tv Fast Money Halftime Report CNBC November 16, 2021 12:00pm-1:00pm EST
painted and there's been more than 500 reports from current and former employees since the california lawsuit so there is still so much to untangle here and just such an awful story. >> carl, if the board didn't know about it especially in this environment that's where the issue is likely to lie >> the s&p has traded above the november 8 record close. let's get to the judge. carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center the stunning numbers of names bailing on big tech what it says about your next move bryn talkington, jason snipe, josh brown, jon najarian co-founder of market rebellion.com. russell is a touch lower it's basically flat. there's the ten-year note yield 162. it's the nasdaq that was lagging early on everything's about the same as we speak home depot is giving a nice lift
to the dow earlier not quite as much right now and tech is where we'll kick things off the release of the closely watched filings showing several big-name investors selling down their tech holdings and leslie picker following it and what do we make of what we've learned here, les? >> it's difficult to say whether this is a big sentiment shift or if it's profit taking in light of what they saw during the third quarter. so we did, given the managers that we track see some pulling back during the third quarter reducing his position in amazon by 44% that stake now worth about $250 million. andre as halverson after holding $1.6 billion worth at the end of q2 now that stake worth two-third was a billion dollars. melvin also decreased their amazon stakes in q3 and didn't
dissolve them completely we saw a similar trend with facebook now known as meta, and viking also sold off some of its exposure in facebook dave plotkins, melvin and george soros pulling back on google parent company alphabet. most managers we bet berkshire hathaway did keep it the same except for keith meister's corvex which disclose a new put position on apple. the counterpoint is from third point which added to stakes with amazon during the quarter. important to note, scott, as always as we cover these 13 positions are a snapshot from the end of the third quarter in this case, september 30th and the business may have changed in the six weeks since then scott? >> not to mention that it's always hard to read into what the actual motive is from each of these big-name investors and at least as it relates to corvex, which, you know, has some puts on apple or the arc
fund it is my coulding that those are out of the money portfolio hedges rather than some sort of big directional bet against either which underscores the point that you made. be careful of how you read these things and try to make investment decisions as a result >> that's right. of course, big tech as a whole represents so much of the broader market so it could be a simple beta play they just don't want to have as much exposure to the broader market and they may be getting that exposure somewhere else or it could be directional. i'm looking ahead at what's going on in the future and maybe we should reduce some of this exposure and include our exposure elsewhere >> giving us the kickoff today >> dr. j, you have a lot of big tech exposure, and i haven't spoken with david tepper, and i can't tell you what his motive
is in how he has reduced or why me has reduced to these positions to the level he did and i would go back to what he told the viewers during the tenth anniversary week if you think that rates are going to go up from here then that could be directionally bad for the nasdaq and just tech in general. it is interesting that of this filing of the last time we get a read into it he reduced his exposure to amazon by 44%. your three biggest positions within the big-tech landscape, microsoft's number one and apple is number three and you have tesla sandwiched in the middle it raises the question, is it time to take a look at some of your holdings and maybe lighten up a little bit? >> i think that's probably what these men and women were doing, scott. i think in many cases, my positions, for instance in facebook and tesla, i was selling out of a lot of stock in each, but not giving up on
either tesla, as you said, still my second largest position right now, but that's through exposure and options. when you see a run like we've had in tesla or like that run in facebook those kind of really tempt you to take some of that exposure down and so i did that in the stock of both, and i went over into the options i haven't sold a single share of apple because, it quite frankly, has not had as much of an outperformance year as either of those first two, but microsoft, oh, my gosh. this one just on fire. i know we're talking tech later in the show, as well, but microsoft is the best tech stock in the land. no question about it, and i don't intend to lightening up on that one at all, scott >> we're only talking about it later in the context of the call where microsoft gets lumped in there with so we'll save that particular
part of the conversation for there. microsoft's up 51.5% year to date and microsoft is the outperformer of the group, josh, at 69.5% rather than try to read into the minds of these big, famous investors, just what about the idea, as you view the market, josh, these stocks have gone up a lot this year. they've been the place to be in large respect. is it time to re-think these things when you look at a horizon where you see rates moving higher? >> so i don't -- i guess i don't look at it as a rates play up or down to own the best companies in the world, and i understand why you would see some money out of amazon and if you're running a hedge fund comp theetitively it's a lot of pressure in a large position in a mega-cap
stock going nowhere. most people don't feel that pressure because they're not playing the same game. they shouldn't be reacting to filings of 45 days ago as though there is some requirement that they play along. a really great example of why this isn't important we would all agree that one of carl icahn's greatest trades of his whole career is apple. he correctly identified it was a way undervalued, mispriced security and he negotiated with tim cook to buy back stock in addition to the dividend it worked out beautifully. he made a ton of money you know when he sold apple? april of 2016 he was out, and it is up 492% since 2016. so it's not that he did something wrong. he exited a trade that worked out really well for him. that means nothing about the
future course of where it might go because everyone is in the market with different time horizons and different hurdle trades and i don't agree that what we saw in the 13fs represent some sort of mass exodus on the part of big money or smart money from tech it's people taking profits in alphabet it's people getting bored of amazon amazon, by the way, is a consumer discretionary and not even in the tech index and neither is amazon if we'll be technical. >> you have to consider what's going to work and what is not going to work as well as if it has worked if interest rates do have a trajectory that is somewhat meaningfully higher from where they are. >> the correlation with these stocks. >> we're not just talking about 13fs from big-wheel investors either if you look at the bank of america flow show note today, tech and industrials saw the biggest sales. so directionally -- >> that's weekly data. >> or at least a nervousness or a profit taking, however you
want to characterize it. some money is starting to come out of tech. bottom line whether it's week, three months ago, whether it's three minutes ago. are you dismissive of the whole idea >> there's no forward signal in weekly fund flows. nobody would tell you there is it's very noisy data >> let's move on bryn, i take some big-name investors are lightening up on tech i have a flow how do you view that space rid now in light of where rates are and where you think they may go. let's try to play it that way. >> so let's theorize that the reason why these -- these gentlemen sold that was because they think inflation or interest rates are moving up. let's just have that conversation and so play this out next year. right now fed funds are 0 to 25
as david costick said 2025 that would put fed funds ending the year around 75 basis points and say the ten-year goes to 2%. so do we think tech does good in a 75 basis point fed funds in a 2% tenure? i would say absolutely because what you really have to gain theory out here is that right now we have u.s. debt at almost $30 trillion if the average interest rate across the curve is 1%, that is $300 billion in annual interest expense. so the fed, number one, i don't think can raise rates very much past that and also secondly, do you know what a debt overhang does to gdp growth and so then i can play that out, but actually gdp growth
continues to slow and so where does it circle back to it circles to just tech in general. so i think the next six months can be rocky for tech, and so what i would be doing is i wouldn't be reducing i would be selling my positions just to buy my time because i definitely think we'll have lower gdp growth longer term and the fed is in a position where they can't raise rates much more than two so that tells me i'll be long tech and long term and sell some calls and take advantage of the volatility and that will probably come the next six months >> interesting way to play it. you own a lot of these names >> yeah. absolutely, and i agree with bryn here. when i think about tech and the rate story and what's going on, the major things for me is the digital transformation in the cloud. so i agree that there might be some volatility ahead as rates
move when we talk about the rate story throughout the week and the show it has been about the velocity of the rate movement and when you have companies that are spending billions of dollars in free cash flow i think they can absorb small movements in rates and i think they are very much in line with the secular trend when it comes to cloud and digital transformation, so i think you have to be long these companies here until year end and 2022, as well. >> so let me try again and let me tray to play it this way. >> if the ten-year moves towards 2% in 2022, is the nasdaq going to thrive in that environment or not? it's not a rhetorical question i want to know your view on it a lot of people would say no it's not going to. i thinkit's a very fair question and i don't think we'll see the games pricing stocks out
of 2025 earnings and using discount rates that way, if, in fact, you have a steepening yield curve and if, in fact, there's an actual cost to capital and so, absolutely, there's a great case to be made that tech might be a lagging sector in 2022 it doesn't mean it has to be negative and it doesn't mean you have to care and i can make the opposite case that the fed doesn't have to go anywhere and the reality is what's suppressing yields is demand all over the world and so the fed can only hike rates overnitrates so far when the longer end of the curve says lol and invert again. so i can make both stories sound plausible. i don't think that that is a good yardstick by which we should be arranging the assets in our accounts, rate predictions.
john kenneth said the only reason economic predictions exist is to make astrology look respectable. so that's, for me, that's not a good reason to buy or sell shares in companies. a rate prediction for the midpoint of 2022 so i'm not trying to be -- i'm not trying to be difficult on purpose. i'm just trying to give you another premise different than your premise which is most of the companies on the nasdaq are loaded with cash and more than equipped to deal with 2% fed funds rate a 2% ten year, if that's in fact where we end up and 50 basis points in overnight fed funds rates. most of these companies will be fine i really don't understand what the panic is about >> jon najarian, let me ask you this for the next six months would you rather own tech or cyclical stocks would you rather own discretionary off the retail number today would you rather own an endeavor
group or a big tech? if you don't own either today and you're saying i need more bang for my buck over the next six months i'm not exactly sure where i should put it. should i put it in discretionary or should i put it in tech >> here's the way i'd play it, scott. >> options have been right on. >> options on bitcoin. >> i think bryn has been spot-on with her energy plays here and that will certainly give you some alpha based on what we're seeing as far as demand. as far as what has been the talking point of any tech company for the last two or three weeks it has been meta and not just the former facebook, but what is the metaverse going to be, whether it's nvidia or whether it's qualcomm or any of the companies that really stand to benefit from that
so if you wanted to shun detecha people are focusing in on that potential, anybody from the ceo of disney on to the investor date to day. >> it's not necessarily shunning it it's not shunning it let's play it overweight versus underweight game do i want a home depot, walmart, some of those other names here for the next six months or do i want to think that the gains that were made this year and some of the big tech names can be duplicated. it's not an either/or. >> home depot is up 45% this year i don't know that that's a great stock for -- if you really think rates are meaningfully rising. that's a low rate story. it's not just tech that could be susceptible to contracting multiples if they raise rates. there will be other areas of this market that would theoretically face a challenge, but i don't think that anyone's
talking about too far too fast this process has been glacial >> where do you want to be, bryn the other side of the flow show note from bank of america is the buying of energy stocks is the largest in the history of the data back to '08 so people can look at energy and the flows continue to suggest as people see it as undervalued, still even after the massive moves and you're in the heart of it in houston what do you think? >> yeah. first of all, energy year to date has done fantastic, right depending on where you own whether it's xle or xop 50 to 70% take a step back and look back the next ten years with the nasdaq which i own and will continue to own the qs has annualized 20% for the last ten years. the s&p has annualized 16.5%
while xle has annualized 1.5% for the last ten years so looking backward, energy has been a horrible investment and it's been an asset destructor while the tech has been the belle of the ball. especially when it comes to financial markets so i think if you're not in energy you do need to understand there are some really strong, structural catalysts that are just getting started and the biggest one that investors need to get their arms around is that we're in a situation where in 2022 we could have demand outstrip supply for the first time in history and why that is so is because opec plus is still issuing supply, but the non-opec players have been very anemic because they're being bullied by esg investors and the politicians any so once
those airplanes start flying around the world and once we all continue to consume energy, we are in a very, very tight market and forget weather for a second, i don't think investors understand that. you also have the big companies you know, pulling back on capex of long duration energy reserves once again, oil has this thing called a decline curve if you don't keep pumping, it's not an infinite amount and there are multiple structural headwinds that if you want to have an inflation-sensitive re-opening play, energy is actually i think the most inflation sensitive re-opening play that you can have, but i'll still bar bell that with tech because i know tech, and i love it and to josh's point, the cash flow nature of the nasdaq just can't be ignored >> one more quick point since bryn was just talking about inflation and we're talking about the prospect of higher rates. doc, you know, i look at the moves today as we'll talk about
the desk moves been i see no major moves from you i do see gold's now at its highest level since june, and i'm thinking it's got to be -- why isn't, jon, for example, in the minors doing anything in the gold area these days >> yeah. that harkens back to josh's upside buying in digital assets like bitcoin i think the buyers now scott are not buying gold in anywhere near the same percentages that they had been as far as prlsort folis and investors. >> and we've been talking about that, right? that's the point you're making is that crypto is now the inflation hedge over gold. gold can still rise, but it's not going to rise to the degree that it once did in the past when there was no competition in
quotes yeah you're not getting near the same lift and sure you have various times of the year in india and elsewhere where gold is bought in big amounts and nonetheless, it is not bought more than that supply versus demand that bryn was just speaking to it's basically the supply out there is meeting the demand. so you're not seeing that kind of price appreciation that you would if each of these investors would put th$3 trillion into wo. >> josh, you're buying more solana. >> i am. i am adding to solana and polka dot. i have too much bitcoin and ethereum relative to some of the smaller protocols that seem to be much more useful, solana's process is much faster than ethereum which becomes very
important on open sea and various platforms and that will ultimately start accepting a lot more than ethereum, and i think when you think about things like the graph and polka dot and some of the smaller protocols and meant to make the stuff work better together and if you start thinking about these as coins and start thinking about them as though they were software companies. of course, they're not companies and if you started to think about them that way as products and companies and i think the use case for a lot of the stuff becomes much more attractive and it's a question of nomenclature before things start to get discovered by main street and wall street. >> right i've been in the world since '17. there's so much more activity going on in private markets and in crypto than there is among the five biggest stocks that we talk about all of the time so that's definitely been an area of focus like john. >> let me get a quick comment from you, bryn you saw enough of a sell-off
from paypal and bought some at friday at 206. >>a as jim came into paypal, i believe in fundamentals and when the stock breaks down you really have to look at technicals and you retraced that 203 to 2004 price point was a retracement to september-october of 2020, but i would argue that the company is in much better shape and has much better transparency and visibility going forward than it did a year ago so i bought it on friday i'm excited to add to the position once again, i think next year when venmo goes on to amazon and can be -- you can check out using venmo and venmo has about 80 million customers, i think people aren't even remotely focusing on that today and it
was to add to the position >> jason snipe, you bought some more, too. i take it you agree with everything bryn said >> i do. i do, big time yeah it's about 30% off its 52-week high and the story is very much intact payment volumes were up 36% and venmo payment was up 36% and their paypal up 26%. >> so i think for me, this is still a great story. i took an opportunity to add to my position. >> we'll take a quick break and qualcomm is hovering at all-time highs and it is up more than 25%. should you buy at these levels farmer jim will tell you and he'll do it next we got this.
when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. welcome back i'm rahel solomon and here is our cnbc news at this hour the situation quickly worsening in eastern europe. poland is using water canons and tear gas to prevent migrants from belarus they're encouraging to cross as revenge for leverage against the country. at least three people have been killed and 33 others injured in twin suicide bombings. this is just the latest in the recent series of attacks as officials urge ongoing vigilance. three suicide bombers were killed in the blast and police
apprehended another suspected bomber foiling a third attack. you're deliberations are k beginning after closing arguments in the trial of kyle rittenhouse. his fate is in the hands of wisconsin jurors tune into the news with shepard smith tonight at 7:00 eastern. >> in sports, the los angeles angels reached a one-year $20 million deal the 29-year-old right-handed pitcher spent the first seasons of his career with the new york mets scott, i'll send it back to you. >> there he is in the picture as part of the stock draft. we wish him well rahel, thou. josh lipton has a news alert on activision blizzard. >> we should the news on activision and "the wall street journal" dropped that big report this morning that ceo bobby kotick knew for years about the sexual misconduct allegations
for years and the journal did not inform the board the company telling us we are disappointed in "the wall street journal's" report. instances of sexual misconduct that were brought to his attention were acted upon and we've made significant improvements including a where are-tolerance policy for inappropriate conduct and that stock is down 30% this year and the worst of the three big publishers, scott, back to you >> josh lipton, thank you for that update there. let's talk about the call today that you need to know about. i want to focus on a software call and credit suisse has neighb initiated on stocks. it is the snowflake that i wanted to focus on with you. you've been mentioning it almost every week as a sign of stocks where money has gone into and
the stocks have taken off and this is one of them. up another 2% today and 20-some odd dollar away from that. can you tell me why you've been focused on this name so heavily recently >> yeah. focused on it and not making money on it. i'm kind of a schmuck on snowflake. it is oen it is emblematic of the era that we're in like a blinding kegger. every quarter sequentially over the prior quarter it was huge let alone year over year it came public last december in the last-minute rush with all of those spacs and ipos and it came public at what people were saying was ludicrously overvalued levels. it is now back at those levels the stock was 190 in may and
people thought they had made a mistake paying 300 for it on ipo day, now it's 400. it's been moving up almost in a straight line on a daily basis and it is so emblematic because not only is it demonstrating that incredible sass cloud business growth. it has all of the right pedigreed investors. like, everyone who is everyone is in here and you can add cal pert to the list they just piled that they were adding to it last quarter and all of the hot hedge funds and venture capitalists and warren buffett got a piece. it's a symbolic stock and people look to it as a proxy for the growth on trade and it happens to be working really, really well right now from so-called new tech to so-called old tech, qualcomm hit a new record high today as it meets investors our own jim lebenthal joins us i had to have you on because the
stock has been great all-time highs and it's up 30% this month and you've got some fan talk on twitter. somebody says please tell farmer jim thanks i followed him in six months ago and i'm extremely happy. as they should be. the stock's up 30% since then? is this as good as it gets that is the key question >> that is the key question. the short answer is no scott, this is a stock that deserves to trade at a multiple of 20 times. this year's earnings and it's got a fiscal year of $200 a share. it should be at $2 hun, but the que question is why should it have a multiple cristiano amon is making it clear that his stamp is to diversify away from mobile phones that's key that's key the 16 multiple that the stock trades at is the fact that apple will insource their product and
out out themselves and go with qualcomm and that's hard to do from a legal perspective and the fact that call com has an internet of things at 20% of the business growing at 67% year over year and then the automotive where they bought veneer recently and the metaverse, all these things besides just mobile phones that will diversify that 20 times multiple so this is cristiano amon's signature and i agree with it. the street agrees with it and i want to say one last thing and this is a clear case in why you have to be patient as an investor, because you will remember, scott, the stock hit 166 earlier this year and backed off to 120, 255. savvy investors picked up more than you've just got to bide your time. left thing, it should be a $200 stock right now. >> for the fourth time it should be a $200 stock in the words of jim lebenthal.
you're not the only one who is bullish on it. jason snipe, you own qualcomm, too. >> yeah. it's a great company jimmy knocked on a lot of the points that i would mention and just diversifying away from the headset game which is they own, quite frankly. but what i would say, too, is the legal battles are far behind them i think the stock has been consolidating for quite some time and it's up 72% last year and it is up 30% in the last month and they've had blown out earnings and i like the runway and i like the opportunity and here in the near-term and also into 2022 and beyond i think the earnings growth is there and there's a lot of value here and we're very bullish on qualcomm >> doc, you have new calls here, i understand >> my intention is that if jason and jim are right and this one keeps running, which i think it will, i'll be able to sell higher strike calls against
them when you have this many lever, i don't know how you don't get into the stock like both gentlemen said, the metaverse talked about it at the top of the show, how valuable that can be and how every ceo is talking about it and then self-driving cars and so forth qualcomm is going to be not the one that develops the car, but the one that makes that car work so i love all of the different levers that they can pull here, scott and they're moving away from just that commodity business with the phones and phone sets into other businesses that are far more lucrative. >> we'll keep our eye on that stock. you just heard from happy investors. jim lebenthal, still ahead, josh has unusual activity the s&p is good for one-half of 1% led by discretionaries. home depot, walmart, good earnings and the stock isn't doing equally as great and it's
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all right. we're green across the board thanks to a new rule in college sports student athletes can now make money from their name, image and likeness by entering lucrative sponsorship deals and now they have to create their own financial playbook cnbc personal finance correspondent sharon epperson joins us with that story >> hi, scott at a special ncaa convention officials discussed making an interim policy permanent, allowing students to make money from the use of their name, image and likeness, while companies are clamoring to them, college athletes like university south carolina forward a leah boston are now able to profit from their name, image and likeness sponsor ships or nil deals are a new way for these students to
earn income. >> i'm putting a lot of work helping the school so i'm glad we can make money now. >> including one with fast food chain bojangles. >> i made a reel and posted an instagram story. >> as more deals come into play, nfl linebacker kenneth copeland and adjunct professor at wharton business school says it's time for athletes to create a financial game plan. >> i need those college athletes who are about to get those checks and make that money to understand how money works and put a budget in place so you don't get the right amount of money to be able to pay that tax bill. >> track and field star turned tiktok influencer matthew boling has over a million followers, grabbing the attention of a major brand, taco bell. >> it's just fun to be a part of it and be able to eat tacos. >> his first dealhas been a game changer. >> this is the first couple of
months i've been able to make money in my whole life. >> boling is working with a financial adviser and his dad to help manage his newfound wealth. >> do you think you're ceo of your business? >> i am careful about my brand i do feel like the ceo >> boling is part of a new wave of collegiate ceos with responsibility to manage fame and finances and getting sound financial advice on sponsorship deals is key for many of these athletes sandra richards heads the global sports and entertainment business at morgan stanley and she joins me now sand rashgs the number one thing that everyone wants to know, these students want to know is what is the financial game plan that they need to have in place? they need to start with the fundamentals, right? >> certainly need to start with the fundamentals first of all, sharon, thank you so much for having me. yes. fundamentals are definitely, as you think about your sport you
think about learning the fundamentals so in this financial game plan, if you will, it is learning about the fundamentals, budgeting, investing, saving and it all starts with having a sound, financial plan and understand why are you in this? what are you in this for >>. >> a lot of those students are very concerned about their brand and they really do need some guidance morgan stanley partnered with an advisory firm to offer financial resources to college athletes in light of the sponsorship deal and what kind of resources does your firm provide to them and what is the cost to the students >> so there's no cost to the students when we are focused on is delivering financial education programs in partnership with other schools that come to us directly it is important for us that as these students are thinking about navigating these new waters of having opportunity and access is that they have opportunity and access when it comes to their finances, as well so our goal is to ensure that
they're armed with the information as they're making decisions in terms of what deals, what brands and what makes sense for them >> and tell me about the opportunity in terms of these nil deals on generational wealth for college athletes, particularly for black athletes. >> you have an opportunity to start at a very early age to think about how do you build your wealth. you don't have to wait until you graduate, get a job or start this new career or start a new business you have an opportunity to start right now at an age of 17, 18 to think about what do you want your life to look like what do you want your legacy to be yes, 17-year-old, you're probable not thinking about that, but those are things that you need to think about as this new nil ruling offers you the opportunity to create that generational wealth and it is the opportunity of us, these people sitting in the walls that we sit in to help these young
people navigate these new waters and get them to a place to where they are building this generational wealth. >> absolutely. starting with women athlete, too. female athletes getting a lot greater opportunities with these deals, as well as the focus turns to women's sports and what they can bring to various brands sandra richards, i thank you very much for joining us. >> a game changing rule. sharon, thank you for bringing that story and the interview to us >> for more go to cnbc.com/investinyou nbc universal and comcast venture are investors in acorns. we'll take a break when i come back, i just found out that josh brown during this show sold out of a longtime position and added to another. i'll give you the details right after this break
and anything could happen. it could be the day you welcome 1,200 guests 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. these moves by josh brown. let's do these, josh i learned during the show you completely sold out of verizon let's do that one first. why? >> i just feel like the stock has been dead money and will probably continue to be. i don't see any reason that i need to stick with it. i've been in it for a long time. it was a gain. it's like money being put to
sleep. if i wanted to do that i could be in treasurys and i really don't see or hear anything from the company that tells me that they have any idea how to get -- how to get growth going again. what they're really good at, though, is paying compensation to themselves. they're excellent. so i'm out i'm done with that we'll see if i come back some other time >> you also bought more uber which i see right now is up 5.5% so why load up right now >> uber is also a dog, but i think uber has a lot of potential and a very clear path for the stock working. dara bought 200 shares yesterday. he revealed that's yet stock is rallying right now that's about $9 million and not that much money for him, but i think important. it's two weeks after they reported their first-ever operating profit as a public company which they did, i think, on november 4th, and we think the quarter that we're in right now could be its first actual
profitable quarter so i think this is a misunderstood stock. i'm in good company. if you look at 13f filings, we did see pretty savvy activist hedge funs raise their positions. i'll mention three they think are notable. sechim head, he's coming to the stock and if you look at maverick capital increasing their stake by 10% maverick is lee ainsley, a legend, and the last one i would mention is point state capital these guys are proteges. i think of stanley drunkenmiller. they raised their position by 453% and they now have 4 million shares so i think the stock is misunderstood. i think dara might be feeling some pressure seeing these activists starting to build positions and i think something ultimately could happen here if the stock continues to be moribund it's down 15% with the s&p up
25%. it is a glaring loser amongst my holdings, but i'm not ready to give up and i think that there's way more coming to the story in '22. >> i want to make a segway to evs and i'll do it by noting that you bought more charge point. can you be brief? i have to mov talk about other stuff as well >> chargepoint will be a rising tide story this is predominantly fleet charging equipment and they're the leader and one of the largest market cap stocks in the ev charging space. so i have a small position there. i have been adding to it a little bit, and i added to it this week. >> dr. j, you own chargepoint calls. rather than talk about that specifically, i want to note that you sold your rivian shares that we made an awfully big deal about when you bought, remember, just so everybody is aware of, on the open market, not in the ipo, unlike pete who had an al location you couldn't because of a board seat that you sit on but why sell the rivian shares
and you also own lucid calls, which is having a big day today, and i literally just saw not 30 seconds ago that lucid has now overtaken ford in market value take me through that >> yeah. well, the rivian sale, scott, was just i wanted to be in the stock but i wanted to be in it through options. so just like brynn and for that matter jason and josh, i am always looking at risks, how do you mitigate it. this is my best way of mitigating it. luckily, the stock is up some $50 odd, i got in at $105, i got out at $160. i bought the $160 calls at the money and sold the $190 calls out in december. i put about $9 on the table. i like that trade a lot better, scott, than having a couple million dollars on this stock that could on any given day, you know, if something bad happened in the markets, you could see a
20% drawdown i believe in the story they don't have the legacy problems of all of the other automakers, you just named ford, but there are so many others whether it is pensions, machining and tooling, the rest of it. yes, these guys are new. so is fiskars, so is lucid they don't have the legacy issues to deal with. >> let me move to josh lip ton as we continue to follow the story around blizzard. the shares are off nearly 6% and you are learning more, josh. >> scott, a quick update we were talking about activision it looks like the ceo posted a video message to his employees, the company posted a transcript as well. in that statement he apparently said, quote, we've taken meaningful actions to improve our company and our culture. but there is more to do to become the model workplace we all aspire to be more change is
required but i am so confident we will get there. scott, back to you >> i know we will follow that story. josh lipton, thank you we will take a quick break here. john will do "unusually activity" and he will do it next get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. esg is responsible investing. that's decision tech. 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, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.
reducing our carbon emissions to net zero may be our biggest challenge yet. there's no single action that will lead us to carbon neutrality. but there is a single source of essential sustainability intelligence. s&p global sustainable1. all right. dr. j, unusual what do we have today? >> well, scott, let's start with open door technologies, opn is the symbol the stock was down about a dollar, trading $24.50 or thereabouts.
they bought 750,000 share equivalent of the december 22 calls. i jumped in on that one, scott i will probably be in it most of the next month the second one quickly, k web. it hit multiple times today. these are options that expire two weeks from this friday so not november 26th, december 3rd. they are -- the stock was 51.50. they were buying the 56 calls, about 10% out of the money i will be in those most of the next two weeks >> we appreciate that. another icquk break. "final trade" is on the other side of that >> thank you, sir. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.
all right. let's do "final trades wrm." you guys are active during the program. i love that kind of stuff. jon najarian, you bought macy's calls? >> yes, sir, scott saw some unusual activity in here pete was pinging me, are you in. i said, yep, click i bought the 32 calls out there in december, and i will probably be in those through black friday and hopefully then some, scott >> good real-time stuff. i love that. brynn, what do you have for us >> yeah, xop, an oil and gas etf. you can sell the february 116 calls, get 5% income you have a total return if it gets called away of around 14% for three months >> okay. jason snipe, what about you? >> salesforce. i think salesforce is the most robust crm platform in the industry, and as more capital
flows into it, attracting and retaining customers, i think salesforce is the name here. >> it was part of the big call i mentioned earlier along with microsoft and snowflake as we were talking about it, and oracle by the way as well. josh brown >> uber, but i said my piece on that already sticking with it >> yes, you did. all right. and adding more is josh brown. thanks for watching. that does it for us. "the exchange" starts now. ♪ thank you very much, scott hi, everybody. i'm kelly evans and here is what is ahead this hour inflation. companies are seeing it, consumers are experiencing it and fed officials are calling for action to curb it, but the futures market says they aren't going to act any time soon so should you position your portfolio for a long winter of high prices? >> plus, the headline numbers may look pretty good, but are retail sales actually falling? we do some back-of-the-envelope math and see what the data is telling us shopping for trades, from bi