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tv   Worldwide Exchange  CNBC  November 12, 2021 5:00am-6:00am EST

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here is your top 5 at 5:00 taking a cue from taylor swift the win streak at risk return of the czar president biden looking to have a point person oversea his deal. shares of lordstown down the company once again pushing back production of its truck speaking of evs, elon musk
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throwing shade at rivian and insider buys is back it's a family affair for one media giant. two big buys of its stock. we'll tell you who, all on this friday, november 12th. this is "worldwide exchange" well, good morning, good afternoon or good evening. welcome once again from wherever in the world you may be watching or wherever in the world you may be broadcasting from because, sadly, today is our last day here in london. i want to thank all the cnbc crew and people here it's been amazing to see everybody again. we will be back in the states on monday here's a look. a little rainy and drizzly the perfect london day here's how your money and the markets look they are setting up their friday it's not perfect stock futures are a little higher a mixed session thursday with the dow losing half a percent.
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the nasdaq tacked on a similar amount the nasdaq futures are up. dow up 49. but watch out a bit. this week the big indexes right now on snap to snap their five-week winning streak so unless stocks really boom today, 1.5, 1 percent streak is over all three still within striking distance of their record highs inflation be darned. also have to look at treasure list had a little action in bonds on the intphraeugz number 10-year yield just below 1.6%. bond and bond yields simply do not move around the world, stocks in asia wrapping up their week on a higher note. nikkei and south korea leading gains 1% semi conductor manufacturing international conductor smi took a hit.
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a top executive and multiple board members suddenly resigned. how does stuff like that go on in china that's why we're talking about it you probably don't care about the stock. but a lot of things bubbling under the surface lately and trade in europe as well. or not there we go. a couple of names to watch in trading here first half net profit of 1.43 billion for richemont. and farfetch shares are higher as well. all right. let's move on. more to the markets in a moment. right now some of your top stories on this friday, including president biden reportedly set to name a point person to oversea his trillion dollar infrastructure bill we have more headlines on this friday >> brian, good morning "axios" is reporting that the president will name what is being dubbed the infrastructure implementation coordinator the report says that the person
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will be tasked with streamlining the grant and spending process and preventing fraud as the $1 trillion is disbursed. he is set to sign legislation monday before hitting the road next week to promote it. kellogg's filed a lawsuit at its omaha cereal plant the company is accusing employees of blocking entrances to the facility and intimidating workers. kellogg's and the union workers remain at an impasse on contract talks. and alibaba and jd reporting record sales amid singles day holiday. the egiant is pulling in $139 billion during yesterday's online sales event coming amid continued worries about the strength of the chinese consumer and the impact of beijing's ongoing crackdowns on technology companies. ryan, back to you. all right.
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we will see you in a few minutes. >> you bet >> as promised, back to your money and what your first guest calls the goldilocks and the three bulls scenario president and chief investment adviser at asset management and is changing the game with children's books and markets cliff, welcome good to see you on this friday what do you mean by the go goldilocks and the three bulls >> well, what i mean by that, we have had this obviously tremendous run in markets rebounding the economy driven by three big pillars of support first, the fed, as we know we talked about it all week tapering the fed is still very accomodative at zero rates it is not tightening it is still adding to the pal sheet. fiscal policy 5 trillion and still counting, as you just touched upon not as much as 12 months ago but still supporter. and moving around the economy
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due to the vaccines. the recovery is occurring in terms of cash in people's pockets, demand, but not helping the supply chain disruptions at this point so it's a big challenge for the fed and the markets what happens with inflation, what happens with rates but it's been three bulls dragging the market up to now. >> yeah. it really has been the supply chain things, moves at the ports, they want to stop them from lining up. they want to shift the problem to someone else. that will take time. i think everyone realizes that you only reopen once you said that to a few others before me. when this does get shaken out, do you still worry about inflation, or is inflation sort of not a worry like it was in the '70s and '80s because money supply is so much higher >> that's true the conversation seems so much about it being binary. either the 70s or 2% to us, it's both obviously parts of it are
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transitory parts of it may be stickier than we all would like. the two things we're watching carefully on inflation are wages and shelter costs. those two components of cpi are north of 50% of cpi. and we see what's going on with wages. obviously there's a supply shortage of labor. and i would say if we want to go back to the '70s, it is probably in the best position to negotiate. we see strikes we see sign-on bonuses we see it up and down the scale, not just for service industries. wall street. so wages, very carefully watching that. it has been a frozen rope for decades. 2% now it is ticking up to 3. shelter costs. we always fight the last war or last down turn in 2009, 2009, 2010, the result of that was under pulling.
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so there is shortage of supply given the demand new home prices was 19% change year over year it takes about a year. there is about a year lag. we think inflation could come down to -- >> before we let you go this friday i apologize. i always like to have the opportunity on what do we buy now? >> we think the reopening is occurring, even if rates are up a little bit inflation is 2% or 3%. we should be focused on income-generating sectors and value. dividends historically have been 40% of total return. this last year years, only about 17%. we think that will revert. we like value sectors, banking, slow pes, international stocks, lower pes, recovering economy. those are some of the things we would reposition given where we're heading in the next 6 to 12 months.
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>> okay. cliff corso, we appreciate your time thanks for getting up early on a friday have a great day, great weekend. >> thanks. friday big money movers including one big ev play. we gave the name away. blink charging a boost to one specific group of retailers we'll tell you who and the cop26 summit wrapping up. world leaders race to strike a deal what are they up to on the final day? >> reporter: brian, with he just received another draft document. we'll have all the details for you coming up next on "worldwide exchange".
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>> welcome back. time for friday big money movers three key stories happening right now. lordstown, stock number one, the electric vehicle start-up reporting a wider third quarter loss they have zero revenue and they are delaying the launch of their endurance pickup three months, citing shortages of parts, materials, and other supply chain issues. stock is down about 10%. stock two, blink charging. ev charging company reporting third-quarter sales. they have soared this week on the heels of passing president biden's infrastructure bill, which includes 7 billion for
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electric vehicles. that stock up 4% and stock number three is wm technology this is the parent company that operates weed maps that is literally an app that maps where you can buy we'd, now known as cannabis. you can order products online. third quarter results coming in below expectations stock down 13% now to the 2350eu7b8 day of the two-week-long climate summit in glasgow representatives from 197 countries race to go strike a deal with the conference ends. have they gotten there diana oelic joins us now we are waiting for the official announcement of any kind of final agreement. what do we know right now? >> reporter: well, outside of that agreement, we have seen several agreements among governments and businesses so far. they agreed to cutting methane by 30% this decade
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130 countries also including the u.s., vowing on deforestation. 24 countries and some leading car manufacturers agreed to move entirely to electric vehicles by 2040 or earlier. ford, mercedes and volvo among them the u.s., china and germany, the leaders in the auto industry, did not sign on. nor did bmw, volkswagen, and toyota a ways to go there we did just get a second draft this morning it does have some strong language one major climate tracking organization put out a report saying given the reduction targets, global warming is on course to 2.4 course degrees above preindustrial levels
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they called that catastrophic. antonio few tear resident said the goal is on life support. fossil fuel is the first ever mention in a cop agreement it calls on nations to accelerate the facing out of coal but it doesn't exactly set out a time frame for that. adaptation, financing, it gives countries, undeveloped countries, sets a new date of 2025 so it is kind of a mixed bag >> all right well, you've spoken -- by the way, been there a long time. it's been a lot of long days the last 12 days or so i suspect i know why they were there. you go to where the money is, of course what was their take on how it went and some of the progress on the core reason people are there? >> yeah, brian i think we spoke to about nine ceos, venture capital fund
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managers and bill gates and john dorr to boot it will be the single largest business opportunity of this generation 1.5 to 2 times the spend of the internet in the next decade. they came to not only tout their own green agendas but talk to policymakers about public/private partnerships. >> you go into dinner with a small group of people with democrats and republican congresspeople and the tone is so different than what you see on capitol hill or read in the newspaper where people are listening and getting private sector input >> reporter: and that was just one of probably hundreds of meetings like that across the region in the last two weeks, brian. >> what about your personal takeaways? obviously, you've been there, flew all the way there i know you are sitting through panel after panel. what are some of the macro takeaways you have
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>> reporter: brian, it is the sheer a lot of money the capital walking through these hallways, hedge fund, new startups, trillions of dollars represented here that's so important because that will fund many the transition to clean energy in our built infrastructure and it's also going to be the carbon credit markets which are just emerging here before. i have never covered a cop before, but i have talked to someone who covered a couple he said he has never seen this kind on of corporate representation and the kind of money in these hallways. brian. >> yeah. we always talk about the green economy. at least as far as the american currency goes, we can talk about the green economy in a different way. maybe we will see it next year at cop 27 in sharm el sheikh, egypt, is it not >> reporter: it would be warmer for sure >> hold on i don't think you can see me
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i'm going to pull something out of my pocket and show the fires so they see what it is like to travel internationally i'm holding up my rapid test i have been tested four times in five days to fly -- >> reporter: no, brian i win. i have been tested 11 times. 112 times. and i have a row of the tests in my hotel room. i tested again this morning to get out of the country a lot of testing look, they manage to keep this conference safe. there were 10,000 people here a day in the first week. everybody had to test. >> yeah. >> everybody had to show credentials that they had been tested i beat you on the testing. sorry. >> agreed. four out of five days. i'm saying it for a reason you're exactly right we're arguing over masks in america, right kids here in the uk -- i'm not saying either way, have never worn a mask. they never will. it's because they are good at testing.
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the united states needs to be better at cheap, reliable, testing. we can have fun at dinners and everything right? >> reporter: absolutely. >> here's my test. i get to fly today look forward to seeing you stateside. >> reporter: thank you coming up, your weekly exclusive. weekly insider showing one stock. crypto traders piling in but is bitcoin really an inflation hedge? hint, no we're back next. richness. hard you work to build it. now harder stadtfestungsbank works to make it grow more bigger. trust the egg in your nest to our clever money people. stadtfestungsbank. you rich. we make richer. translation is complex. transperfect makes it simple. our experts help your business succeed.
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you're going to do just fine, you will. ♪ this is what healthier looks like. ♪ all right. welcome back and good friday morning. i hope you have a great start to your day or great end to it. let's get a check on some of the other top headlines outside the money and the markets. nbc's frances rivera has more on that >> reporter: hi, brian, good morning. the kyle rittenhouse murder trial is accelerating towards its conclusion judge bruce schroder butting heads on thursday. the committee investigating the january 6th insurrection will not see documents from the trump white house today. a federal appeals court put on hold the release of records relating to the deadly capitol riot the documents will be blocked while the expedited appeals process is completed
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an oral argument is scheduled for november 30th. the ravens and dolphins battling in a defensive struggle in miami an interception of lamar jackson and fumble recovered by howard, which he runs back 49 yards for that touchdown baltimore would find the end zone in the 4th. the game was out of reach. miami urged that win 22-17 who can forget wilson's dramatic performance in the movie "castaway" it is one of the most iconic movie props of all time. it sold in a london auction for $308,000 wilson nearly quadrupled the 80,000 he was originally estimated to go for. there you go 20, 21 years later, brian, a little distressed, a little age but still the same old wilson.
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>> and i have a feeling wilson is not going to age either as well for that kind of money, better do something frances rivera, have a great weekend. >> reporter: you too mcdonald's ceo facing pressure to step down over comments on violence the fast food giant's hometown of chicago if you haven't already, follow our podcast if you missed the show, don't sweat it you can get it on apple, spotify or others.
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is this the pause that refreshes. yes, virginia stocks can go down they did this week stretch any lenk is here with what you should still be buying now. the stock continues to power higher and a look at insider buys bug a big buy by two insiders at one insider media name this is friday, november 12th and this is "worldwide exchange". all right. good friday morning. welcome or welcome back, everybody. i'm brian sullivan once again, we are live from london sadly, our last day. a big thanks for cnbc here and
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everybody for hosting us we are seeing a little bit of strength not a lot of green we are seeing stock futures up abo about.01 to 0.2 as well. the five-week win streak this week could be coming to a close. maybe all good things at some point come to an end five weeks in a row in major indexes. it is likely to end this week. don't make too much of it. we are still very close to all-time record highs. we want to highlight one of the best performing groups of the week that is the materials. a broad name but it's all the stuff we make really and it's been a sector with big gains. the copper company up 11%. iff, 4.5%, along with newmont mining october 11th, just a month ago,
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we talked how fertilizer costs because natural gas is so high it is up 15% since that rbi. you're welcome i used to be a fertilizer trader true story we have been covering what could be a global energy shortage. both are down just a touch wti still over 80. europe gas also down as russia boosted flows of gas to europe earlier this week. those futures still up 300% in price from just one year ago all right. well, speaking of rush sharks we have important headlines crossing minutes ago from the kremlin. speakspeople there saying belarus leader lukashenko did not consult putin before
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threatening to stop or slow natural gas supply to europe we highlighted the pipeline for you yesterday. it runs through belarus, into poland lukashenko saying he might slow gas flows unless western europe fixes the border crisis with poland where thousands arest you can and many have died, freezing to death putin may be trying to calm the markets a bit saying russia will meet its contractual obligations in natural gas it will defend its borders if need be. in addition to what's happening at the border, there have been some reports that russia may be moving troops towards ukraine. putin also talking down some of those recent headlines tensions certainly on the rise in that part of the world. many key pipelines bringing gas to europe. some of the morning's other top headlines. calls for the ceo of mcdonald's
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to step down after comments he made about violence with kids in chicago. >> he is facing growing calls to resign amid backlash over deadly gun violence in that city. a coalition of community groups that demonstrated against him last week have sent a letter to the the board demanding his removal. it wants mcdonald's to create a $200 million fund to make investments in chicago communities and set up a community featuring representatives from the community to improve wages and working conditions for employees. under pressure a made a roller coaster week for that stock. third quarter revenue of $8 million, short of analyst expectations elon musk weighing in on rivian,
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responding to a tweet that tesla ceo said high production and cash flow will be the true test for the ev maker, adding tesla has been selling roaster model for two years and was going to roll out model s when it went public it has a market cap of $105 billion, sur passing ford and general motors brian. >> all right silvana, even here in london people say, what do you think about rivian beautiful car. >> reporter: it is a beautiful car. it is not just for gas and housing. prices are going up in the retail world as well this could be good news for one group of retail stocks let's find out the whos and the whys with courtney reagan. courtney, good morning >> reporter: hi.
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good morning, brian. discount retailers tend to attract more shoppers in economic downturns inflation begins to heat up. when you take the rate of inflation into account, real hourly wages actually declined 1.2%, according to the labor department consumer sentiment did rebound slightly from august low but the last two months averaged out to the weakest reading in a decade in-store traffic data from placer dot a ishares an up tick in retailers so traffic in october, compared to 2019 prepandemic is 21% for home goods, 16.5 for target, 113% for ross, 11.5% for burlington and 5.4% for walmart. big box players like walmart and target use their size and scale
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chartering their own ships for cargo. the off-price players, tjx, ross, burlington are taking advantage of the inventory dislocations from the last 18 months to buy up merchandise at attractive prices and offer it in store for the treasure hunters giving them something to salivate over. investors are taking notice of the opportunity that's happening in the discount space with a number of stocks well outperforming the s&p 500 over the last month shares of dollar tree up 15% since the september read of inflation came out in mid-october. five below up 16%. target shares by 5%. brian. >> wow kind of unbelievable here. five below, target, dollar tree. is there any sign when or if we start to see prices come down
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that these stocks will suffer as well are we going to five below and stock up on giant boxes of mike and ike forever, which i'm told are delicious. >> reporter: what's so funny, brian, in years past, before the great recession, when we saw consumers trade down to a discount retailer to try to save some money, try to stretch those paychecks, when times got better and finances got better, people went back to their old habits. maybe they bought the pricier meat as opposed to the choices they were making when there was a little stretch after the pandemic, we did not see that behavior return i think consumers started to realize there is value in dropping discount and they don't have to pay more for some items. they're okay with some of the substitutes they found >> yeah. >> reporter: so when, if those prices return to where we had seen previously, i'm not sure that you actually see a return to the other stores and thus a
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subsequent loss in sales for these discounters we're talking about. >> well, i notice that a trend i think some some of those names, courtney, that treasure hunt type mentality, right? these are the stores you go into, you don't know -- you have a general idea of what they have, clothes, candy, or whatever and then you're like, oh, yeah, i found this it's supposed to be fun. make shopping fun again. >> reporter: it is for me. and, again, that's sort of the whole in-person thing. you can't necessarily do that, not the same thrill as easily online it's so interesting these off-price players like tjx, ross, have a small web presence. and that's been okay for those shoppers they have been able to sustain those sales, increase them, and increase that foot traffic with sort of the old model, you have to come in, look through the racks. you never know what you might find
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>> make people poke around and stock up on mike and ikes. i'm dropping hints i love mike and ikes >> reporter: i picked up on that the ultimate stocking stuffer. all right. let's continue our talk about inflation. here's a question that a lot of people have been asking and debating and yelling about is crypto, bitcoin in particular, is it a hedge against inflation? it is a big debate let's weigh in with genesis trading. i know what i think, but i don't think anybody cares. you're the guest what do you think? >> reporter: that very question hits at the core how a market is struggling to come to terms with what bitcoin is. many assume inflation hedge because that's what they have been told. if it is digital gold, and gold is inflation hedge, then it follows. but there is no evidence of that bitcoin hasn't been around long enough to test
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gold has been around enough. the correlation between fold and inflation is quite low bitcoin and gold is also very low. in fact, it was negative ever since the middle of the summer, up until the beginning of this month. you can understand the market's confusion, brian >> yeah. >> one of which will be reminded of this weekend, the upgrade to the protocol called tap root it will be a significant change to protocols since the capacity increase in 2017 on or broadened potential. the key is, brian, this reminds us all that bitcoin, may be inflation hedge, or it may not, but it is a new asset with new technology when did anybody try to upgrade gold >> yeah. i'll give you my views if you care and then you can tell me why you agree or disagree. i don't like calling it crypto
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currency currencies don't move with this kind of volatility, up, up, up i would never pay for anything with bitcoin because i would probably lose out on future gains. i could pay you with a bail of hay. you can use anything to transact inflation started to take off in the spring, and bitcoin fell how would you react to those two points, if we were debating, lincoln douglas debate style, noel >> reporter: the fact that we are having this conversation, brian, shows the market is starting to debate what bitcoin is the bottom line is we don't know what it is many of us know what we would like it to be. these are my opinions, not those of my employers. nothing i say is investment advice claiming it is likely to be a strong preserver of capital against eventual currency longer
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term, yes, that does look very likely it has acted in that role for a million year it has a more provable scarcity. it is easier to access, easier to hold, easier to transport and has the additional layer on top that we don't know what its eventual use case will be. hard asset, inflation hedge, or hedge against turmoil if you would like but also a new technology >> it's a good debate. but i think we just ended it it's over now. noelle, we solved the problems on a 5:30 on a friday. >> it rose 100 million percent ipso fact toe. which companies and stocks will actually win.
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it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it. tonal. be your strongest. ♪ (vo) reflect on the past, celebrate the future. it's up to us to unlock it. season's greetings from audi. welcome back the build back better bill moving through congress has $550 billion allocated towards clean energy, technology and investment and the implications of where that money could end up flowing is huge. may also present a lot of investment opportunities for renewable energy companies
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joining us to talk more about it is evercore isi. james, really appreciate you coming on. love your stuff. i don't know how you have time to put it all together doing a tremendous job traders have been buying up end phase, inova and sunpower. is it the time for solar stocks, or has the trade already been done >> i think there's still more to come the $550 billion going into build back better, $320 billion is towards solar and solar being the main driver here we think we can get to 40% the next 20 years. end phase, sin nova, they have a huge opportunity here to increase the share of, you know, off-grid power generation. it's really a key here
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california, texas, parts of new york state have seen the grid fail and they really want off-grid power. and solar is the way to provide that >> yeah. i'm here in the uk, james. we've been talking about this kind of all week they have talked about it at cop. that gap what we love about renewables, all the things they do well, they do some things very poorly. you have to use the energy right away you need heavy winds or super hot weather. >> right >> that battery storage space and being able to store some of that renewable energy, that is so critical right now to everything, is it not? >> are it really is. so we refer to that as the third pillar here. so you have wind and solar that have become the two economically advantageous but they have the intermittent
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problem.
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>> big sales of electric cars drive the buildout of charging networks, or do we need the charging systems set up so people see them and say it's safe to buy an electric car? chicken and egg. >> it's the classic chicken and egg. you're absolutely right here the charging network needs to be in front of. you see ev go, charge point or others building the network out in front of the huge amount of models of evs that are coming to the market so we do think charging -- for guys like yourself, guys like me, worried about charging our network, we need to be able to see the network is there, available to us before we can go on long haul trips so we can go 200 miles without having range anxiety
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we are building it out there is money in the infrastructure bill that came out. it already passed. it is for charging you will see more capital going to evs in the build back better program, which hopefully that will get passed in a couple weeks. >> yeah. >> our view is that evs will be 70% of auto sales in 20 years. but 40% of cars on the road. and we need ev infrastructure business to be 60 times bigger than it is today at that point >> wow 60 times that is a big, big number. but a very cool story. it's why everybody right now that has an electric car has a gas car to go to grandma's house in vermont i have learned a lot thank you. we'll get you back soon. on deck, your weekly insider buying segment and one big media name with two insider buys
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opportunity fridays. stephanie nks reitle ihe wh stocks she likes next. stick around
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people who get it.
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the outlook came in. rdblox, 30%. affirm, 28%. thankfully, to be honest with
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you. they are not in the s&p 500 benchmark. otherwise, i would have to pay attention to them. a small piece of the market overall. if you want to play in those names, go for it but those are not trading on real fundamentals. but to move in these kinds of ways is really -- it's a little disturbing i'm paying attention to it, brian, but it is not something to invest in >> no. it's gambling. or it's guessing even worse gambling, you might be able to put the odds if you buy a stock and it falls 30% after hours, there is something to be said somebody said what's the bull case for stocks, that's my friend and that's kind of how he sounds the market has been cut by half even more so with buybacks, but the amount of money isn't going
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up fewer assets, much more money, the path of likely resistance is up >> right >> or least likely, i should say. >> right step back for half a second. overall, for the market, earnings have been very good up 37.1% year over year. buy backs, dividends, cash flow has been enormous. you're also seeing m&a, versus 3.5 all of last year we have already surpassed it so i like they are doing good things with their cash flow. and now all of a sudden you are starting to see spins as well which is kind of interesting let's focus on the fundamentals and pick good quality companies. there's plenty to be had if it's a little bumpy because of inflation fears, i think you want to pick names, quality names, and think about between
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now and the end of the year, it is season alley the strong period to own equities that's why you want to do it >>ing on let's find some of those on opportunity fridays. i'm literally branding the show as we go along here, stephanie i am in london i flew united. i booked my ticket a month ago i paid next to nothing i looked for the same flight, true, three weeks from now, it was four times the price literally 4 x from new ark to heathrow it has to be good for expedia, travel in general. >> and the pent-up demand is enormous to our point on ual, the ceo was on cnbc earlier this week and said international travel is off the charts there's 100% load factor last weekend alone from international travel so demand is absolutely on fire.
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wynn resorts said ebitda was at record levels. las vegas is booming and expedia ceo said their bookings in summer 2022 are higher than 2021 reopening is alive and well. 2 trillion in excess savings so there's pent-up demand. that is a theme i want to be playing at this point. >> wow continued reopen trade continues. and this one is really the big trip travel one, not just domestic stephanie, always love having you on the program thanks for starting your friday with us. we appreciate it, steph. >> thank you >> all right that does it for us on "worldwide exchange" live from london all week for you. back in the states on monday see you back there as well probably in a full plane, by the way. more to do on this friday. "sawbo a t gquk x"ndheang will pick you up next we'll see you monday morning have a great weekend
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plus, president biden will reportedly name an infrastructure czar to oversee the trillion dollars of spending approved by the bipartisan bill. it's friday, november 12th, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc

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