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tv   Fast Money Halftime Report  CNBC  January 19, 2022 12:00pm-1:00pm EST

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causes some consternation. >> trying to get back above 30 today after getting to 29 and change yesterday, robert pretty remarkable. thanks for that. robert frank >> the earnings will trickle out and we'll get you knighted tonight and we do have a statement out and overall watching the vix still above 23 and oil close to 28 and i'm sorry, 88. let's get to the judge and the half >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner the index now officially reaching that mark within the last hour falling 10% from the closing high in november this as rates continue to high for a couple of years. the investment committee here to make sense of all of that. joining me for the hour today, liz young, steve weiss, joe teranova and jon najarian, co-founder of the dow and the s&p, and the nasdaq has dipped negative
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the russell in negative territory, as well 184, that's the yield on the ten-year it got up to 190, that's a two-year high and that's why you have consternation in the markets joe teranova and we are in correction territory for the nasdaq how are you trading it >> well, it's interesting there's a tremendous amount of volatility right now a lot of the trading that is going on in the derivatives markets and futures and options and today has a defensive field to it, unfortunately, financials down and energy is actually down with the spot price of oil which is expiring tomorrow, pushing towards $88. utilitieses higher and consumer staples higher, as well so there is this overall defensive feel however, i do think we are in the process of trying to find a bottom for the component of technology where the free cash flow generation is here and now.
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it's present and that's a lot of the companies like a microsoft, like an adobe, like a cisco, hike an oracle and not the innovation technology. so bottoming is not a moment in time it's a process, and i think we're beginning and at the stages of doing it one last moment, we pierced in the qs before the january 10th low and we quickly snapped and reversed higher and we're following through right you in >> so, liz, we're below the 200-day movement on the nasdaq and apple is kind of the only of the majors holding on for dear life right now to break away from correction territory. alphabet's in it down 10% from its high microsoft, 12% amazon 16.5, meta, the former facebook, 16 nvidia is 27% from its high. apple is 28%, what are you watching that's most important right now? >> one of the things that's important to point out is we've
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had dip buyers in this market, right around the nasdaq for th 6 to 8% level for the last year and a half and finally this year that has broken down so what we saw yesterday obviously dipped below the 200-day moving average those dip buyers come in and they don't stick around as long and now it's a matter of what are they buying and how long will they hold onto it there are three things that investors need to remember in 2022 fundamentals obviously matter and valuations finally matter again, and you also have to look at the financial health of a company. so this is a time period where you're looking at you can evaluate companies based on fundamentals and valuations and both of them should trigger. last year we couldn't really do that with valuations everything was so expensive. now we're looking at a time when things are going to meet up and it's going to make more sense. i think the big tech names this year are not going to be the huge standouts given the environment, but there's a lot of other places in the indexes that can come in and take the lead we just have to step away from
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that tech stock and not fall so much in love with it with other spaces and i would still hold on to the cyclical trade and the small-cap call >> steve weiss, you told our producers this morning it's a, quote, do-nothing market yet and you are doing something and that is back shorting the qss and smh among other things and why do you put that on again >> those are hedges, so i'm not expressing a view that directly that the qs or the nasdaq is going to go down dramatically, nor am i expressing a view that thd china demand has fallen off a cliff in what has been a seasonally strong time and that's for cell phones specifically, but i just
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that this is a do-nothing market and by that i mean they're too optimistic while crying in their milk momentum got us to where we were on what was historically easy money for an historically long peri period of time with a balance sheet higher than it's ever been momentum can't cut both ways and i believe it can and i believe it will continue to overshoot to the downside and take a look at applied materials and i think that's an inexpensive stock. multiples are way too high and we have forward multiples on the nasdaq at 27, 28 times historically it's 20 and you're in a massive tightening cycle. so there will be better times to get in by neutralizing my exposure i'm still net long 50% to 60% and they found a day by neutralizing the equity exposure
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and i'm not going to worry about what is going on up or down and i'm not going to miss it the market is not going meaningfully above where it is now for any point in time from where we're in this tightening cycle and it is a more aggressive fed >> we'll have rick reeder come up in a few moments and we haven't heard from him in several months we'll hear more about the fed and today i want to talk to dr. j who looks like he's off the slopes at least for the moment >> yep >> so, doc, you're a nimble dude, right? you're telling me, is there nothing short term trade around in the tech complex whether it's mega-cap or the cathie wood-type stocks the innovation fund was 52% from its 52-week high i'm just curious if you look at the teslas or shopifys or block and the former square, coin base or zoom, or shopify or palantir,
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things you've traded in the past are you not doing that today >> i'm really not right now, scott and it's not out of fear it's because i don't have a catalyst in there in terms of the buying activity of either calls or puts. i'd be happy to short them if they were buying lots of puts. when you and i talked friday from st. moritz, scott, i was talking about the nasdaq and the qqq in particular being above the 200 day. the measure with the qqq it is five points above the 200-day moving average it's 365 for that moving average, we're at 370 when we came on air or thereabouts and i have some s&p 500 puts, scott, that i bought last week because they were buying aggressively in march puts in there.
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i have those iwm puts, but i don't have qqq puts because i think we are going bounce at those levels, and if and when we do i think we'll be able to pick up good stocks, if not great stocks at those levels i've been buying kohl's. kss. yesterday it had strong activity again. in the face of decent sell-off the last several days, lvs which again, you and i stock up for unusual activity last week gets another upgrade today. shares are up another, i think 2% or thereabouts. >> so there are definitely areas. 3%, there you go so there are definitely areas where you can still be buying and/or selling, but -- and i'm still holding on to those iwm puts, scott, although i'll pin the out we are at the 52-week low right now for the small-cap index and the russell 2000, iwm. so do i pull the trigger there
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do i get a bounce there? i know what i just heard from liz. she likes it at this level i should probably be taking off some of those puts and hopefully i'll get some off if there's any kind of a movement, but if i can just have ten more seconds, scott. the vxn is actually down today that's the measure of risk in the nasdaq vix, of course, measures s&p 500 and vxn is the nasdaq and that one has drop happened today. it's not moving up so if someone wants to hang their hat on something they can say is the worst over? it gives me hope that that 365 level does hold in the qqq >> ubs says while we see 10-year levels climbing to 2% by june. we can get to 2% on friday and 2% by year end we do not forecast a sharper rise let's assume for the time being and let's just take this at face
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value and say maybe this current streak is about to come to an end for yields are you telling me that an oracle down 20% or a service down 25 and autodesk down 26 adobe down 26, snowflake down 30 are not attractive if rates can sort of stabilize and stop this daily rise >> okay. ready? here it goes a u.s. ten-year right now is 1.84 so the yield is actually beginning to relax a little. german ten-year back in negative territory. >> positive. >> to your point, nasdaq is rallying as we're speaking so ready i'll give you three trades did you have to put the trades on and you have to accept a very low risk. >> are you putting them on >> let me -- >> i just wanted to make sure you're putting them on >> when i give the trades i want to give the trades first
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then i'll tell you what i'm putting on crowdstrike. once crowdstrike with a 170 stop fortinet with a 290 stop and adobe with a 499 stop and you can go in, sorry, steve weiss, you can go in and you can buy the qs with a 370 stop i'll buy the qs and i'll buy adobe later this afternoon using those stops. >> why did you give fortinet if you're not going to be doing that one >> i gave the viewers -- i mean, if you want me to do them all and only give stocks based on what i'm doing >> i don't want you to do anything, joe. i don't want you to give trades when you don't have the same skin in the game that you're urging other people to do. that's all i'm asking. that's the only reason i'm asking i just want to see if you're doing it, too. >> scott
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fortinet has been in the joe t. etf since november 2020. don't question my skin in the game it's there, my friend. >> i'm not questioning your skin in the game you're giving trades and don't be so sensitive. it's all good. >> steve weiss, you want to take that same question now they're well off their highs. what if rates do start to stabilize? maybe they are now >> look, i think you'll see tradable bounces on them and i think you have to use type stops on the indices and the etfs, but at the end of the day i can't just buy the valuation at a snowflake at 260 than any more than 360 so it's going to be a short term pop. that's it. and i think cathie woods is talking her book as most of us do, but she's got a bias she's got a whole complex built around owning those stocks. >> okay, weiss >> let me do this.
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>> no. since you're talking about cathie wood, i'll read you something that she tweeted forgive me for interrupting you, but i want to read you what she tweeted and i want you to answer quote, the disconnect between valuations for -- what do you think of that statement? >> i would tell you that's patently false sure it's true with some, but with others it's nowhere near true now there's way too much money chasing private transactions and that's the toughest thing. so it puts an unreasonable price on some of them, but not all of them i'm looking at some things that are just frankly, you know, much cheap in equity markets. so i look at epic games, for example. epic games is still cheaper and
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epic games is throwing off a billion dollars of free cash flow every year, making money. unity is losing money. how is that arbitrage unfair to the public markets it's not it's a case by case basis. i don't think that statement reads particularly true. >> liz young, interesting note out today from ned davis research, closely followed by some of the big money says reducing u.s. equity outlook from bullish to neutral, moving 5% from stocks to cash from u.s. asset allocation and shifting to large caps what do you make of that tactical move by ned davis research >> i'm going to make an assumption that neutral u.s. outlook means something in the camp of normal return so we'll call that 6% to 8% returns i think that's probably reasonable i don't know that moving to large cap, i'm not sure where it
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was coming from. i'm not sure that moving to large cap is necessarily the play in this environment if you look over history, small cap value is the only asset class that has outperformed inflation in every decade. so i would be diversifying more on a size basis. i also think with you look internationally, this is the year of divergent. so not just divergence among sectors which we're already seeing if you look at energy versus tech year to date, but weal see divergence across regions and the sort of unyielding outperformance of the u.s. and i don't know that it's going to move up as much this year i think there are a lot of opportunities outside the u.s. so if i were going to call it neutral u.s., i would say neutral u.s. and be deploying capital into some of developed europe, into asia -- developed asia and i'd be looking maybe at cash to deploy more capital just as an option outside of bonds. >> let me throw the ball back to joe, and i think he needs a pick me up after that segment
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are we good, joe just so there's more context to the headline that i read which was moving 5% from stocks to cash for u.s. asset allocation and shifted to large caps because it is an outright bearish call and implies a 5% to 7% annualized gain for the s&p 500 and we remain overweight stocks relative to bonds give me your view on this call here >> i think that investors are still holding on to small-cap equities because they fit the characteristics fundamentally of what you want to own right now in this market as we go through this monetary tightening cycle so i'm just not going to sell out of my apple. i'm not going to sell out of my microsoft. i'm not going to sell out of my alphabet i'm going to hold on to those and scott, right now, small caps really are not providing you the
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type of outperformance that you would be expecting as we move forward. so i disagree with that. i like the balance, obviously. i like having some mid-caps, as well, but i'm still going to hold on to large cap exposure. let's bring in our headliner, black rock's rick reeder, cio of fixed income and head of the global team. welcome back it's good to see you again >> thank you, sir. thank for having me. when you did come on last you reiterated your view that equities are going higher and those were your words and that's the way you said it and confident as ever. three months later, are they still going higher what do you make of where we are today? >> i would say it with a definitive i don't know at this point. i mean, quite frankly, it's a big departure. first of all, scott, equity market had a bit to go, it was up 27% last year and your panel
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was describing it right. we are in a tightening cycle and we are in a tightening cycle which i think is unclear at this point. listen, the fed has gone a long time of putting qe into the system and now we'll learn more about how fast they'll have to pull it back, and nobody's ever seen a paradigm where a fed is doing qe up until a time now that they'll start raising rates and then maybe reducing the balance rate as you get later into the year and it's a time for reflection and it's come a long way and maybe we'll pause i still think equities are going to be your best asset class relative to the bond market. i think equities can be up 10% this year. how they get there i think is unclear and i'm looking forward to next week and seeing how chair powell does it and how policy is going to be and how quickly they feel like they have to bring the economy and bring inflation back down again. >> a time for reflection we're throwing on the mamas and
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the papas and sitting down and reflecting, looking out the window and think about the equity, rick i mean, the market is assuming that you're getting four hikes and qt, and we can show the probabilities there at content highs. do you believe what you see in the chart? are you also expecting that to play out that way? >> i think that's about right. listen, i think rates and the 10-year is going to 2% and i think it's what you said earlier and get help with these markets are and you can see that i think the 10-year will go to low twos and you think about where we come from and i still think the earnings will be good this year and you'll hit what could be 12 to 15% earnings growth you lift the discount rate a little bit and i have to
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recalibrate to a discount rate, and can you have reasonable returns? i think so, but boy, it's not, you were saying i was so bullish last year. you had qe and nominal gdp over 10%. that is nirvana. for an equity way, that is quit different. we'll get uneven and volatile and you have to manage your portfolio relative to this >> you say low twos, by when because it seems that we could be there by friday so, listen, the markets are pretty thin. i think we're going to get there. listen, i don't think we're going much higher and that's the important point and if we'll get there in the next month or two or take four or five months to get there. i don't think some of the radical calls that have quite frankly dislocated investors they'll have to lift where they end up going with rates and how quick three they end up going
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much faster and that will push rates dramatically higher. i don't think so chair powell in the senate testimony was pretty thoughtful of how we'll describe this and we'll hear it next week. i think we'll move three to four times next year and the data over the last couple of months and the last few weeks has been softer retail sales was a bit softer and industrial production was a little bit softer. the empire survey was softer and is the fed going to tighten on what is a moderating economy >> you think that the fed still has cred, rick in the speed that they seem to have changed their view and acknowledged that they were wrong on inflation which they were and now we're up to four hikes plus qt considering where we were just a few months ago?
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>> i think this fed was genius and how flexible and how adaptive and how thoughtful it was getting into covid and i think you have to cut them some slack with how you come out of a pandemic and by the way, going back into one i think is pretty hard listen, and i've been pretty open about it. i think the qe went way too long i think they should have stopped the qe early last year and now pulling back -- you can't pull back that hard because when you drain liquidity and we saw this in 2018, it is not the same as when you're adding liquidity in. when you train liquidity, if you hit too hard, marks tend to have a harder time with that than people realize people are good when markets go up and when you're trying to delever the system, and land the plane softly that can be harder when you're draining liquidity >> i mean, josh brown on the show has made the suggestion that the market is ahead of itself on its view of the fed
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that the market is doing some of the fed's job for it, and that it's going to give the fed cover to be slower than people think do you buy that? >> i don't think the fed is that laser focused on every tick in the market that being said said, i think there's some truth that the fed would like it see financial conditions back off. they've been extraordinarily easy, too easy and the valuations, and the leverage in the system and the financing rates that were being applied to assets was getting too aggressive, so i think the fed very, very profoundly wanted to see financial conditions up a bit. as the market comes down enough to alay the fears and some recalibration and less of what was extraordinary risk taking i think the fed will be comfortable with that being the case >> by the way, when i suggest at
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the outset that you were as bullish as bullish can be and rightfully so. the goalposts have moved in the past few months. so i was expecting some level of pivot from you i just wasn't sure to what degree we were going to get that i do find it noteworthy as i'm looking for the allocations for the sectors and you are head of the global allocation team, 14.5% tech so the largest allocation of what you have is to tech >> i would say a couple of things first of all, i do believe technology is the right place to be over the longer term and we're not investing. when you think of how tech has done in the last three years and how we think it will be going forward, i still think it makes a lot of sense to have technology as a big part of your portfolio. if you think of where we'll be in the earnings power of the tech companies, yes. i think one of the things that i think steve said and others have said, do you manage your risk
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underneath the surface using some hedges and using some put option, et cetera, to manage what your exposure to the market is absolutely we've done some of that, but when you look at earnings growth ask where we're going, i still think tech is part of your portfolio. if you're not investing for the next six months and investing for a longer period of time. you have to be careful over the next couple of months. if you're a long-term investor, believe in tech. >> can you sit tight ask let me take a quick break and i want to get the committee involved and you have not been on in a while. ribrk thack after the eawi ck rieder. more trade ahead don't go anywhere.
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>> welcome back. i'm rahel solomon and here is your cnbc news update at this hour the new york attorney general tisha james is disclosing new details into her civil investigation into form donald trump. the evidence suggests that the company put fraudulent values on multiple assets and misrepresented those values to financial institutions th these events took place when donald trump, ivanka trump were in charge. this comes as johnson continues to face calls to resign from other members of his parliament. one conservative member telling johnson in the name of god, go
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johnson is currently embroiled over controversy that he lied about hosting staff parties during england's strict covid lockdown period. major airlines around the world are rushing to cancel or change flights to the u.s. as the rollout of a new 5g wireless service spikes safety concerns that comes as verizon and at&t agreeing to temporarily limit the launch of the service around some airports. airline executives warn that the 5g service can cause disruptions and potentially interfere with radio signals. with more on specific news that air carriers are taking, tube into "the news" with shepard smith at 7:00 eastern. >> rahel, thank you. we are back with blackrock's rick rieder. you think we can do 10% this year for equities. when does the market begin to settle down and you know, make back what we may lose and then get to the point where we can actually build something and put
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something together and getto the 10% you think equities can do >> so, scott, i go back when all else fails i go back to the math, and i really think about if you assume the economy will grow at 7 plus percent nominal gdp, if that's right then corporate revenues should grow at 7-plus percent revenue. you have the stock buyback, et cetera and you can get 10% to 15% earnings and no doubt they're accelerating and the operating leverage is real say that's right and you increase the discount rates and the equity market can get you a ten and it's a wrong and it's a 12, i don't know i think we have to get more clarity from the fed around this tightening and quite frankly, it will be a lot more comfortable if some of these prints could
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still show some pretty high numbers, and if that's so it will keep them behind the curve and i've got to be careful i'm not sure how fast it will go and that makes it uneasy and it's definitely not going to be a straight line there and i do believe that the economy is showing some signs of moderation and i do believe that we'll see some amelioration of some of these real pressures on inflation while it stays sticky. you will see it come off of these really extreme levels and that will give people some comfort, but i think that's going to take a little bit of time >> this is one of the problems, though, right? if you say that the economy is showing some signs of moderation even if you're coming off extraordinarily high levels. you get a fed that is tightening aggressively, we think, into what is a slowing economy. even if it's slowing off of a huge level it's still a slowing economy when they're doing what they are with policy and the qt on top of
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it >> take the starting point we are still putting quantitative easing into the system it's putting liquidity into the system and we're sitting at interest rates at zero to pull back to closer to neutral. if you get the funds rate to 1.5% and interpret what have we learned since then and we get payroll reports and a lot of payroll reports, let's reduce a bit of the balance sheet and be deliberate on how we do it and pull back from emergency conditions and then where the inflation is around 2% and real and it looks like you will have what is still sticky, but 2.5% to 3% inflation and you have a normalized growth paradigm and weir off emergency condition, boy, that is an environment i can live with, but we need hear that and we need see this in terms of the data before we can get comfort around that. it's just the starting point
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today is too easy and how we get from here to there is unclear. >> think everybody would agree with that well said statement. let's bring in the committee joe teranova, question for rick rieder >> hey, rick, good to see you. >> you, too, sir >> you talked to a lot of advisers and what they will tell you with picked income investors they are utilizing technology as some form of income solution do you think that's the right strategy or does that present a risk to the market so it's a great question there are -- listen, i think part of any environment that you have where you don't have a lot of hedges and things are correlating differently, it becomes a lot trickier your point is well taken in part of what is the interest rate exposure and what is the financials exposure and what is the exposure and they're all in the equation which i know you do and you think about. it's trickier today so you had
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to go to other places to get them and equity was your way to get income and now it's trickier in this tightening environment so yes, that does create more volatility as you rightly said. >> what part of fixed income do you like today for viewers who are into that? >> so a couple of places first of all, the securitized markets are in great shape and financial residential real estate those are the core of where we like the market with fixed income the emerging markets are starting to get pretty interested where local rates are. the credit markets are still okay we're going a bit higher quality in places like investment grade as opposed to last year and we did more in high yield and there are still ways to generate a positive return to fixed income and you have to be more nimble and you have to keep your interest rate exposure pretty moderate in this environment >> high yield get worrisome to you any time soon, do you think? >> so, you know, i think the
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point that is really significant around high yield and i don't think the valuations are attractive and high yield, but we're also not going see a default cycle and you have nominal gdp at the levels you're at, you're not going to see defaults and what disrupts high yield is a movement in higher rates and also the potential for the onset of recession and to create more defaults and i think we're far from that and the need for yield is so big still today that it doesn't give me a lot of concern. have i reduced a lot of it i have because i don't think the valuations are that exciting anymore. i think the loan market is more interesting. >> last question, liz young? >> hi, rick. >> hi, liz we've been conditioned that the fed is here to sieve the markets and i'm in the drawdown that they're okay with the drawdown because their first priority, and rebuilding their buffer
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because we're two years out from the next market bottom where am i wrong what would be the breaking point in the market that would make them pivot dovish again? is it the spread between 2s and 10s? is it a drawdown what is it >> it's a great question listen, i think the fed is very much focused on the core economy, and i generally think people overstate the fed's interest in the market's valuation levels listen, if we drew down and there was a reason that we drew down to 10 to low double-digit percent and yes, do i think the fed would certainly slow down this dynamic around how much this would tighten and it would have to be precipitated by something with the core economy and inflation that i was causing a real concern, because i truly believe, i don't think the fed put it there, and i think they're really focused on how do you bring down inflation for the consumer today and what are the mechanisms that we utilize to get there. >> we kwcovered a lot.
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i appreciate the time. thanks for the extended period with us. >> the mamas and the papas, i'm not that old >> you said reflection and that was the first thing i thought of >> i understand i appreciate it anyway >> black rock's rick rieder. i know we'll talk to you again happy new year still ahead, jon has unusual activity we have bank earnings we have to trade as well. steve weiss is trimming a jim lebenthal stock. i don't think it's just to make farmer j m, imadbut it might be. we'll talk about that as well next
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welcome to the etf portion of the halftime report i'm bob pisani inflation-fighting etfs are all the rage and let's talk about that with kevin o'leary chairman of oshares kevin, with inflation such an issue and how are you positioned and what should investors be positioning to address inflation. >> all of a sudden quality matters and cash flow matters and distributions in the form of dividends matter and sectors that have pricing power inflationary times and so one of
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the reasons we've seen such pressure in tech is that ps tend to get impressed and so if you'll be using an etf you want to have diversity around sectors that are really strong in pricing power. so think about this, health care right now as we're coming out of the pandemic at some point and all of the elective surgeries that haven't happened for the last two years will come piling in that matters and i'm talking out of the book when i say this, we focus on quality and cash distributions. ousa is up to 40% of my holdings and it is an etf that has high quality pieces of the s&p and it gets rid of and it's a rules-based etf that says give me companies that do well in inflation that have pricing power. so do people pay for consumable goods and inflationary times yes, they do they have to eat they've got to buy health care products and they have to do things that they do every day even though these companies have the ability to raise prices as
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inflation comes in and they certainly have and that's why we're seeing inflation and a gre ggregate, and like the ones inside of ousa >> yeah. i see your oshare quality etf and you were just talking about trading and about in line with the markets right now. you have companies like procter & gamble, johnson & johnson, microsoft, home depot, verizon in here. all of them high quality, high dividend yield is that an effective inflation-fighting strategy right now given what we're dealing with >> yes, it is. and one other attribute. i like boring. big and boring, big, fat cash flows. that's what i like because at times like this, when you have a portfolio of high-quality names you reduce your volatility and that's what ousa is designed to do and that's what it's done for years, and i like that when you're trying to preserve wealth
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at a time when there would be a lot of volatility and the area to look at these days is people have ignored the european postal code for years they hate europe for whatever reason however, there are massive companies over there poised to do well in inflationary times particularly in health care and consumables, as well and names like nestle that people think is an american company is swiss and that's inside of oeur an index of 50, really big, high quality and really boring companies, just like i like them. >> all right much more on inflation-fighting etfs coming up on etf edge, cerf inwill be joined by scott latner and also is alexei who runs the netflix corporate real estate etf. this is a very interesting real estate investment vehicle that was off a 4% yield and we'll talk about preferred and high-yield bank loans and to get more yields from your
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investments. etf halftime right back after this what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today.
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>> all right wer back steve weiss, i hope jim lebenthal is watching and i hope he's sitting down because you trimmed his largest position which is cleveland cliffs. why did you trim this one, steve? yep. >> first of all, jim is watching because he hangs on to my every word and that makes hem a smarter person i'm trying to keep a lid on my exposure as i explained in my first block. you sell stocks like this when the multiple is lowest and they look the cheapest and you buy them when they're damaged and i think they will do okay. i bought eastman chemical last week, and i think that will far outperform cleveland cliffs, you know, it got capped out at 25 it's been a good stock and still made good money on it, but frankly, i don't see you breaking out of this near-term trading range regardless of how
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they use the cash flow if it's kodak, on the other hand gets re-rated and i much prefer being there and i didn't want to put on any more big positions. >> i've been watching literally every tick on twitter and there's no response yet from jim. maybe he's busy or he's trying to gather his thoughts before he responds to you, but i'm certainly keeping my eye out i will report. >> i actually -- scott -- right. i actually haven't washed my car now. >> rell quick. this sofi news and i knew liz had a pep in her step today. big smile on her face. sofi, they get approval from the bank charter you own the stock. get me a comment on that, please >> so now they're a bank and tell me where you can find a bank that can give you 40% to 50% revenue growth and expanding margins and that's unheard of with the banking industry. that's the bank that fits the
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characteristics of being a growth opportunity for investors and that's why i'm holding on. looking forward, by the way, to hear what anthony has to say this evening with jim. you just did the promo for me. liz's boss anthony noto, sofi will be on at 6:00 p.m. eastern time and liz will be watching for sure. >> i'll be watching. j w>>oeill be, too. a lot of other people, too ugh esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve,
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l all right. doc, unusual activity. what do you got? >> well, let's start off with some energy, scott, because oil is at a seven-year high. that means some of the other energy providers are also going to be in huge demand, like cameco ccj. obviously uranium and so forth a big 23,000-lot print in the march 24 calls hits with the stock at 2140. so i jumped back into cameco, ccj. i will probably ride this for the next two months. next one, biocrest, bcrs somebody bought 5,000 of the february 13 calls. that's an in-the-money call, scott, because the stock is trading 1470 so i jumped on those as well >> all right hey, i want to call your attention to shares of ford. joe, you see this? you own these shares, right? it is the biggest plunge in
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eight months for ford, happening today. props to jon for pointing this out, reaching out and sharing this, too. biggest plunge in eight months analysts are talking about inflation, higher costs, supply chain affecting the auto names today, but it is one ugly chart on this trading day. it is down 7% over this week much of that damage happening just today as i said, that is the worst decline on an intraday basis for ard in some eight months. were back with "final trades" right after this
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well, would you look at that? jerry, you gotta see this. seen it. trust me, after 15 walks... gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! ugh. unbelievable. a different day, different stocks on the banks. morgan stanley is up today, joe. a lot of pain in the banks
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lately >> it is >> you own morgan stanley. you sold out of goldman, we documented that. morgan is up 2%. what are you doing with this one? >> i'm staying with it equity trading revenue up 13%. that's exactly what you wanted to see in this report from morgan stanley and they delivered. >> okay. weiss, bank is kind of flat. it is up a little bit. moynihan will be on, first on interview on the "closing bell." i know you will be watching that with everybody else. what is your quick reaction to this >> i think brian and his team did a great job. trading is down, butimportantl loan growth was up near 3% net interest income up 3%. that's why i own this, because i think those will drive this stock and the financials higher. i'm looking to add to goldman. haven't done it yet. >> weiss, give me a quick name for final trades going around the horn quick. >> cash. >> liz >> global health care. >> all right
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joey >> crowdstrike i'm going to buy it as well as adobe and qqq. >> good stuff. thank you for that dr. j. >> microsoft, added to upside calls, scott >> okay. let's take a last look at the market as well i mentioned the nasdaq going into correction, down 10% from the closing high in november that will remain a big story the move-in rate to be followed closely as well. that does it for us. thanks for watching. "the exchange" is now. ♪ thank you very much, scott hi, everybody. i'm kelly evans. the nasdaq in correction territory this afternoon, down 10% from its highs the fed driving the action, and despite the stock market pain many believe they must still tighten aggressively we will talk about it. and the chip stocks taking it on the chin the smh yesterday had the worst day in nearly a year all lower this year. we will tell you who they are and how much more downside there might be a preview of the airlines reporting and alcoa out after the bell remember them? having a ptt


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