bought them january 20 calls last week. so a lot of big bets on ford second one somewhat related mpc. marathon these guys, the stock is 62.70 and buying the upside 67.50 calls in january i bought those coat tailed on that trade you know how much i love energy. and lastly, take a look at bby also one of pete's favorite stocks minnesota based best buy and this one's got upside call buying to the december 130 strike of course that includes the black friday issue that i always like to address that, you know, this is one of those plays that i love to set up into black friday stock was 127. they're buying the 130s.
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i think it's a no brainer. >> you can get what you want come black friday this year. we'll have to see. that plays into the story too. we'll take a quick bak arend come back with your final trades next >> thank you and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]
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life is for living. let's partner for all of it. i'm so glad we did this. edward jones did higher wages and benefits bring workers off the sleens october numbers and
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want to hit another stock right there. regeneron. it was a good quarter. why is the stock down? >> i have no idea. it was a great quarter they reported $14.37 unless they are expecting 1010 earnings in 22 once they start to normalize still more than double than prepandemic. covid is only 23% of total
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sales. i think you take advantage of the stock trading down for no company specific reason. just take advantage. maybe related to moderna makes no sense we thought it was a fantastic quarter and expected the stock to be up. >> you raise a good point. maybe it is in somewhat sympathy with the big move lower in moderna today. your final trade is still in the pharma space, right? >> right this is one from the dividend portfolio so pfizer. i think on pfizer i love it because it is all the greatness of moderna plus so much more, so much more stability. not a one note company plenty of earnings growth ahead. in the far future. you know, trades at 11 times earnings >> all right what do you got? >> i think the fed pulled a houdini. they're behind the curve and convinced markets otherwise. rates are headed higher and continue to own small cap. ijr. >> they telegraphed it pretty well that is probably why you're getting the market reaction that
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you are. thank you very much. >> after earnings ebay the calls expire next friday, scott. they are the 79 calls. what the 76 is today i'll sell the others as it rallies. >> josh? >> stick with amazon even though it is so boring. hopefully not for long. >> all right guys. good to see everybody. thanks for watching. "the exchange" is now. and thank you very much, scott. hi everybody i'm kelly evans. here is what is ahead this hour. inflation has peaked is the view of economist david rosenberg who says price pressures will start to ease and this is nothing like the 1970s and deflation will win the war. how he says to position your portfolio. checking in on choice hotels parent company of sleep- inn revealing earnings a ride,

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