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tv   Power Lunch  CNBC  August 30, 2021 2:00pm-3:00pm EDT

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valuations $100 billion greg martin, we appreciate it. >> i'd love to let's look at how the ipos have done. the renaissance ipo itf is flat. remember the year last year? it's up less than 2% this year snowflake up just 2% this year palantir a 10% gain. peloton weighing on it big time down 33% that's it for "the exchange. "power lunch" begins right now stick around kelly, thank you very much welcome to "power lunch. here is what's ahead on this busy hour. knocked offline, hurricane ida shutting down almost all oil production in the gulf the ceo will give us details and a trader will give us his next play and from the economy to earnings to events, it's conference season. yes, the three things that should be on your radar this week as an investors and not
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everything can go up forever a top analyst has the list of names he says you should avoid putting in your portfolio. kelly? >> tyler, thank you very much. here is your midday market check. the dow just negative. the s&p and nasdaq, the s&p up 26 the nasdaq up 156. about a 1% gain here shares of global star are also soaring on a report that the next iphone will have the ability to ut lied satellite communications up 58% and a volatile day for crude it was up sharply ahead of hurricane ida's landfall adding 5% on the week just over $69 a barrel with ida is where we begin with the latest on the damage and destruction left by the storm. our own frank holland is live in new orleans. >> reporter: good afternoon, kelly. about 1 million people here are in the new orleans area are
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without power and air conditioning on a very hot and humid day in the aftermath of hurricane ida. you see some of the damage left behind here in this area you see this building was destroyed by the hurricane there's even an apartment crushed by bricks. it does not appear to be any injuries here. the situation is becoming des p parate for many. a lot of people told me that you see in this video they're running low on food, on water, and running out of option when is they took items from the store. one person said this was about survival others counting their blessings including a person we spoke with from the west bank of new orleans. >> i think relieved that it's over i'm relieved that downtown didn't flood like it did for
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katrina. i've seen pictures on facebook of all the downed power lines and building damage and so forth, and i'm kind of anxious to get home. >> reporter: and hope will likely be dark and pretty hot. the local newspaper being told in part it will likely take days and far longer to restore electrical transmission. we just spoke to the woman who owns that car. she is upset her car was destroyed by those bricks but is grateful to be alive kelly, back over to you. >> frank, one question for you we hear a lot and will talk more about the disruption of oil production and that as a regional and national story. a lot of concern about the hospitals and particularly their ability to keep operating on auxiliary power if they can't
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get gasoline split to the hospitals. dwha do you know if anything about the state of the hospitals in and around new orleans? >> reporter: i'm not aware that much of the hospitals, but the gas situation is becoming, well, very difficult, to say the least. as our drive in here was from the east, we flew to atlanta and drove here we saw so many utility trucks stopping and trying to get gas, filling up gas cans. as we got closer, it was harder and harder to find gasoline. the last few stations we stopped at, no gas at all. no gas cans. we saw a lot utility companies lining up to come in here and we spoke to people staying in hotels, locals who came to a hotel hoping they would have power and air conditioning they say many of the hotels told them they don't have gasoline and can't power their generators they're in a similar situation they would have been in their home but in a hotel now.
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>> i was hearing the gasoline issue is me t me tass only 96% of the gulf's crude oil production has been taken offline and six refineries in the new orleans area remain shut representing 9% of the totals. the path of the hurricane could not have been worse for the oil industry and will dictate the near-term oil and gas price story. dan everhart, one of the largest private oil companies in the country. thank you very much. what's the latest you can tell us about the state of both production on the one hand, which you're involved in, and refining on the other? the two are separate a lot is offshore and shut down.
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refining is mostly onshore >> they're two separate issues offshore about 288 platforms were evacuated that's about half of what exists in the gulf, and the production about 96% of the oil production was shut in. so that's going to have significant supply strains and people have got to -- producers have to get personnel back offshore, assess damage and restart, so that will take a while. with the refineries, about 9% of the refining capacity in the country is offline with six refineries shut down, there's three other refineries about 3.5% of the nation's production operating at a 50% capacity and this is going to take time to get back online we're going to have a supply shortage they are below prepandemic levels and prices at the pump are about a dollar higher than a
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year ago we have a bit of a supply constraint before hurricane ida. i expect there to be some tightness in the gasoline market oil will recover sooner but they will be sticky and higher as this moves through the system. >> how long does that sticky and higher last in gasoline and with oil, lesson number one and, two, if oil comes back faster than the refineries can accept the oil, what happens to that oil does it get exported >> well, it might get exported but i think it will be in the pipelines and in storage and we'll see the storage number build. i think this is a bit early. we're still reading reports from our customers and competitors and people we talk to to assess damage i think the offshore infrastructure looks like it will be mostly okay with the early assessment i think you'll see oil prices
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climb down from what happened friday and today a leveling off. the refining capacity will take longer to get online i think you'll see gasoline prices stay higher two or three weeks and then, look, in the new orleans metro area a bigger situations, supply constraints and a lot of the stuff depends on assessing damage and on the power grid and when we can get that energy, that power back on. >> dan, we spoke with an analyst who said there were important differences between this storm and katrina, that katrina happened into a very strong demand market. this one is softer, 2005 was a softer economy it was followed by rita three weeks later and was a double whammy he just doesn't kind of see the same issue back then when prices spiked by $1 in the immediate
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aftermath. i know that's not what you're saying here but is it possible this isn't much more than a ripple how much do you think people are likely to see in terms of a direct increase? >> i think there's more slack. the pipeline infrastructure and the economy is weaker. i do think there's more slack and rita was a direct hit on the lake charles area and that refinery that was a punch that provided a bit of a knockout blow we've gotten more sophisticated and prepared with backup generators and the ability to move capacity around the storm was 16 years ago, katrina. i think overall the nation's energy infrastructure grid is in a better place and there's more production from the balkans and other places we're less dependent on production in the gulf than we were and there's been a lot of redundancies invested in the
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refining complex infrastructure so i think we'll be a little bit better off this will be a heavy blow for people in the new orleans metro area and we'll see ripple effects throughout the mid south. >> it's a very interesting point there that the market is different than in 2005 a lot more shale oil production, fracking and other areas so we said 9% is represented by the refineries around new orleans. how much of the nation's production, oil production, comes out of the gulf and that part do you know? >> yeah, i know in general terms the amount of production out of the gulf is about 20% of the overall u.s. production and a third probably when katrina hit. we're less dependent on the gulf and more on shale in general in the balkan in north dakota than we were in 2005.
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as far as the refinery industrial complex, there are six refineries in the new orleans area completely offline. there's another three refineries in southern louisiana operating at about 50% capacity and those three represent about 3.5% of the nation's capacity. so it really depends on do those refineries have power? when they assess damage can they come back to 90% to 100% capacity and how quick can they do hat, as to whether consumer see a drastic spike in the price they have to pay at the pump the next couple of weeks >> a quick thought if you have any insight on how quickly the power may come back is between 1 million and 2 million people without power. and as frank holland said, you can get the gas delivered to the gas station, but if the gas station doesn't have electricity, it can't pump it out. >> they're working around the
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clock, but i think energy is pretty well prepared for these situations and has contingency plans in place i'm hopeful they will be able to get it within the next 48 hours. that would be my best guess and hope >> thank you very much for your very clear thoughts there. we thank you >> and coming up on "power lunch" we talk about stocks to buy, but which to avoid? plus, september has a pretty bad track record the best ideas for what could be a rough month. here is a look at all the shares in the session apple, charles river we're backn mont ia me the live better u program basically just provides the answer to the question: what if? with live better u, my 'what ifs' were erased. ♪
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welcome back the market is faced with a backdrop of potential tapering, slowing growth in what some would consider valuations. our next guest is helping to us find stocks to avoid in this potentially treacherous environment by handling a few metrics he says can help predict stomach underperformance the chief investment strategist. chris, i was reading this weekend being bearish doesn't sell these days. on social media, if you're not bullish, you are out tell me about some of the names you think -- well, let's start with the metrics you think
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people should be focused on in terms of treading cautiously >> thanks for having me on >> not every stock is going to be an outperformer we developed seven metric model based on earnings quality that tries to predict which stocks will underperform looking out over the next 6 to 12 months and looks for items where growth may be slowing, there may be margin pressure ahead and tries to predict potential underperformance, capital spending trends or inventory builds and so forth. and we standardize it in overall score zero to 100. the companies with a score below 20 are expected to underperform. we've tested it empirically, historically, and it works quite well in most market environments >> as an example of companies that underperformed boston beer, we covered what happened going
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back to the earnings grocery outlet and stitch fix. these were three names that are confirming the wear you are analyzing companies. is that right? >> from our work, working capital was starting to build, inventories were rising according to trend, higher spending seems to be a contraindicator and it led to disappointing results. by following the balance sheet and looking at cash flow, you can try to spot them before the blowups occur. we believe that we can also help investors and telling them what to avoid over the near term. >> maybe the biggest on your list of stocks that score zero
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is carvana familiar to all of us who have seen it pull up in cars tell us what jumps out to you most about this stock which has a real halo effect online ordering of cars has exploded and prices have been through the roof >> we don't cover it f fundamentally but the broader group in which it's in there's been some build with cost and i think the question for that perspective is that will it deliver the cash flow that's occurred over the past few years? our model can be a little anti-growth. it would rather have cash flow
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and cash flow can be used to pay dividends and do stock buybacks. that combined with the higher short interest in stock is a flag from our model for the company. >> so, chris, bottom line me here, what is the utility of a list like this if i don't own one of these stocks to avoid, i'm not going to buy it. if i do own it, what do i do, or do i even think about shorting the stock because you say it might be ripe for a pullback how do i apply what you've just taught me? >> the way you apply it you want to do deeper work. ask some questions to the company. you want to dig deeper on the balance sheet and ask why inventory is growing or is there some other surprise, is there something more nefarious going on that isn't abundantly clear on the surface? and some investors will use the model to do further fundamental
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work and thinking about it in terms of shorting. >> orel: types of strategies >> so it's a launch pad. >> it's not a prescription per se. >> it is not a prescription for that it's a flag to do additional work and just make sure there's not something that our model is seeing that you're not seeing. it's objective and that's what investors rely on. >> helpful thank you very much. we appreciate it >> thank you paypal investing, reportedly exploring a stock trading platform and the news add ting, robinhood taking an arrow. we have all the details. nging tl assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity.
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welcome back i'm rahel solomon and here is your cnbc news update this hour. president biden speaking with local officials in the areas hit by hurricane ida told them we're doing all we can to restore power to the region and said that 5,000 national guard troops have been activated to help with search and rescue.
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and several people had to be rescued from cars trapped by floodwaters. this happened on interstate 10 in new orleans officials say the levees around the city did hold. police are now checking for more survivors in other low-lying areas. >> some of the houses and structures are built for this and they're okay as long as they're okay and not needing assistance, we're not going to force them and put them in a boat to bring them back other people that are obviously not in that situation. we're making sure we're getting all of them out first and will continue to do so. >> and five states led by republican governors are being investigated by the education department iowa, oklahoma, south carolina, tennessee and utah preventing schools from requiring a mask and federal officials say that could discriminate against students with disabilities on health conditions by preventing them from safely attending classes amid the delta variant surge. you are now up to date
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tyler, back to you let's take a look at where we stand at the half hour mark the s&p and that is dabbing record highs once again. a full percent for the nasdaq and the industrials are basically still. let's take a special lunch edition of "power movers." dave and busters, $18 from $40 the firm saying its data points to a slowdown in visits to casual restaurants brinker lower saying they see lower sales and higher labor costs there. finally the grill maker weber from jpmorgan and bank of america calling it a solid growth story tied to investing in the home theme with high brand awareness and global scale. for more go to
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kelly? ahead, the latest on ida the massively destructive storm shutting down major oil producers. what does it mean for energy stocks we'll get into those details when "power lunch"etns rur we cae possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. ♪♪
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welcome back, everybody. oil closing for the day as the energy industry assesses damage from hurricane ida crude up a fraction near session highs. offshore oil companies in the gulf account for about 17% of u.s. production and about 5% of natural gas output brian sullivan has the latest developments and details hi, brian. >> reporter: tyler, thank you. let's talk about what we know right now and what we still don't know about 96% or 1.7 million barrels of oil production in the gulf of mexico is currently offline. louisiana is not a huge producer of oil that's texas but it is massive for refining oil. the bayou state is about 18% of total u.s. refinery and most of it, if not all of it, is currently shut down.
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marathon, mpc, the state's largest. exxon mobil, a huge baton rouge plant. earlier today saying, thankfully, no damage there. valero has two in the new orleans area as well as shell, pdf and phillips 66. about 13% of u.s. refining there. west to lake charles, citgo, and two smaller ones, phillips 66 and another from trans world oil another 5% that's the 18% of refining also, you probably don't care about oil but you care about gasoline prices. watch them in the coming days because the colonial pipeline, which we've heard a lot about for other reasons, the key pipe for getting gasoline to louisiana is shut down on lines one and two. lines three and four from north carolina to new jersey are running. if inventories are drawn down that could change.
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louisiana important for liquefied gas imports. cheniere with a huge export there and tellurian. the company to watch the most, maybe the most important for millions of families, louisiana right now, is entergy, the power provider for new orleans we know according to the governor of louisiana about 1.7 million people have no power and here is why that matters no state relies more on electric power, natural gas, propane, et cetera, than louisiana the electricity grid and electric power means more to them than any other state particularly things like water pumps and sewers to get rid of the water that can stagg nad it all depends, tyler on how long
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not that it's off line but just how long it stays offline. >> why is it -- that's a fascinating fact that louisiana is more dependent on electric power more than any other state. is it because -- >> reporter: per capita. >> is it because the state has to power the water pumps and so forth? why do they consume more >> reporter: partly due to that, due to an older grid and the topography of the state. it's easy to string a power line across a ten-mile bayou. and so you can string those power lines across it. the topography of the state, like for example, your house, tyler, and my house here, obviously my lights are powered by electricity but heat is
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natural gas. louisiana almost every single house has everything just on electricity. not on natural gas or propane. when they go down people will not have air conditioning for a couple weeks now you say, who cares air conditioning you're going a give a you know what when it's 100 degrees and there's standing water everywhere which is dangerous, bacteria, mosquitos, et cetera people are already struggling through a lot. it is a big deal >> it's a confluence of a lot of things here including not incidentally covid which has crippled the state as well brian, thank you very much kelly? the next few days will be critical in assessing the extent of the damage caused by ida. how long offshore oil platforms and the energy infrastructure are offline determines the short term direction of oil and gas prices it's a matter of counting
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crucial infrastructure let's bring in bill perkins, the ceo and president. you want to build on what we were just discussing with brian there? >> i think you have the stats and figures right, now it's counting on what will come on when refineries will have lines down. when they come back on is when they will be able to turn it into gasoline which we need. there are pumps and compressors. they run the onshore natural gas pumps to get that gas to market. so that's a supply issue which you mentioned. the risk warehouses are out there trying to figure out what is what, what demand will come back and what supply and when. >> i don't know if this is the correct question for you i'm curious, is there a way to make the power grid more resilient down there if
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electricity is so vital because there are so few other substitutes in terms of the power source >> one of the things some of the infrastructure could do is have their own reliance on natural gas because the pipelines are generally underground to that infrastructure and they can run their own backup power some refineries, some pieces of infrastructure actually have that but as was said earlier, it's pretty difficult to lay new infrastructure through bayous, rivers, swamps and marshes some places are stuck with the way it is and having over the ground power lines which, unfortunately, easily get knocked down and if a tower gets knocked down, it takes longer than just stringing up wire. >> right, exactly. so, you know, just looking at the fallout of this, the second major storm in 15 years, tons more in the meantime we rarely talk about, water problems, sewage problems, electricity
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problems, you name it, a lot has been said about the levee system and how that can deal with floods but what more now should be done to protect the grid? and, i guess, also to bring this back to investors, what happens to the price of oil and gasoline from here? >> well, usually over the past 20 years our production from offshore as a percent of total production has gone down it used to be 30%. now down to about 3% and oil production, most of the production has moved to onshore. so usually hurricanes in terms of those commodities, natural gas and crude oil, is a bearish event. demand gets knocked off -- more demand gets knocked off and for a longer period of time relative to supply. the supply are robust. they've gone through many storms, engineered to withstand
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cat 5s supply is a short-term blip but the demand takes a while we have to string up a lot of power lines to get this infrastructure going and in terms of making it more robust that's on a plant by plant basis to see whether the economics work and whether or not to have your own backup gen. generally they've done the mast, i believe, and sometimes it's not worth it to them >> exactly thank you for joining us today we appreciate your thoughts. thank you very much. >> bill perkins. it may be the last week of the summer, but did it go fast or what? we'll break down the key market headlines you need to watch next
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august but it is anything but quiet and, in my experience, the last two weeks of august often are anything but quiet our next guest says three market catalysts investors need to watch. stephanie link, hightower's chief investment strategist and cnbc contributor nice to have you with us, stephanie. always good that you'll join us. we appreciate it >> good to see you, tyler. >> good to be seen let's talk first about the economic data that is on the calendar this week what will you be watching? >> yeah, it's a busy, busy week in data. so i would highlight three things, the consumer, inflation and jobs so the consumer, consumer confidence, is coming out tomorrow, and we know the university of michigan was disappointing because of delta and the unknown. i want to see how the consumer reacts a month later, if you will on the inflation side you get labor costs. that's a very big number for the fed.
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that comes out on thursday and then jobs, of course nonfarm payrolls the wage number was 4% annualized growth. great numbers for wages. but inflationary implications. >> it's both of those, the unit labor cost and within the jobs report the wage number because generally what drives prices higher is people having more money to spend on those items. there are several companies that are out with earnings. we think we're done with the earnings season. we're not. >> i know. >> there are a couple you have your eye on. >> i do. and i own both of these. they've been laggards, to be honest with you, year to date. disappointing. there's a theme on enterprise spend/recovery as the economy opens up. and weep saw last week workday blew it away because of enterprise spend recovering. we saw network appliance we saw cisco and microsoft i think it sets up pretty well especially because the stock is down 13% year to date.
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trades at a three multiple point discount to its peers and i'm very interested to see and meet the new cfo. he was at nike, at microsoft, e-commerce i think execution is key for the story and you'll see it. and then broadcom 40% is spend and other parts of their business are secularly growing we know they're an apple supplier, they're wireless, a data center and trends at 18 times and has 2.9% dividend yield. >> do i see costco on your list, also >> you do. monthly sales. they're one of the very few companies that continue to report monthly sales so not reporting but reporting the sales numbers. >> the other thing is conference season hard to believe it starts to sort of get under way here over the next few weeks as different companies hold conferences, some virtual, some hybrid, some, i guess, in person this time talk to me about how you look at
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those and what you'll be looking for. >> you said it earnings are pretty much done after this week. when we want to hear from companies, they do tell you a lot of these conferences i like to read the body language usually it's in person we've had to deal with zoom and that sort of thing that's perfectly fine. i want to hear what their tone is i want to hear what they're doing with all the free cash flow it starts in semis and hardware and we have to hear about the supply chain issues and pricing and pricing power. so that's going to be the start. and then you will have a ton of conferences that start in september. back to school is next week and i'm really looking forward to hearing what the companies have to say on the consumer side. that's next week >> very interesting. stephanie, thank you for a guide to the week and month ahead. have a great end of the summer >> thanks for having me. and we want to brip yng youa news alert on ida. at&t saying 40% was taken down by ida as the company deals with power outages, flooding and storm damage
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at&t adding its network is still operating normally and they've only seen a small impact in mississippi at this time >> i guess the towers have been affected in part, and i hear that at&t often in these cases sends in mobile towers to patch their network back together so we'll see. >> if they can do that because i know a lot of the communication was happening via text if you needed updates, if you don't have other ways to keep that phone going to get that information. >> how do you charge your phone? >> absolutely. >> go out to your car and plug it in if you've got gas. despite volatility the s&p is ending august with a nice 7% gain gm and gap were some of the biggest laggards as we head into september, what is the best idea for investors we'll discuss that on "trading nation" next zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade,
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welcome back to "power lunch. i'm kristina partsinevelos we want to check on two of the u.s.-listed chinese stocks under pressure as china aims to limit kids' exposure to video games to three hours a week
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netease and bilibili with losses as investors have grown cautious both stocks are down with netease tracking for its worst month in three years tyler? >> all right, kristina, thank you very much. and the end of august in sight and the s&p 500 looking to end its seventh month of gains in a row, but with september a traditionally weak month for markets how should investors position themselves? your "trading nation" team -- where is the music where is the animation bill barouk and michael at rockefeller capital. michael, do you have a pick for september? >> look, i think as much as we like the technology sector, the financial sector is probably the most undervalued and under the radar for a few different reasons that we'll highlight one being the economic recovery. they're going to be one of the biggest, if not the biggest beneficiary of the recovery.
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two, the increased productivity because they've been able to work on all their e-commerce consumer problems they've had in the past to now accelerate the productivity there and reach the consumer much more quickly who the consumer has a much better balance sheet than in the past but, most importantly, from a valuation standpoint, many of them have superhigh and attractive valuations trading in low double digit p/es, high dividend yields and you're seeing the banks, regional banks, all of them benefiting. benefiting from they highlighted reasons. many people are underestimating the financial sector and that they are going to be one of the biggest beneficiaries of the recoveries. >> thank you good idea. bill, you know, september is often the coolest month in the stock market, it's where the market sort of runs out of gas
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sometimes. you've got a trade for me? >> yeah. yeah i like michael's angle here. i'm overwait financials. while everything is looking to buy, i'm going to take a different approach s&p has rallied about 4.5% in 11 days, up 20% this year so how do you protect your downside from this big bullish trend. about the middle of the month you see a move down, you buy against there, and the market just kind of rebounds. what if it doesn't come back on time i want to product my down side this is a trade just for september, you go out to the end of month expiration, spx point spreads, 4400, 4300 put spread that will cost you $15 or $1500. this will protect on you a 5% pullback i'm going to look to target about $65 on this, about 4335, but i'm table some money off the table and moving down you've
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got, again, a good protection of 5% down side on this move. remember, last year, september, 10% sell-off so that's my angle bill, a trader's trade, thank you. michael, thank you as well thank you, tyler follow us on twitter at trading nation and coming up, robbing robinhood. paypal may be looking to cash in on the retail trading boom and invading the broker business we'll have details on their potential plans, next. >> announcer: and now the latest from trading
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the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq . welcome back, everybody, paypal may be get into stock trading. this news was first reported by our own kate rooney. kate joins us with the latest. >> hey, kelly. paypal is exploring the launch of a stock trading platform, according to sources familiar
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with those plans shares of paypal popping as much as 3% on that news today shares of robinhood, though, moving lower on the headlines. i'm told paypal has held talks with po ttential partners in th brokerage industry i'm told pay rule brought on rich hagen, the former founder of trade king. his job title on linkedin is not ceo of invest at paypal. that's a previously unreported unit of the company. paypal pointed us to comments by ceo dan shulman at investor day earlier this year, talking about the longer-term vision for the company and how it could including more financial services he mentioned invest capabilities and also mentions things like high-yield savings account shul man has also talked about what paypal is as a super-act, and paypal already offering
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cryptotrading. another source tells me this will not roll out this calendar year we're looking at next year the ear earliest paypal not the only one looking to be a super-app. there's a lot of competition in fintech. robinhood, of course, sofi has it, square as well there's a lot more regulatory scrutiny there lately as well. kelly, back to you. actually, i'll pick up, kate so stock trading, how would they make money on it they make pennies per share? or is it by payment for order? how will these do it will they follow a robinhood model, or what >> that's a great question when it comes to robinhood, they've got their own brokerage firm, so they make on payment for order flows, the trades to different partners the other way to do this is partner within an existing broker dealer, so they're sort of the front end, they're the
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app and someone else handles the trading on the back end they could buy a brokerage firm, but with etrade and charles schwab tied up, through not that many acquisition targets there. and they could build it from scratch, which would require regulatory approval. that would be the slower way to go about it, but there's a couple different options the revenue models depend on which they go with there's a lot of trading going on, and it's become very vogue, i suppose, with robinhood and others getting into the game traders are great when the market is going up, but if the market cracks in a big way, a lot of those less experienced traders who are first-timers are going to yank that are money out, i would think. >> there's been one estimate 10 million new investors.
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that's the same level we saw last year, so it has been nothing but a bull market since a lot of these traders got in. i think that is one big risk, how do people react, though analysts say the line is now higher, they won't go back to pre-pandemic levels. >> a bull market makes geniuses of us all. appreciate it. john paulson has a new call. he made billions of dollars betting against subprime mortgages in 2008. he says he's buying gold and a number of energy stocks. he's owned a big position in a number of goldminers, includin nova gold resore, perpetual resources, ashouldn't, barrick gold, he added that cryptocurrencies are a bubble that will eventually prove to be
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worthless. he made the comments about david reuben steen on bloomberg wealth. >> and then a generation of traders who profited big from that crisis. the open question remains, can they spot and profit big from the next one >> you can get it right once can you keep getting it right? thanks for watching "power lunch. "closing bell" starts right now. >> welcome to "closing bell. the nasdaq is in the lead to kick off the new trading week, up 1%, as we head into the final hour of trade with the s&p 500 and nasdaq both said for report closing highs. >> i'm courtney reagan in for sara eisen today let's look at what's driving the action on this monday. tech is on top today as apple, alphabet and semiconductors hi all-time highs. financials are moving the other


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