tv Fast Money Halftime Report CNBC August 5, 2021 12:00pm-1:00pm EDT
look at the big three auto stocks moving higher on the ev commitments this year. you'll see the executives at the white house today, what about tesla? unclear if tesla is there. tesla is the market leader in er sales in the country selling, what, 145,000 in the first seven months of the year guys back to you >> walter isaacson getting to a new biography. welcome to the "halftime report." the big call on stocks from the top street strategist is your money about to go on a midsummer run. we'll debate that. jenny harrington steve weiss. steve weiss. jon najarian let's check the markets. nasdaq a new high. up five of the past six days we are talking about the new target for the s&p from david kostin however, more action from the committee on robinhood that we want to get to first now that options trading open for business pete opened for business
yesterday. and you got some action on today. tell us. >> yeah, well i can tell you this the activity was unbelievably robust yesterday 325,000 contracts trading yesterday. obviously the stock, 172 million, well more than on the ipo closer to 100 million. a lot of very interesting activity coming in, scott. about 50/50 calls and puts but i think the most interesting part was the most active strike yesterday was the august 70s, now the august 70 calls traded $79,000 contracts alone yesterday. i've got done telling you 325,000 was the total. so you -- it gives you a little idea how busy this particular strike was they started low, early on in terms of the prices. that started to accelerate to the upside as the stock accelerated to the upside as well that one stood out here is the interesting part, however. of the 79,000 today the open interest is only 14,000. that gives you a good idea how
much trading is occurring here these aren't guys buying and just saying, you know i'm holding this the next week these are people in there minutes or hours that's a lot of what everybody has been kicking around meme stocks all the rest of that thing. whatever the case, how have you break it down, those are the real numbers i can tell you the august 65 calls yesterday were interesting. started off at $4. within minutes $29 the volatility is i think early on, scott, i think was miscalculated by those that were the professionals out there pricing this and they were too low on the implied volatility they immediately jacked up the implied volatility as they got more buyers coming in. you want to find the balance as a former market maker myself on the trading floors. first start right second, even when right is right you need to move around a bit and that's something they did rapidly to catch up to where the supply and demand really were, to get sort of a more even mix that's exactly what they got to. but it took them an hour or two
into the trading session volume tilts were up near 300 iv they actually pilled down to 200, 250 today it's closer to 200 volt tilt that's monstersous numbers robinhood seeing a lot of paper. but the implied volatility continues to come lower and lower as the stock is kind of held right around the 60 to $62 level >>obviously struck by the fact that you have 50/50 split in calls versus puts. it's the ultimate battleground place. you also have a call spread on, pete can you give me the exact details what you've done here? >> sure, i've got regular august so there is all types of different strikes in august. or months. august 6th, 13th you go out i'm regular expiring august calls i own the 65s. sold the 70s what does that mean? it means i've reduced risk and
given myself a little bit less room to the upside if it's running to the upside. cost me about a dollar i can make $5 on the best scenario i don't mind that. it's an unbelievable reaction if we get that in a short period of time i like what we see in terms of the mix, calls and puts, remember this, the shorting was not an issue, right? that takes a little while before there is folks out there they start moving things around and shorting stocks. on the other side of things, puts, that's a way of shorting stocks as well if you're owning the puts i think that's partially what we were seeing yesterday was definitely was put sellers when the implied volume tilts were a bit too high but injury we were also starting to see a lot of put buyers coming in, kind of evening where everybody was with the calls and puts >> steve weiss, you were in and out a couple times yesterday we find out today you are now out. but seems to be changing by the minute can you give us an update on what your position is? >> my position as it is zero at
this point i had sold out most of it yesterday at around the 65 level. traded up to 70 that so you feel a little foolish you make what you can. feel foolish playing it altogether, frankly. today i sold at 65 ive a huge atm not secondary after market if i were the shareholders selling, i'd be anxious to get that done at these levels. and i think that's what they'll do after that happens i think it's off to the races again as you pointed out pete said by the numbers it's the ultimate battleground stock my fear is it's going to become too much of a distraction. pile likely lay off it unless there is a very clear momentum play here going forward. as we saw with gamestop. but, you know, i don't mind missing out. it was pretty good yesterday and i'll take that as a win for now. but never say never. >> the other thing pete, i found interesting in the conversation
with justin of thinknum. he said robinhood is the nim one. amd is number two. he mentioned snap. you have seen 50 in snap, right, pick up? >> we have seen some activity in there, scott we aren't seeing it going further out. a lot of it expired of the activity in snap expired at july 30th expiration, which is just last week. we don't have a lot of option paper out in the future. it will be something i think we want to keep an eye on certainly this is a stock. when you talk about movement, how about the two-week stock the stock going from 60 to 76 in a short time frame knows are the kind of stocks when we see that movement, volatility, that's where the options come into play i won be surprised if we see flows again in snap coming back in >> there may be some interesting trading activity in names like robinhood. but it's interesting today that wolf out, wolf research says do
not yolo this stock. hood is uninvestable today we can't in good faith recommend recommend refers investors get involved in hood on the long or short side you can see why with the fair level of volatility. cramer's urging investors to take profits as it's entered memeland josh, as you observe this, as you like to do these sort of things, what do you make of it >> does anyone see the irony in wolf research saying that investors shouldn't be involved in -- there are no investors involved in robinhood. the investors were involved in robinhood thousands of percentage points ago in the private market the people involved in robinhood now are playing. and there is nothing wong with that it's great i find this to be one of the most fascinating ipos to come along throughout the course of my career. if you told me, scott, this
stock will end the week at 30, i would believe you. if you told me it's ening the week at 120, i would believe you. you could convince me of either outcome. and there doesn't have to be a reason for that. i'm fixated on it, watching it just like everybody else it was a great movie called birman, with michael keaton, a great example of meta, where it's a washed up actor playing a superhero character trying to get the character back in the theater. the irony that michael keaton was a washed up actor. this is as meta as it gets reckless speculation in a stock by a company that is the pin beingle of speculation when i talk to other people in finance they don't get how delicious this whole situation is i don't have anything constructive to say >> they did have the news that insiders have is the option to
sell shares as well. we're just keeping an eye on the whole thing. >> i bet it goes up on that. >> the other big story, jenny, we teased at the top of the show, david kostin, the well respected strategist at goldman sachs raising the street high target on the s&p for 4,700. he joins the 4,700 club. ropen heimer raised the target as well earlier this week, 4,700 from 43. kostin goes from 43 as well. what do you make of his call today? >> well, i like the way josh said about robinhood, could be at 30 or 120 that's the way i feel about the mechanic let's say he is right. that's interesting it's plausible i read his report. it's, you know, it supports the thesis well. but what's more interesting about this is what he goes on to say, which is he expects it to be at 4,900 at the end of 2022
what he says, okay, i think the market will be up about 25% this year if it's up another 7% but in 2022 only up 4% than guessing to a lot of slowing, a lot of tough comps, getting real he says he thinks the 10-year treasury will frayed from the 1.18 it's at now to 19.6 by the end of next year if he is right, and that's a setup for 2022, which by the way we're in august, getting closer though '22, i think it's just this continuation of a return to normal this seems to be my recurring theme. it's getting normal. up 7%, normal. what we experienced last year down 30, up a hundred, blah-blah blah, wasn't normal. the return to normalcy seems to be setting in. even though the report sounds glossy and wonderful, i think it's ultimately just a return to normal and if that's the case it's going to be hardwork to make money. the market only up 7% between now and year end, you need to
work hard. that's why we get paid, right, because we work hard it's not like last year where you shoot fish in a barrel between may and august of last year you could buy anything and going up nicely. from here on a lot of hard work. i think buckle up, get sober, serious and do homework >> the return to normalcy underscored by what the fed does between now and end of next year that may well play into what kostin says. he also says, by the way, this is driven by upward revisions to eps estimates -- excuse me, declining concerns about the delta variant. go ahead >> so i actually -- i actually think the most important kostin makes has nothing to do with the earnings growth. i think that's in the market we all understand the dynamics at play. you know i'm a realist and like to look at charts and pay attention to what people are doing versus what people are saying and i think the most important thing he talks about is share buyback announcements are already at 683 billion and we're a bit past halfway through the
year that's the second largest total ever at this point in the calendar and so you have corporate buyers out there who have loads and cash and loads of access to very low-cost debt. i think buybacks are a huge driver in the second half. i've been saying that all year don't forget, last year the buybacks were out of the picture. they were not a supportive factor the fed and treasury came in and picked up the slack. but now you have the new tailwind back. and the last peak we saw in buyback was 2018 the other thing is u.s. money market funds kostin points out there is 5.4 trillion sitting in brokerage firms as cash, earning nothing. that's a trillion dollars higher than the balances at the start of 2020 pre-pandemic so that's -- that's like a lot of money like i know we throw around the world trillion a lot an interest trillion bucks above and beyond what we had at the start of pre-pandemic, what
happens with investors is they take up profits, sell stuff, maybe volatility, trim position, whatever and then two days go by. settlement occurs. they look around at like what am i doing? they buy something else. and that is why we get get the rotations in the market. it's why the recoveries have been v-shaped all this time. i don't think that dynamic changes between now and december i don't >> weiss >> scott, i think that the most important part of kostin's comment is that if we're still in a 1.6 by the end of next year the market is going up a lot more than 4% because you're going to have easy money means the market is extremely comfortable with what's going on with the fed with how they've already massage the market into knowing that we're going to cut back the bond buying by the end of the year, it seems that's most likely right now and rates go up modestly
if you're at 1.6 versus the 2% or higher than 2% which i think will be okay, i think the mechanic has more runway to go because easy money is alive and well to josh's other comment. i think birdman was the most overrated academy award picture i've seen >> i didn't like it >> i agree >> let's bring in a new voice to the conversation adam parker, he is here, the founder of try various yat research kostin at 4700 denny at 4,700. >> i'm bullish as you know for the last nine months when you have me on i think it's funny you guys talk so much about the target he set. every strategist is going to live and every box of a 2 by 2 grid bullish bearish right and wrong. he has no idea what the s&p is going to be at the end of 2022
it's in the nobody knows nothing category i agree with weiss's comment at the end, though. more than anything else i heard, which is if yields stay low, the market is going to rip higher. and, you know, the irony i see, josh, is a guy raising price target by 12% and nobody mentioning that but then focusing on the 4% he has on next year as if that's accurate. look, it's a tough thing to forecast i'm bullish because i see positive earnings. a positive economy and accommodative fed and fiscal stimulus and you want to fight that quad drankle, go for it but i don't think you should i basically said the same thing the last, you know, year or two when i've been on the program. and i continue to believe that equities have upside the buyback helps. that's a great point i'm not surprised it's the second largest buyback ever because it's the highest corporate profitability ever companies have money and they buy back stock and do dividends.
and that's equities better than other asset classes. >> i'm glad you don't have ptsd from your former life as morgan stanley chief market strategist. >> the reason i started a boutique is we can do more research and we didn't have the tactic and bigness of big firms. write research and talk to investors. it's been fantastic to form my own company. i will tell you that investors are focused on what could impede earnings to me that's the biggest investment debate. i think earnings are higher next year as long as they're higher people pay normal multiples for the earnings that's the key focal point could margins get impeded? could a rising input cost with labor commodities offset the revenue growth that's the most important tension. because if earnings are higher the market will be higher. i'll make that bet every day >> even if clarida is correct and we meet conditions to raise rates as he said yesterday by the end of next year
that still holds if the fed raises rates >> listen, i am positive that -- i've never thought that the fed was anything but smart, okay i always used to think it was funny when there was a guy out of college saying bernanke was dumb in the last crisis. he has a ph.d. studying a cries he is and the recoveries for 30 years. he is dumb we all make mistakes all i say is the fed wants to create inflation any remain accommodative as they can. they want stable price pricing, full employment. there is a ways to go they're going to wait. i'm not getting bearish on equities because it could be 2024 or '25. not q3 '22 when they raise rates. we should wait and assume they want inflation and wait for that to correct, as opposed to getting in front of one or two comments by different people out there. that's what i have learned so
far by following them is assume they're going to be come lative longer than you think >> just keep kicking the ball through the goal post until the goal posts move >> would you do something differently? >> no, no >> really >> the market looks forward at some point, usually does if it thinks rates are going up in calendar year 2022 it's probably going to sniff is out sooner than later, don't you think? >> i think that's why a little bit you see in the two three months the pause in the reflation trade, the stuff that ripped, energy, select semis, materials, even though they had great earnings they've paused i think the question is, do you get that reflation trade again, because people believe that maybe it's less transitory than they thought earlier and there is more up upside. i do there is a lot of stocks i buy on the pause, right, because you have a whole lot of upside to earnings, and the companies have improved balance sheets so much this cycle that even if it's transitory they're not destroying all the profits from
the cycle. there is a bunch of companies had $3 analyst estimates on january the 1st and 13 up now. it's massive upside. i think you go back to the names >> give me more names >> i'm bullish on materiality >> walk the walk the whole crew has questions for you too not surprisingly now you opened the door, let's go through it >> i'm bullish on materials. i'm bullish on energy. i like health care services. anything that i feel like has upside on margin expectations. i'm bull shall when you're bullish you want cyclical exposure with margin expansion. i love to hear the questions >> let's do it let's play ball. josh brown >> you know me give me the ball, coach >> i hear you. better catch it. go ahead, josh brown >> always open. >> adam one thing -- >> sorry wsh josh
>> one of the things i always appreciated -- one of the things i always appreciated about your is that you say obvious things that end up being the most important things to pay attention to and in the department of obvious things i look at price action like if you just -- if you stop looking at the spy or the spx for five seconds and just think about the 50 most important stocks let's be honest that's what's driving the index these days >> of course >> they pretty much all look great. like home depot looks outstanding. nike and chipotle all-time highs right now. the tech names, ndx all-time record high as we speak. not one of the big five at all-time high. the fangs aren't siino even doing this actually the qqew, nasdaq equal weight at all-time high as well. when you have technology and those -- costco new highs wal-mart broke out when you have the biggest consumer -- i'm not saying these are the best to buy. but when you have the biggest consumer names looking great,
combined with an equal weight nasdaq high, meaning all of those tech names and biotech, like what -- what else do you want out of life if you're trying to assess which direction the market is going? am i making that too easy? is it not that simple? what do you think about that >> josh what you and i agree on and i said this before whenever you're bullish you sound dumb when you're bearish you sound smarter. taiwan and -- you -- things typed in the machine last ten years. i think i typed in cypress at one point as if it mattered for fangs or earnings. what i learned, that stuff bullish keep it simple the u.s. consumer you make a great point. great shape. savings rate is high 90-day credit card delinquency all-time low the consumer is in great shape i think that's right the i think the fang m thing is
pausing. maybe stocks had strong revisions but got ahead of themselves on the multiple but they work in and they are buys at 22% of the s&p with solid earnings. i don't know why they're bad securities but the breadth is good and consumer is good and that's the reason to be bullish >> jenny harrington >> hi, adam >> hi how you doing >> 99% of the time agree you >> yeah, love it >> thanks. as students of the market we know if you take any time period, right, being bullish is the winning -- is the winning strategy i feel like the smart safe bet is just be bullish pretty much always win adjust the time period to make it look good >> equities have been good >> yeah, you put say side -- think about degrees of bullishness. 20% or 4%, whatever it is. but then you said something important, which is normalizing multiples. and i think it would be
interesting if you can expand a little bit on that particularly with your mention of materials and energy, like, what do you think normal idsing multiples looks like is that broad for the market is it individual stocks? what are the different sectors do to get to what you consider normal multiples >> long-term history, you know the data data since 1987, the long-term average has been 17 times the trailing 15. predicated on lower net margins, i think a different constitution of the market. i think the market multiple probably is in the 20s for a long time. because the constitution is different. i have 20% -- 22% i think of the market cap is fang m plus or minus. i know at 600 of the biggest three thousand equities are biotech on software. where investors aren't focused on current profitability as they are for the recurring nature of it in the future remaining growth stocks for
longer profit margins are high. large cap stocks didn't have gross margin contraction during covid. capital intensity is zoun. the number of companies with inventory is way up. the business models are totally different than history my view is multipling remain elevated because of the profitability and the constitution of the market not only that, you know, you mentioned the cash i love that point. i think josh did with the 1.7% dividend owner 2% net buyback possibly growing, and this call option on earnings, i don't see any other major liquid market anywhere near as attractive multiples with real rates as they are continue to elevate and go high are. the point on the cyclical, looking i don't have the data in front of me but take steel dynamics or something, 15 or 16% free cash flow yield people say sell commodities when they're cheap and buy them
expensive. i push back on that saying maybe buy them cheap because the cycle profitability is so high they can delever the balance sheet this year and command a cycle to cycle multiple expansion it's knows areas i argue for the most multiple expansion from here >> steve weiss, lastly to you >> hey, steve. >> how you doing, adam >> good >> first of all i'm supposed to be the single one on the show stay in your lane a little bit secondly we had now everybody i think pete opine on the market and nobody has mentioned covid and the -- and the delta virus, and then the lambda, and the other variants >> yeah >> is that because it's not a risk any more? or and see going to be the canary in the coal mine that catches us by surprise we've seen some shutdowns because of delta i wonder how you think about this >> i think that's a risk the way i frame that risk or the way i manage the risk in a
portfolio would be to look at my work from home exposure, reopen exposure and then my quality and junk exposure, what i mean, if you look at back pre-covid we have stocks high correlation to the work from home basket that are low quality, levered balance sheets cyclical businesses they outperformed quality reopening. i would own the quality businesses, hotels and select kind of reopening plays with better balance sheets. that feels safer than going for the really low quality, you know, kind of consumer stocks some of the reits or entertainment or lodging reits have off balance sheets. frankly in so many ways this cycle rhymes the 2009-10 recovery the first. you migranted to the quality stack. that's the same thing this time. the return to normal thing you talk about, even includes stocks that work. which you have to go to quality
oh stack the i think the answer to the question is yeah avoid the low-quality stuff that's ripped. levered balance sheets migrant to the quality >> appreciate it as always see you soon >> take care. >> you as well adam parker joining us once again today. another big interview keith mivter cor the vexp catch up with him see what he thinks about the landscape, tomorrow 12 eastern here on the "halftime report." when we come back back penn national gaming announcing a deal to buy a betting platform we have the exclusive with the ceo of penn national right here on the half. at pnc bank, we believe in the power of the watch out. the “make way, coming through”...
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and ask how to save up to $400 a year on your wireless bill when you add xfinity mobile. get started today. welcome back i'm rahel solomon here is the cnbc news update aflcio richard trumka died he led the 12.5 million labor federation since 2009. chuck schumer commending trumka as a great friend. he was 72 pivrmgts the cdc says half of the new covid cases happening in seven states. texas and florida making up new cases a third. even though less than one sixth of the population. new york state judiciary committee says it's nearing completion of the investigation into governor cuomo and the state assembly will consider articles of impeachment.
the committee set a deadline for august 13th for cuomo on attorneys to submit evidence on the news what happens next on the road to impeaching cuomo that of course airs tonight at 7:00 p.m. eastern. you're up to date. back to you, scott >> rahel, thank you. let's talk about the moves everybody makes today. jenny, you bought more of a couple of things lumen and unum tell me >> they reported earnings. and the earnings numbers were good but in the conference calls there were things people picked on in the un muchlt long-term charges to the care block. with lun emit came down to skepticism about the maintenance of the dividend in the future. the stock sold off a ton they are both under ten times earnings with reasonable earnings growth ahead. i added to them for clients with new accounts with new cash who didn't own them already. i was safe to buy them at discounts yesterday >> okay. steve weiss, you're looking to buy a little more skyworks
we should had the hit you on corvo too. was flat earlier this morning. up a couple percentage points the last time i collected. you can tell me about skyworks you're looking at and corvo which i believe you still own >> i do. i have core positions in both. and i traditionally trade around the core positions, not selling the core but adding to them when there is opportunity corvo beat raise like skit they always get different reactions on earnings. if you took the tickers off you wouldn't know which is is up and down skyworks is picking up major business with the new apple launch i'm thinking of adding to it i haven't touched the core position corvo i added when i sold comcast. that turned tout to be a phenomenal trade hopefully farmer jim is listening. >> penn national gaming rising
on the earnings bet. and the sports betting deal. consequence are contessa has an exclusive interview >> hi, scott, penn shares risingen on the news it's acquiring score. i want to point out the shares of the score, skyrocketing up almost 80% on the news of the deal it's a canadian sports content powerhouse with me now jay snowden, ceo of pern national gaming and john levy ceo of score both with me at the same time good to see you both jay, you know, you had a great earnings call. nobody cares because everybody is talking about the deal now. coverage of the score is pretty thin but i want to point out the analysts covering it predicted expectations for 2022 revenue roughly 46 million u.s. dollars. this deal valued at $2 billion means you look at 43 times 2023 rove knew how do you extract
return on the investment >> good to talk to you contessa. we're not valuing the score on 2022 anything. this is about the long-term what we're creating together. john levee and i have known each other years. we talked a couple years ago at g 2 e about some day the companies are coming together. and the timing was right we have a shared vision for the space, you know, john levee and the great busy has built at the score in canada, the number one sports media app in canada number three in north america. and he is a big believer that integration of media and sports betting is what's going to create the winners long-term we obviously share the same vision we've been doing that with partners at bar stool. dave port noy and big cat, the other personality leaders at bar stool have been huge fans of the sport. this is a rare deal where you have three parties and all three have tremendous respect for each other and excitement about the
future so this is a lot more about revenue upside in the out years, 2023, 2024, the canadian opportunity which as you know canada just legalized single game sports betting. toronto on tor yoe is john's backyard and we're excited about what they can do there and this is big are than 2022. >> in your release you are look being for a $30 billion dress bling market in north america. but putting the emphasis on the technology the score brings to the table. john, let's talk about that. because penn has been using can by saying we have a long-term deal with penn. but there were well publicized hiccups in the super bowl with the technology talk about what you bring to the table that can differentiate penn from a very crowded sports betting space. >> first of all, good to see you, contessa. you know, we're a digital sports
media company. but we really have always been based on the tech. right from the get go and we have the great app with north american exposure, two-thirds of the use nrs the u.s. a third in canada we knew if we are in the betting business we have to do it the same way we did with the growth of the app, own your own technology even though we did that deal, it allowed us flexibility to continue to build is on our own. that's what we've been doing the last couple years. it pace off huge dividends i'm not talking about the savings because you don't have to pay a third party to do it. but it's your own technology and you get to integrate it. for us that's important. because i think the whole thrust is sort of integrate the technology and sports betting into the media app it allows us the flexibility to do the things we've been doing for a couple of years and gives penn the enormous leg up to be able to do everything that we're
planning to do over the next few years. >> i want to point out the levee family will continue to operat the score in canada, becoming sort of partners with penn in this case. on the news of the deal here, jay, social media blew up with bar stool's chief character -- i'm going to call him, dave port noy. i'm looking at twitter there is so much heat, so many questions over whether there was insider trading, because he flatout loved the score before it was coming on said he wouldn't let go of it. today he vehemently denies any knowledge of the deal coming down the pike. let me ask you, have a outspoken and sometimes controversial character as a brand ambassador, does it put your brand at risk does it put your corporate governance at risk >> i don't think so at all, contessa dave porten oi is dave porten oi
and we acquired the bar stool sports brand and company because of our trek respect for dave and the rest of the crew there they're supersmart and passionate dave porten oi owns stock that's a pocket he bought the score when they went public in back in the u.s. in february. we didn't start talking about to jay until may or june. so there is no there there we would not buy a company based on the stock dave owns he can buy and sell whatever stocks he wants. when i brought him under the tent he has been radio silent sense that time. so there is nothing there. dave and erika and dan are the power behind that brand. and they have been the most amazing partners i could have asked for from the day we
announced the deal in january of 2020 we're a year and a half into it. and any love the score i think dave bought the stock in february because he is a believer and had the app ten years or so. he is excited about where we're -- the path that we have to creating value. and i know john leveeand i are just as excited about the future when you think about all of us combined >> scott the wapner here good to have you on the program. before i let you run, since we talk about stocks, people on the program previously owned penn and thus areo our viewers probably followed them into the trades your stock down 50% from a 52-week high why do you think that is what's -- what's the issue >> well, i think there's been a little bit of downward pressure on this entire sector, as you look at gambling stocks and sports betting, draft kings, everybody is down over the course of the last six months. there is a bit of just headwind pressure on the sector
i think that that will subside we're headed into football season i think a lot more focus on the names heading into the busiest sports time of the year from a calendar perspective we are currently only live in four states. we're going to be live in nine by kickoff, assuming the last couple of states, tennessee and arizona are ready for us and probably 11 or 12 by the end of the year. we have a lot of momentum. i think acquiring the score and having them part of the portfolio here and the great technology they bring to the table along with the great top of funnel that we have with bar stool we think will create the most powerful combination in the space. and, you know, stocks rise, they fall and everything in between. i'm very excited to think about where we'll be in a year, two years three years five years from now and none us of going anywhere >> and stocks across the gaming industry up on the day today jay snowden john levee look forward to seeing you in person at the next g 2 ep thanks
>> contessa, appreciate it very much thank you. still ahead pe hteas the latest unusual activity. we'll do that in two minutes [w] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪ all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer.
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flash on nautilus biodeck technology the shares up roughly 30% after two trading volatility halts to the upside after cnbc published a story about amazon being an investor in the company, holding a $15 million stake in the firm. a prerevenue biotechnology company that specializes in the human proneomep it's unclear whether amazon is currently in other endeavors with it. that bit of news from a regulatory filing last week. made shared hires. right now the market cap hovers $1.25 billion. that's the reason the shares are moving we'll bring you more more as we know more. that's the rsoean nautilus is on the move high are. keep it right here we'll have more coming back after this commercial break
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and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. pete najarian, unusual activity what do you have today >> a great couple of them for. kkr sitting right now near the 52-week highs. explosive move to the upside when you have cheap debt and strong markets this company does very well. somebody thinks it'sbreaking out further and get even maybe through 70 because we see september 70
calls, 4,400 calls in kkr for around a dollar. the second is interesting well home depot we haven't talked about in a while stock trading around 335 or thereabouts in the price range we had buyers of the august 13, 337.5 calls. won't take a lot for the stock to get to the level. somebody thinks that's going to happen in a hurry. 250 to 360 is the prices on those. bought it a little over 4,000 of the calls >> uber. pushing high are on the back of rngs we debate that stock because josh brown owns. up 4%. back right after this.
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all right. there's uber up better than 4% now. josh brown, your review of the numbers? >> i mean, the business is on fire so the only negative here is that they've had to do some unexpected things to get drivers. and we know this is a challenge throughout the economy but outside of that, they are sticking to becoming profitable on an adjusted basis in the fourth quarter which is what dara has been telling us i think they can do it if they, do i really think that will be a major catalyst for the stock. and i don't think they'll have to wait that long. so this is a company that essentially is crushing it in both mobility, where rides are up substantially 1.5 billion trips in this past quarter. and then on the uber eats and delivery side, that's now a bigger business than mobility.
it's actually overshadowing that business in terms of revenue so i'm still very much invested. i like the story going forward from here and they're executing. >> hey, pete, you own uber calls. you say you'll probably trim today. >> the numbers that josh is talking about there, great the one issue i have with what the earnings were, you have to look at this more of a comparison of quarter over quarter versus year over year. and the reason i say that is you really can't compare it from a year ago especially in the case of uber and whatted they do. and josh knows about this. all the rides. the one thing i was a little disappointed in, yes, the rides are awesome and the numbers are incredible but the growth quarter over quarter was not as big as expected. 4% so because of that, i think they are doing everything right i think they are moving in all the right places but labor is going to continue to be an issue for uber going forward just like it is for lyft wel come back and do final trades, next
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we have a halftime exclusive tomorrow with keith meister the founder of corvex management look forward to that let's have a quick conversation about viacomcbs. it's up after earnings >> they had a great quarter. beat on revenues, streaming ad revenues, streaming subscribers. and even after the crazy roller coaster year that we've all seen, my investment thesis is intact i bought this for 16 bucks last night. even at about $40 it's still the same which is content is super valuable
it drives cash flows stock trading at nine times earnings despite peers i don't know if it should be at 15 times or 20 times it's way too cheap and has valuable assets. >> appreciate that what's your final trade while i have you >> 5.8% yield. just had a really nice quarter and they're marching towards their digital warehousing space. >> their stock up 0.75% today. pete najarian? >> the realreal. the stock sold off people are buying. looking for a pop to the upside. i'm in this call >> josh brown? >> pete, my fabulous jacket, realreal >> see nice >> josh brown. >> staying low in uber >> steve weiss looks like moderna >> moderna, there you go, stock.
>> you don't have anything else to say about it? >> do i have to? self-evident truth stock is up tenfold and, yet it's only down 1%. that means there's a real, real reservoir of people looking to get. it goes higher >> like pete just put it away >> thanks for watching "the exchange" is next >> thanks, skotd i'm jon fortt in for kelly evans. the job report comes out tomorrow morning with companies unable to find workers, we'll look at current employment trends and talking with the ceo who has big partners like walmart and target about how to attract and retain. plus mask mandates and vaccination requirements we'll ask the ceo of papa johns. and ships, rent, car trips and places you might want to skip markets headin
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