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Halftime Report
The Committee's 2026 Outlook 1/5/25
00:52:35
Courtney Reagan and the Investment Committee Debate what 2026 will hold for stocks and how you can trade it. Plus, the desk share their latest portfolio moves. And later, we hit the latest Calls of the Day. Investment Committee Disclosures
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- [00:00]
Julia Boorstin
What does it mean to live a rich life? It means brave first leaps, tearful goodbyes, and everything in between. With over 100 years experience navigating the ups and downs of the market and of life, your Edward Jones financial advisor will be there to help you move ahead with confidence. Because with all you've done to find your rich, we'll do all we can to help you keep enjoying it. Edward Jones, Member SIPC not every sale happens at the register. Before AT&T business Wireless, checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people will say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sale or two. Sometimes I do miss the bonding time. Sometimes.
- [00:55]
Scott Wapner
AT&T business Wireless, connecting changes everything. I'm Scott Wapner, and you're listening to CNBC's Halftime Report, the podcast the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in. All right, Carl, thanks very much. Welcome to the Halftime Report. I'm Scott Wachner. Front and center this hour, the state of stocks as the markets truly get back to business in the new year. We will trade it with the investment committee, of course. Joining me for the hour today, Joe Terranova, Steve Weiss, Jim Laventhal. We'll of course get to all things markets in just a moment. But any minute now, just blocks from here, the deposed president of Venezuela, Nicolas Maduro, will appear before a judge for the very first time. Our Contessa Brewer is outside that courthouse in lower Manhattan with what we can expect today. Contessa.
- [01:48]
Contessa Brewer
Well, you're seeing some of it unfold right now, Scott, that there are a massive, there's a massive crowd of demonstrators where with competing interests here in lower Manhattan. This is outside the courthouse where now police have just brought in new barricades because there are pro Trump, pro US Intervention demonstrators clashing with those who are furious that the US has intervened in any way, shape or form. They're demanding the release of Nicolas Maduro. So while all of that is happening outside of the courthouse, inside, Nicolas Maduro and his wife Celia are expected to face the judge for the first time. This is the initial court appearance where they will hear the charges outlined against them. Pretty serious charges here relating to narco terrorism, importing cocaine, weapons charges. Basically, you have the Department of Justice prosecutors arguing that the Maduros have used this massive cocaine trade to fuel their power grab in Venezuela and they are there to face charges. The Maduro son as well as two other high ranking officials also indicted here. So we are waiting for this court appearance any moment. Scott. We'll keep our eye on it. Waiting for news from our producer inside. But outside you can see there is a lot of action here that is worth keeping our eye on.
- [03:07]
Scott Wapner
Yeah, for sure. Four counts, 25 page indictment. We will follow those developments. Contessa come back to you certainly as needed. Thank you very much. That's Contessa Brewer nearby outside that courthouse today. Let's talk about the markets guys as we really feel like we're getting down to business now for for 2026. So stocks are higher. We know that. There's your look at the market picture here. Just past 12 noon in the east. Dow is a record high today, good for 750. Just about that's one and a half percent. Risk assets for the most part are rallying. Bitcoin is higher today. A lot of people have their eye on the energy markets. What say you about these markets today?
- [03:41]
Steve Weiss
And safe havens as well. Also rallying when you look at precious metals. So it's an interesting blend of both. I don't think it's a referendum on the entire year. I disagree with that premise where you know, you say okay, what you do on the first day of the year kind of sets the tone. But it is an extension of the sentiment that we had in the fourth quarter where we believe that looking into 2026 you would have a strong degree of optimism surrounding Fed policy surrounding earnings growth and the ability for the market to broaden. And I think that's what's reflected today. You're seeing the broadening in the market. The one sector that I'll highlight is the financial sector. From my perspective, that financial sector really benefits from the confluence of tailwinds that didn't exist previous to 2025 from the introduction of the regulatory reform. And for those that were concerned in the fourth quarter about valuation being the obstacle, the sector itself from a valuation perspective is appealing.
- [04:36]
Scott Wapner
Yeah, well, record highs today. On that note for bank of America, JP Morgan, Goldman Sachs, Wells Fargo, Morgan Stanley. Kramer was talking about it earlier. Weiss said this is the group to own. Speaking to the banks, says they're cheap. Pointed out JP Morgan at 16 times earnings that going to report earnings in about 10 days or so. Leslie Picker pointing out today that the big six U.S. banks added an additional $584 billion in market cap combined in 2025. There's a positive note today on Mike Mayo looking ahead to earnings. Is this the place really, as Joe's pointing out, to keep your eye on here in the early part of the year.
- [05:15]
Joe Terranova
Yeah, I like, I like the group and you know, I've been saying I'm looking for an opportunity to buy Citi or Morgan Stanley and JP Morgan's recently come into that because I do think it's cheap. Despite the major move all these companies.
- [05:28]
Scott Wapner
Have had you at Goldman's up 8% year to date and one and a half trading days.
- [05:33]
Joe Terranova
Yeah. And as a result, and because of what's happened the other side with the matters which have started, which have recovered nicely but not back to their old highs, my two largest positions are actually Goldman and Taiwan Semi, which we'll talk about later. So they will benefit because when you take a look at private equity and how they've had the gates in terms of not being able to come to the market with IPOs and even with, with secondary transactions, I think the floodgates do open.
- [06:04]
Jim Laventhal
Yeah.
- [06:04]
Joe Terranova
And I also believe that while we've seen, sure we see some headlines about big MMA deals, but we're going to see a lot more M and A, particularly with a less restrictive regulatory environment. So this is panacea for the banks. And when you consider how their balance sheets have been, are in better shape in terms of protection from downside than they've ever been coming out of 08, I think that this is the place for them now. See, you'll see a continued rerating in terms of how they're valued.
- [06:34]
Scott Wapner
52 week high for Citi. So it's joining the party as well, Jimmy. That's the highest since November of 2008. That's the stock that you have liked the best in the group. You own JPM too, but that's the one that's done quite well. You could take it from any perspective you want. I'd like to just, you know, through your eyes what you're thinking about the markets today as we embark on a new year, we have the Venezuela situation to keep an eye on. And as we think about what these markets may do and what stocks could deliver in 2026.
- [07:03]
Jim Laventhal
Yeah. I think the core principles here, Scott, are you've got a rapidly growing economy, you've got inflation that while not at the Fed's target, continues to come down. You've got a stimulative budget bill and all of this comes together, not to mention deregulation. This all comes together to see profits growing possibly 15% this year. And that is a growth rate that absolute. Absolutely can support the 22 times multiple on the S&P 500 and grow the equity markets modestly from here. But I do stress the word modestly because I don't think you're going to get multiple expansion. So in terms of where we believe you're going to see the best bang for the buck, we're not saying sell technology, but like Steve and Joe were just talking about, we do believe financials, we do believe health care, industrials and I'm going to dare to say energy, which we'll get into, I'm sure in a moment. Scott? Yeah, but we wrap this all up in my saying that the equal weight S&P 500 is something that we are recommending our clients have in their portfolio. Now this is not just sort of licking our finger and sticking it in the wind. We see earnings growth in the other 493 stocks besides the Mag 7 actually picking up and growing more than the Mag 7 by the second half of the year. And that is the fundamental reason that we think the equity rally will broaden.
- [08:11]
Scott Wapner
We agree with that. I mean that's the yard. Denny the Ed Yardeni perspective today is very much that as he, he cites what he calls AI fatigue, says it's mounting. He likes exactly what Jimmy's talking about. Financials, industrials and health care, especially biotech. Bullish on gold now recommend market weighting rather than overweighting information technology and comp service.
- [08:33]
Joe Terranova
Yeah, I'm not. So look, I was pretty bullish my opening comments about financials. However, you know, overall in terms of the market, there are a couple of questions you have to ask. The first is how much of everything you said as the bull case and the tailwinds has already been pulled forward into the market. None of those are secrets, right? That's what I think. So I think you have pulled through demand. And then the second question is, are we having. And I'm not saying a bubble is about to pop, but I do think there's a part of the market that's not completely rational and to me that's no more evident than what we're seeing today with oil and other factors. I don't see fatigue in the trade. I'm taking a look at, at the knock on effects of the air trade, which like fta, which I own, which is up nicely again because they're going into generators.
- [09:21]
Scott Wapner
But which part of what you just, you just said part of the oil. The oil market's not rational the way it's reacting today. In what sense?
- [09:27]
Joe Terranova
In the sense that a few ways that, that we're going to, that you've underspent markedly on the Venezuelan oil infrastructure. Now, it's going to take a while to bring all that out of the ground. But when you do, that's going to mean more oil. We're already in an oversupply situation and we already have OPEC committing to further raising quotas. And we may, in fact, with Venezuela being part of opec, I don't know if they'll stay part of OPEC if the, if the US is influenced. So what I see is more oil coming to the market, which should pressure oil prices. You know, I've got the USO, for example, which is not the best example, up 1.6%. So to me, to buy these oil stocks now, Chevron, you could argue, right, because maybe they get the assets back. You know, maybe they're the most dominant there and they could drive greater value from assets. But overall oil prices I see going low.
- [10:24]
Scott Wapner
But Joe would tell you that all energy stocks are not created equal.
- [10:28]
Joe Terranova
They're not.
- [10:28]
Scott Wapner
So I think that's the way that he would approach it. If you look, Joe, at, you know, the refinery stocks, for example, and we can cycle through any number of them, the Valeros of the world and some others that you will see outsized gains in those names relative to some of.
- [10:43]
Steve Weiss
The other jobs or let's go through it, because look, I agree with you. I think this means more supply and this pressures the spot price of oil. But this is about profitability for the energy companies, about an existing presence. So look at oil field services. Schlumberger has the largest presence in Venezuela. You're seeing, obviously they're well positioned. You're seeing a significant appreciation there as well. You have Halliburton, Baker Hughes that will also participate. But this is about the fact that what Venezuela produces is heavy oil, very similar to what's produced in Canada. So if you look up at Canada and you see today the performance, performance from a Suncorp or Canadian Natural Resources, those stocks are down today. BP is down today here in the US Diamondback ticker symbol fang, that is down today. So this is really about the ability to be profitable in Venezuela, which the refiners can do because heavy crude trades at a discount to light crude. And if you have the ability to efficiently produce that heavy crude, you're going to be more profitable. And that's where Valero is really well positioned in this regard.
- [11:52]
Jim Laventhal
Joe, you know, I was in Marathon Petroleum for many years and I'm going to dare to say I know a thing or two about refineries. It's been 25 years since we've had meaningful Venezuelan supply. 25 years during which the refinery complex, and Joe, I know you know this complex well as well has adjusted because in the late 20th century it was all, it was always oriented towards that heavy tar like crude coming from Venezuela. In the last 25 years they've modified the refineries to run a lot more of the light sweet stuff, stuff that comes out of Texas. Now I'm addressing this from the perspective that there's going to be some flood of oil from Venezuela anytime soon that's not going to happen. It's going to take years for that infrastructure to get back in place.
- [12:29]
Scott Wapner
So it's really some of the hyperbole from Washington.
- [12:33]
Jim Laventhal
Thank you.
- [12:34]
Scott Wapner
It's a much different picture. You know what's more complicated, you know.
- [12:36]
Jim Laventhal
It'S not hyperbole is to say that the energy sector has actually been a fantastic place to invest for many years. And I think it's gotten a lot of negative attention. People haven't felt that when, if you look at the last five years, just take the XLE before, before we even get into picking stocks, whether it's refiners or ExxonMobil. Take a look at the XLE. All right, that is up about twice what the s and P500 is up over the last five years. That's a total return. And that's something that people haven't talked about mainly because you go through periods like mid 23 through 2024 where it doesn't do that much. But this is the ultimate long term investment. And as I've said all along, and we'll say it again, the place to start if you don't own energy is Exxon mobilized. That stock over the last 25 years has returned 250%. The S&P has returned 98%. It's right there in front of your face.
- [13:23]
Scott Wapner
Speaking of the S and P, as we look at the market sort of as a whole, we finished the year kind of a whimper, right? Despite, you know, some of the thoughts that you're going to have a nice run into year end, you're going to have the Santa Claus rally, etc. All that being said, we're what, 85 points from S&P 7000. So as we watch that, Jonathan Krinsky today with an interesting note says the S and P needs to close today above 69.09, spot 79 to avoid a negative Santa Claus rally. The last two years were also Negative. He points out there has never been three straight negative Santa Claus rally periods. What do you make of that?
- [14:03]
Steve Weiss
I wonder if you apply that to the S and P equal weight if you would have the same scenario and I suspect suspect you would not. I think what Jimmy pointed out earlier where there is a little bit of a pivot in the direction of the s and p =8 and obviously I'm speaking from the perspective of my own book because it benefits Jyoti being an equally weighted etf. But I think that's what's happening. I think we're seeing this pivot to the broadening out narrative benefit, the equal weight. I don't think that's at the detriment of your Nvidia or your Amazon or some of the Mag 7. I just think that the market's going to find other opportunities elsewhere. And it looks as though the turn of the calendar is being greeted with capital coming into the market that maybe was sitting out a little bit of the last half of Q4.
- [14:49]
Scott Wapner
Well, I mean the NASDAQ still up 200 points today, you know, which is.
- [14:54]
Steve Weiss
Again, that is largely attributable to what we're seeing in the semis. And we'll talk about the dramatic divergence in performance performance between semis and software. And I anticipated something completely different. I was wrong in that regard. I thought you get mean reversion, but it's the semis that's really powering the Nasdaq higher. And one other point on that on Friday, if you think about the performance of semis, it was actually remarkable to see that the NASDAQ was actually able to not be down even further than it was on that dramatic reversal that we saw. Semis have been the story in technology.
- [15:28]
Scott Wapner
There's a heavy narrative weighing on software. You know, Jim said it this morning, Kramer did software stocks just don't stop going down. RBC with a note today that AI is the death of software. That narrative still remains. Yes, they have favorite ideas which are owned by some on the desk and some wherever you're watching, whether it's Microsoft or Okta or ServiceNow. The fact of the matter is if you look at the performance of the IGV versus the SMH in 2025, it is a beat down. Okay. It is a. It's like the Jaguars versus the Raiders. Okay, IGV up five and a half percent for 2025. The SMH is up 49%. Does that mean revert in 2026 or do we still have a over overhang of the narrative that we just said that software AI is killing software. And stocks like Salesforce, ServiceNow and some of these other names just can't get out of their own way. Adobe, for example, and others.
- [16:32]
Joe Terranova
Yeah, I think Adobe was downgraded today by.
- [16:34]
Scott Wapner
It was, it was downgraded today to hold from buy at Jefferies target to 400 from 500 on. Lack of catalysts. Right. What's the catalyst to bring this group.
- [16:44]
Joe Terranova
And that's the point and that's the way to look at it. So will the overhang persist? So overhangs dissipate for two reasons. Even the valuations become so cheap, you really don't care about the overhang or you have finality to the argument one way or the other. And I don't see that we have finality to a displacing software narrative anytime soon. And I think about Microsoft a lot. It's not one of my largest positions, but it's still significant because I just don't have that many positions. And it's been dead money since July. Yeah, it hasn't bounced when the other bounce.
- [17:21]
Scott Wapner
There it is. Look at that chart. Right. Exactly what you're saying. It shows it.
- [17:25]
Joe Terranova
So despite cloud and cloud's the big driver here, you know, I can get cloud elsewhere. So. So I think about it every day. Is this just going to be a utility, essentially a slow growth utility. It's going to keep a premium valuation to the market, but not going to outperform. And I think that may be the way that we are for a while because of the overhang, because that's the poster child for software. So I also believe what that indicates is that all AI plays, they're not going away, they're not going to be, you know, it's not going to be a bad place to, to invest. You're just going to have to be more careful in where you invest in those. Yeah.
- [18:03]
Scott Wapner
Because if, if that's the poster, as you say, for software, then let's throw up Salesforce 2025, which some would suggest is the poster for SAS.
- [18:13]
Mike Santoli
So.
- [18:13]
Scott Wapner
And there's a serious question about AI and its impact on, on the whole SaaS model. There's a look tells it better than anybody could say.
- [18:21]
Steve Weiss
Okay, while I'm speaking, if we could throw up a one month on Salesforce, because obviously you're always looking inside your portfolio when something's not performing to the expectation, trying to discover why in fact that's happening. And by the way, from a point personal perspective, I sold out of Twilio.
- [18:36]
Scott Wapner
You sold Out Twilio tell us why by the way, as that stock got downgraded today to neutral from overweight. It was at Piper Sandler they bring the target into 148. They had it at target's 148 from 145. So they raised the target a few but they downgrade the stock purchased it.
- [18:53]
Steve Weiss
On December 3rd at 131. It's not an ETF. I wanted to own it individually because I believed you would see this mean reversion trademark between software and the semis. What you're witnessing in the last several days is a clear struggle for software to gain any momentum to close the gap and experience that type of mean reversion. So moving to the sidelines here as it relates to Salesforce as I mentioned before, when things are not going right in your positioning in a particular industry, you try and discover why and observing momentum right now in the software names. To Steve's point, it looks brutal across the board. Whether It's Octa, Palantir, ServiceNow. The one name that's interesting if you could show up that one month is Salesforce. Salesforce on a 30 day basis relative to its software peers. We've been looking actually is exhibiting a degree of outperformance. So that's the one name I keep my eye on here because maybe something's building where you could return to a position there.
- [19:51]
Joe Terranova
You know, if you want to take a look at. This is an overstatement but if you can put up the chart of ttc put up a five year chart or a three year chart if you have wait for it to come up. This is a call center company, right? Call center, web design, all that. Take a look at what's happened to it. Call centers are just not needed because you can do it through AI and you could spend the money internally. It's not a big expense and you have much more competition. So that's what can happen. I used to own that stock. I owned it around 80, but it's, you know, didn't lose money unfortunately. But that's the story and that's what software companies or software company investors should worry about. Not to that degree but if you look at it, that's the direction so.
- [20:37]
Scott Wapner
The market ask me this then you make me want to jump off to another point which is just 2026 become the year where we firmly look at the not the disruptors of of AI but the disrupted in a more meaningful way. This one would seem to be somewhat obvious frankly. You talk about the call center, obviously the disruptions, their stocks down 95%. Do we need to open our. The aperture up a little bit wider and take a look at what other pictures are going to be fully distorted?
- [21:05]
Joe Terranova
Well, I think that's what's happening with, with the Microsoft just being flat and others moving higher. So. So it's a very difficult landscape to navigate with software. You just don't know. So the market's saying, I'm just going to sit on the sideline and wait till it turns out.
- [21:21]
Scott Wapner
Let me go back to Contessa Brewer. We said this court appearance from Nicolas Maduro was expected any moment. As we begin our program, we do have an update, right, Contessa, we just.
- [21:31]
Contessa Brewer
Got news that Venezuelan President Nicolas Maduro has pled not guilty to the four counties facing related to narco terrorism and weapons charges. His wife Celia has also pled not guilty, according to reports from inside the courtroom. The judge said, are you Nicolas Maduro? Yes. Anything that you say here can be used against you. How do you plead? He said, I'm innocent. I'm a decent man. I am president. The defense lawyer says it's a plea of not guilty to all counts. The defense lawyer is Barry Pollock of Washington, D.C. who's been known for representing Julian Assange and negotiating his release after the WikiLeaks charges. The deputy says, have you seen the indictment? And Maduro says he has seen it but not read it. He says, have you discussed it with your lawyer? Maduro says partially. How do you plead? Maduro says, I'm innocent. I'm not guilty of anything that is mentioned here. Maduro also told the judge he had been captured and that he can say considers himself a prisoner of war. The judge pretty much shunted that conversation aside to get to the legal matter at hand. So again, prosecutors here at the Southern District of New York have been working on this for decades. The global cartel's investigation began in the early 2000s. And in 2011, there were indictments related to these Venezuelan leaders. The first indictment with Nicolas Maduro named in 2020. And basically you've got prosecutors saying they ran this massive drug trafficking and human smuggling scheme with some of the biggest drug organizations in Latin America in order to fuel, they say, Maduro's power grab in Venezuela. We're waiting for more details from our producer inside the courtroom. But for now, that's where things stand.
- [23:16]
Scott Wapner
Scott, do we actually expect today, Contessa, that we will learn of a set trial? And also, I would presume that once. I'm sorry.
- [23:26]
Joe Terranova
Go ahead.
- [23:28]
Contessa Brewer
It is entirely possible that the judge sets a trial date today or because this is all unfolding so quickly, they could set just another preliminary hearing, a procedural hearing or something like that to talk about bail. Now, are they going to let Nicolas Maduro out on bail given everything the United States military went through to capture him? Unlikely.
- [23:52]
Scott Wapner
Contessa. Thanks, Contessa. Brewer outside the courthouse in lower Manhattan, as we said, let's just pivot back to the market for a couple more minutes. We were talking about certain things, you know, reverting to the mean things that have underperformed. Do they get back towards any sort of equilibrium maybe with some of the other stocks that have done well? I'm looking squarely at Apple and Amazon because they so dramatically underperformed, formed the cohort of mega cap tech in 2025. And I'm thinking about as CES kicks off, which is a big deal and maybe part of the reason why the Nasdaq in and of itself is, is up in anticipation of the Jensen Huang keynote, which is going to be later today at 4:00 Eastern. John Ford, by the way, is going to have an interview exclusively on Fast Money tonight. So you don't want to miss that. Brad Gerstner of Altimeter is going to join us tomorrow and he's going to talk about that obviously, and then all things tech as we look ahead to the year in 2026. But what about this idea? Apple has a lot to answer to, don't you think, and Amazon maybe too, that Amazon says, hey, we're big players in AI and the stock market says.
- [25:00]
Jim Laventhal
Meh, well, the stock market says that, but I think it's, I think Amazon, the company is proving itself in Amazon Web Services as being a legit top tier player in terms of AI. Apple, Apple, as you just said, Scott, has a lot to prove. Just to cut to the chase, I am much bigger in Amazon than Apple and that is my way of reflecting what I just said. It's also my way of reflecting that I think the valuation in Apple is way ahead of itself versus Amazon. We often talk on this show about valuation not being a proper catalyst to take a strong action, buy, sell. And that's true because valuation mismatches can occur for a long time. But what it can be helpful for is to deciding how much of a stock you want to own in your portfolio. With Apple at this multiple and still not having figured out AI, I'm happy to be underweight at Amazon with all the pistons in its engine, including Amazon Web services, including logistics, including the retail business, and its valuation which by the way, if you stripped out all the R and D and all the business building it does would be a lot lower. I'm happy having that as an over.
- [25:58]
Scott Wapner
Sounds like it's a show me and we'll see. Speaking of, I've got to get some more news. I do have breaking news regarding General motors. Our Phil LeBeau joining us now with that. What do we know, Phil? Scott, We've got the Q4 sales results for General Motors and it was a decline of 6.9% here in the United States in the fourth quarter with EVs not surprising here dropping 43%. But one other statistic to keep in mind, Scott, for the full year in the United States, General Motors sales were up 5.5%. I'm not sure how many people expected that given everything that we've seen happen with with regard to tariffs, EV policy incentives, etc. But again, GM up 5.5% in terms of US sales for all of 2025. Scott, I'll send it back to you. All right, Phil, appreciate you. Thank you. That's Phil LeBeau. We'll take a quick break. Up next, we have many calls of the day on some big name and widely owned stocks. Uber and Netflix and Disney and others. We'll do them next. Comcast Business helps retailers become seamlessly restocking.
- [27:00]
Jim Laventhal
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Scott Wapner
It's how nationwide restaurants become touchscreen ordering.
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Jim Laventhal
Quick serving eateries and how hospitals become.
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Scott Wapner
The patient scanning data managing healthcare facilities.
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Jim Laventhal
That we all depend on.
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Scott Wapner
With leading networking and connectivity, advanced cybersecurity.
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Jim Laventhal
And expert partnership, Comcast business is powering the engine of modern business powering restriction supply.
- [27:25]
Julia Boorstin
Not every sale happens at the register. Before AT&T business Wireless, checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sale or two. Sometimes I do miss the bonding time. Sometimes.
- [27:50]
Scott Wapner
AT&T business Wireless connecting changes everything.
- [27:56]
Julia Boorstin
What made you confident that you could do something that hadn't been done before?
- [28:00]
Contessa Brewer
I have no fear of failure.
- [28:02]
Julia Boorstin
Trailblazing women, changing the game One of my favorite pieces of advice, think about.
- [28:07]
Contessa Brewer
What your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself.
- [28:14]
Julia Boorstin
Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players New episodes every Tuesday. Wherever you get your podcasts.
- [28:38]
Dominic Chu
Welcome back.
- [28:39]
Scott Wapner
Dow's good for 727 points. New record high today. I want to focus on Uber for a moment. Downgraded to a sell at Melius, the Target goes to 73 from 100. The stock did not finish the year. Well, the narrative seems to have shifted and so has the chart. If you back it out a little bit more for what I'm talking about last three months maybe rather than intraday, you'll see what I'm talking about. You own the stock, right? Down 14 and a half percent over three months, down 9.5% over one month. The downgrade today says if growth were to moderate and or further standalone expansion, announcements from the likes of Waymo and Tesla were to come. In the US market there is certainly risk that doesn't seem fully appreciated in the market today. That seems to be the key risk in the story.
- [29:25]
Steve Weiss
I don't disagree with that. I owned it personally and in the ETF and recently as I mentioned, sold it out personally. One of the reasons why is I did not like that the price action continued to fail, bumping its head against the resistance between 90 and 95. The other challenge is when you look at sentiment universally, you see bullishness analyst community right now, 80% buy rating with a 12 month price target of 11180 has been strong support for this stock. Unfortunately my feeling is from a technical perspective that a break below 80 could occur here in the first quarter. And that's why I did not want to own it in both places, the ETF and personally.
- [30:06]
Scott Wapner
Weiss, what do you say? You own it?
- [30:08]
Dominic Chu
Yeah.
- [30:08]
Joe Terranova
This has been my sell list for a while and I was waiting for to break through 100 and this, got caught off guard, was paying attention when it failed and kept going down. It's still on my sell list. I'm losing money on it, which is kind of tough to do in Uber. So as the story changed, the story has changed. Story has changed. If you go back to overhangs now, clearly the overhang is robo taxis. And do you believe what they're doing there or what they're trying to do? I don't think robo taxis are a big issue right now. Actually think it's going to be a little while. But the market doesn't seem to be patient at all with these kind of stories. See how they work out. They go to what's working and why. It's momentum market which talks the risks that Jimmy mentioned on overvaluation. So I'd say I'm a likely Seller of this, you may ask, well, why did you sell and take advantage of the tax loss on, you know, last year? And that would be a great question. But I keep waiting for it to get back into the 90s and like why, like why am I doing that so near term I'm likely to sell it.
- [31:12]
Jim Laventhal
Can I ask these guys a question?
- [31:13]
Scott Wapner
Go ahead.
- [31:14]
Jim Laventhal
Legitimate question.
- [31:15]
Scott Wapner
Right.
- [31:15]
Jim Laventhal
I'm not in the stock, but when I think about it, the first thing I think is it's a transportation stock. That's the first thing. I think transportations have rallied. Okay. This obviously has not. What is it? Is it an AI stock? Is it a software stock? Like what is a consumer stock?
- [31:28]
Joe Terranova
I look at this consumer stock.
- [31:29]
Jim Laventhal
Yeah. But then you look at something like Tesla or GM or something like that. A consumer oriented stocks. The winds, the Hiltons of the world. They've been doing. Well, I'm not calling you out, I'm trying to figure out what's going on here.
- [31:39]
Scott Wapner
Exactly what we talked about.
- [31:41]
Joe Terranova
Yeah.
- [31:41]
Scott Wapner
The competition for autonomous with Waymo and Tesla.
- [31:45]
Jim Laventhal
So it's okay, got it.
- [31:46]
Scott Wapner
I don't think it's any more complicated than that.
- [31:48]
Jim Laventhal
Right. So I'm going to qualify that as. It is not a transportation stock. It's not a consumer discretionary stock. It is an AI software stock. That's why it's, that's why it's stinking along with the rest of the software.
- [31:59]
Joe Terranova
Yeah, I don't know.
- [32:01]
Scott Wapner
I wouldn't go. I wouldn't go.
- [32:03]
Joe Terranova
I wouldn't say that.
- [32:04]
Jim Laventhal
I mean, I'm not in the stock.
- [32:05]
Scott Wapner
That's a bit of a leap.
- [32:06]
Jim Laventhal
Well, I'm not in the stock, but I look at it all, all the time and I'm trying to understand why this thing has turned into a dog when everything else with wheels is working well. So it's not, it's not a transportation.
- [32:16]
Joe Terranova
Well, here's you can, you can directly correlate the news announcements with robotaxis to the decline in the stock. That's really what triggered it. So that's 100% here. That's all that matters. And I think it's going to be an overhang.
- [32:31]
Steve Weiss
I think over the last several years, the tailwinds, this company came in two places. Number one, it diversified the model, the.
- [32:38]
Scott Wapner
Balance sheet and earnings.
- [32:39]
Steve Weiss
Exactly. It diversified the model with delivery and then the balance sheet because it was a hyper growth stock that now has become a stock that has growth at a reasonable price and it's profitable. And that was the reason in 23 and early 24 that you got excited about it. That's the reason why I owned it personally.
- [32:55]
Joe Terranova
Let me tell you why I owned it because there's scarcity value here. Because the lift was just kept bumping along. You didn't know if you wake up one day and they're out of business or they're retrenching further. So it's scarcity value to what the consumer and the business market wanted for transportation. Now I've lost that scarcity value with robo. Taxes come from Waymo, coming from Tesla, coming from Boyd, coming all over. Because don't forget, it's not just a U.S. company. Right. So that's the issue.
- [33:23]
Scott Wapner
And that's what, that's what set Uber apart from Lyft is all of the other levers that they had to pull. They were more global. Obviously Lyft is not. They uber eats and etc. They have that. Lyft does not. But now you have the, the increased risk, I guess from the competition. Let me, let me bounce to another name. It's Netflix downgraded today as well. CFA130 is the price target. You guys both own this stock too?
- [33:50]
Steve Weiss
Why?
- [33:51]
Scott Wapner
Okay, another one that hasn't traded all that well lately. Another one that has overhang. This one being, well, what's going to happen with its bid for wbd Warner Brothers Discovery? We're still waiting for that. There's your six month chart down 29%. What gets this thing out of the.
- [34:06]
Steve Weiss
Mud, I don't know. And I have to deal with this because I own it in two places. I own Spotify and Netflix personally and in the ETF for the better part of 2025. Tried to buy sports Spotify again in the last several weeks. Didn't work. But as it relates to Netflix, it is really just bumping at the bottom here. And I don't know whether it's walking away or losing out. Maybe that helps. I don't know what the fundamental catalyst is here, but it does not look good sitting between 90 and 95. It's just vacillating at this area and from the perspective of owning in two places, it's not good.
- [34:38]
Scott Wapner
I want to get one more in real quick. It's Disney I bring it up to because it has issues that we need to watch for in 26. So it was reiterated today, a buy 140 bucks is the price target at B of A succession. Yeah, Iger succession. Is that the main thing you're watching now through this year as you own this stock?
- [34:57]
Jim Laventhal
It's, it's not the main thing. It's important. It's obviously important.
- [35:00]
Scott Wapner
How do it not be the main thing?
- [35:01]
Jim Laventhal
Because I think we know who it is, right. It's going to be a heck of a surprise if it's not a co CEO between Josh tomorrow, Dana Walton. I mean, that would just be a very big surprise. I could be wrong, of course, but that's what the tea leaves read. I think the bigger issue here is execution, demand, particularly for the theme parks, but execution on all things, whether it's streaming, whether it's studios, whether it's theme parks and new rides and new attractions. Ultimately, I find that this is a stock to my opinion is undervalued. But to use a word that we used earlier, I've got fatigue on this. I mean, I really do. And so do clients who own it. It's just been kind of hanging out there doing nothing for the better part of a year.
- [35:37]
Scott Wapner
All right, let's get the headlines now from Christina Parts and novelists.
- [35:41]
Jay Jacobs
Hey there.
- [35:41]
Contessa Brewer
Hi, Scott.
- [35:43]
Christina Parts and Novelists
North Korean state media saying today that Kim Jong Un has overseen hypersonic missile tests. It comes a day after countries in the region detected the test and accused North Korea of provoking tensions. Reuters, citing North Korean state media, reported that Kim Jong Un justified the test test with the recent geopolitical crisis and international circumstances. Meantime, South Korea's president and China Xi agreed to expand trade and support regional stability in a Beijing meeting, according to the Associated Press. This says Japan and China see increased tensions over China's military exercises in the Taiwan strait. A roughly 535 pound bluefin tuna just sold for a record breaking 3.0 million at a Tokyo fish market. The previous record was set back in 2019 at $2.1 million. The massive fish was sold to a corporation whose owner runs a popular sushi chain.
- [36:36]
Scott Wapner
Scott Christina. Thanks Christina. Partzenovelis. Coming up, your ETF playbook for the year ahead. That is next in today's ETF Edge. What made you confident that you could.
- [36:51]
Julia Boorstin
Do something that hadn't been done before?
- [36:53]
Contessa Brewer
I have no fear of failure.
- [36:55]
Julia Boorstin
Trailblaz Women changing the game One of my favorite pieces of advice, think about.
- [37:00]
Contessa Brewer
What your boss's boss needs. Leadership can look in many, many different forms.
- [37:05]
Julia Boorstin
It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and power players. New episodes every Tuesday wherever you get your podcast.
- [37:31]
Scott Wapner
Welcome back. Dow is good for 727 points. New record high today. I want to focus on Uber For a moment downgraded to a sell at Melius. The Target goes to 73 from 100. The stock did not finish the year. Well, the narrative seems to have shifted and so has the chart. If you back it out a little bit more for what I'm talking about last three months maybe rather than intraday, you'll see what I'm talking about about you on the stock. Right. Down 14 and a half percent over three months, down nine and a half percent over one month. The downgrade today says if growth were to moderate and or further standalone expansion announcements from the likes of Waymo and Tesla were to come in the US market there is certainly risk that doesn't seem fully appreciated in the market today. That seems to be the key risk in this story.
- [38:18]
Steve Weiss
I don't disagree with with that I owned it personally and in the ETF and recently as I mentioned sold it out personally. One of the reasons why is I did not like that the price action continued to fail bumping its head against the resistance between 90 and 95. The other challenge is when you look at sentiment universally you see bullishness analyst community right now, 80% buy rating with a 12 month price target of 11180 has been strong support for this stock. Unfortunately my feeling is from a technical perspective that a break below 80 could occur here in the first quarter. And that's why I did not want to own it in both places, the ETF and personally.
- [38:59]
Scott Wapner
Weiss, what do you say? You own it?
- [39:01]
Joe Terranova
Yeah, this has been my sell list for a while and I was waiting for the break through 100 and just got caught off guard, was paying attention when it failed and kept going down on. It's still my sell list. I'm losing money on it which is kind of tough to do in Uber. So as the story changed, the story has changed. Story has changed. If you go back to overhangs now, clearly the overhang is robo taxis and do you believe what they're doing there or what they're trying to do? I don't think robo taxis are a big issue right now. Actually think it's going to be a little while. But the market doesn't seem to be patient at all all with these kind of stories. See how they work out. They go to what's working and why. It's momentum market which talks the risk that Jimmy mentioned on overvaluation. So I'd say I'm a likely seller of this. You may ask, well, why did you sell and take advantage of the tax loss on, you know, last year and that would be a great question. But I keep waiting for it to get back into the 90s and like why, like why am I doing that so near term I'm likely to sell it.
- [40:05]
Jim Laventhal
Can I ask these guys a question? Legitimate question. I'm not in the stock, but when I think about it, the first thing I think is it's a transportation stock. That's the first thing. I think transportations have rallied. Okay. This obviously has not. What is it? Is it an AI stock? Is it a software stock? Like what is it?
- [40:20]
Joe Terranova
Consumer stock? I look at this consumer stock.
- [40:22]
Jim Laventhal
Yeah. But then you look at something like Tesla or GM or something like that. A consumer oriented stock. The WINS and Hilton's of the world, they've been doing well. I'm not calling you out, I'm trying to figure out what's going on here.
- [40:32]
Scott Wapner
Exactly what we talked about.
- [40:33]
Joe Terranova
Yeah.
- [40:34]
Scott Wapner
The competition for autonomous with Waymo and Tesla.
- [40:38]
Jim Laventhal
So it's okay, got it.
- [40:39]
Scott Wapner
I don't think it's any more complicated than that.
- [40:41]
Jim Laventhal
Right. So I'm going to qualify that as it is not a transportation stock. It's not a consumer discretionary stock. It is an AI slash software stock. That's why it's, that's why it's stinking along with the rest of software.
- [40:52]
Scott Wapner
Again, I don't know, I wouldn't go, I wouldn't go there.
- [40:56]
Joe Terranova
I wouldn't say.
- [40:57]
Jim Laventhal
I mean I'm not in the stock.
- [40:58]
Scott Wapner
That's a bit of a leap.
- [40:59]
Jim Laventhal
Well, I'm not in the stock but I look at it all the time and I'm trying to understand why this thing has turned into a dog when everything else with wheels is working well. So it's not, it's not a transportation. Well, here's what you can.
- [41:11]
Joe Terranova
You can directly correlate the news announcements with Robo Taxis to the decline in the stock. That's really what triggered it. So that's 100% here. That's all that matters. And I think it's going to be an overhang.
- [41:24]
Steve Weiss
I think over the last several years the tailwinds for this company came in two places. Number one, it diversified the model, the.
- [41:31]
Scott Wapner
Balance sheet and earnings.
- [41:32]
Steve Weiss
Exactly. So it diversified the model with delivery and then the balance sheet because it was a hyper growth stock that now has become a stock that has growth at a reasonable price and it's profitable. And that was the reason in 23 and early 24 that you got excited about it. That's the reason why I owned it personally.
- [41:48]
Joe Terranova
Let me tell you why I owned it because there's scarcity value here because the Lyft was just kept bumping along. You didn't know if you wake up one day and they're out of business or they're retrenching further. So it's scarcity value to what the consumer and the business market wanted for transportation. Now I've lost that scarcity value with Robo. Taxis come from Weibo, coming from Tesla, coming from boys, Android coming all over. Because don't forget, it's not just a U.S. company. Right. So that's the issue.
- [42:16]
Scott Wapner
And that's what, that's what set Uber apart from Lyft is all of the other levers that they had to pull, they were more global. Obviously Lyft is not they uber eats and etc. They have that Lyft does not. But now you have the, the increased risk, I guess from the competition. Let me, let me bounce to another name. It's Netflix downgraded today as well. CFRA 130 is the price target. You guys both own this stock too.
- [42:43]
Jim Laventhal
Why?
- [42:44]
Scott Wapner
Okay, another one that hasn't traded all that well lately. Another one that has overhang this one being, well, what's going to happen with its bid for wbd Warner Brothers Discovery? We're still waiting for that. There's your six month chart down 29%. What gets this thing out of the.
- [42:59]
Steve Weiss
Mud, I don't know. And I have to deal with this because I own it in two places. Places I own Spotify and Netflix personally and in the ETF for the better part of 2025. Tried to buy Spotify again in the last several weeks. Didn't work. But as it relates to Netflix it is really just bumping at the bottom here. And I don't know whether it's walking away or losing out. Maybe that helps. I don't know what the fundamental catalyst is here, but it does not look good sitting between 90 and 95. It's just vacillating at this area and from the perspective of owning in two places, it's not good.
- [43:31]
Scott Wapner
I want to get one more in real quick. It's Disney. I bring it up because it has issues that we need to watch for in 26. So it was reiterated today, a buy 140 bucks is the price target at B of A succession. Iger succession. Is that the main thing you're watching now through this year as you own this stock?
- [43:50]
Jim Laventhal
It's not the main thing. It's important. It's obviously important.
- [43:53]
Scott Wapner
Important not be the main thing because.
- [43:54]
Jim Laventhal
I think we know who it is. Right. It's going to be a heck of a surprise if it's not a co CEO between Josh tomorrow and Dana Walton. I mean, that would just be a very big surprise. I could be wrong, of course, but that's what the tea leaves read. I think the bigger issue here is execution, demand, particularly for the theme parks, but execution on all things, whether it's streaming, whether it's studios, whether it's theme parks and new rides and new attractions. Ultimately, I find that this is a stock to my opinion is undervalued. But to use a word that we used earlier, I've got fatigue on this. I mean, I really do. And so do clients who own it. It's just been kind of hanging out there doing nothing for the better part of a year.
- [44:30]
Scott Wapner
All right. Let's get the headlines now from Christina Parts and Scott.
- [44:35]
Christina Parts and Novelists
North Korean state media saying today that Kim Jong Un has overseen hypersonic missile tests. It comes a day after countries in the region detected the test and it curious accused North Korea of provoking tensions. Reuters, citing North Korean state media, reported that Kim Jong Un justified the test with the recent geopolitical crisis and international circumstances. Meantime, South Korea's president and China Xi agreed to expand trade and support regional stability in a Beijing meeting, according to the Associated Press. This as Japan and China see increased tensions over China's military exercises in the Taiwan strait. A roughly 535 pound bluefin tuna just sold for a record breaking $3.2 million at a Tokyo fish market. The previous record was set back in 2019 at $2.1 million. The massive fish was sold to a corporation whose owner runs a popular sushi chain.
- [45:29]
Dominic Chu
Scott?
- [45:31]
Scott Wapner
Christina, thanks, Christina. Parts of novel is coming up, your ETF playbook for the year ahead. That is next in today's ETF Edge.
- [45:43]
Joe Terranova
All right.
- [45:43]
Scott Wapner
Welcome back. We have your 2026 playbook for ETFs now. Dom Chu has that in ETF Edge. Hey, Dom.
- [45:48]
Dominic Chu
Good afternoon, Scott. So 2026 is starting off with no rest for the weary. And it could be a pivotal year, particularly for those ETF investors. So let's set the stage. Joining me now is Jay Jacobs, the US head of equity ETFs over at BlackRock, the biggest asset manager out there. So Jay, given what you've seen in the news flow this weekend and what you expect in the coming weeks, what do you think are going to be the playbook elements for ETF investors in 2026?
- [46:15]
Jay Jacobs
Well, I think there's three things that investors are always looking for the first is what are the growth opportunities in the market? What are some of the big themes where people can capture major upside? I think the second, especially as we continue to see the wave of retirements amongst the baby boomers, is where can I get income, particularly in an environment where we might see rates coming down this year. And the third, if we see more volatility, how do I get better diversification in my portfolio?
- [46:37]
Dominic Chu
Now, how exactly are investors tackling those particular elements? The ETF offerings out there have become vast. So what exactly do you see as options for those investors targeting those types of themes?
- [46:49]
Jay Jacobs
Yeah, well, the three big ones in the growth category, it's all about artificial intelligence. We see a lot of focus on the leaders in AI like our BAI etf which is picking winners and losers within AI. The second in our income category, a lot of people are looking at covered call strategies, how you can get exposure to the upside while generating more income through option strategies within an etf. And third, in diversification, people are looking at things like Bitcoin. They're looking at gold, silver, a lot of unique assets that don't behave like stocks and bonds.
- [47:16]
Dominic Chu
How exactly are some of those investors targeting multiple strategies in say one ETF type product? Are there multi strat ETFs that are now addressing many of those themes all at once?
- [47:27]
Jay Jacobs
That's right. So we launched I alt Ialt, which is a multi strat alternative ETF from iShares. And it's really trying to get all different sources of alternative returns in one ticker. So you can think about this as playing different macro bets, different micro bets, looking to play different asset classes all wrapped into one to give that diversification to an investor in a very simple ticker.
- [47:47]
Dominic Chu
All right, it's a big conversation for sure. We're going to have a lot more on this over@etfedge.cnbc.com Jay is going to be joined by Todd Rosenbluth, the director of research over at Vetify. We're going to talk about all those multi thread opportunities. Scott, I'll send things back over to you.
- [48:02]
Scott Wapner
All right, good stuff, Dom, thank you for that. Dominic Chu. Coming up next, Mike Santoli, he's standing by for his midday word next. All right, welcome back. Contessa Brewer has another update from outside the courthouse just a few blocks from here.
- [48:30]
Contessa Brewer
Contessa, my producer has just come from the courtroom and there was chaos inside. There was a confrontation right after Nicolas Maduro had entered a not guilty plea where as he was being, they were getting ready to lead him from the courtroom, a man stood up and pointed at Maduro and said, basically, you will pay. Maduro turned around and declared that he was a man of God, that he was the duly elected president of Venezuela and said that he had been kidnapped. He did tell the judge that he was the prisoner of war, but the judge set aside that conversation and just went back to the actual legal proceedings here, which was the reading of the charges against him. The note guilty plea. Celia Flores de Maduro, Nicholas's wife, has shown up in court apparently with massive bruising on her face. Very clear to my producer who was inside the courtroom. Her attorney says that she needs to see to have some medical attention because she may have either broken ribs or severe bruising. He said all of that happened when she was captured in Caracas. The term judge did grant that there was also a request for medical attention for Nicholas Maduro as well, but no details were given about why he needs that. The judge has set aside the issue of bail for right now. So they're they are eligible to request it. They are eligible for a consular visit under their rights because they are not from here. The next hearing has been set for March 17th. We keep our eyes on this. But again, not guilty pleas from both Venezuela's president and his wife, Scott.
- [50:04]
Scott Wapner
All right, Contessa, appreciate the update. Thank you very much for that. That's Contessa Brewer. We'll step away quickly. Come back with Santoli on the other side. We're approaching an 800 point gain for the Dow today as Mike Santoli joins us. That is a new record high, as you say. The market's going to face some early tests for this. Yeah, maturing bull market.
- [50:36]
Mike Santoli
It doesn't seem particularly concerned at the moment. Definitely feels as if the kind of soft sideways close to last year left some, you know, pent up risk appetite out there. It's getting unleashed. And what's interesting today is first off on the Dow, it partly reflects the value comeback that we're seeing a little bit of value, S and p value up 1.3% today. But Goldman and Caterpillar are just, I mean they're so big relative to the other stocks, one's almost $1,000 a share. And so that's having outsized influence. But I do think also you have the high beta part of the market that's just also ripping. So I think today I would step back and say I'm not sure you're getting a clear message about what the market prefers except to say we did kind of rebound balance ourselves. You had some outperformance by cyclicals and it just sort of never yet cool off a fair bit over the last couple of months. And I think that's, you know, to the benefit today.
- [51:31]
Scott Wapner
The Jensen Huang keynote comes in a pretty good time for a lot of these stocks, right?
- [51:35]
Mike Santoli
It probably does. And you know, be interested to see what we can capitalize on from that. You know, when it comes to Nvidia in particular, you know, opens really high and gets kind of sold. And you know, it's been a little bit of a strength struggle there. So Worth, I'm open minded about it. The test though are going to be everyone thinks we can just underwrite 13% earnings growth. Everyone thinks that valuations are not a problem. I mean I think that's a longer, longer story as opposed to today.
- [52:02]
Jim Laventhal
Yeah.
- [52:02]
Scott Wapner
A lot of the other chip names have rolled as well. I'll see at 3. That's Mike Santoli. Finals are next. It's a big day for us here at cnbc. Our parent company Versant making its public debut. Dom Choo has more. Hey, Don.
- [52:19]
Dominic Chu
All right. So, Scott, the spin off of former parent company Comcast, which houses many of the cable and digital media properties that used to be part of the NBCUniversal portfolio, including of course, our network, as you point out, MS, now the Golf Channel, USA Network, Fandango, rotten Tomatoes and others is down roughly, as you can see, 14% or so so far today. Now Versant's when issued stock, which is a conditional trading vehicle used ahead of an expected debut, started trading back on December 15th at $55 per share as a reference price. It ended Friday's session at $46.65. It's currently hovering right around $40. Right now, some industry participants are attributing at least some of the selling pressure to selling from index tracking mutual funds and exchange traded funds that may have to divest of those version shares post Comcast because the shares are not part of the index tracking strategy in some of those fund mandates. So we'll keep a close eye on version but of course, a big day as you point out, Scott, for all of us here at CNBC and our sister companies as well. I'll send things back over.
- [53:22]
Scott Wapner
No doubt. Big and exciting as well. Dom, thank you very much. That's Dominic Chu. We'll do final trades after this quick break. All right, closing bell, 3 o' clock Eastern Time. Got a big market day shaping up. So we'll see how things go over that last hour. Dan Greenhouse, Cameron Dawson, Shonali Basak, Mike Mayo. Dan Ives. Bill Miller, the fourth with Bitcoin rallying, so a good time to talk to him as well. Hope you'll join me then. Farmer Jim. Farmer Jim, your Honor. Jim. You have a new title, right?
- [53:53]
Jim Laventhal
I do, I do. I'm the chief market strategist, so I'll still run my equipment equity portfolio, but responsible for more assets that go into the client's allocation. And just delighted to represent my team of 1500 colleagues.
- [54:04]
Scott Wapner
Okay. Congrats on that.
- [54:05]
Jim Laventhal
Thank you.
- [54:06]
Scott Wapner
What's your Lockheed?
- [54:07]
Jim Laventhal
Lockheed Martin. I mean, it's kind of obvious. And look, I want to make a Yosemite Sam reference here, but that's all I'll say on it. We're going to be in a hot war for a long time.
- [54:16]
Scott Wapner
Well, you can if you want.
- [54:17]
Jim Laventhal
I think I did.
- [54:18]
Scott Wapner
It wasn't elegant, but I did it in your way. It was elegant.
- [54:22]
Steve Weiss
Yeah.
- [54:24]
Dominic Chu
Twice.
- [54:25]
Joe Terranova
I'm not going to mention cartoons, but let's talk about QXO. They announced that there's a $1.2 billion convertible offering funded by Apollo.
- [54:32]
Jim Laventhal
And it runs out.
- [54:33]
Joe Terranova
It's only till July. What that means is an acquisition is forthcoming. That's why the stock's up.
- [54:39]
Scott Wapner
All right. McKesson, you bounced this one, didn't you?
- [54:41]
Steve Weiss
I did. Owned it since March of last year. Sold out of it today. I'm going to add some health care in the next few days.
- [54:45]
Scott Wapner
All right, I'll see you in a couple hours. On the closing bell. The exchange begins right now. You've been listening to CNBC's Halftime Report, the podcast. You can always catch us live weekdays at 12 Eastern only on CNBC.
- [55:01]
Julia Boorstin
All opinions expressed by the Halftime Report participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Such opinions are based upon information the Halftime Report participants consider reliable. But neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Halftime Report disclaimer, please visit cnbc.com halftimereportdisclaimer what made you confident that you could do something that hadn't been done before?
- [55:40]
Contessa Brewer
I have no fear of failure.
- [55:42]
Julia Boorstin
Trail blazing women changing the game. One of my favorite pieces of advice. Think about what your boss's boss needs.
- [55:49]
Contessa Brewer
Leadership can look in many, many different forms.
- [55:52]
Julia Boorstin
It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday. Wherever you get your podcasts.