Skip to main content

tv   Closing Bell  CNBC  November 18, 2021 3:00pm-5:00pm EST

3:00 pm
>> now we know. >> the kids always know. >> reporter: just here to share secrets. >> cool. i never would have thought and chart the route according to the most efficient and have the boxes lined up. >> follow a u.p.s. truck or do a giant truck. >> thank you appreciate it. thank you for watching "power lunch." >> "closing bell" starts right now. >> thank you welcome, everyone, to "closing bell." i'm sara eisen here at the new york stock exchange. a premarket pop given way to a choppy session on wall street. major averages are mixed in this final hour of trade. welcome, my friend >> thank you good to be back here at the nyse i'm brian in for wilfred frost today. here's the big money stories i say driving the action cisco sinking. worst performer in the dow lossing money after revenue
3:01 pm
coming in light. nvidia is popping and today now it is not all technology retail in focus. macy's, kohl's, bath and body works seeing big gains there is at minutes left to go in the session with consumer discretionary and technology in the lead. coming up today, talking to jim grant about the inflation picture in america why get his take on the fourth coming fed chair pick by the bidden administration any day now and te la doc have fallen 60%. the ceo joins us more earnings coming after the bell including applied materials, workday and williams sonoma. we'll get more on the markets and the money in moments and throughout the next two hours but we have got breaking news from washington president biden expected to meet this hour with the president of
3:02 pm
mexico it follows a meeting with canada's justin trudeau. let's get to kayla trausausche more. >> reporter: they're meeting ahead of a trilateral summit it's not happened since 2016 senior administration official previewing the discussion today to include vaccine sharing agreements, strategy to solve the pandemic, supply chain coordination and new migrant visa programs to fill open jobs but some thorny issues loom. the judge ordered the administration to reinstate remain in mexico that requires migrants to stay on mexico's side of the border awaiting processing both countries raised concerns with incentives that violate the
3:03 pm
new trade deal next to canada's prime minister president biden on that front was noncommittal >> i said we'll talk about that. we haven't even passed yet through the house. we are about to see that move and don't know what will happen in the senate but there's complicating factors and will talk about them. >> reporter: speaking of still needing to pass the senate, senator joe manchin, critical west virginia lawmaker who's critical to passing president biden's agenda seen leaving the who is here while press corps is in a briefing. we'll bring you what he was discussing with the administration here and president biden made a little news this afternoon. he confirmed that the u.s. is in discussions to consider a bay cot of the beijing olympics. he said it's something the u.s. is considering >> you mentioned the trade
3:04 pm
issue. what is the concern from canada and mexico about what's in president biden's plan relating to evs have in general have the trade agreement that was major in the trump administration been going? is it adhered to >> reporter: certainly that's part of the discussion today what each side is doing to make good on the bargain with the usmca trade deal part of the issue they say they have been with is they negotiated over fine print of the components of vehicles specifically should be made and negotiated with labor unions and the companies to make sure alm sides were on this in the build back better proposal there's an agreement for batteries in the u.s. than produced in either canada or mexico they say that goes against if not the letter of the agreement then perhaps the spirit of the agreement.
3:05 pm
we'll see if they reach a conclusion and whether that changes the terms of the proposal on capitol hill >> got it. thank you. turning now to apple getting a pop mid session on headlines surrounding its car ambitions why phil lebeau with the details. >> reporter: this is a report from bloomberg and essentially that apple is reportedly close to or i shouldn't say close to, working on a autonomous vehicle to day buy in 2025 and according to the report making progress coming to an autonomous vehicle. we reached out to apple. it is declining to comment on this report. wedbush dan ives said we would assign the chances of apple unveiling its own standalone car by 2025 as 60% to 65%. these are automakers or companies working on autonomous
3:06 pm
vehicles general motors, tesla and ford and aurora working on a vehicle system looking at the companies they all are playing for autonomous vehicles but 2025, there are a lot of people sitting there in the auto industry saying we won't be fully autonomous by 2025 a nice goal and highly skeptical that the auto industry or apple will get there by 2025 >> all right phil, thank you very much. apple is a big story today. let's move on. retail is a big story today and most retail earnings coming in strong maybe a miracle on wall street macy's shares booming up more than 20% company raising full-year sales and profit forecast. if that wasn't for ma i sy's i think kohl's would be the top retail story because the shares are urging, raising the forecast let's talk about this, tie it up with a bow and bring in oliver
3:07 pm
chen at cowan. great to see you you have been long and strong and right on many names. be honest. are you surprised at how strong some of these numbers have been? >> i am impressed. it was a beat across the board we are in a tougher supply chain environment so for these companies to beat on revenue, great gross margins is positive. the multiples and the pe ratios are modest on macy's and kohl's and see opportunity ahead and we have been on the macy's story. we upgraded in september becoming a more digitally led agile product and the consumer is strong with low unemployment and very good consumer confidence we continue to be excited. and these are real game changers and step changes in terms of future of retail and what's happening in this environment. >> i know you have been all over
3:08 pm
the macy's story and a top pick for the holiday season or one of them how much more value is to there to unlock from even if macy's does appear to go ahead with the separation of the e-commerce business it's run up 300% in the last year and some people say hasn't shown evidence of a true turnaround, every department store is doing well right now. >> the company's been really agile and closing stores also digital penetration will be 40% or plus and a higher margin channel and then evaluation. there's a billion dollars of free cash flow a year. 8% to 10% free cash flow yields. as you step back thinking about the e-commerce business we quantify the e-commerce business could be worth as much as $40 or more using conservative assumptions about 1.1 times sales. other models trade at 2 to 4 times sales so that's something
3:09 pm
to watch and we'll see but they have been achieving price increases and this is an omni led model. holiday is a gift giving season. and it's a most amazing time in retail now because everybody's going out again and need to buy gifts for other people and yourself, too. we are looking forward to all of that. >> sounds like maybe this is as good as it gets. we talk about inflation and the consumer's dealing with it not really because as you know and sara knows this, anything we bought in the third quarter was priced out probably in march or april by the manufacturer and the vendor in other words, the price spikes we are seeing now aren't going to trickle through to consumer pricing until the first or second quarter of 2022, are they
3:10 pm
not? have we seen the full brunt of the inflation story yet? >> the look forward calls for price increases and inflation across the supply chain particularly labor and freight the demand environment is so strong, the average unit retail increases are double digit that say that is the customer deman for product is there and even not there consumers are buying other thing just there's a real pressure on did demand side which is high quality for retailers. even kohl's didn't have enough women's product. there's not enough so the outlook in the near term is good for the consumer particularly with the discretionary items. you need to get dressed and fashion cycles are happening with the denim, athleisure,
3:11 pm
cosmetic, it goes on >> according to some data some people may have a different size from the last time they had -- >> i think comfort is key. and looking good. >> stretchy is key oliver chen, made the call good stuff thank you. >> happy holidays. >> all right you, too thank you. we have a long way to go after the break we'll get a health check on teladoc. the stock had a rough year and going to add to the losses today down nearly 10%. we'll speak with the ceo about the stock, the takeaway from the investor day you are watching "closing bell" here on cnbc
3:12 pm
3:13 pm
i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com.
3:14 pm
moving is a handful. hash-tag high thryv my frino kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that,
3:15 pm
you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. teladoc shares sinking today down more than 9%. the company announcing the growth outlook of 25% to 30% over 3 years after exploes i gains in the pandemic adds customers turn to remote health platforms. teladoc highlighting the plans to grow today. joining us now is teladoc health ceo jason gore vick. thank you for joining us. >> thank you. >> tell us the main message to vooefrs and why it's landing with a thud here. >> over the course of 18 months
3:16 pm
teladoc took a quantum leap forward. that growth trajectory is based on us defining a new category of virtual whole person care. for some investors that may require a paradigm shift in how they think about us. others are attune to the long term vision and that's all been the long term vision so i'm confident that as that makes it way through the market and the market sees the progress that we make on that that investors will be rewarded with long term returns based on the transformational role we play in the health care system and on the financial returns that we general rate and i think we made a compelling case for that today. it just may take a little bit of time for some investors to come along with us. >> i feel like the market looks at you like it's looking at
3:17 pm
peloton right now which is it was the ultimate pandemic winner and the world moves away from what you're doing which is home and the home services. at the same time you face limitless competition. how do you answer to the challenges >> i have been doing this almost 13 years now and people asked about barriers to entry and quite frankly i have always said there are low barriers to entry but high barriers to scale and success and i think our scale speaks for itself. we are probably ten times larger than the next closest competitor and we have a unique set of capabilities to position us as the only one to deliver on true whole person care. this is not a passing fad why this is not tied to people staying home in the pandemic and i think our history of meeting
3:18 pm
or beating the revenue expectations for 25 out of 26 quarters as a public company is a strong track record of financial discipline but more to the point when we talk to our clients, i was just looking at survey results from large employers and 90% of large employers think that virtual primary care is the future of primary care. >> but going back to financial discipline, many investors might argue that you overpaid given that the growth is decelerating. the growth rate is coming down what are investors missing then about the lavongo deal and growth >> i think the important thing is to look at the role of chronic care with mental health along with acute episodic care
3:19 pm
for whole person care why what we hear from employ everies, health plans and consumers is they want one discussion that can take care of the entirety of their health care needs and treat them when they get sick and that has to include chronic care services. this is a platform that's multi condition based on a tremendous amount of data science to contribute to the overall strategy and the value proposition for consumers. >> i know you see better growth at better health which is the mental health platform but i want to ask you about coming under fire for doing a deal with travis scott post-astroworld tragedy to have concert goers access the mental health
3:20 pm
platform can you say if there's promotion for him with this agreement? >> absolutely not. and what i reframe is you said we did a deal with trast scott i actually look at it with keeping with the mission to come to people's aid in their time of need why when there are natural disasters, we make the services available for no charge for people in those affected areas this is a tragic episode where we can be like the front line responders who are there to help there aren't many platforms or companies to offer the services at the kind of scale that we can for tens of thousands of people and saw it as not only our mission but obligation to be able to help so i just want to make sure that there is very clearly aligned with the mission of helping
3:21 pm
people. >> understood. jason, thank you for joining us today on the investor day. >> thank you very much >> after the break, deere with a deal shares of the giant are moving higher around news of agreement with the siktring workers. we'll bring you the details next 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.
3:22 pm
3:23 pm
3:24 pm
deere workers ending the strike the stock is up. seema? >> sara, more than 10,000 workers at 14 factories across illinois, kansas and iowa go back to work at john deere after approving the third proposal the new agreement is a wage hike of 10% v, performance based targets and aimproofed pension. the union says the deal shows
3:25 pm
that strikes can work and be effective in demanding better pay. analysts are expecting the company to guide conservatively given the labor disruption and supply chain issues it is facing reporting earnings next wednesday. the cost about 3.5 billion but wall street will want clarity on that number, as well other companies that deal on the union cnh industrial, caterpillar and oshkosh. this as we watch 1400 workers at kellogg's cereal plant continue the strike of early october. back to you. >> seema, good news for john deere and others on watch. thank you still to come, jim grant will be here he said things might be messy for the next fed chair
3:26 pm
plus, oatmilk and chili and oatly with a product for the freezer after vegan soft serve earlier this year. yum. we'll tell you about the latest launch next. here's check on bonds. yields dipping lower today 10-year at 1.95%, still under 1.6. jim grant coming up. stick around
3:27 pm
3:28 pm
3:29 pm
3:30 pm
about 30 minutes left of trading. down down 37 let's check individual market movers oatly on the move today saying it will introduce a new frozen desert bar morgan stanley's bullish on the company upgrading the stock to overweight citing robust consumer demand. stock up about 6%. tilray is sliding today after barclays at underweight and doesn't think the current valuation of canadian cannabis stocks are justified jim cramer talking about tilray today. you can point to the qr code on the screen they initiating tilray underweight. >> good stuff there. thank you. let's get a cnbc news update with rahel solomon and a twist in the story of maybe when and
3:31 pm
where covid may have originated. >> yeah. here's what's happening at this hour that new report casting doubt on current time lines of how covid-19 spread. a scientist at university of arizona analyzed reports of early covid cases and the likely the first in a market in wuhan and may influence debates whether it spread from animals or leaked from a lab. a nonprofit regulator said that the texas electric grid could suffer shortage just a new report finds that cold weather could limit natural gas supplies leaving the capacity 37% below demand no other region faces shortfalls of 3%. fans of fresh wine, today is your day this is uncorked, the celebrations around the new french wine disrupted last year
3:32 pm
by the pandemic and back in gear today. back the you. >> raise a glass to that. >> getting back to normal. thank you. here's where we stand in the market coming off of sex ssion lows on the dow. s&p 500 still positive by a third of 1%. nasdaq up .4%. the russell 2000 index of small caps down. up next, jim grant weighs in on who could be named the next fed chair and the top issues on the agenda plus counting you down to a big hour of earnings ahead we'll break down the numbers and vensnt analysis for you coming up on "closing bell." [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ ♪ [suitcase closing]
3:33 pm
[gusts of wind] [gusts of wind] [ding]
3:34 pm
you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what's strong with me? what's strong with me? matching your job description. what's strong with me? what's strong with me?
3:35 pm
with me! with me! what's strong with me? with me! with me.
3:36 pm
president biden expected to announce his nomination for fed chair any day now. critical role as this person will be instrumental to steer the economy out of the pandemic. joining us now for an exclusive interrue is jim grant of grant interest rate observer welcome back always good to have you. >> nice to be here. >> you are not a fan of either top two contenders you have been highly critical of this fed and most feds do you think there's a market impact >> i think the problem is that both want the job. by wanting the job one disqualifies ones self and to want the job you would have to be unaware of the precarious state of finances, by that, i mean the great leverage
3:37 pm
supporting ever so precarious the record or near record valuation highs in the stock market and the loans in the bond market even now 12 1/2 trillion dollars worth of securities and nothing. speculative environment such that sees no evil. the send-up of the satire coin market cap greater than carnival and -- so -- >> that's a good factoid carnival corn -- it's a market cap greater than carnival corp. and the things must weigh heavily on a person considering to accept the job and each wants it is disqualifying of both.
3:38 pm
>> i don't know if that's fair, jim. it is the most powerful position arguably in the world so i think as a public servant you would want someone who wants to be in that job are you suggesting the federal reserve should be raising interest rates sharply to combat the bubble-type things going on in the market -- >> defend the integrity of the currency the currency is losing purchasing power rapidly each candidate announced candidate or probable choice seems at peace with the current rate of inflation, assuming that it will be transitory. but consider the -- could be right and consider the bet betting everything on the outcome. i mean the world is set up for anything except an inflation as
3:39 pm
persistent as it seems to be now. so by getting yourself into this you would be an esteemed public servant until the bill comes and then the head of the worst cleanup committee convened in finance so i'm being slightly i guess not slightly light hearted to say it's disqualified by wanting it. >> it's brian. no doubt the fed played a role we could argue in creating asset bubbles. everybody would agree with that but brainard supports a digital currency say he is the next central bank head if the fed helped create this action in cryptos could it also kill it quickly if we come out with our own central bank digital currency or digital
3:40 pm
version of the dollar? >> the fed has two ways to do that by one it could as you say create a competitor with the sovereign power behind it or listing it in the federal funds rate a former federal ri serve governor who now teaches at har vabd that the interest rates get in all the cracks and a funds rate near or excess of rate of inflation would kill many markets. >> well, you know, whoever it is, if it's jay powell continuing on, it is lael brainard, somebody we know on the fed already and been a part of the think jg there's an interesting tweet yesterday. the fed says the goal is 2% average annual rate.
3:41 pm
news flash -- cpi average 2.7 over 5, 2.4% on 30 and 3.9% over 50 has the fed lost the plot? >> i think the fed chooses not to see one plot. one can't certainly i'm not going to comment on the future long ago disqualified myself from that privilege but it is such a peculiar institution. it is unhedged it has every single egg in the basket on the transitory angle not raising until 2022 or something. not going to stop buying securities that didn't exist until next year. still easing in the face of inflation. i think history will scratch its
3:42 pm
head over the institution that met inflation by kcreating inflation and an administration that discouraged the production and natural gas and heating oil. a head scratcher to me. >> jim grant, we appreciate you coming on cnbc for the fed it is an interesting knnext few weeks. >> thank you. we have breaking news on the developing controversy surrounding activision and the ceo. josh, what's going on with activision blizzard? >> the reports that microsoft head of xbox said he is evaluating the relationship with activision blizzard and making ongoing proactive judgments and
3:43 pm
disturbed, troubled by the events and actions at activision blizzard, report that is the ceo knew of sexual harassment at years and they said of the misleading, inaccurate but the news following the reports that playstation's chief also in a letter to his employees expressed the same disappointment big, important platforms weighing in here we know that activision's board has backed bobby kotick today. it's down the worst of the big publishers back to you. >> thank you we continue to watch that. all right. straight ahead, sweet greens are made of these. we'll discuss the blockbuster ipo for the salad chain tacking
3:44 pm
you inside the market zone morgan stanley's investment mrgt r urchir shar ma ihe ybe salad is the key we'll f we'll find out after this. but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com today, your customers want it all. you have to deal with higher expectations and you have to lower wait times. with ibm, you can do both. your business can unify apps and data across your clouds.
3:45 pm
so you can address supply chain issues in real time, before they impact your bottom line. predicting and managing operational issues that's why so many businesses work with ibm.
3:46 pm
this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. power e*trade gives you an award-winning mobile app
3:47 pm
with powerful, easy-to-use tools, and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today. welcome back we have a great lineup coming your way in the second hour of "closing bell. liz young will join us with the call on the reopening trade. we'll break down alibaba's bad day why nike's futuristic ambitions in the metaverse and earnings results
3:48 pm
but first, we've got just under 13 minutes to go in the trading day. we are in the "closing bell" market zone. today we have strategist stephanie link here. a mixed picture for the major averages dow lower. the s&p and the nasdaq on track for a record close that's been a theme this week. consumer discretionary and technology are the standouts on the day and the week what is drive tag? >> absolutely. you hit it on did button there i think it's because unfortunately we have had another uptick of covid around the world. that's the concerning news and so that will force growth to slow i'm encouraged to see another week that saw october be better and recover from the summer doldrum just we had a growth
3:49 pm
scare in the summertime and in october we saw we are getting the data points that it row covered and today showed the same thing you have a push/pull thing going on and the data points are more important because we have inroads in terms of covid. that i'm looking at ism services this week industrial production up 5.1% year over year the government released retail sales. growth and 22% growth from 2019 levels november is philly fed almost double the expectation so you have got good news about the economy and the atlanta fed forecasting gdp 8.7% fourth quarter. i don't know if it will be that higher but higher than the third quarter and the bad news are covid cases.
3:50 pm
let's watch that and seen another round of rotation. back into growth, secular tech away from reopens. you know i'm in both i like to have a bar bell in di diversification. so you know you can make a case to own secular tech. i think the reopen companies will benefit as we see a recovery in the economy. >> okay. i have questions for you i'm going to come back to you. this is a key part of the market, retail retail stocks out of control today. another batch of better than expected results these are big-time figures. >> macy's having the best day ever stronger revenue and comparable
3:51 pm
sales and raised guidance. also hiring consultants to review the business structure as activist investors encourage it. just like smaller high-end competitor saks is doing kohl's beat consensus of 14.7% here's what the ceo said earlier on cnbc about the holidays and the supply chain >> our season is off to a very strong start we planned for this. we have had a lot of efforts in the works for sometime around bringing in key receipts like black friday items, bringing in those early. expedited deliveries had spotty issue we have businesses doing really well in great shape from an inventory standpoint. >> digital sales for 6%.
3:52 pm
making up 29% of total sales back over to you >> all right thank you very much. stick around we have to help bring everybody into this chat stephanie, the criticism of the media and we hype stuff up and whatever it might be that's just me i wonder if we have undersold this market. look at the s&p 500 up 5%. nasdaq up 6.5% this has been arguably one of greatest 30-day runs in modern history. with an aboutized rate it would be 60% gain in a year for 13500. that's not going to happen you get my point the everything rally continuing to roll on not come out of nowhere but did you anticipate this kind of market strength? >> we are in the seasonally
3:53 pm
strong period. right now after weak period in august and september and the beginning of october so i'm not surprised i am kind of surprised it is an everything rally i want the market to be broad. right? i don't want it to be so narrow. you have liquidity injected into the system taper not. that is the tailwind between now and until maybe the first half of next year in addition this liquid ity is leading to better economic growth and better earnings growth guidance is going higher numbers are being revising higher that's a good thing because stocks follow profits and going in the right direction for now >> let's hit the chip stocks big winners today. josh lipton with the details looking at the smh and the sox
3:54 pm
at record highs. >> three headlines on the chips. nvidia, beats on the bottom and top. guidance bet ore than expected up about 140% so far in 2021 our own jim cramer saying this is the next trillion-dollar company. more chip news, ford looking to get into the business according to the journal and developing chips and could eventually lead to joint production in the u.s. and honda, car factories will return to normal operations last month at 90% capacity this month. back to you all. >> josh lipton, thank you very much tomorrow be sure to catch the exclusive interview with the nvidia ceo on "mad money" and recommended this stock pretty much since the early days.
3:55 pm
named one or two dogs after nvidia just when you think you missed the stock it makes a move. is it going to a trillion in market cap >> it could easily go. a brilliant call by jim. does the company have 40% annual secular growth because of gpu data center growth driven by ai and cloud? if you believe that you can feel somewhat comfortable there i'm not but i will tell you that this ceo and conference call is one to listen to he said that demand for nvidia ai is surging and just getting started. 25,000 customers asking for this it is a very impressive call i can't get around the valuation. i sold it. made money and will move on. i like broadcom. you get cloud and data center
3:56 pm
and a 21 multiple. i like lam research playing into the ai thesis. that stock trading 18 times. there's ways to play the theme and i understand why it's going up and metaverse is a part of the story, too. >> all right we'll come back to you in a minute meantime it is both sweet and green. salad chain sweet green making an amazing debut at pricing of the high end of the range. leslie picker is here with more. leslie >> sweet green in the green today with surges up 81% with just about four minutes to go in the first day of trading the salad chain raked in $364 million at the ipo price of $28 per share with a valuation of $3 billion growing to almost $6 billion at its current price now like many restaurants
3:57 pm
sweetgreen saw a dip in sales last year in the pandemic and now focused on expansion the ceo said with 140 restaurants the restaurant is in early growth he said it could be the mcdonald's of this generation. it is unprofitable and higher labor costs and shortages and the highly competitive food industry is headwinds to face this company guys >> looking at a $14 hot hummy salad. nobody's questioning the salads. are they questioning the valuations >> it's a great question there have been some reports that it's kind of a fan base very dedicated, loyal fan base of millennials and gen -zers the valuation kind of looking at it is eye popping at the ipo
3:58 pm
price something like $35 become per store. they have 140 stores now you would double that. seems very, very high. that said this is a company touting the technology prowess wants to have a technology valuation. because they do have some innovation in terms of back end as well as their digital sales which account for about two thirds of the revenue through september. >> right you can see the thnarrative here this is very much a play on returning to the office. it is very popular in urban centers and have a plan to expand like a shake shack. what do you make of the valuation? >> yeah. i can't get my arms around the valuation and understand the concept, the story and the reopen theme for sure. absolutely what i worry about is
3:59 pm
profitability. they want to double the size of the company three to five years and i don't know if you see profitability for three to pfefive years. i think the concept is great and i know why people like it and go to the restaurants there's a lot of wood to chop to get to the profitability marker. for me that's a no touch. >> back in my day you could get a car for $13. let's move on. we are heading into the market close in the market zone the dow down a little. that is not the tale of the tape at all it is technology stocks. semiconductor stocks many hitting record high just the s&p up .3% the nasdaq 100, folks, throw up
4:00 pm
the qqq up more now than 1%. a 170-point move check this out i got to meet the young men and women, cadets from west point. go army. ringing the closing bell at the nasdaq with vmg, as well let's listen in to the closing bell ♪ >> double record close there close for the s&p and the nasdaq first time to see that in about ten days welcome back to "closing bell. i'm sara eisen with brian sullivan in today for wfrt t wilfred frost. we'll break down the latest results. stephanie link from hightower is still with us. steph, a record high for the s&p and the nasdaq despite what you mentioned, some concerns about rising covid
4:01 pm
numbers, especially in germany where we saw a record numbers and could see restrirnctions and the inflation boogie man are you surprised to see the resilience of this market? >> i'm not because of the liquidity there's so much sloshing around. by the way, you have better growth in the economy, reaccelerating leading to better earnings valuations are not so extended low interest rates is favorable for corporations and consumers clearly they're spending we can argue about gross margins on the retailers but the demand off the charts across the board. target and walmart did a good job and margins disappointed tjx phenomenal
4:02 pm
see what happens at ross this afternoon. then the children's place out of the blue with a 16 comp so so many good things in retail this week and the consumer and why i come back and i say i don't want to just be stores. i want to be also in reopen, as well experiences. because i think this pent-up demand will be spread out and pay attention to consumer because at 70% of the economy we need them to do well and they are. not only excess savings, they have higher wages and jobs if they want them. >> david farver spoke with john malone. >> the equity markets are so interested in groetd above all
4:03 pm
other criteria like the bubble in the late '90s up through 2000 it is all about growth this is land rush. >> all right bring in now liz young john malone, one of the biggest land owner i believe in the united states. do you agree with him that there's a land rush, this everything rally, buy whatever you can? >> i agree in the sense that there's a lot of optimism, almost an invincible optimism in the equity market and -- >> it's dangerous! >> it can be i think that's a really positive thing. there are some differences about what people invest in today versus what they were in the late '90s. late '90s we invested in technology ideas we were sitting back crossing
4:04 pm
the fingers saying we hope this works out. with the big tech stocks it worked out now the economy is different those big tech stocks are the future of american prosperity and things matured in the sector since then so i don't think it's the same. >> i posted a picture a couple months ago from a "forbes" cover and literally the headline is basically young trader set to teach wall street a lesson and also digital currency back then. we forget about that old people don't understand anything and it is a new market and of course 2001 happens i love the optimism and the interest and the action. markets can't go like this forever or can they? >> that's true they can't go like this forever but i think what will shift is different things will drive it
4:05 pm
i don't know what happens in the next couple weeks. i don't think there should be moves based on what they think will happen but even hitting a patch of volatility here we see yield curve volatility but the things stays in place in the beginning of 2022 and we are betting on the consumer quite a bit here and i think the consumer stays strong. this is a goods heavy time of the year we'll keep spending and we get into 2022 and that's where we might hit the skids with inflation and feel the effects of that so the timing is porpts and you have to make the bets on the places that are the cyclical trade with small caps, industrials, financials. even materials to some effect. >> i know this is the main thesis we'll get back to it but i want to hit earnings applied materials just out
4:06 pm
josh >> applied materials reporting results eps $1.94. revenue $6.32 billion. outlook including the expected impact of supply chain challenges looking for between $1.78 and $1.92. segments semiconductor systems 4.31 billion and display adjacent markets conference call at 4:30 eastern. back to you. >> supply chain. shortfall. thank you very much. this wasn't one of your semiconductor picks? >> yeah. i like applied but it's had a heck of a move up 83% year to
4:07 pm
date and they just missed two of three revenue lines. it is supply chain and lam research beat and reiterated guidance and better able to handle the supply chain issues that stock is only up 33% and trades at 18 times so that's the one to play. i think if this gets weak enough take a look because i think that the business is very strong for the longer term. the supply chain might extend the segment. i prefer lam here. we have got more earnings crossing seema mody is here with the workday numbers. >> brian, actually good numbers. a top and bottom line beat for workday but looking at shares down about 7%. the company did raise its subscription revenue guidance for the year and naming a new
4:08 pm
cfo and co-president and entered an agreement for a provider of cloud based external wfrs and vendor management technology for $500 million transaction expected to close in the fourth qu quarter of fiscal year 2022. shares down. back to you. >> all right seema mody with the numbers. stock moving down despite the big numbers and early. see if that changes. yeah there you go moving down more let's get to the market panel. liz young, the inflation theme, listen, the worst it's been year over year since 1990 it could go back to 1982-type numbers but the bond and market doesn't seem to care maybe gold a little bit. crypto a little bit. does inflation matter like it
4:09 pm
used to? >> i think it does matter eventually but what we are still hoping for is to relax like the fed keeps telling us it will and a lot of pressures disappear you can make both sides of argument to agree with the fed that it is transitory the stuff that's driving inflation is goods, not services services inflation is more sticky if this is a supply chain story as the supply chains figure out the issues that goods inflation comes back down to a more normal level then inflation isn't as big of an issue. the timing is what's really important because it is all about stamina. how much stamina do businesses have to absorb that inflation without passing it all through how much stamina do consumers have to keep spending at higher prices especially in things that are hitting the every day lives. like energy and food if inflation returns before
4:10 pm
running out of stamina that's okay >> to the inflation conversation, liz, to the overall thesis of buying reopening stocks what if we get a fed interest rate increase next year to deal with the persistent inflation does that ruin some of those ideas, small caps, the semis, on the idea that rate hikes slow growth >> obviously any volatility in the yield curve or fed statements spook markets especially if they move up the expectation. the part that's interesting is the market moved up the expectation. i think the market is ahead of oo itself we'll get a new dot plot and there's an opportunity and why we will have volatility. there's some opportunity to get
4:11 pm
more confused and what will happen with rates and it's all about the expectations than the event coming to rate hikes. >> and maybe find out who will be the fed chair coming february. >> maybe. >> thank you for joining us. >> thank you. >> stephanie, a final trade idea from you a winner today what is it >> yeah. bath & body works. i would not buy it today wait for it to settle out but well positioned into the holiday season and into 2022 this company is going to be able to deliver mid single digits to high single digits total revenues and margins will reverse and operating leverage digital is on fire the site visits are anywhere from 40 to 55% above 2019 levels and that's a big surprise so they have new product categories, 90% of the products
4:12 pm
sourced in the united states and they have the inventory and trades at 10 times ebitda versus the peers at 14 times and attractive not today. wait, let it settle. >> it also had lower margins with the transportation costs. do these companies just get a pass for that right now on the idea that it is going to be transitory >> yeah. well, the gross margins were ahead of expectations and down they were less bad and why investors felt okay about it i reference the 90% sourced in the u.s. is key. critical going forward so they have seen supply chain issues but not to the extend that others have and are in good shape to next year. >> always a pleasure to see you. thank you very much. >> thank you.
4:13 pm
the second half of "closing bell" motoring on. coming up after this, which stocks a top tech analyst thinks can continue morgan stanley's chief investment manager how to adjust stocks inflation the worst since 1990 on a year over year basis. we are back in two minutes
4:14 pm
this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years.
4:15 pm
and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. it is a busy earnings afternoon. seema mody is back with palo alto networks. how do they look >> i'm back. palo alto down 5%? extended trade the company did beat street expectations for the first quarter. total revenue first quarter growing 32%, higher than consensus. the ceo saying q1 is a strong
4:16 pm
start to fiscal year 2022 driven by strength in the product and next generation security businesses the company raising its revenue and billings guidance for the year and full year guidance below wall street consensus and why the stock is perhaps down fractionally in extended trade back to you. >> just crossing positive. thank you. workday shares are taking a hit after hours down 5% or so on the back of earnings despite beating. let's bring in brent bell from jeffries you like the stock i think everything looks like a beat or in line. looking at guidance. subscription revenue up 21%. what do you make of the reaction >> the stock moved strong boo the print. 18% below the street at 20 missed on billings subscription backlog wasn't as
4:17 pm
being of a beat. i think everyone wanted a bigger backlog growth i think workday is on a great trajectory we have a theme of the back offices renovated into '22 last year was front office as we return to the office the investment back into back office is continuing and we think taking market share against oracle and sap and we are fans and like where they sit and think that again it's slower growing sass story and consistent and once you commit to workday you are on it for a long time. i guess i would say it's a pretty steady story and not going to blow your socks off. >> it had a run-up into earnings didn't it underperform against competition? >> it has.
4:18 pm
salesforce.com has no competition. workplay fighting oracle, sap. benioff walks into a deal and it is their market. they dominate. both companies founded at the same time and see the differential you go back to the end markets are more competitive for work canworkda but positioned well and not as exciting as adobe or salesforce on the front but the back matters. the back office of payroll, payment, hr, planning is one that's getting more attention. >> bbs boring but sexy. you made a really interesting sort of comment a moment ago you said once you use them you will be with them a long time. that's the dirty little secret
4:19 pm
of the business once you get the installation and all the licenses and seats, those companies, they're not changing again for a long time because it is hard and expensive. how does the pipeline look they can sell it because to the point bring in the recurring revenue. >> the pipe is good. talking to the experts with numerous system integrators talk about pre-pandemic levels why you look at the growth rate on billings and subscription. that's below it is a pickup in demand and again these are decade-long investment cycles. these are not buying this as a technology that you did i have you are married to this for a long time. that's the beauty of a software model is high margin the challenge for workday is
4:20 pm
more dynamic companies that are growing faster we talk about the front office intuit is blowing numbers away so i think a story like intuit compared to workday is way more exciting story and the consistency will -- is a good thing for workday and stock is a grinder but not a flier. >> you cover so many names across technology. we had another record close for the nasdaq growth has been front and center again this week. where do you see the best coverage you have buys across the board which one looks like the best opportunity? >> right now i think the market is going to large cap and the platform stories we talk act intuit, salesforce and adobe in software we like.
4:21 pm
we have amazon on the internet side we continue to believe numbers have been reset twice. there's concern about e-commerce growth decelerating. so we like amazon given the underperformance google is executing very well. snap is a long term story. snap is in a good spot and the market gravitating to names that are working and going to large cap. i think the common theme is off by a little bit you are hurt on the stocks and i have never seen in a long time the magnitude of the moves so severe so i think we see on the trading desk a rotation back to the highest quality platform stories from the riskier names and i think some names we mentioned are names that we like a lot. >> brent, a real pleasure to
4:22 pm
have you on again. appreciate it. >> thank you. let's define seema mody's night so far software, software and now sauce pans williams sonoma earnings are out. seema? >> once again a company is seeing the shares fall here in extended trade but the company beat expectations on its top and bottom line. comps too better than expected ceo saying we are seeing strong sales and margins continuing we are thrilled with the response this is a stock with a nice run-up up about 35% in the past three months shares giving back some. back to you. >> they do make a lot more than sauce pans but that made me laugh. thank you. >> exactly.
4:23 pm
alibaba shares lower as china's slowdown weighed on the earnings and guidance. up next, an analyst who thinks the stock will fall further. we'll be right back.
4:24 pm
4:25 pm
4:26 pm
welcome back alibaba tumbling after missing earnings estimates lower by 11% the company slashing guidance. amid slowing economic growth in china. let's bring in john freeman vice president of equity of research. you don't see sells and strong sells. kind of like the bigfoot or the sas quach of the stock market. what do you see now? does this confirm what you thauktd? do you see a sign saying things are better and need to revisit that rating? >> no. so my rating is due primarily to the crackdown and sort of the hostile environment for software based businesses in china right now. what i call the winner take all scenario for baba and badu
4:27 pm
shareholders in the states primarily because of the conflict between this whole idea of s.e.c. has to execute mandatory audits, reviews of the auditing firm and xi jinping said that's a violation of the sovereignty. i don't see a compromise and might be delisted, one or xi jinping may pull some sort of move to disavow the equity claims of shareholders because technically it is illegal for foreigners to own equity stakes in internet companies. so that part -- it is a vehicle at risk. right? hopefully they release the stock doing -- the kind of the company fundamentals doing well.
4:28 pm
right? >> what if you have -- hold on you are giving two different things related and be clear for the audience core business stuff, lockdowns and then saying the, call it the xi put right? the government of china has been doing some stuff, human rights and everything else, jack ma found it and then said i'll quit and vanishes for months. >> yes. >> you're facing this kind of overnight headline risk out of the blue you don't know who they will go after. >> exactly right it all started of course with jack ma's speech criticizing the financial system in china saying it impeded fintech innovation. xi jinping didn't like to hear that that's what caused him to cancel
4:29 pm
the ant ipo. would have enriched alibaba shareholders and then they started -- a couple weeks before they started to use the lingo of big tech regulation because they are consolidating power and jinping was threatened by jack ma. you get the leader becoming increasingly fearful or paranoid of the other people that have power, particularly those that are kind of outside the central committee, outside the central core of the chinese communist party. >> john, my pushback is, isn't this all already known and out there and reflecked in the valuations not just the crackdown but the slowing of the china economy shorting chinese stocks and
4:30 pm
chinese internet is one of the most crowded trades. >> there's a reason for that >> i'm just wondering if it's already in the price. >> i work in opinions. right? always a market somewhere but my target is $118 right now and i think it does have further to fall. the environment is taking away all of the ability or at least suppress the ability to innovate the 31% growth in domestic china commerce, a slowdown and not even that. that's if it's organic and discollude the art acquisition it's 14% year over year lower than in the pandemic year over year, the height of the
4:31 pm
pandemic so there's a lot going on here you can see their sales and marketing as the percentage of revenue to 13% and trying to -- fighting jd and the rest to keep the market share because it is clear that the only thing that changed in the last year is this government crackdown and clear that they'reputting the thumb on the scales of competition and a punishment no other way to look at it i think. >> a strong sell on alibaba. thank you for joining us. >> thank you for having me appreciate it. weekly jobless claims with a pandemic low morgan stanley's chief global strategist on what that means for the economy and the market and nike announcing a 11% increase to the quarterly dividend we'll talk about the other big
4:32 pm
news surrounding the entry into the metaverse. we'll be right back. thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant?
4:33 pm
like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.
4:34 pm
[crowd cheering] i'm not a coach, but i invested in invesco qqq. which gives me access to next-gen statistical analysis software. become an agent of innovation with invesco qqq.
4:35 pm
>> welcome back to "closing bell." it is time for a news update here's shepard smith. >> thank you here's what's happening. they each spent more than 20 years in prison but two of the men convicted of assassinating malcolm x exonerated today they were cleared after an almost two-year investigation by the lawyers and the manhattan d.a.'s office. that probe found the investigation into the 19 65 mishandled from the start. one of the men died in 2009 insisting he was innocent to the end. there could be help coming on the pain at the pump. the white house says today it is discussing a joint release of oil reserves with other countries including china and the press secretary said the president's national security
4:36 pm
team is working with the countries to meet the demand for fuel. a rare copy of the u.s. constitution up for auction tonight in new york. it's one of 13 copies thought to remain in a group of anonymous donors raised $32 million to bid on it. the group said it was inspired by the four nicholas cage movie "national treasury." get the bids in. the most and least reliable cars on the road and the high end electric vehicles. you will see how they did tonight on "the news" 7:00 eastern cnbc sara, back to you. >> shep, thank you see you then. asia and europe closing lower and the s&p and the nasdaq closed at new record highs joining us now is chief global
4:37 pm
strategist, and author of "the ten rules of successful nations. welcome. >> thanks. good to be back with you. >> it's u.s. stocks, the u.s. dollar, u.s. bonds jouts performing the world >> it's the same regime on for 12, 13 years and the disconnect is larger. the u.s. stock market today of nearly 60% of the world stock market capitalization. the u.s. economy is 26% of the global economy so i think that this is a large disconnect why the gap between the u.s. and the rest of the world at 100-year high in terms of relative price and the valuation front. so this is sustainable situation but just like the growth of
4:38 pm
value trade and things lasted longer than what people thought but i suspect we are in the early stages of this peaking out in the coming decade is going to be very different from what we have seen over the last three years. >> what turns the tide people have been warning about this for a long time the bubble will pop. an ipo went up 80% there's demand for growth and stories like this. what changes that? >> higher interest rates but just that the u.s. expectations are so high. economic growth. expectations are so high they begin to disappoint and the rest of the world getting the act together in japan seen the corporate reform in some emerging markets seeing the reforms take place
4:39 pm
we had the conversations a decade ago seemed that the u.s. could not perform. it's totally flipped today these are cycles there's a pattern to the cycles. i think this is long in the toort and the coming decade is going to be very different there's frustration and not worked out for a few years but disconnect with the u.s. 60% of the world stockpile and 26% of the global economy i think that disconnect is going to not last and change. >> listen. 15 years ago you probably heard the adage where somebody is talking about brazil saying brazil from an investor perspective is the country of the future always has been, always will be.
4:40 pm
we overweight the emerging markets. is there a market out there that you see we are not valuing well enough and fundamentally misunderstood? >> i think there's great growth stories out there. outside of china many emerging market did well. thinking of india, you have to look at india. that market is up more than the united states this year. so there are these pockets out there. there are these countries in eastern europe thinking that it is the next east asia in terms of growth prospects doing very well in southeast asia, vietnam, indonesia. so yeah. the emerging markets are 35% of the global economy yet if you look at the average pension fund or the average
4:41 pm
institutional ver the allocation is well below 10% and plenty of opportunity looking beyond the indices and i pointed out to you there are countries out there whether it's eastern europe or india doing better than the united states but the emerging markets are pulled down by the problems in china. >> finally the op-ed because it is politically charged and you cite u.s. congresswoman omar wanting to change the gdp to get more squishy indices what is your view here and how do you expect it to play out politically? >> yeah. i just say for the people in the beyond gdp movement to look for what leads to economic progress over time and the piece i wrote
4:42 pm
makes the simple point if you look at the countries per capita income it tells you a lot about the state of that country, whether to do with the state of its -- infant mortality, life expectancy or happiness. the richer a country, the happier it tends to be this is not me talking but for countries to increase the wealth there are issues of income inequality but the richer a nation the happier it tends to be switzerland, why richest nation in the world. some poorest nations are the unhappiest nations in the world and making the point that per capita income is a good measure of human progress but trying to
4:43 pm
look for the ideal measure that doesn't exist. this is the best measure out there. >> we argue that things like cpi, outside of food and health care and education is fine and that's what people spend the money on if we can knock that to sara's point is the gdp that created decades ago too blunt of an instrument? has the time for gdp passed? >> i think that it's one step forward. what i argue is measure that's available but gdp per kappa is a refinement on that and because you see what's happening around the world is population is declining in many countries. demographics changed even in the united states when we sort of speak that why can't we get growth of 3% to 4% anymore? the population growth in the
4:44 pm
united states is just not as strong as it used to be in the baby boom years. the demographics have changed. looking at the progress measured in per capita terms, the united states, it looks better than reflected in the gdp numbers so there's no perfect measure and my suggestion is to move a step forward per capita mecincome is a good measure and the demographics changing in many countries japan is a classic case. we think it's doing badly but in japan there's not much angst partly because the population is declining and if you have zero groetd in japan sometimes you can end up getting positive per capita growth that keeps people happy and focusing on per capita growth is a refinement over what happens by just looking at gdp
4:45 pm
numbers. >> it's an interesting idea. we'll talk about it more thank you. you make some good points. nike land. not an amusement park. the metaverse. a partnership with roblox straight ahead the cdc is set for a key meeting on booster shots
4:46 pm
4:47 pm
4:48 pm
nike unveiled the first step into the metaverse, partnering with roblox for a virtual world of nike land nike land allows users to test the skills in competitions, play games and create experiences users can go to a showroom and dress in nike sneakers and apap apparel. it will help nike get insight into the products that stick as we have reported nike is quietly filing trademarks for the intent to use product why is the company said it's a big priority for them and expect more to come including athlete and tech integration of course nike's efforts in the digital world shouldn't come as a surprise the ceo brought on last year with the mission to strengthen the digital future
4:49 pm
clearly he is at the forefront coming to the new tech and if you look at the roblox numbers that billings grew 28% last quarter. biggest demo is 19 through 12. >> if you can get an 8-year-old hooked on the product is fanstic. >> exactly. >> get them at 5. >> a little young but yes. >> why not >> we have introduced the ipad. >> yeah. >> still toddlers. >> had a global pandemic not the only one that leaned on the electric babysitter. i have a 7-year-old. take the ipad. daddy will get a glass of wine. >> is the 7-year-old on the roblox >> he is a minecrafter and watches a guy. creeps me up. >> watching people play games? >> yeah. he says he is learning i don't know i'm too old to have a 7-year-old
4:50 pm
anyway thank you. battle of boosters a key meeting over booster shots tomorrow a run down of what to watch is ahead on "closing bell." puts sanchez in the endzone. you a data analyst or something? an investor in invesco qqq. a fund that gives you access to nasdaq-100 innovations like ai statistical analysis software. how am i gonna do? become an agent of innovation with invesco qqq. ♪♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]
4:51 pm
life is for living. let's partner for all of it. i'm so glad we did this. edward jones ♪♪ i'm so glad we did this. ♪♪ ♪♪
4:52 pm
this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities.
4:53 pm
welcome back if you have not figured out, it has been a wild hour of earnings after the bell look at that grim applied materials under pressure missing on the top and bottom line supply chain issues, what's new. workday, despite their results, good, but not good enough. williams-sonoma also down in spite of an earnings beat thanks in surge in sales. now the earnings action rolls on two more numbers they got in my ear before the break and said are you ready to go back to her she has more numbers
4:54 pm
i said yeah, i'm into it >> you are the best, brian sullivan let's go to ross stores. they did beat estimates. some concerning comments about supply chains -- we are worried about supply chain congestion as we enter the holiday period kind of what we have heard from other ceos and institute shares are spiking by as many as 9% more optimistic about the future as you look at the full year
4:55 pm
lookout. what an hour >> you could say investorsare into it with the stock up sharply. >> i stole your joke, brian. >> up next, new data on the covid antibody drug. and cdc gearing up for a key meeting. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential.
4:56 pm
i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv!
4:57 pm
payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪
4:58 pm
promising signs for astrazeneca anti-body treatment. >> a single shot of this works for both prevention and treatment in two trials. to the tune of more than 80% so prevention, reducing the risk of people getting the disease for six months for treatment they said a higher dose reduced the risk of getting severe covid or dying from the disease by 88% when given within
4:59 pm
three days of symptoms the u.s. has placed a purchase order if it gets cleared and onto the market. and we want to prepare everybody for what could come tonight or tomorrow. the fda expected to broaden the booster eligibility for those at least six months out from pfizer or moderna vaccines. there is supposed to be a vote before the end of the meeting and that would essentially make all adults eligible for a booster. and dr. scott gottlieb says people should do that. >> today the rising case count caught investors attention cases rising in germany. cases riding in 34 states,
5:00 pm
nowhere near january levels, but big tech outperformed. >> talking to the experts, you have to focus more on hospitalizations case count can go up germany said we are not going to count cases anymore, just outcomes maybe we need to think about the same >> brian, always good having you here that's going to do it for "closing bell. "fast money" starts now. >> i'm courtney reagan in for melissa lee. tonight on fast, we are all over the after hours action and william-sonoma on the move calls also underway. we will break those down straightaway and our trade of the day, macy's having its best da

126 Views

info Stream Only

Uploaded by TV Archive on