← Halftime Report
Halftime Report
The Tech Trade Pulls Back From Records: Your Next Move 5/12/26
00:50:52
Frank Holland and the Investment Committee debate how to trade tech stocks as the sector retreats from record highs. Plus, the desk share their latest portfolio moves. And later, Josh Brown spotlights Capital Market names in his "Best Stocks in the Market." Investment Committee Disclosures
Loading summary
Transcript178 lines
- [00:00]
Edward Jones Announcer
A rich life isn't a straight line to a destination on the horizon. Sometimes it takes an unexpected turn with detours, new possibilities and even another passenger or three. And with 100 years of navigating ups and downs, you can count on Edward Jones to help guide you through it all. Because life is a winding path made rich by the people you walk it with. Let's find your rich together. EDWARD Jones, Member, SIPC it's smart to
- [00:31]
Discover Card Advertiser
always have a few financial goals and a really smart one. You can set earning cash back on what you buy every day. And with Discover, you can get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions. After all, you listen to this show see terms@discover.com credit card.
- [00:56]
Frank Holland
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. Thank you, Seaman Carl. Welcome to the Halftime Report. I am Frank Holland in for the judge. Scott Wapner front and center at this hour. The tech turnaround as the NASDAQ pulls back from record highs and the committee makes several new moves in in one red hot part of the tech trade. Joining me for this hour, we have a full desk. Josh Brown, Joe Terranova, Jason Snipe and Jim Leventhal. Before we get started, a quick check on the markets. Right now you see a lot of red up here. The Dow pulling back almost 200 points. The S&P pulling back 1%. The NASDAQ the hardest hit as we see tech pulling back, specifically chips pulling back about one and three quarters of 1%. And I left out the Russell down about two and a half percent. So technically the NASDAQ not the hardest hit. Josh, I'm going to turn to you. Great to have you here at post 9 today.
- [01:51]
Josh Brown
So exciting as we're looking at this.
- [01:54]
Joe Terranova
No, I'm start sarcasm off the bat.
- [01:56]
Jim Chanos
Why are we laughing?
- [01:57]
Josh Brown
I am.
- [01:58]
Frank Holland
Obviously we're coming off record highs yesterday. A bit of a pullback today. What do you make of this? It seems like part of it is a hotter than expected CPI. The headline number 3.8% higher year over year.
- [02:07]
Josh Brown
So what I find is the market does what it's going to do and then we look backwards and say what was the reason? And we can all come up with one. So if we want to use cpi, let's use cpi. But in reality, we had some very crowded trades and most of the damage right now seems to be the heaviest damage seems to be contained to the SMH names. And these are stocks that are off 200%. So for people to be sitting at a micron down 7% from its high. Obviously in a perfect world, everyone sells at the top, but the reality is live by the gun, die by the gun. If you're very heavily positioned in these stocks, you've done extraordinarily well. And this is the give back and you want to say, oh, it's just cpi, you can do that. I don't think the reason matters as much. And I think when you're riding crowded trades like these, the really key thing to do is not try to guess when it'll end because obviously nobody knows how to do that. But position size, like how much do I have? Do I do I have so much more of Western Digital today than I had when I put the trade on three months ago? Of course you do, because it's gone parabolic. So you can manage. You could stay in these positions if you want to. You can remain allocated to the AI Capex theme. But recognize it's not early way more people have stock now to sell than you're going to get new buyers. And if you have an appropriate position size, you can live through it.
- [03:35]
Frank Holland
All right, Josh, pointing out some of the SMH names, there's a lot of crossover when it comes to momentum names as well. Joe, coming over to you. You're a big proponent of the momentum trade. Barclays today upgrading momentum actually from neutral to positive now. Well, really, however, I mean, I'll read part of it. We have great momentum from neutral to positive as the rally has proven resilient amid the renewed risk on environment. Concerns around crowded positioning, as Josh has talked about, are mitigated by fundamentals with momentum delivering the strongest earnings profile. However, today, the MTUM ETF pulling back quite a bit, down more than two and a half percent. A lot, a lot of crossover though, Joe. A lot of chip names there like Broadcom and Intel, some of the top holdings there.
- [04:13]
Joe Terranova
Yeah, that's like becoming a Knicks fan when they're up 30 against Philly going into the fourth game. Look, momentum at has had a very powerful rally in Q2, up nearly 30%. And I believe one of the driving forces behind the Q2 recovery that we're experiencing is isolated to that momentum factor.
- [04:32]
Josh Brown
Now.
- [04:33]
Joe Terranova
A couple of things related to it. Josh talked about positioning. I'm always looking at positioning. Goldman Sachs last week puts out a report that says over the last relative to the last five years. Positioning in the momentum factor is in, guess what, the hundredth percentile. So we know positioning is full as it relates to allocating towards the momentum factor. You're now past earnings, so what else is going to feed that momentum factor other than price alone? And then what tends to really be the oxygen for the momentum factor is the rate environment. If you think back to when the significant outperformance for the momentum factor began, it was in the fall of 2024 and it correlated with the change in monetary policy and the beginning of lower rates. So the momentum factor likes lower rates. Am I surprised today that the momentum factor is down 2.8%? Not at all. I've talked about that over the last several days. It could very clearly unfold. And the question is, does it extend over the next several days? I wouldn't be surprised to see it do. So you have the S and P which is sitting somewhere close to 7% above its 50 day moving average. So you just kind of understand this is the environment. This is what has been the winning strategy in the current quarter. And you're now giving back some of that outperformance. And over the next several days it can continue. Be prepared for that. I don't think you jump up and down and say, okay, I'm going to add to positioning because I'm getting the momentum factor down 2.8%.
- [06:10]
Josh Brown
I think you just have a little
- [06:11]
Joe Terranova
degree of patience here.
- [06:12]
Frank Holland
All right, so you're mentioning higher rates right now. Part of that is the CPI story, the fact that it's higher than expected. So I want to come over to you, Snipe. How are you dealing this higher than expected cpi? A lot of notes came out today. I'm going to point to one from Julia Herman from New York Life. She says cuts are still possible. I think a lot of other people are looking at the other central banks around the world. They're actually hiking rates. And that's a bit surprising. I think that point of view from her, what is your thoughts on the impact of CPI in this market? Josh says we kind of look back and look for an explanation. But do you think this is a big reason for the pullback?
- [06:41]
Jason Snipes
I mean, relatively in line, right? I mean on the, on the top line, you know, headline I should say CPI 3.8% highest it's been in two years. More concerned about core. As I look through the bleed through that was obviously a little bit hotter than expected. But to Joe's point, I mean, yields are up across the Curve. I think that's also a story as you kind of look to what's been flying. Obviously the, you know, the Semis are now 15% of the index. You know, crude's up 4%. You know, I think these are. And we're taking a breather. You know, we've run a lot. The SMH is up 25% in the last month, 50% year to, to date. So, so for me, I think it is a little bit of a mixed
- [07:22]
Joe Terranova
bag with all these factors.
- [07:25]
Jason Snipes
And I think to, to Joe's point as well, I think it deserves a degree of patience and prudence going forward. I think it could create opportunities. But let's see how this thing plays out over the next several days. I think that's what I'm watching for
- [07:36]
Frank Holland
when I think of patience and prudence. Who else? Jim?
- [07:38]
Jim Chanos
Lady, thank you. Well, listen, I've had six minutes here to listen to what everybody said was that stuff. No, it's wonderful. It's wonderful. The post facto analysis that Josh, you're referring to. I agree that is quite often what we do. There's another sort of phenomenon though in the markets that when the markets are rallying in the face of bad news, we tend to brush off the bad news. And there has been a lot of bad news, mainly on the Persian Gulf recently. And yet just yesterday we were setting an all time high in the S&P 500. Where I'm going with this is there are some things that I do think are troubling that may actually rear their ugly head in the not too distant future. So this is before the fact. I'm saying I'm not, you know, not getting overly worried. But look, the Strait of Hormuz is still closed, all right? And you know, if we go back a month, six weeks ago, we would have said, oh, it's going to be over by the end of March, it's going to be over by the end of April. And yet here we are. Gas prices are higher, diesel prices are high, fertilizers and getting through, aluminum isn't getting through. And the price shocks that we see today in the CPI are likely to continue. So I'm not trying to, you know, shout fire in a crowded theater, but I will say that, hey, the chances of a rate hike by the end of the year have crept up to one in three. Now that's a very sporadic Fed Funds futures market. That can change tomorrow, I will grant you. I'm just saying there's some things that maybe we shouldn't ignore with regards to what everybody's been saying, though, about the recent price action. Look, when you have things going parabolic the way the semiconductor industry has, and particularly a name like Qualcomm, it's probably wise. And I'm going back to what Josh said, to think about your position size. I did that with Qualcomm and I'm taking half off today because basically what I think has happened is that future gains, maybe into 2027, have been brought forward to present day. I'm not completely abandoning the position because I do still have the investment thesis, both of the handset market picking up and diversity at Qualcomm away from handsets into automotive and into data centers as well. But still, I've got to respect the market action and I'm taking about half off.
- [09:38]
Frank Holland
All right, so you're taking some, some money off the table when it comes to Qualcomm. You think the action when it comes to their business, when it comes to phones and autos is being pulled forward, or is it the other things that people.
- [09:47]
Jim Chanos
The share price is being pulled forward, the share price returns are being pulled
- [09:50]
Frank Holland
up, going to get into AI devices. So you. That's already priced in. That's already been pulled forward as well?
- [09:54]
Jim Chanos
Yeah, I do. And, you know, we had this, and Jason and I talked about this a few times on the show in the last week or so. We had this earnings report from Qualcomm a couple of weeks ago. You know, it wasn't actually that good. They lowered guidance for the quarter ahead. But everybody seized on this fact that they've got some unnamed data center client for their chips. That actually wasn't news, Jason. That wasn't news for those of us who have been in the stock. But the market seized on it, used that as the reason. You know, Josh, this is maybe exactly what you're talking about. The price goes higher and it looks for a reason. The reason was something that anybody who's been in the name has known for quite some time. So there's nothing revelatory about what's going on at Qualcomm. Actually, the estimates are coming down.
- [10:33]
Josh Brown
There's one other aspect to this, which if you've been on the street for as, as long as the four of us have, you know, the way this actually works is clients who are shareholders in funds complain, why aren't we in the AI stocks? Why aren't we? And the manager says, well, which of our holder, oh, Qualcomm, they have a data center client, but then they get to tell their investors at whatever Quarterly webinar. People are suffering through. Hey, no, it turns out you are in the AI trade. See we added to Qualcomm last quarter. You're it's. I say I don't worry, you're in data center. So a lot of stocks got swept up in the mania and understandably like it's not, it's not like people are imagining this. There are trillions of dollars that are going to be spent in data center over the next five to years. Yeah, you want that tailwind if you're buying stocks, you want companies that are going to benefit from that. So but you know, things get taken too far and then maybe, yeah, maybe you pull forward the next three quarters worth of gains into one quarter and you got to chill out for a second. And that's what's happening today.
- [11:39]
Joe Terranova
So listening to all of this, I'd love to hear what everyone thinks. The, the market throughout 2026 has done a lot of rotating and the personality appears to be like a chameleon. It continues to just change. I think the question now if this continues, if we continue to see the momentum factor correct, which obviously means the data center, AI, halo and semiconductors correct as well, what happens next? Where does that rotation go? What does the personality go?
- [12:09]
Josh Brown
It's going to energy today.
- [12:10]
Joe Terranova
Do you think it goes to energy? I think first of all it's max 7. I think it's max 7. I think there's a degree of defensiveness in the nature. Maybe it goes a little bit to health care, but I think first and foremost it's max 7. I don't know what you guys think.
- [12:22]
Jim Chanos
Well, here's what I think is first off, nobody knows, right. Because the sentiment and we gotta take a shot though. I'm going to. But the memeification, which is what I'm going to call it of any sector happens for reasons that, you know, the butterfly flaps its wings wherever it flaps its wings and we find out about it afterwards. But if you want a fundamental reason, I would say look at the cyclicals where you are starting to see the earnings growth rate project higher over the coming quarters. And it makes sense with all of the things that are being built here in the United States. And it's not just data centers, it's other non technology related factories on the back of the budget bill as well. You see this by the way in the ISM surveys. But look at energy, look at materials, look at industrials and financials. That's where I think you're coming next.
- [13:06]
Frank Holland
Before we get away from this Trade Snap. You're also a Qualcomm shareholder. So I just want to get your take on him taking some money off the table. I think you cut your position by 50%. Your view of the idea that it's.
- [13:14]
Jason Snipes
I think it makes total sense, Frank. One, you know, the stock is up 62% in the last month. It's only up 20% year to date. So guess what, two months ago was in the basement. Right. So it's got caught up with the swarm and kind of the AI trade, to Jimmy's point. And what we were talking about last week, the quarter was not great.
- [13:31]
Jim Chanos
Right.
- [13:32]
Jason Snipes
There's some slow demand on headsets. Headset is their business, you know, but obviously the guidance on 3Q, not great. But this kind of story on hyperscaler, some delivery of some custom silicone going forward, I think is what lifted it. But I think this makes a lot of sense in the run that it recently has had.
- [13:48]
Frank Holland
All right, looking at Qualcomm pulling back double digits today, by the way, great minds think alike because we have another committee move to hit in the chip space. Bill Baruch joins us right now. Bill, you actually trimmed another chip name nearly half of your Micron position.
- [14:01]
Bill Baruch
Yeah, yeah. You know, I love the way you started the show with Josh talking about position sizing. And then secondly, the euphoria that's around this. So first, this was an 8 1/2% position in our main portfolio. I have shouted from the mountaintops about Micron over the last couple of years about high bandwidth memory. I've been on the show multiple times talking about my love for it. But the problem is it trades like a commodity and you have to size it properly. So this grew to our largest position. And then you take the euphoria. I mean, everywhere you look right now you see people talking about memory. Heck, I have a futures and commodities brokerage firm. We have people calling in and asking if they can buy futures on the South Korean exchange. So there is a lot going on here to say that there is euphoria. No one rings a bell at the top, but you have to manage your risk. And heck, you know, I talked about in October, Micron going through a repricing off its multiple at the time of a 4 multiple 9. And you know what?
- [14:56]
Joe Terranova
It's.
- [14:56]
Bill Baruch
It's gone up 5x since then, but the multiple has still come down. It's trading about a 6.74. It's just, you know, I love the name, but we have to manage this risk right now. There's definitely some Upside, but you can see a little bit of, of the market coming back here right now. So we're, we're, we're sizing it, right? In fact, we sold it yesterday at about 809. And my target long term has been $900. I feel like that was close enough.
- [15:21]
Frank Holland
All right, so speaking of targets, by the way, DA Davidson, Gil Laurier coming out with his price target of a thousand, going on to say that Micron has a key value cache along with other memory names and believing it's a virtuous cycle. So today's pullback, obviously, you know, looks great that you took some money off the table, but longer term, are you looking to get back in this thing?
- [15:39]
Bill Baruch
You know, I'm not going to rush back into it. This was a conversation we had to have with some clients that, on the taxable side. And everybody said, hey, do your thing, be active. That's why we're with you. But, you know, I want to wait, kind of let some of this settle out at a 5% position. It's still very large. It's sitting right within our top five. You know, I, I see more of a macro idea here on. Let's let this market settle out. Joe was talking about rotation. Where does the puck go next? And we have some ideas, we have some moves. I'm looking forward to joining the show on Thursday and talking about them.
- [16:09]
Frank Holland
All right, Bill Baruch trimming his position at micron by 40%.
- [16:12]
Josh Brown
You know, you know, this stock became.
- [16:14]
Frank Holland
Let me go buy. Bill, real quick. Bill, thank you.
- [16:16]
Josh Brown
This stock became. He's good stock became one of the 10 largest market caps in the United States yesterday. Does that sound just on the surface, not taking anything away from how great memory chips are? Does that sound right to you?
- [16:29]
Jim Chanos
Well, it has a lot to do with the price that they're charging. And that price will eventually come down when supply comes on.
- [16:37]
Josh Brown
You don't even really need supply to come on. The models will become more efficient at the way that they utilize compute to give the end user the same result. And that's the next raft of headlines is companies coming out and saying, new technological breakthrough. We only need 80% of the compute that we needed two months ago. What do you think that's like? That's like Thor's hammer hitting that whole sector.
- [17:01]
Jim Chanos
Joshua will find. And this is what you're saying, that semiconductors are indeed a cyclical sector.
- [17:06]
Josh Brown
Eventually.
- [17:07]
Jim Chanos
Eventually. And look, it's not the first time that a cycle's got carried away and people say, no, this time is different. No, it's not different. Supply will come online, demand will come down as you, as you are suggesting, and price will come down. It's not like the they discovered the cure for cancer, but they do have the hot product right now that everybody wants for now.
- [17:25]
Joe Terranova
Well, memory is even is the most volatile industry by far and you see it reflected in people wanting exposure to South Korea. But I think what will also be very interesting is if the market can continue the behavior that we're seeing today and pulls back further going into Nvidia and Broadcom earnings. That's a great setup, I think, for both of those.
- [17:47]
Frank Holland
Well, you're leading us to Nvidia earnings coming up on May 20th. By the way, Ben reads this out. Very interesting note. I don't know if you guys read It Had a Dream where he talks to a fictional Jensen Huang about the company. And the narrative also came out with a very bullish take on the company, saying basically he expects a meaningful beat and raise. Everybody here owns it. Josh, I'm going to start with you. Your thoughts on Nvidia and the kind of thesis that Jim was putting out that eventually supply is going to catch up with demand. Is that something we need to worry about when it comes to Nvidia this quarter or any upcoming quarters in the near future?
- [18:15]
Josh Brown
I don't think this is going to be the quarter. And I think, and I've talked about this a thousand times, but the CUDA software platform is really the key to this story. When they were building out the original cloud 10, 12 years ago, there was this idea that for whatever reason, like Microsoft was going to be an also ran or they'd be big, but other companies would grow faster because they'd be more aggressive. Microsoft had this Trojan horse inside of every Fortune 500 company, the IT department, some of these companies have a thousand, two thousand people working in it. They all had these Microsoft certifications. And as a result, when they're building out the cloud, whether it's the private cloud or putting assets into the public cloud, it was just routinely defaulting Microsoft, Microsoft, Microsoft. And that was one of the keys to Azure winning. I think with Nvidia, it's a very similar story. There's no one seriously working in AI that is not working in the KUDO platform. The entire premise of AI is built inside of that software. And as a result, the hardware, the chips, I think maintain this competitive hold on the market. It's not that there aren't other chips. It's not that we don't have companies coming out with Application specific integrated circuits that can do smaller pieces of these workloads. But in the end, Nvidia still owns this market. If and when that ever hits a wall, I'm sure it'll be painful. I don't think this is the quarter where we need to worry about this.
- [19:48]
Joe Terranova
They give you simplicity because you don't have the requirement to stack chip chips if you're able to use Nvidia's advanced chips.
- [19:56]
Frank Holland
By the way, a lot of people agree with both of you. Give me one second, Jim. Price target raised by Wells from 265 up to 315 to Susquehanna from 250 up to 275. Susquehanna saying visibility extending well into 2027 to Josh's point, expect better results and guidance.
- [20:10]
Jim Chanos
You know what I feel we sort of blow by a lot is how much investments Nvidia has made in the AI ecosystem. And to the extent that we worry about, hey, at some point, you know, Josh, you were just talking about this, that the large language models get more efficient in. They don't need as much chips, you know where they're going to benefit Nvidia is from all the investments they've made in the AI ecosystem. I mean, that's actually really smart. Maybe somebody who's a more value oriented investor would have said, hey, they should have taken that cash and buy back shares or increase dividends. No, I think they've done something very smart. Inevitably that wall will be hit. It will be hit.
- [20:45]
Josh Brown
Sorry. The last two big appearances that Jensen has made, he has gone out of his way, I think my opinion, not to spend a lot of time talking about LLMs. He's talking about robots and autonomy and devices in the physical world. He seems to be way more focused and that's like, I don't know, a 2029, 2030 bull market. We're not even on the doorstep of that robotics revolution. And Nvidia will be just as key to all of those end markets. To your point, Jimmy, by virtue of a lot of the investments that they've made. And I think investors who are in the name and have been long term, they understand that this doesn't stop and start with when the data centers have run, have run out of demand for LLM inferencing. That's not the story.
- [21:35]
Joe Terranova
So Jimmy, you make an excellent point. And one of the relationships they've developed recently, if we could show the chart of Corning, it's a name that I've owned personally in the etf. Josh talks about it quite a bit. I believe it's in best stocks in the market. It's benefiting. Clearly you want the investment in growing your production for sure. And optic fiber cable is critically important in the build out of AI data centers. Now, does that mean that Corning has not been one of the leading candidates for quote unquote, these momentum horses that are just galloping higher in the second quarter? Of course it has. We know that. But understand fundamentally there is an embedded really good story when you look forward with the lens being into the next several years and if you are afforded a significant correction, this name, it's a name that to me without question, you want ownership with. Why? Because it has that relationship where Nvidia is investing in their growing production.
- [22:35]
Frank Holland
By the way, just to put a number to this are Christina Parts Nevelis and Ashley Kapoo. They actually wrote an article over the weekend. Nvidia embraces the role of AI investor pushing past 40 billion in equity bets this year. So just kind of put a number on that snipe. I want to come to you, Jim. You're very bullish on all these investments. It feels like a couple months ago we were wringing our hands about the fact that Nvidia was investing in these other companies that were also customers. Is that no longer a concern?
- [22:57]
Jim Chanos
Okay. I mean, yeah, we were wringing our hands about it. And I think anything that happens we've got to look at both the bull and the bear side of it. But as I've just said, I mean I come out on this and I see it very bullish for something that. Josh, you make a great point on robotics. That's a potential big use of chips going. If there is some wall for where the demand for Nvidia chips goes down, it's going to be because. Going to be because the AI models are more efficient, getting more profits and Nvidia is going to benefit from it. So to your point, Frank, anytime something happens, you have to look at the bullishness and the bearishness of it. I wasn't that worried. I wasn't in the camp that this is like, you know, I don't know, circular financing. Yeah, I'm trying to find one of those late 90s names. Was it Lumentum or what was ticker symbol A?
- [23:39]
Josh Brown
You know what I got killed in all the competitive local exchange carriers.
- [23:43]
Jim Chanos
Yeah, exactly. And all the, the ATT spin offs.
- [23:46]
Josh Brown
Yeah, that was like some of the worst trading I've ever done in my life.
- [23:49]
Jim Chanos
GTE Genuity.
- [23:51]
Frank Holland
We came in a second really quick. Josh, want to come back to you Autonomous driving. Do you think that's also priced in when it comes to this stock? You look at Aurora up, I'm looking at right now 60% over the last month. They have pretty strong earnings. Looking at Kodiak also rolling out some different things.
- [24:05]
Josh Brown
It's not priced. It's all priced into those individual stocks.
- [24:07]
Frank Holland
I'm talking about Nvidia and.
- [24:09]
Bill Baruch
No.
- [24:09]
Frank Holland
Okay.
- [24:11]
Josh Brown
Nvidia's ambitions is to make sure that there are GPUs powering the entire autonomous ecosystem. And it'll happen. And one of the things that people don't fully appreciate yet, which will become more important in time. When you're talking about autonomous driving, you can't afford to have a technology where the car is trying to talk to a satellite in space to make a decision. These are chips on board in the vehicle. You know how much latency you can have? 0.0latency. We have to have a car that can make its own independent decisions. If we're talking about L4 autonomy spreading across the globe, this is not. This is not like looking up a recipe for fettuccine Alfredo on. On a. On an LLM from your phone. So it is not priced in. And my evidence of that is Nvidia is selling at a way below sector multiple. It has been for a while now. It's one of the cheapest multiples in this group of stocks. And that is because I don't think people have mentally gotten there where we start pricing in robotics and Autonomy. I still think we're stuck on how many chips Met is going to buy to put virtual legs on the bottom of Zuckerberg.
- [25:22]
Frank Holland
Yeah, to your point, we got to go, guys. But to your point, Ben reaches out with this note saying that Nvidia actually trades at a 20 discount to AMD. As part of his dream conversation with Jensen Wong. It was all a dream. Ben reads this Melt.
- [25:33]
Josh Brown
I used to read. Word up.
- [25:34]
Frank Holland
Coming up, today's top movers will debate the pullback and three committee names. Josh might have some more lyrics. And we also have Josh Brown's best stocks in the market. Halftime. We're back in two minutes.
- [25:46]
Discover Card Advertiser
It's smart to always have a few financial goals. And a really smart one. You can set earning cash back on what you buy every day. And with Discover, you can get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of. And we trust you to make smart decisions. After all, you listen to this show. See terms@discover.com credit card.
- [26:11]
Emily Wilkins
This is a Monday.com ad the same Monday.com designed for every team the same Monday.com with built in AI scaling your
- [26:19]
Edward Jones Announcer
work from day one the same Monday.com with an easy and intuitive setup. Go to Monday.com and try it for free.
- [26:27]
Strayer University Announcer
At Strayer University we help students like you go from is it possible to anything is possible by offering access to up to 10 no cost gen Ed courses so you can reach your goals affordably and fast. Visit Strayer Edu to learn more. No cost Gen Ed is provided by Strayer University affiliate Sophia. Eligibility rules apply. Connect with us for details. Strayer University is certified to operate in Virginia by Chev and has many campuses including at 2121 15th Street north in Arlington, Virginia.
- [27:11]
Frank Holland
And we're back on halftime. Let's get to a few committee stocks on the move, starting with a downgrade of Toast at Rothschild. Josh, you own this name. You talk quite a bit about it.
- [27:19]
Josh Brown
Yeah, the stock has been absolutely atrocious since reporting earnings. I'm not quite sure why they did beat. They did give great guidance and they are adding customers at a rapid cloud clip and this is now a profitable company. It's retraced the entire rally that it it had embarked upon since I guess last fall and now it's sort of in a no man's land. That being said, I do think that this is just a stock that's in the wrong sector and one of the things that I've been talking about is just the utter futility of trying to add to any SaaS software names right now. People just do not believe that any of them have any kind of mode. I disagree. There's a hardware element to this name of course. Go to any restaurant where they're processing checks using Toast. It's a handheld device. It is not the sort of thing that people want to build their own version of and as a result their customers are highly sticky and the gross payment volume on the app is at all time highs. So I think ultimately it'll work. I've been adding to it as it's been down down as an investment. As a trader you can't be here, you can't waste your time. None of these names have any life to them whatsoever.
- [28:30]
Frank Holland
Yeah, shares down about 45 over the last year. We got one more your names Archer Aviation. Those shares lower after reporting earnings. Also, I think you actually took a ride on an Evital here in the New York area.
- [28:39]
Josh Brown
Did not take a ride. I think there's a weight limit. I the one that I like. The one that I like Better is Joby. But the, it's so early for the ecosystem. It's hard to know which one will have the earliest, the earliest wins. I think with Archer, they are focused more on things like military and, and law enforcement and things of that nature. Whereas you think about a Joby, they own the Blade helicopter platform and as a result they actually have $100 million in annual revenue coming in right now. The goal would be to transfer all of those helicopter flyers into, into evtol flyers and they'll, they'll get that done, I think. So. I, I'm bullish on the ecosystem. We have a ways to go though, before you look up in the sky and see these on a regular basis over cities like Manhattan.
- [29:28]
Frank Holland
Yeah. Looking at Archer pulling back about 5 1/2 percent. Joby, I believe, is down about 4%. Want to go to a big story from last week. EBay's rejected. Has rejected GameStop's 55 billion dollar takeover bid. Great interview with our Aaron Ross Sorkin, Becky Quick and Ryan Cohen. You could just Google that yourself. Joe and Jim, you guys own ebay. Joe, start with you. Just your take on this.
- [29:49]
Joe Terranova
I'm glad we got past this moment. Moment. I want to focus more on the growth of the business for eBay, the 136 million users that spend 80 billion a year, the significant turnaround that this company has exhibited over the last several years. They're doing a phenomenal job. And you're seeing it reflected in the growth of gmv. The sideshow that was last week with Gamestop. That was never a reason, I believe, for anyone to step in and buy the company.
- [30:17]
Josh Brown
Hear me out though. Half cash, half stock.
- [30:21]
Joe Terranova
Sure. Yeah.
- [30:25]
Frank Holland
It was a, it was a fascinating interview, Josh. I mean, he's alluding to parts of. You got to watch it yourself, Jim, before we go, one more.
- [30:34]
Jim Chanos
I think, I think I like the
- [30:35]
Frank Holland
math is three halves. That's the best part.
- [30:37]
Jim Chanos
I think the rejection is part of the theater in this case. No, you know, it was, it was a hostile takeover bid. So of course the company's going to say no way. The interesting thing is whether gamestop and their bankers, I believe it's td. Come back with a revised offer. Joe, I think they will. I mean, I, I don't really care whether it's a sideshow or a main show. I'm just observing this and like you, Joe, I think the fundamentals are terrific here. So if this deal falls through, I don't care. But I think that this deal is something that we still need to pay attention to and see if they come back because to me gamestop and TD look serious. They look serious. Yeah.
- [31:15]
Joe Terranova
I just don't want the viewers who are not in the name to buy the name specifically believe.
- [31:19]
Jim Chanos
Fair enough.
- [31:20]
Joe Terranova
That this will have success.
- [31:22]
Jim Chanos
Fair enough.
- [31:22]
Joe Terranova
That's not the reasoning. The reasoning is to understand the fundamentals and the change the paradigm shift in the fundamentals for this company.
- [31:29]
Josh Brown
Is there a world in which Ryan comes back with some some backing from
- [31:35]
Jim Chanos
a larger financial isn't that accurate drama
- [31:40]
Frank Holland
but the vibe hug is a story that I think will for quite a while. All right, we're turn our attention now to Washington and some breaking news. We got our Emily Wilkins live on the Hill. Emily.
- [31:50]
Emily Wilkins
Hey Frank. Well, the Senate has now confirmed Kevin Warsh to be a member of the Board of Federal Reserves. This is of course the first step in getting him to the chair position. They're actually voting right now taking a second vote to begin to advance his nominee to be Fed Chair. That final vote is expected to happen either late in the afternoon tomorrow on Wednesday or potentially on Thursday morning. We are seeing all Republicans continue to back Warsh for support, but so far the only Democrat to actually vote for Warsh this last time was Senator John Fetterman. And of course there have been some concerns raised about his record Fed independence, but that does not seem to be stopping him at all. And it does look like he is well on his way to be confirmed by as Fed chair before the May 15 deadline. Frank.
- [32:37]
Frank Holland
All right, Emily Wilkins with the very latest from the Hill. Emily, thank you. Coming up next, Josh Brown's ready with his best stocks in the market. He's got an update on a few winners on his list list. We are back right after this.
- [32:51]
Monday.com Advertiser
Close your eyes. Focus. Listen to work getting done with Monday.com relax as AI does the manual work while your teams are aligned on a single source of truth? Feel the sensation of an AI work platform so flexible and intuitive it feels like it was built just for you. Notice you're limitless. Now open your eyes, go to Monday.com, start for free and finally breathe.
- [33:22]
Strayer University Announcer
At Strayer University we help students like you go from Is it possible to anything is possible by offering access to up to 10 no cost gen Ed courses so you can reach your goals affordably and fast. Visit Strayer Eduardo to learn more. No cost Gen EDS provided by Strayer University Affiliate SOPHIA Eligibility rules apply. Connect with us for details. Strayer University is certified to operate in Virginia by Chev and has many campuses including at 2121 15th Street north in Arlington, Virginia.
- [33:51]
Josh Brown
What made you confident that you could do something that hadn't been done before?
- [33:55]
Frank Holland
I have no fear of failure.
- [33:57]
Edward Jones Announcer
Trailblazing women, changing the game.
- [34:00]
Kate Rooney
One of my favorite pieces of advice,
- [34:02]
Angelica Peebles
think about what your boss's boss needs.
- [34:05]
Julia Boorstin
Leadership can look in many, many different forms.
- [34:07]
Emily Wilkins
It really does come down to just trusting yourself.
- [34:09]
Edward Jones Announcer
Life is short and you just gotta
- [34:11]
Frank Holland
think big to accomplish big things.
- [34:13]
Edward Jones Announcer
Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday. Wherever you get your podcast,
- [34:37]
Julia Boorstin
We're back on halftime. I'm Angelica Peebles with your CNBC news update. Truck maker Oshkosh Corp and toymaker Basic Fund say they have received partial tariff refunds. According to Reuters, U.S. customs and Border Protection opened a portal in late April for importers to seek more than $160 billion in potential refunds after the Supreme Court rolled ruled President Trump's use of them to be illegal. A Texas couple is suing OpenAI after their son died of an overdose in 2025 after allegedly using ChatGPT to get information about drugs. CBS News reporting. The lawsuit claims ChatGPT advised 19 year old Sam Nelson that it was safe to mix Kratom with Xanax. Nelson's mother told CBS that she holds OpenAI responsible for her son's death, saying that restrictions could have stopped the chapter bot from advising self harm. And the parent company of online learning system Canvas says that it struck a deal with hackers to delete the data they stole in a cyber attack last week. The company didn't provide details on any payments or actors behind the agreement. Hacking group Shiny Hunters claimed responsibility for the breach, threatening to leak data involving early nearly 9,000 schools worldwide. Frank, back over to you.
- [35:49]
Frank Holland
Angelica Peebles with the very latest news. Headline minds. Angelica, thank you very much. All right, now we want to turn our attention to Josh Brown's best stocks in the market. Josh, looks like you got the capital markets on your mind.
- [36:00]
Josh Brown
So we used Monday to revisit three of the financial sector names that we've been talking about for the last year. And the real standout here is cboe. So this is a company that just reported an absolute monster of a quarter. Revenues were a record, up 29% year over year. Earnings per share was up almost 50% year over year.
- [36:23]
Joe Terranova
Why?
- [36:23]
Josh Brown
Activity in the options market. So we're, we're talking to people that have been in the name. It's up, I don't know, over a hundred dollars a share since we first brought it to the show. And what we're basically Doing is we're saying 299 to 300. That's sort of like your updated stop. That's where you want to raise your stops to. There's nothing magical about that number other than the stock has found support there before and prior to them finding support there after the breakout. It had been a resistance level for a short amount of time this winter and spring. So that cboe, we took a look at IBKR as well, also a Great quarter for Q1 Commission revenue was up almost 20% to 613 million. Same market environment that fueled the results of CBOE is what Interactive Brokers is just absolutely feasting on. We're now saying $75 is our line in the sand. If you're up in the name from where we originally brought it to you in the 60s, that's where you want to protect profits. You can see that coincides nicely with that rising 200 day. This is a stock that obeys its rising 200 day. You can see multiple tests of that level. That rising 200 day, which the yellow line really going back to last fall. We think it'll continue to obey that line in the sand unless something materially changes in the market. But we want to protect profits there. The last thing that we wrote about is Goldman. I don't like this setup as much. The stock looks great, don't get me wrong. But you do have a lower high than the winter high. And so in my eyes, the stock definitely has something to prove. There are price targets on the street above a thousand. I do think if the bull market in stocks and AI Capex and investment banking and M and A and trading and all of the ways that Goldman makes money, especially if you get these blockbuster IPOs in the second half. That would be what fuels a rise into the four digits. But again, I really need to see how this stock behaves on the next approach at those 975, 980 old highs. And we're not quite there yet. So I would let this one do some work before taking an entry.
- [38:30]
Frank Holland
All right. Josh's best talks. One note. Cbo. Cbo. Not cbo. Yeah, cbo. Jason, you own.
- [38:36]
Josh Brown
But the ticker is cboe.
- [38:38]
Frank Holland
No, I know.
- [38:39]
Josh Brown
Okay.
- [38:39]
Frank Holland
But there are brands they want to be.
- [38:40]
Josh Brown
Kevin, Frank is. Frank is correcting me on air. Didn't we talk about this in my dressing room?
- [38:46]
Bill Baruch
Room.
- [38:47]
Josh Brown
I'm gonna give you a pass this time.
- [38:49]
Frank Holland
Thanks. Listen, your graciousness will be remembered. Jason, I want to come over to you. The last stock he talked about was Goldman Sachs. Your Your take?
- [38:56]
Jason Snipes
No, I continue to like Goldman. I mean, capital markets revenue continues to surge and IB revenue was up 48% year over year. So I think the market continues to be constructive for Goldman.
- [39:06]
Frank Holland
All right, we got to leave it there. Goldman Sachs pulling back one and a half percent. Coming up, our call today. While one firm says this struggling sector could be worth a second look. The debate coming up next. All right, welcome back. Let's get to our calls of the day. Wolf says the struggling healthcare sector is close to an inflection point. Writing this free fall in the group has yet to find its footing. But if history is any indication, we are very close to an inflection point. We often use the term overdue, but that may be an understatement in this case. Our eyes will be peeled over the next week or so for any sign of relief. Joe T. I want to come over to you. You have a lot of healthcare exposure. Your thought about this call of an inflection point coming up in the healthcare space?
- [39:47]
Joe Terranova
I'm not sure. I think it requires really, as we spoke at the top of the show, a significant rotation away from the momentum factor. People chasing the growth strategy relative to value. There are areas of healthcare that are working so far year to date. They seem to be isolated to what Jason and I have been invested in, which is biotech names and some other areas as well, like Gilead Amgen. You will get an extension of that if the market gets a more defensive orientation. Some of the names that I own are Merck. I think that works well in that environment. And you also see a return to medical devices as well if the market takes on that defensive nature.
- [40:27]
Frank Holland
Yeah, I think that's one of the things that the Noah actually pointed out, Joe, is medical devices have really taken it on the chin. They're looking at names like Abbott. Stryker is the name that you own, Jason, in the medical device space. Under a lot of pressure this year. Just looking at the chart, down about 17, 18% year to date.
- [40:41]
Jason Snipes
Yeah, Stryker hasn't done well, the devices haven't done well globally. And AbbVie obviously one of our names, down 8%. Little bit of a bump today, you know. But again, when I look at this Patencliffe and what we've been talking about in terms of biotech, I think there's an opportunity there, you know, as it relates to abbvie directly. Skyrizi and Rimbo continue to grow and replace the sales at Humira once occupied. So I continue to like this stock. But we'll see how the tone Shifts going forward in the second half of this year.
- [41:08]
Joe Terranova
Jim.
- [41:09]
Frank Holland
Oh, sorry.
- [41:09]
Joe Terranova
No, this is interesting and I wanted just get this out because I know Jimmy's gonna. Jimmy's been in this name before in the healthcare sector. One of the names that has the strongest momentum right now, cvs.
- [41:20]
Jim Chanos
Oh, yeah, yeah. Well, and Jason, you were in that.
- [41:23]
Jason Snipes
I was, yep.
- [41:24]
Jim Chanos
I mean, I look at that quite often, Joe, and I want to be back in it, but I still worry about how much government exposure there is, the Medicare Advantage, all the rebates that come. And that's where the pressure is. Eventually that pressure on the budget, on the federal budget is going to get greater and greater and that's where it's going to come down.
- [41:41]
Joe Terranova
If you ask, man, Jim, you got
- [41:43]
Frank Holland
some other ownership in healthcare, AstraZeneca and Vertex. You know, in addition to Abbey, you're also an Abbey, Sheryl. Yeah.
- [41:48]
Jim Chanos
I mean, right now I'm only in pharmaceuticals or biopharmaceuticals, so not healthcare. You know, as we were just talking about, Joe and I, I see great dividends here. I see the obvious demand from an aging demographic in all three of those companies. I see great science with full pipeline. So I like those three, particularly in a subsector pharmaceuticals that I like.
- [42:09]
Frank Holland
All right, looking at AstraZeneca shares, those are up 2% right now. Any last words on the healthcare space? Anybody here before we get going?
- [42:16]
Joe Terranova
No healthcare.
- [42:18]
Josh Brown
These are terrible stocks. There are a handful that are. There are a handful that are green this year and the vast majority of them just can't find a buyer. I'm sure that'll change at some point in time, but until it does, I don't have time for it.
- [42:31]
Frank Holland
All right, moving on the XLV however up just about 2%. All right, coming up, options action. Our Oliver Renick is standing by with a big move in the metal space. We're going to trade this that coming up next. And we are back on outtime. Let's get to to today's options action. Our Oliver Renick is live at the CBO Global Market Markets in Chicago with much more.
- [43:09]
O
Thanks, Frank. A few standout shifts in positioning today. First, a flip in options volumes from calls to puts in SMH and qqq. To be sure not all those puts are being bought. But there is indeed a dampening of what's been non stop call buying in tech. Where we are seeing bets on upside is in VIX where traders are selling puts and buying a lot of calls more than four times more than they're selling today. And the volatility and index. But even that may not necessarily be an outright bearish bet. Remember index volatility has been very cheap compared to stock options so it might just be the better deal right now to buy VIX calls. And finally we do see some renewed interest in gold. Someone today brought in $7 million selling 6380 strike puts in GLD expiring in January next year and then spent five and a half million dollars buying the same number number of 540 strike calls. Perhaps a wild card trade that gold can resume its multi year run if things get messy.
- [44:12]
Frank Holland
Frank Oliver Renick live from the cbo. Oliver thank you very much. We now want to turn our attention to a developing story our Kate Rooney's live in Oakland, California with the very latest in the Elon Musk OpenAI trial.
- [44:24]
Joe Terranova
Kate hey Frank.
- [44:26]
Kate Rooney
So Sam Altman, the CEO of OpenAI is on the stand in the courthouse behind me here in Oakland. He is testifying right now that Elon Musk Musk suing OpenAI wanted absolute control of the startup. Early on thought the startup would fail. He just said on the stand Musk said at one point it had a zero percent chance of surviving. Also said Tesla was going to start a competing AI effort and that is why Musk parted ways with the company. Altman said on the stand Elon Musk quote lost confidence in the org organization and did not believe we were going to be successful again. Zero percent chance chance. Second and related he wanted to start a new AI effort a Tesla. He says he didn't want to be conflicted in that. In response to questions from his lawyers about Elon Musk's attempt to have majority control. Altman said on the stand I was extremely uncomfortable with it. It says at times Musk wanted 90% of OpenAI's equity. As they started to talk about a for profit structured softened about at times but it was always a majority stake testified also The Tesla and OpenAI talked about merging multiple times not just once over the years says Tesla is a car company does not have the same mission of OpenAI. Altman on the stand today has been reiterating this bigger point by the defense here that Musk actually wanted this to be a for profit control they argue was the deeper issue. It's not about mission creep. Also talked about morale and stack ranking and some of the devices by Musk his leadership style and that being demotivating as Altman put it to key talent Musk the backdrop he Here he's suing OpenAI and Sam Altman on grounds that he was deceived. He has said that Altman and Greg Brockman, the president of that company, stole a charity. OpenAI denies that. We're hearing Sam Altman's side of the story today. Frank, back over to you.
- [46:04]
Jason Snipes
All right.
- [46:05]
Frank Holland
Kate Rooney, the very latest from a very interesting trial that has big ramifications for that company and a lot of the AI ecosystem. Kate, thank you very much. All right. Stay with us. Final trades they are coming up on Halftime. A quick check on the markets before we go to break. Stocks trading very close to their session lows right now. You can see the Dow is down just about 120 points. The S P pulling back about 1%. The NASDAQ the hardest head of this group, of course, down about 2%. The small caps down even more. We will be right back.
- [46:43]
Emily Wilkins
Foreign.
- [46:49]
Frank Holland
Welcome back to halftime. We have some breaking news on the fda. Let's get back to our Angelica Peebles with that news. Angelica?
- [46:55]
Angelica Peebles
Hey, Frank. Well, Politico is reporting that FDA Commissioner Marty McCary is resigning from the agency. If you remember, Frank, he has been under a tremendous amount of pressure really for weeks now. But this all reached a fever pitch last week when it was reported that he was going to be fired from that position. And so it's been sort of this will he or won't he ever since. He was actually scheduled to testify on Capitol Hill tomorrow. And so everyone had been waiting to see whether he would make it to that or whether he would be fired before then. And it looks like he is going to resign according to Politico. Politico is also saying that Kyle Diamantas, who leads the FDA's who oversees regulation of food for the FDA, he will be named acting commissioner for the FDA. Remember, that is not a permanent position. The acting commissioner can only do so much. So it'll be interesting to see who they end up naming aiming for that full time job. But clearly this is something that we, you know, big deal that we're all watching here. So I'll let you know if we get anything else. Frank.
- [47:50]
Frank Holland
All right, Angelica Peoples, some breaking news related to the FDA and hhs. Thank you very much. Angelica, good to see you as always. All right, let's move on to the setup for Cisco reporting its earnings tomorrow after the bell. Jim and Joe, you're both in this name. Joe, I'm gonna give you the first word.
- [48:04]
Joe Terranova
So you should expect a record quarter. Once again it is in the category of being momentum stock for sure. Hardware is critically important in the build out of AI and flow infrastructure. And that's been represented in what has been a revival for Cisco from where it was perceived to be previously, which is an old, old school technology name. So it's back kind of in that late 90s mentality. But I think it's justified, I think it's warranted. I don't think you're anticipating here a real strong price performance reaction unless they have a blow it out quarter.
- [48:39]
Frank Holland
All right. By the way, Cisco, very close to a record high. Pulling back a bit now, Jimmy, on this one as well.
- [48:44]
Joe Terranova
Yeah.
- [48:44]
Jim Chanos
And this stock has had a great run for a long period of time, but I'm not trimming a share now. I think Joe may have alluded to this. I'm certainly not saying that it's going to go higher after earnings. What I am saying is this is a long term holding that you can continue to hold for well after earnings release on Wednesday.
- [49:00]
Jason Snipes
All right.
- [49:00]
Frank Holland
So again, Cisco reporting its earnings after the bell tomorrow. Also, be sure to catch closing Bell today at 3:00pm Eastern. Our Scott Wapner, he's live at the Zone conference in New York with just a jam packed lineup exclusive. Sit down downs with Orlando Bravo, Jim Chanos, Mark Lazry and David Einhorn. That's 3pm today at closing bell. The judge will be there. All right, we'll go to our final trades right now. Jim giving you the first one.
- [49:22]
Jim Chanos
Yeah. ExxonMobil just continues to print money while energy prices are high.
- [49:27]
Jason Snipes
All right, Jason ServiceNow, Geni will Gen AI will be an accelerator to this Sassnade Jyoti.
- [49:33]
Joe Terranova
I like Netflix up there for final trades, but I'm going to go with Apple. I'm remaining long. I continue to believe the stock is going to make a push north of 300.
- [49:43]
Frank Holland
All right, Josh, you got the last word.
- [49:45]
Josh Brown
Netflix is making a higher low here in the mid-80s. I do not believe it'll revisit the 70s. Not, not moving higher yet, but could be breaking a downtrend.
- [49:56]
Frank Holland
All right, before we let you guys go, one more look at the markets pulling back from the session lows. Right now you can see the Dow just fractionally lower. The S and p cell down 1%. The NASDAQ down 2%. The Russell down more than 2 to that is it for halftime. The exchange starts right now. And welcome back to halftime. We have some breaking news on the fda. Let's get back to our Angelica Peebles with that news. Angelica.
- [50:30]
Angelica Peebles
Hey, Frank. Well, Politico is reporting that FDA Commissioner Marty McCary is resigning from the agency if you remember, Frank, he has been under a tremendous amount of pressure really for weeks now. But this all reached a fever pitch last week when it was reported that he was going to be fired from that position. And so it's been sort of this will he or won't he? Ever since he was actually scheduled to testify on Capitol Hill tomorrow. And so everyone had been waiting to see whether he would make it to that or whether he would be fired before then. And it looks like he is going to resign, according to Politico. Politico is also saying that Kyle Diamantes, who leads the FDA's who oversees regulation of food for the FDA, he will be named acting commissioner for the FDA. Remember, that is not a permanent position. The acting commissioner could only do so much. So it'll be interesting to see who they end up naming for that full time job. But clearly this is something that we, you know, big deal that we're all watching here. So I'll let you know if we get anything else, Frank.
- [51:25]
Frank Holland
All right, Angelica Peebles, some breaking news related to the FDA and hhs. Thank you very much, Angelica. Good to see you as always. All right, let's move on to the setup for Cisco reporting its earnings tomorrow after the bell. Jim and Joe, you're both in this name. Joe, I'm going to give you the first word.
- [51:39]
Joe Terranova
So you should expect a record quarter. Once again, it is in the category of being momentum stock for sure. Hardware is critically important in the build out of AI infrastructure and that's been represented in what has been a revival for Cisco from where it was perceived to be previously, which is an old, old school technology name. So it's back kind of in that late 90s mentality. But I think it's justified, I think it's warranted. I don't think you're anticipating here a real strong price performance reaction unless they have a blow it out quarter.
- [52:14]
Frank Holland
All right. By the way, Cisco, very close to a record high. Pulling back a bit now, Jimmy, on this one as well.
- [52:18]
Jim Chanos
Yeah, and this stock has had a great run for a long period of time, but I'm not trimming a share now. I think Joe may have alluded to this. I'm certainly not saying that it's going to go higher after earnings. What I am saying is this is a long term holding that you can continue to hold gold for well after earnings release on Wednesday.
- [52:35]
Frank Holland
All right, so again, Cisco reporting its earnings after the bell tomorrow. Also, be sure to catch closing Bell today at 3:00pm Eastern. Our Scott Wapner, he's live at the Zone conference in New York with just a jam packed lineup. Exclusive sit downs with Orlando Bravo, Jim Chanos, Mark Lasry and David Einhorn. That's 3pm today at closing bell. The judge will be there. All right, we're gonna go to our final trades right now. Jim giving you the first one.
- [52:57]
Jim Chanos
Yeah. ExxonMobil just continues to print money while energy prices are high, high.
- [53:01]
Jason Snipes
All right, Jason ServiceNow Gen I will. Gen AI will be an accelerator to this sassna.
- [53:07]
Joe Terranova
Joe T. I like Netflix up there for final trades, but I'm going to go with Apple. I'm remaining long. I continue to believe the stock is going to make a push north of 300.
- [53:18]
Frank Holland
All right, Josh, you got the last word.
- [53:20]
Josh Brown
Netflix is making a higher low here in the mid-80s. I do not believe it'll revisit the 70s. Not, not moving higher yet, but could be breaking a downtrend.
- [53:30]
Frank Holland
All right, before we let you guys go, one more look at the markets pulling back from the session lows. Right now you can see the Dow just fractionally lower. The S and p sell down 1%, the NASDAQ down 2%, the Russell down more than 2. That is it for halftime. The exchange starts 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.
- [53:56]
Edward Jones Announcer
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 halftime reportdisclaimer@ Strayer University,
- [54:32]
Strayer University Announcer
we help students like you go from is it possible? To anything is possible by offering access to up to 10 no cost gen Ed courses so you can reach your goals affordably and fast. Visit strayer.edu to learn more. No cost Gen Ed is provided by Strayer University affiliate SOFIA Eligibility Rule Support. Apply Connect with us for details. Strayer University is certified to operate in Virginia by Chev and has many campuses, including at 2121 15th Street north in Arlington, Virginia.