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tv   Fast Money Halftime Report  CNBC  November 5, 2021 12:00pm-1:00pm EDT

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he becomes mayor responding to francis suarez who says he will also take his paycheck in bitcoin. still very unclear what the framework is for public officials to receive salaries in cryptocurrency and what that is and could be it feels like a pr move in that sense. >> still a nice little war between new york and miami see you next week. let's get to the half. all right, carl. thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, new record for stocks and optimism for the country as the jobs report easily tops expectations and pfizer reports incredible news for its covid pill. the investment committee now debating how far this rally can go we will hear momentarily from strategist tom lee who called this record run. joining me for the hour today, brynn talkington, jim sapperstein, jim lebenthal
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the s&p 500 above 4700 the nasdaq 16,000 for the first time ever and lower for the yield, 146 on the back of that news we got and take a look at those four stocks at the bottom of your screen they are some of the day's biggest movers they are in our wheel house today. our committee owns them. you will get cameos today from kerry firestone, stephanie link to talk about each of those stocks and what they are doing right now. we're very excited about that. farmer jim, i'm going to start with you mr. all in, you get the first word because you've been the most rate. >> scott, judge, you honor me and i appreciate you coming to me on a day when i just feel great, and i felt great all week i realize the market is at all-time highs, but when you look underneath the index and look at the re-opening trades in particular, they still have a
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long way to go we are just starting 2.0 of the re-opening trade that's why you see the airlines on fire and that's why you see the casinos on fire and the hotels, cruise lines and they're not at their all-time highs and this pfizer news, similar to the merck news, it will really help us as a nation and globe put the pandemic behind us yes, the virus will be with us and it will be manageable and controllable people will come out and they'll start traveling and start having fun and the stock market is anticipating it. look at that wynn resorts today. look at alaska airlines, and even my problem child boeing and these things are ripping on the idea that the economy is re-opening, and i'm not saying faang stocks will do well, but my money is tilted very much toward the re-opening/value/cyclical
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trades pete najarian, and i hesitate to ask it this way, but is this the perfect environment for stocks you've got wages in line and you have weights falling and the commodity prices showing signs of peeking and you have a well-tailored on. >> not a lot of room for complaint. volatility is low and the volume is off the charts and we traded 50 million contracts yesterday in the options world which is a huge number and we've been averaging 45 million over the last week or so and 50+ million, that's a big number. scott, just about everything is lining up the way we need it to be lining up in terms of how things can go the last couple of months of this year and it looks very, very strong. i think in a lot of different cases and jim brings up the financials the financials are hanging in there pretty well which is surprising when i look at the ten-year well undernaeath 1.5 ad
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the financials are not seeing the ramifications of the move to the down side. i'm looking at cruise ships and i'm looking at airlines and all of those reopening trades and they are on fire they have lots of room left and that doesn't mean everything going on today has more room to the upside, and that's tough to predict. i am seeing put protection because it is very upside calling because people are looking at this with the volatility very le, andy think, in my. interpretation to the markets. i don't think anybody on the she has been as positive as farmer jim has been and i wonder you
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vow things and they have not fallen for a sdpeent sizeable move of the last with months. >> it is reminiscent of a goldie looks typen inchment it's right to understand that the base parties i think the market is starting to digest this. it if someone with is up search, since the pan emic is over that just carries over in spades from a collective and sentiment perspective, people will settle step tun ask move with us, but the growth markets will be certain spots of tech like
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nvidia which was bananas the last two days and energy, because as we continue to reopen and international travel continues you have to use diesel fuel energy and technology if i had to barbell my portfolio it's still at the highest confidence over the short term and the longer term to continue to generate strong returns. >> my man, rich sapperstein, one of this country's top financial advisers according to barron's and other publications you are high up on that list it's not like you've been bouncing off the wall bullish, and now anything but, now i understand wonder how you're feeling? what do you tell clients >> where qe has raised the prices of every asset class out there. the market in the last month has shook off a weak print, and
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rising inflation numbers and supply chain risk, china tensions, you name it and the announcement of tapering because the market is looking forward into the future where we're going to have strong earnings, rising cash flows and a capex renaissance next year and more importantly, we're going to look for a transition from a purchases economy to a service-based economy, meaning scott you went out and bought your cast-iron pan, your wok, your cast grill and now you're going to start going out to dinner more. so we think there will be a rebirth in the economy and we're right in front of a secular growth period. in terms of your comment on the ten-ier moving lower, i think it's misguided because the bond market is basically looking at that strong jobs report and saying the fed will be mor aggressive in the tapering, and i just don't think so. so we see the tapering running
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for $15 billion a month. no change in that, and no tightening until 2023. >> yeah. >> you are making a ton of moves that are so interesting and we will get to those a little bit later, so i don't want to get into that now, and as i mentioned at the very top of the program we'll bring in top lee a and hear from him. let's get down to kayla tausche regarding fed chair powell and a certain visit he made to 1600 pennsylvania avenue where it looks like you are standing. kaye heard from a source that president biden has not yet made a decision regarding the chair of the federal reserve and some of the other open seats on the board of governors, this despite the fact that both chair powell and fed governor visited personally with the president this week in the west wing according to that source familiar with the matter of course, president biden is
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weighing advice from two competing factions and on the one hand you have treasury secretary yellen who has advised to reappoint powell to that job, to keep the course in the markets and he has done a good job with the mandates of the fed under his tenure on the other hand, you have progressives pushing for a personnel change and they want to see someone like governor brainard take the chair role instead. on the one hand it signals that he wants to make this decision himself after meeting with bot individuals personally, but it also sig wnals, scott that thiss a known entity to the market and that this is not going to be a curveball thrown to the market as he makes some of these decisions. fed watchers like david wessel at brookings has suggested that perhaps the operating assumption by many policymakers is that powell will be renominated to chair the fed while brainard
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could be offered a role leading bank regulation essentially offering an olive branch to both of those factions that i discussed. president biden said he would make the decision fairly quickly, but as of today that decision has not been made >> kayla, thank you so much. that's kayla tausche back at the white house for us now let's bring in tom lee, managing partner and head of research at fund strap welcome back things are falling into place pretty nicely for you. >> yeah. thanks, scott. yeah, it looks like markets are positioned to rally to year end. i think investors see that they're strengthening and there's been this improved resilience. >> the 10-year falling what's the message it's a surprise to many for obvious reasons. >> that's right. the ten-year yield falling is a dovish development because over the past eight weeks the bond
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market was starting to fight the fed. as you know, the bond market was starting to push for rates, two hikes or three hikes in 2022 and then a tapering that was causing pressure upwards on yields and the weak gdp and the productivity and this pill from pfizer are really starting to take away that inflationary pressure and it now looks like the bond market's coming to the fed's view which is great news because that means that the bonds, if yields are falling and there's less inflation fears, equities have room to run. >> tom, let me ask you this and let me get inside the mind of tom lee and bring our viewers inside there, if i could what led you to believe that stocks could hit 4800 on the s&p by the end of this year? what enabled you to get so bullish when you did that you thought we could get that so-called everything rally that seems to be happening as we
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speak? >> i mean, it's anchored on four things and one is our continued belief that s&p profit margins would surprise because of what we call the unkillability. businesses survived the worst shutdown in seven generations and when we saw this in tech, margins really rose and we think s&p margins next year could be 230, 240 versus 220 consensus and the second is there's tons of pent-up demand and covid was alleviating that would start to be unleashed and we're seeing that the third is relative value because bonds are expensive and you're paying 64 times earnings to get a 10-year, 24 times to get high yield or pay 18 times for equity so equities are still cheap and the fourth is just from a general positioning, many of our clients, but most, many are sitting on very uncomfortable cash positions and they've been waiting for that 10% pullback, not that we've
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been calling for it, but they've all had that as a consensus view and now it's not happening that money gets put to work >> look, i always try and play devil's advocate with you and admittedly, i'm rung out of material, to be frank. however, if i say to you that all sounds great, and i believe the story that you tell and so do people watch, but earnings growth is going to slow and the fed will raise rates not only will it raise it, testimony, it's going to raise rates sooner and more consecutively just a short time ago. >> isn't that going to depress the markets and multiples in any way. >> scott, that's correct we have to be realistic, the fed remains the most powerful entity in the world when it comes to financial markets and the tightening cycle ultimately
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triggers equity volatility you're absolutely right. if the fed is going to be tightening next year, we should expect a lot of turbulence because people are going to be fearful but the futures market in the past week has shown the heights are decreasing so the is up play chain glitch is easing and the policy can't fix the labor tightness and it's not about the overheated economy. the actual window for hikes is getting pushed out again into 2023 are we just being too simplistic is saying it literally is an everything rally and they have to buy it for lack of more specificity? or do you have to be spike >> do you like certain areas than other ones? >> well, i think where strength is beginning to show is in faang. so faang is our top two of the
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three sectors we want to own and they are starting to show resilience because they've rated this year and they have good numbers. i do think that today's response that cyclicals and epicenter stocks like travel, leisure, energy are super sensitive to the market's view about covid and as that's getting better, we know that people don't own enough of these, and so i think you want to be epicenter in faang. >> let's get the committee involved and i do want to move on, but i do want to get their view bryn, do you agree with tom lee? >> kudos to tom lee, he's been a source of comfort since this all started. i do have a question you talk about the epicenter names and i think energy has been strongly underinvested in and so therefore we have secular tailwinds and i'd love to get your thoughts from a portfolio perspective. >> yeah. it's a great question. i mean, to me the best analogy
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looks like the homebuilders and post-gsc, you have a structural shortfall of the production being set up that will take multiple years to fix. we've done some work and you have to get to 150 and $200 oil to pinch the wallet and energy stocks are still cheap to oil mainly because people have avoided them from an esg perspective and the performance impact has been so great, people can't ignore it and if it's homebuilders, homebuilders were a trade of five years, six years, secular trade. >> tom, before i let you go. are you still, for thing for six weeks and everyone will talk about reality and 5,000 is an
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early 22 seasonals tell us it's 5%. >> boy, 5,000 in early '22 we'll see. i appreciate it, tom i know our viewers do, too thanks for jumping on with us. >> thapg, scott. >> it's not all good peloton shares are at a 17-month low following that big earnings miss let's bring in kerry firestone she owns the stock you bought it on march 6th of this year. it's down more than 40% since. what are crowe doing now >> hi, scott, well, obviously not a call that we relish. stocks obviously disappointed investors, and our numbers are down with everybody else and this being a company that everybody recognizes and they've seen it on tv or they've seen
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one or they own one, everyone has an opinion on it and everyone, of course, sees that the company disappointed and lots of sale orders in there and half of all shares will trade around this. and a couple of points i would just like to make that i think are very significant there are 90 million gym members in peloton's market and the stock istrading today where it traded in june of 2020 when they had 1 million. they have a mid-single-digit share of the stationary bite, 1% or less share of treadmills and we think that these trends, it's still early adoption and remember, people are going back to work, but they're still working partially from home. work has changed to the extent that people are not going to offices and not going as much to where they used to be at a fitness location they're going to be exercising
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more in their home so i don't want to excuse this this is disappointing on execution and they've had chip problems and there are supply chain issues and they can't come up with the guidance that they need, but the stock right now trades at a level well below where it was, as i said in the early time in the pandemic and the way we model it, we can say that 7 million subs in 2025, we had a $9 million number and each sub pays $500 a year, more or less, and that's $3.5 million all of which are mostly as profit and you discount that back to the present and that's $7 per share times a 22 multiple or 20 multiple and you get 140 to a $160 stock and it's $57 a share in that. >> i just wonder if you, kerry and other bulls in this name need to come to grips with the
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fact that this company may never see growth rates the likes of which it did during the pandemic that may be a fact who knows? >> yeah. of course. >> go on but how can you be that bullish on a stock if you are even partially admitting that that might be true and this might be the ultimate moment in stock, maybe not, but it might be and that's a point that one can always make a company that has an enormous rise in valuation and then comes down to earth somewhat i mean, if we think about stocks that in the past that have these meteoric rises, chipotle would be one, lululemon would be one that doesn't mean it's the end it means they regroup and they can get back on track, but let me just jump in one second you're mentioning stories where
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yes, they trip on a specific issue. the fundamental landscape of their businesses weren't necessarily altered like this one might. i keep using the word may and might trying to couch it because obviously, we don't know, but at this point it's a show-me story that i'm wrong because -- yeah it is a different environment. dr. gottlieb came on cnbc and said the pandemic as we know it is over. stocks that benefited during the pandemic as this one did >> that's very true, but connected fitness as an industry, as a sub-industry did not exist. that are all type of digital platforms that didn't exist until covid or slightly before covid and that means the landscape has changed, changed forever and workplace, work life
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has changed forever and this is one of the leading entities in that new field i agree with you that the growth of covid was astronomical, and that was true of door dashes, for example. it doesn't mean it's the end of a business and it's the end of a sector it means it's a different process to grow and i think they will continue to grow and lead afield, what you're saying is correct and it won't be repeated unless there's another pandemic in that same format, and it doesn't however mean that you can't value a business that will grow and is growing and they had a misstep, but i would just dispute that it's not the end of this type of new industry. i think it's the beginning and they had a huge acceleration because of covid >> you just might have to put a real multiple, and it doesn't deserve the premium. it's important that our viewers
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heard from you today i sincerely appreciate you coming on, and i know it's a difficult day when your stock gets creamed >> that's kerry firestone. so it's not all rainbows and but the are flies for kerry today, but the sun is shining, so to speak on stephanie link because expedia is surging today after beating estimates. steph joins us now to weigh in it's a great call you had. it is up nearly 15% today, congrats now what >> thanks. oh, i'm going to hold on i think the story has legs revenues and ebitda in particular ebitda is positive for the last two quarters, but the margins accelerated 19 points sequentially and beat expectations by 450 basis points and this is really just block and tackling, room night stays helped adrs pricing helped and cost-cutting helped and this is the definition of operating
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leverage and demand comes back and margins and cost controls and this is what happens they also are gaining share in verbo and it's important they're gaining share because they're spending an enormous amount of money and it is encouraging and i think the real reason the stock is up, scott, is the commentary bookings accelerated from september to october and october is only 2% from 2019 levels so travel is essentially back, if you will all regions saw improvement and all products saw improvement and travel type, and the interesting thing is their summer '22 bookings are higher than summer '21 bookings and the reason i want to stay onboard is because this company, as demand comes back and as cost controls continue they can generate 3 billion beitia by ebitda by '20. and let's just wait and keep the expectations on the lower side
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>> i want to give people context of when you actually did these transactions you bought a small bit of stock in the summer of 2020. a tough moment to jump into some of these names you added to it in july and you add it even more in september and i'm assuming two months ago at around 142, is that right for the context for people yeah that's right, and that's when a lot of ceos got on cnbc and said that demand was starting to pick up so i was just listening kayak and expedia and booking holdings and i thought well, if they're saying this, these stocks are much too low because the numbers are probably much too low. >> steph, congrats enjoy the day. i know you will. >> thanks, scott have a good weekend. leslie picker has a market flash on another stock that is moving. hi, les. >> hi, scott
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bed, bath & beyond shares are higher on the citron research, and this is a short seller report and citron is bullish on bed, bath & beyond and they should have a price target and largely due to this accelerated buyback and of course, this is a stock that's been on a tear this week and some that they had to do with a short squeeze earlier in the week and largely related to some other moves, but here, citron research are saying that they analogized this company with what they saw with rh, formerly known as restoration hardware whenthey accelerated their buyback program basically saying according to citron research that this company is for sale and the board knows it as a result of the share repurchases that they're doing so very interesting move here. you can see now shares have almost 8% largely on this report back over to you
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>> everybody wants a little rh i say that with a smile because i'm looking at our house and we were looking at the ipo. >> we did, yeah. >> that's leslie picker. we do have more double digit stock moves ahead. josh brown and shake shack surging after their earnings and rich sapperstein is making moraj moves in his portfolio we'll give you the details when halftime comes right back. ♪ ♪ ♪ ♪ ♪ feel stuck and need a loan? move to sofi and feel what it's like to get your money right.
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welcome back, everyone i'm sue herera here's our cnbc news update at this hour. the cleveland browns are saying good-bye to star wide receiver odell beckham jr they're negotiating to release beckham after he was told to skip practice for two days tensions between beckham and the browns had been growing and seemed to hit a breaking point after beckham's father posted a video highlighting the time that the quarterback did not throw to beckham. the state department is telling americans to leave ethiopia as soon as possible this as anti-government forces threatened to march on the nation's capital and those forces say they will dismantel replace the current government. on the news, democrats are trying to get their spending bills across the finish line in
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the house and in the senate, as well that's at 7:00 p.m. eastern time a story you just can't make up a new zealand couple may have found the world's largest potato while weeding in their garden. the spud weighs 17 pounds and the couple thought it's too special to eat so they named him dug. they gave him a hat and a cart to get around in tp he's bigger than the verified potato by the guinness book of world records personally, i say get out the butter and sour cream, but that's me. >> i was going to say mr. potatohead's on line 3 >> hasbro. >> he thought he was the only dude in town sue, thank you >> you got it. the investment committee, as i said is making several moves today led by richard saperstein. man, you've got a lot of stuff going on you have a new buy in canadian natural resources and why don't you tell us more about that first and this is a new position
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for you. >> yes we want to increase our exposure to the oil patch and cnq is a canadian-based company and $50 market cap and 3.5% dividend yield and they've largely passed their capex cycle and they have long lived assets and the interesting thing about the company is the free cash flow is 20% of the market cap so this extraordinary amount of cash flow, they're going to be returning to shareholders basically by stock buybacks, dividends and they're also going to be reducing debt. so we like the name because it's in the right industry relative to what's going on with oil prices and there's just a tremendous amount of free cash flow that they've gone on record to return to shareholders, and over the last 20 years their compound annual growth rate of the dividend has been 20%
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annually so we like the name for the cash flow >> all right you have a couple of other moves that are -- i don't know, they confuse me a little bit. you bought more alphabet which has hit a new high today and it's knocking on the door of 2 tryll. you bought microsoft and why take profits in the other? >> microsoft just got way too big. it has been our largest position for years. it just got too big and we had to trim it down. we are overweight large cap tech for just a host of reasons, you mentioned some of them, but the technology adoption in the post-covid world has only been accelerated and these are the leading companies that -- that are basically participating. collectively they've done about $130 billion in capex over the last 12 months so we should expect new
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innovations, new products, new markets coming out from that capex. if you look at their free cash flows, roughly 4% to 7%. that's against the market and the s&p, x, and these large cap techs is roughly 6.5%. so while they're trading at higher multiples of cash flow their growth rates are double the market the margins are double the market and every investor has to recognize that with the growth of indexing, roughly 25% of all monies going into the s&p are going into large-cap tech. so you have to have an overweight in these names. >> why did you -- why are you moving out of fin tech along with selling comcast, the parent of our parent, we served fiserv and visa. you trimmed payments what's up with that? >> well, you know, it's a
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mystery to me because when the layaway plan purchasing came into vogue about two or three months ago, it really put a negative view on all of the names in the space including the credit card companies and the payment processors and we wanted to lighten up on that exposure and make room for other names that we wanted to add to the portfolio. >> i appreciate you telling us about those moves. farmer jim, you bought more marathon petroleum >> it's a constant theme that i've been seeing the market gives you opportunities because it sometimes gets it wrong. marathon petroleum had a fabulous earnings report the fundamentals are clear and the demand for refined products is high and growing. high dividend buying back shares like crazy they're going to buy back a quarter of the market cap over the next year. this is an opportunity when the market sold it off earlier this
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week i had some money left over from the trims of microsoft, google and tractor supply this is where you should go. >> pete, you've seen some activity as has your brother in marathon, right? >> yeah. absolutely john talked about it yesterday, the 20,000 of the january 67.5 calls yesterday and they bought another 10,000 today, scott and previous to yesterday they'd bought 10,000 more so thery is a condition cyst enzi here of seeing the option paper in marathon petroleum, which is what we're hering from fa farmer jim and it was 60 when it started. now 63 and then 64 >> live nation and shake shack are on fire right now. josh brown joins us next we'll find out where he thinks the stocks can go from here, what, if anything, he's doing in those positions. we're back right there take a look at those moves we'll talk about that next
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now? >> i mean, i feel as though they're very, very justified based on the results that we're seeing so which one do you want me to talk about first >> live. >> okay. so live is live. 17 million fans attended their shows in the third quarter of this year. overall ticket sales for major festivals were up 10% versus 2019, not versus the pandemic, but versus the last normal year. so live is not just, like, trying to get back to where they were they were accelerating through that, selling out major tours all over the world 500,000 tickets sold, chris stapleton, harry stiles, can't get tickets and through mid-october they told us they've sold 22 million tickets for live nation events in 2022. demand is stronger than ever a million tickets sold for coldplay, red hot chili peppers and stuff like that. not only are they selling partic
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ticket, but what fans are spending when at the venue is up 20% than 2019. deferred revenue at the end of the quarter was backlogged and that's coming to them that's versus 950 million at this same time in 2019 forget the comps versus the pandemic and the comps versus 19 are extraordinary and for that reason i feel the move inthis stock is more than justified >> the epitome of the pent-up demand trade i don't know another stock where you can literally say that or see it in the performance or certainly listen to the commentary that you have let's move to shack. >> so, real quick, i bought live in january of this year in the 70s and that was the idea. pent-up demand in the year of '21 and here it is shack is -- look -- shack posted revenue up 49% in this quarter versus the same time last year 's pause one second and think about that in october they had the
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highest-ever company operated shack sales day hitting under 3 million. this is the biggest revenue quarter in the 17-year history of shack and in the fourth quarter they're telling us they'll surpass a billion dollars in systemwide sales for the year which would be the first time ever. shack sales are up in q3 and now think about 22 they'll open ten drive-throughs, they've never done that before they'll open 50 new shacks and it's the largest class of new stores ever and about a quarter of those will have walk up, and they're doing all of the things they needed to do to get through the pandemic and now to capitalize on the recovery and this was another situation, and it's an anti-peloton and both are working for the same reason. >> you want to give me a little something something on uber real quick before i let you bounce? >> good, not great, but they did
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tell us they'll be cash flow positive 25 to $75 million in profit for q4 which is just about in line with what analysts were expecting i think analysts expected 98 million, but good, not great >> i appreciate you making the time for us and our viewers, josh. >> have a nice weekend, everybody. >> bee have more tradable action mi up. pete has unusual activity. he'll tell you what that is after this break 't just help me o retirement... ...they're with me all the way through it. voya. be confident to and through retirement. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve,
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mr. nah jarian, unusual activity, what do you have for us today >> yeah. good to see you, scott kraft heinz is not a name that comes up with unusual option activity and today we do, and it's got a huge size to it the sktock was trading under 38 share and we start sod see 17,000 calls for next friday's expiring 38 calls and basically buying right on top of where the stock is right now those calls are going from 30 cents up to 45 cents the stock's been planted here for a little while, scott. if you go back to august it's been in a very, very tight range ever since it was in the mid-40s earlier that since may and it's in a tight range and maybe it will
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bust out to the upside the next one i've got for you is an interesting one for farmer jim. boeing at these levels and it was trading about 219. we see about 2600 and that doesn't sound like a lot, and 2600 of the calls getting bought today and that stuck out for me and they're going out to december and the 255 calls and the stock was trading 219. these are about 1.20 to 1.40 what makes this interesting is the numbers just keep adding up and last week, 11,000 calls had traded as the stock's starting to move to the upside and i think i saw it trading at 222. by the way, just to remind people, options don't have to get hit. in other words, the stock doesn't have to go to 255 for this to perform and they can start performing now and if it continues to the upside in a quick fashion, they can move in a big way.
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i bought those options and the kraft heinz option >> i thought farmer jim was going to be doing doughnuts in his tractor this weekend >> shares are up 4.5 pierce. >> yeah. i'll tell you, petey, why they're going to those december options is because ceo calhoun, three times on the earnings call said china's certification comes by the end of the year i've got a question, as you know, as to whether we can rely on his word and that china's certification comes this year and that will be a good catalyst all right, guys, good stuck. this stock is up 40% in a month and bryn talkington is binuyg more ahead of earnings next week we'll tell you what it is next get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen...
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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. all right, our mystery stock. it is coin base. they report earnings why are you buying more of that? >> well, there's a few companies out there that have the trifecta of secular growth, sentiment and financials i wanted to add to the name before earnings which i'll get to in a second from a secular perspective, coinbase has a first mover advantage of being the largest obviouslyexchange. i really believe that crypto is in the early days and this summer, coinbase on boarded germany and france from licensing, being able to offer
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coinbase it is a global phenomenon. this is just in the early days from sentiment standpoint, it is risk on. i think as more people adopt crypto currency and believe it is here to stay, coinbasis a positive recipient of that sentiment. it can be a volatile name and volatile asset class, you can sell calls against it during times of volatility, and finally financials, last quarter coinbase did 2 billion in revenue, 1.6 in net income if you annualize that on track to do 6.4 billion net income, about 85, $86 billion market cap. the stock is cheap and has secular growth wanted to add before earnings. if you don't own it, wait until after earnings i was averaging into my position, i will probably buy more after the earnings call next week. >> i got you appreciate that. we look at that move today. we're taking a break, do final trade, hit stocks hitting
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past it. in terms of recent stock performance, the stock is just ripped >> it has been on fire, scott. as a matter of fact, look at the volumes. they have been on fire as well averaging 140 million shares per day and then look at the option side as well absolutely off the charts. basically like a mean stock or rebel stock, whatever you want to call it, and it has been very aggressive buying. the stock continues to press to the up side. i'm seeing options out there telling me this stock is ready to break through 20 in the not too distant future. >> give me one >> jets. we're seeing activity, jets is going higher. >> rich? >> vistra. >> brynn >> xle need energy to fly jets. >> and the happeny farmer >> general motors because they just launched driverless robo
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taxis in san francisco via the cruise division. that's a big deal. it is happening now. that's why the stock is rallying. >> easy on the donuts. don't hurt yourself. have a good one. we started the how, it was so much fun today records across the board for stocks ten year note is not moving markedly higher on the jobs report, covid news, the exchange starts now have a great weekend, everybody. we'll pick it up there, scott. thank you so much. i am kelly evans here's what's ahead this hour. jobs report, what jobs report. today is about the end of the pandemic, at least according to markets. pfizer's covid treatment pill, reduced hospitalization and death by 89% reopening stocks are flying and pandemic trades getting crushed. dr. scott gottlieb telling "squawk box" he thinks the pandemic could be over by january. we walk through the trades an

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