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tv   Fast Money Halftime Report  CNBC  November 30, 2021 12:00pm-1:00pm EST

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we'll keep an eye on energy and oil briefly got below 66 which is interesting and that's almost a $4 drop and powell to his point earlier, we still have a lot of data headed our way and the adp tomorrow and the jobs number on friday along with earnings don't forget the crm tonight and be benioff on that mono pep let's get to the half. >> the new uncertainty for stocks what it means to your money for the remainder of this year and beyond we debate that with the investment committee today joining me for the hour, stephanie link, degas wright, josh brown and jon najarian, co-founder of market rebellion.com. the stocks are under considerable pressure today in large part because of the right-hand side of your screen that hearing on the hill today the fed chair is there the treasury secretary is there, but it's those comments from fed chair powell about a sped-up
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taper, also retiring the word transitory as it relates to inflation and that really spooked stocks, caused a spike in rates right now thedown is down more than 600 points and we've taken out the low from friday on the s&p. 4574 is where the s&p 500 currently sits and that's a loss of 1.75% we'll keep our eye on what's happening on the right our steve liesman will join us in a second and rick santelli will join us, too. what does this mean to the way you're thinking about your money, the fed, the markets and pretty much everything else. stephanie link, i go to you first for your reaction of what we're witnessing in the markets. it's really a double whammy. we're worried about this new var why not and now we have this change from the fed chair today. >> yeah. you highlighted it and the market doesn't like unknowns the new covid strain, obviously, is a big deal. it's a big unknown now and we have a more hawkish fed, but you have to listen to what the fed is telling you, what powell is
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telling you, that while we don't know about the new covid strain, we do know we have higher than expected gdp and much higher than expected inflation and that they should be tapering sooner rather than expected and i've been talking about that for months now so now the next two weeks we get a bunch of data. we get new details on the covid strain and we also get inflation data, ppi and cpi, so if the data strain news is positive it's a big f and it's a big fingers are crossed and you get hotter, cpi and ppi inflation data you should be tapering and you step back ask you have to wait for more details and i'm waiting for more details i'm waiting for new detail, but if you completely wait you'll miss some great long-term opportunities. we have medicines out there that exist that work and more are coming we have a very high vaccination rate in the u.s., 70% so i don't think you'll see closures. so that's why i do want to look for opportunities and i do want to look for opportunities and
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i've been buying a couple of names, slowly, carefully and number one and number two in industry, good, free cash flow and proven management teams and you can get a whole host of companies on sale at this moment >> you bought apple and amx to underscore the point that you're saying i hear you with apple and it's one of the stocks holding up well and it's not far from its high amex is trickier we just don't know what the environment will look like moving forward >> you don't, but it's down 13% in two days and we do know that leisure travel is down than 2019 levels and that's a 2022 story, and i think it will be a 2022 story. in the meantime, they're investing in businesses, and building out customers and if you get demand which is what i'm betting on then you'll see operating leverage in 2022 the stock trades at 17 times
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forward. i'm making that bet that you are going to see the recovery and not a closure and i have a lot of re-open names and this is definitely one of them and that's why i'm buying small and i'm adding to it on the small side, as well. >> jon najarian, it sounds like you're in a bit of a hurnker dow mode you're building a large amount of cash and the most you've had now in several months. >> yeah. true, scott. it's been a host of things that have triggered that. number one, we had some really large moves in the vix the vix call buying which is more or less that trader that we refer to as 50 cent. i don't know who it is, but bought an awful lot of february put options and that was one of the hedges that i put on them, earning call options in the vix is like a put option in the s&p because obviously, days like today, days like friday when you
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see 50% moves friday and 20, 25% moves already today in the vix, those coincide with the big drops in the market, scott they've also been buying a lot of puts in the spdrs so for instance, they were buying the spy december 23rd, the christmas, the 465 puts. those puts have already paid big dividends for the people that own them either as a hedge, which i did, and i existed those on friday, i should have held them a few more day, scott the iwm just yesterday, the december tenth expiration, in other words, not this friday, but next friday. 215 puts big buying there with that index at 224 yesterday and look at where the iwm is today >> those are the reasons that i've been raising cash
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vix, because we talk about volume, volatility and vels onity and we have all three. both friday on a holiday shortened day and yesterday, and what jay powell said, i don't blame him, i think he's right, but what he said is also accelerating the sell-off right now. >> since we're on this topic, let's just bring in liesman and santelli and kick this around and we'll hear from the other members of the committee in just a moment, but steve, you were with us yesterday and you're the one who suggested that because of this new news and the strain of covid that the taper was essentially off the table and what we heard today is what you characterized internally and what you said on the air was a big change >> yeah. just to be clear about my comments i said they can push it off to january i didn't think it was dead i thought there was a lot of support on the committee for it. what i didn't know at the time was fed chair powell was among those supporting it. i thought for sure he would take the easier way out
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powell went out of his way today to talk about this idea of an accelerated taper. he wasn't specifically asked about it, and he brought it up he was ready to say it it's clear that that was part of the intension and he laid the groundwork in his testimony and what's different here now is that powell seems to have embraced, a, the inflation problem and the fed needs to be in a position to address and i can talk about that in a bit and the second is this notion that new waves of the virus are not a demand problem and they're a supply problem and one comment in his testimony that we talked about yesterday at 4:30 when the testimony came out, this idea that people may decide not to work and that can exacerbate the supply problem this is powell embracing an idea that's been on the committee and now appears to be embraced by the chairman and apparently a good portion of his committee. more qe is not the answer to another wave of the virus. >> i do also embrace to some degree, ripped point, which i
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think, rick, he can say whatever he wants today that it's essentially meaningless at the end of the day because we just don't know enough about this new variant yet. we don't know if it's more dangerous. we don't know if it causes people to hunker down in the way that we're spending. we just don't know so how can the fed chair be so definitive on what he thinks he's going to do >> it was a brilliant move in my opinion it was a brilliant move in my opinion, he has a hawkish get out of jail card free and it was for months and months and months you and i have been on the air the fed doesn't make mistakes. they just don't make accurate predictions. i get it i was in the prediction business and it's not easy. their prognosis on inflation his in particular was wrong, and i think that by coming across as
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going with the flow. we've had a vice chairman there and other committee members there, steve liesman and others have been there, that they need to hurry up and put this behind them to get to the real work of raising rates. by him making this move today, judge, you're right. i'm glad that you are agreeing with me. i'm pretty sure steve will to, that if it doesn't turn out and it's much worse on the variant, of course, none of that will happen if the variants are better he gets a two-fold issue and it doesn't mean he'll do it, but even more, look at the kickoff stocks will get. if the headline is omicron not as bad as thought, ink you'll si think you'll see a big bounce in stocks why would the fed chair do what he did today, why would he come so intonight sending the message when he himself doesn't really know what the outcome of all of this is going to be and now the fed is in a real pickle here
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you don't want to taper into a slowdown, right? a slowdown that can be exacerbated by a new variant we don't know enough about, and you also have to deal with more inflation induced by a new variant which also could cause more supply chain issues which could make inflation even worse. >> you know, scott, i think there is a possibility here that we are both talking about which is powell may have made a mistake here he may have to come back in a couple of weeks' time if the variant turns out to be really bad and creates a demand problem for the economy and he may have to come back and say we're not going to talk about the tapering that's a possibility or he may have dramatically changed his view on the right fed response here. it may be that he's going to say, you know what if we have a really bad variant
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here i'm still going to taper and i'm going to accelerate the taper because there is a supply problem. i'm kind of leaning to the first explanation is that, and i think he's had to think this through what if it's bad anyway, i'm going to go ahead with the accelerated tapering it's interesting in news in and of itself that it's quite possible that the fed chair made a mistake on such an important stage today given the environment and the new, more uncertain environment from where we were five days ago. i want to ad dd one thing, thatn day two of testimony a fed chair comes back and clarifies what he said on day one. it's happened before and we'll see how this sits and do a little cleanup and if it is bad that we're not going to do it,
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he may need to be asked that by a house member tomorrow. >> clean up on aisle 3 >> josh brown, in light of all this, jon najarian is raising a lot of cash and she thinks were on sale which we're down too much on friday what aboutyou? >> i think what's remarkable here is how much worse stocks look versus the index. the spx and the nasdaq are still 3.5% off their highs which given the bloodbath that you're seeing in everything from recent ipos to growth tech to cyclicals, retailers today are still puking it's really remarkable how well the indices are able to hold up basically on the back of apple and pfizer it's really a wild situation
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the material asnd industrials ae on a pullback. even if you acknowledge they're back in a couple of months those stocks are probably buys and transports have been slammed and those are probably buys. airlines are tougher i don't think we can say across the board buy them or sell them. these stocks are 52-week lows and 30% off its high and you can understand why keep in mind, throughout delta disney was able to rally because of disney plus the theme park, you just said forget it. it's a next-tier story and that's a stock that can reverse substantially higher if, in fact, the virus is not the worst thing ever so i agree with all of the commenters about how much uncertainty there is it makes sense for stocks to be behaving the way that they are and i think it's perfectly normal and perfectly natural
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south africa has a 28% vaccination rate it's not a surprise that that's where a variant of concern is coming from. literally, two-thirds of the country aren't vaccinated and how do you get a variant it sits inside of an immunocompromise person long enough to start mutating so we should never be shocked that there will be, quote, virus surprises coming from somewhere like south africa with that low vaccination rate if you're a seller of stocks, every time something scary health wise was coming out of africa -- >> no doubt. >> you'd have to live with this since, bowla. >> understand, but if you also have a fed at the same time which is suggesting, yes, okay, but we're still tapering sooner than maybe you and the market expect, you get a reaction like you have today. >> i'm glad you brought that up. i'm glad you brought that up what if the fed is partly responsible for some of the inflation and not all of it is supply related, because when you
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look at the conference board survey for november this morning, here's what you see you see the expectations of people that want to buy a major appliance. that's now at the lowest level since may. expectation of people who want to buy a home. that's now the lowest level since 2015 the expectation of people who want to buy a car. lowest level since october 2010. a lot of the inflationary supply supply-driven stuff on the appliance and manufacturing side is starting to subside, and home price e stock prices, if those things start to mitigate, that's not actually the worst thing ever so the fed, i think, is giving itself the opportunity in case this omicron is not as bad as expected to go ahead with existing plans i don't agree that all of a sudden everything's changed and they've switched their narrative. i just think that they're giving themselves the latitude to do what they need to do when we
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actually get the data. >> of course, right, but the market reacts, rick, the way the market reacts and it thinks about it after the fact, but what the market hears today is -- wow! we're worried about this variant and the fed chair says he's tapering earlier than expected we thought maybe that because of uncertainty created by the new variant that maybe it would push the taper off or at least keep it on the other schedule and now the fed chair comes today and says, no, we'll do it earlier and it underscores that there's never a good time to remove stimulus from the market which is why you have to do it when you do it. you can't wait forever, and if they're late in the game there's never going to be a good time to do it. there will always be a cause and effect of when they do it and what the reaction in the market is going to be >> the markets are like children, okay if thai don't get what they want they throw a fit, and if you tell them something it's like telling them a promise, okay
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if you're going to accelerate the taper, the market, like a child is not going to forget so if omicron is less threatening and i totally agree with josh, now the chairman has to follow through to some extent and he's changed market expectations and we're all in agreement. >> the thing is, steve, we were calling this the most telegraphed taper, ableably ever, and as powell was talking about the taper the market didn't have a problem because the market knew it was coming. the market had accepted with the fact that the tarpper was coming maybe that pushes the taper off and the fed chair shows up and says no. that's the different calculous >> yeah. he's made a change and it is interesting, scott i think you maybe gave us a yada, yada, yada, which is you
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missed a part there which in the prior weeks' move to thanksgiving several fed officials are talking about a faster taper you wonder did the chair embrace it and it was really a possibility and on the table i was certainly moving in that direction. we had better economic growth. we had a better retail sales report and the consumer was doing okay and we brought down jobless claims and the fourth quarter estimates were going up, so it did seem as if the fed was moving that way in any event so it wasn't out of the blue it is out of the blue in the context of this new omicron information and it is -- i guess the best way to put it is out of form for him to come forward this day which is why i expected yesterday. notice my reporting, scott, just to be clear, that it was not off the table and they moved the discussion to january when there
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was more information >> and steve -- >> go ahead, steph >> i was just going say on the inflation side if you add up inflation and salaries it's averaged up 11.4% and that is a huge number. what is the average over time? 3%, 4% and the rates are up by the atlanta fed and both think that it will be faster. that's the inflation piece of it that we can't ignore because it's much more permanent and where he's not using transitory any longer >> steph, look at his comments today, and think about it in a context of a fed chair in the middle of a virus problem which is he talks about wages rising at a brisk pace. all of my training covering the fed for 20 years is a fed chair who talks the way he did today about inflation is a fed chair ready to put inflation in the center of policy right now >> there's the dow, just to
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remind everybody that the fed chair continues his testimony on the hill with treasury secretary janet yellen you have the dow 1.75% decline we had reached the lows of friday on the s&p. we're continuing to watch that and the nasdaq's under pressure. degas, i promise i'll get you in a second and i have someone else on the line who wants to come on the conversation and i don't know how much time they have fund stretch tom lee is on are you there? >> yes, scott. >> yesterday you were out with a note, buy the dip. why are you so sure? >> days like today are tough because, you know, markets don't like uncertainty omicron and the fed's comments are a surprise to market, but i think investors have to think about what matters more to the economy and markets in 2022, and i think the delta and omicron, and these markets give flesh
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wounds to the economy and the fact that inflation risk is cooling and it's part of these border closures and even if powell's comments are cooling the inflation sxriand if you lot the break evens they've fallen a lot and that's a tailwind for market so i'm still in the camp that it's unfortunate to see us make new low, right because we should have been testing the lows of friday and we're breaking lows. even though the vix is surging today it's not making new highs. so i just think markets are in a buyer's strike people are waiting for the dust to settle, but if you're an investor, this is the time you want to be buying these shares coming out of panicked hands it's awful today is horrifically bad, but i'm still if the camp that you want to buy this dip >> degas, do you agree with tom lee? >> i do agree with tom lee,
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however, you have to be selective in your buys for instance, i sold gentek which is a supplier to the vehicle and the aerospace industry because there's weakness in outlook for the company based off labor shortages and based off the reduced vehicle demand and also hot commodity calls. so i sold gentek, but i sold another simple company that has a lot of things to control for inflation and that's rockwell automation, and it is focused on automa automation on the factory floor. there's high demand for its product and very little substitute for what rockwell does for companies and also have barriers to entry, and also with rockwell's focus on automation, software and also ongoing maintenance to keep that factory floor running. one of the things that rockwell
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is able to do is that it worked with an ev maker to retrofit a former automobile factory so rockwell's company, you have to be selective where you're placing your buys at this point. >> tom lee, yesterday, when you urged people to buy the dip and that was your note yesterday based on, in part watt vix was doing and what you thought it might be signaling, was any part of that based on a belief that this news about omicron was going to push the taper off or certainly eliminate the prospect of it being moved up >> scott, i think a part of our view is that the liftoff in terms of former rate hikes would be pushed off. that's something, even today we're seeing the probability of fed hikes in 2022, actually falling.
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so i know the market doesn't necessarily disconnect taper and liftoff, but i obviously can't tell the market what to do, but when i look at what impacts markets to me is fed hikes and those are getting pushed off and especially as we look at 2022, the inflation risks are really cooling. even port activity is showing big declines and as many know, two percentage points in inflation this year is auto related and it's used car and new car purchases. so the hike is a surprise, because in my mind i do connect the two, but taper is separate from the hike. >> i understand, but if the fed chair says today no, we'll talk about it in december that it's not going to be put off to january, that doesn't change your calculous at all, that's why i asked you the first question i did and your note
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came over the fed chair's testimony of today >> that's right. this is a surprise to markets and it is a surprise to me and in some ways both are catching up to its members and also just acknowledging that we're not going to see a peak in these inflationary pressures in the next month or so and it's a question of whether or not he would lose the public rhetoric to this, but i don't think this means that we're setting up for higher levels of inflation i don't know -- say consensus up 4% or 5%, and inflation risk is cooling, i think that's actually more important for how markets behave in two months. >> being look, we keep blowing past the other comment that the fed chair made which may have had an impact or is still having an impact on the market and that is you can remove the word
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transitory from the inflation conversation whether he meant it as literal as some at least the market may have taken it, that remains to be seen. steve liesman, you want to jump in and clarify something that tom lee had to say >> yeah, just real quick tom is right on the fed fund probability. we were at 60% for may in other words, we had baked that hike in then we went down through friday and monday down into the 25, 30% range. we are now back up i just want tom to be aware of that into the 47% range, but what we're thinking about again after powell says faster taper, i don't know if breanna is listening, but you have a chart for me and i doubt it's possible to get it up now, and i just did the calculation, scott essentially, if we double the pace of taper, they'll be done in february and that means march, april, may will be on the
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table. if they go to 25, they're done around april so that's when the fed -- if the fed sticks to form and then we'll get the purchases first and double it, if you go up to 2025 and that probability, scott is back up to the 47%, 50% range after powell's comments. >> i got you >> can i just -- >> real brief, tom, if you could. >> i might have a different metric and on the bloomberg it's still at 26% for a may hike. >> all right >> i'm looking at the -- >> tom, i appreciate you coming to the phone on a moment's notice we greatly appreciate your time there. >> great >> rick santelli, you have a last quick word? i feel like i owe you one. >> really quickly, we can show a fed funds.
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there are a million ways to calculate these things let's keep it simple on wednesday we were at 9928 close and 22, and it means three 22 quarter-point tightening. it is way down from where it was. the fact that it's selling off puts the probabilities back in and very generically since it's under 9950 it's looking for two baked in for 2022 and working on a third, exactly how it pops in doesn't matter and everyone's worried about inflation and in 2008 if the bush administration left us with 800 billion in money out there. that's what the money supply was. now it's 2.4 trillion and now it's at 34,000 if you do the math, listen, maybe inflation isn't the worst thing if you're holding stocks >> i think that's borne itself out. rick, thank you so much.
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steve, thanks to you, as well. josh brown, i guess the best case scenario in all of this is the whole thing is a scare and the worst of omicron is not realized and that the fed can taper and that all is good >> well, we had a 3% sell-off that took place over the six days in july when it became apparent that delta would be a worldwide issue and what did end up happening was really any significant change in either the death or the hospitalization rate and in fact, what we ended up learning later that summer was that the existing vaccines were plenty effective both in terms of fighting off the infection or preserving people's lives who got the infection. we don't have any of that information yet with this new strain, and i think if you're an investor and not a scientist or a doctor or somebody who is in the fidst omidst of working on
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virusis you should not be drastically altering your portfolio if you don't know which direction it can go. it's entirely possible that this is a more transmissible version than delta, but doesn't have a significant difference in terms of its impact on the people who get it and if that's what ends up happening, i have to tell you, i don't think that's going to lead to this mass hunkering down talk to people on the street and nobody's going back to 2020. they tried to introduce curfews in amsterdam and this is europeans and they almost burned the damn city to the ground. i would not have as your expectation that here we go again, going back into lockdown. no one's doing it, so if you're thinking that way and i think most people are, this is an uncertainty bout that makes sense. stocks should be down right now. people should be concerned i don't think it has to spill over into a disaster. >> all right >> let's do this let's take a break i have unusual activity with dr. j still to come. we have more moves from the
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committee to get through, as well i've got calls on boeing stephanie link owns that i've got a call on square. dr. j is making a move perhaps related to that. i've got a call on ford. we'll hit that, too. we'll do it next if you wake up thinking about the market
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inject heroin and other narcotics in an attempt to curb overdoses. new york city the first city in the nation to approve such sites though they exist in canada, australia and europe on the news, new york's initiative help or hurt the battle to reduce drug abuse? that's tonight at 7:00 eastern >> jury selection has begun for the minnesota police officer charged with killing dante wright kim potter said she meant to use her taser and not her gun when she shot wright during her traffic stop in april approximately. >> a longtime pilot of jeffrey epstein has resumed his testimony at the ghislaine maxwell trial. she was second to epstein in finding team age girls to sexually abuse scott, back to you. >> appreciate that rahel solomon. let's talk about the calls i men mention before we went to break. wells fargo, the target 272. steph, it's been tough owning this thing so i'm curious as to why you still do >> absolutely.
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because it's cheap and a free cash flow yield of 7% and they'll generate le11 billion b 2024 china's certification of the 737 max which is important and the third of the 737 max in inventory are for chinese companies. so this is a very big announcement when it comes and it's coming soon and it's a re-open name, on days when you think we'll re-open fully and we're not going to have closures and we don't have problems with covid strains, it's going to trade on that, right that's why it's so volatile, but i do think there's value there it's a kick on the weigh stock all things are, call when you take the pandemic out of it. sure, the stock would be higher than where it is now and the company keeps shooting itself in the foot >> restructurings take time remember ge and how long that took and then it did pay off, so i'm looking for a long-term opportunity. stay patient i have it right sized and i do
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think you'll have it in the next year or 18 months. ge's paying off already? remains to be seen, but we'll talk about that later. >> that stock is far from over square, upgraded to neutral, bank of america. let's talk about this, degas, because you own square part of this note is on the fact that dorsey is out on twitter and theoretically, there's more time to focus square than bitcoin or whatever else these g days what do you think about this >> any time as an investor i have a ceo more focussed on the company that i own, those challenges are around, can they focus on improving profitability and also the increase in do competition. so can square distinguish itself and actually have a great implementation plan? that's what i'm looking for jack
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dorsey to look at, focus and do. right now we have a market perform on this company. we don't have a full position in it, but we'll really continue to watch square >> doc, you own square calls and what i find more interesting for today's news is you bought paypal shares and calls. >> yeah. i agree with degas' comments on square and i think this is one that's going to do much better, scott, with dorsey's focus and you mentioned, of course, his fascination and commitment to bitcoin and cryptos. i think that's another driver here as far as paypal, everybody seemed to be bold up after the earnings and it popped after the venmo statement, scott, and the guidance was what knocked it down and people were still buying it at about 205, and i thought that was still too rich. i was getting into it pretty aggressively today from 186 to 182 today i've been buying
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paypal both stock and setting myself up with upside calls about three months out into the future, scott. so i do think the future is bright for paypal and i think after this 30 or more percent sell-off from its highs, but from the highs that you're buying it, at i think, a great value here and venmo is going to be something that does give jack some fit, but i think jack over at square can deal with it. >> wooe talke're talking about docket he reiterates under weight morgan stanley target at 12 bucks and he did tell you that he missed it because he had downgraded ford in january of '21 and the stock has absolutely ripped and the stock has a 120% gain, i don't have the number
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right in front of me 112% over a year cramer says more to go jonas reiterates under weight. what do you say? >> i don't know how you under weight them, scott, with those lightnings just rolling out now, and i don't think you fade gm for the same reason with their electrified vehicles i think that is the time where you want to be writing that wave in there so i agree with jim cramer jonas, he's probably more focused and i read the note, scott that he talked about the legacy expenses that they have, both those companies as well as chrysler, have significant legacy costs from the pensions to many of the other deals that they've cut over the years that rivian and lucid and fisker and tesla and a host of others do not have and that doesn't mean that they can't get an exciting product out there that everybody wants and whether it's the bronco or the lightning, i think both those are good reasons to
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stick with ford. >> all right we will take a quick break we'll come back and we have jon's unusual activity on the other side and a big sell-off for stocks and the s&p 500, the dow and the nasdaq all under significant pressure this hour we're back right after this. ♪ nissan announcing this week a $17.6 billion investment in electric vehicles over the next five years the automaker looks to roll out 23 new electrified models and targets a 50% electrification mix by 2030 and that's your esg fast fact of the day among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand
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i want to show you the markets again. the dow down about 600 points. the s&p 500 down 74 1/2. that's 1 2/3%. 4580 and that's 260 points. i want to flag something there is a white house briefing going on right now related to covid. our meg tirrell flagging a comment from dr. fauci who says there have been 226 cases of the
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omicron variant detected in 20 countries so far none yet in the united states, though i think you would have to assume that it's a matter of when, not if, so we'll wait for that and that's the latest coming out of the briefing according to meg tirrell who dweeted that a few seconds ago. doc, you have unusual activity >> indeed, scott and today is an unusual day, right 600 points in the dow and energy stocks are down. they are buying devin energy dvn today, scott the january 46 calls with the stock right just under $42 so these are $4 out of money calls and i'll probably be in those four weeks and the second one, kraft heinz, not as far out of the money just out of the money, but those 34s and the 10,000plus of those bought, scott. i'll be in those two to three weeks.
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lastly, and this was one that i just exited the other day, crm, sales force. i know they have earnings after the bell tonight crm, they're showing big buying in the january 280 puts so in other words, after it touched right up there against 300, scott, it's been bleeding since then with the stock down here they're buying the 280 puts and thinking that after earnings it dives further. i'm in those puts right now, scott. >> i appreciate that update, doc. thank you very much. crude oil hitting a three-month low and fears about the new variant. jim cramer, charitable stock buying a sell-off and we'll debate it next i want to remind you as well, ka ka kathy cathie wood and at 10:00 a.m. eastern time and it's a chance to ask questions directly
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to cathie wood, as well, sign up at cnbc.com/pro. don't miss that. we'll be right back. cathie woodt cnbc.com/pro don't miss that. we'll be right back.
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♪ welcome back to "the halftime report. senator sherri brown just
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confirmed to me he is talking to the white house with nominating richard cordray as the vice chair of supervision he is responsible for shepherding the nomination to the senate floor he says he knows cordray from his days at director of the cfpb but he is talking to the white house about several other names as well for the fed's three open seats. both men are from ohio so it is likely cordray would receive the support of senator brown again, senator brown confirming richard cordray is in the mix as ce cirial nominate for the fed's viha back to you. >> thank you very much we will come back with final trades next. (soft music)
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welcome back take a look at chevron i'm showing you that because it is a new buy for jim cramer in the cnbc investing club. stephanie link, you own this no big surprise then that jim buys it. he says, after you receive this note, we will be initiating a position in chevron, buying 350 shares at roughly $114.56, following the trade chevron will represent roughly 1% of the charitable trust by the way, cramer is going to join us for the hour right here on "the halftime report. exited about that. steph. >> i think he should buy more. this is quality assets, they've done a great job in mna and asset sales, good job on cost controls, lowering capex, precash flow is higher than expected, buying back stock. i scratched my head why it has
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logged exxon year-to-date by 10%, trades at nine times ebitda quality company. yeah, on the pull backs i would be adding to it. it is a very big position for me >> you with us tomorrow? >> i am. looking forward to it. >> you can tell jim to his face he should buy more i look forward to it we will talk about that. final trades steph, why don't you give me one while you are at it. >> united health care, had an analyst day and reiterated guidance for 2022. numbers are de-risked, high quality company. you want to buy this stock >> good stuff. degas. >> enphase energy, leading energy company focused on solar panels and storage solutions >> okay. josh brown >> amazon. i think your risk here is boredom. when it breaks 3600 i think there could be very big upside >> the doc >> sounds like good boring to me, josh i would go with cliffs right here, clf, scott i like the upside.
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i like the infrastructure play clf, i bought more calls today >> we have 15 seconds left i just saw the dow is down about 633 points comments today from the fed chair and the testimony on capitol hill certainly helping the sell-off along today all of the major averages under significant pressure this hour appreciate you watching this show it does it for us. "the exchange" begins right now and we'll pick it up with the sell-off i'm melissa lee in for kelly chair. the fed chair tanking the markets. he says inflation is not saying it is transitory let's get to dom chu nor the damage we are seeing today >> the damage is session lows. if you look at the dow we are off 630 points, roughly thereabouts. 1.75% to the downside. s&p 500, 4577 there,

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