tv Worldwide Exchange CNBC May 18, 2022 5:00am-6:00am EDT
it is 5:00 a.m. at cnbc and here's your top five at 5:00 going for four, maybe not? wall street trying to extend its winning streak overseas sticker shock as the uk's latest inflation read hitting highs not since maggie that mucher was in office. back home, why the department of justice is targeting steve wynn and his ties to china. later, get ready to write
down some names because we're going to lay out 20 stocks goldman sacks says could give you a margin of safety even in this market. it's all ahead on this wednesday, may 18th, right here on world wilde exchange. good morning, good afternoon, or good evening, and as always with, welcome. great to be back with you. let's kick off the hour on a check on the markets and your money. stock futures are lower across the board. nasdaq among the lowest. all this coming amongst an update for stocks. boeing having a big day on tuesday, popping more than 6%, and the index rising even as walmart fell an incredible 11%
more like a walmart type day today. they are down just about 81 points all this as jay powell says he's going to do whatever it takes to fight inflation even if the overall economy has to take a hit. >> there could be some pain involved to restoring price stability, but we think we can maintain a strong labor market defined as a labor market where unemployment is low and wages are moving up. it might not be the perfect labor market, but it will be a strong labor market. >> now, those comments along with walmart's results could be one more reason to worry about the u.s. consumer going forward. bond yields have come back down a touch. the ten-year yield is still under 3% energy inflation of course still a risk to the marks right now. right now, crude oil is still
back above 114 bucks a barrel. but you don't care as much about oil as you do gas. the national average now for a gallon of gas is now $4.52 up $1.48 from a year ago every state now has an average gallon gas price above 4 bucks a little later in the show, we're going to show you something on diesel prices that will, i promise, wake you up. >> moving now to crypto. they are mildly down right now in fact, all the major coins are. overseas, a new read on uk inflation showing recent price hikes are doing anything but slowing down something we have been reporting on for a long time, the energy shock sending prices to a rather shocking highs julia is here with that, the
trade, and a 40-year high for inflation. ouch. >> good morning. well, it's certainly capturing everyone's attention we have inflation hitting a 40-year high at least with p and now the bank of england's job more difficult there's pressure on them to continue ranking hikes it puts people under pressure. we already have what's called the crisis of living here. it's a difficult one to strike for the central bank as for markets, they've taken the day in stride. we are seeing a pull back in sterling after the march higher we've seen this week we saw some sizable hikes yesterday. we have a little bit of red for the german and french markets. some green on the board for spanish, italian, and swiss
marks. no move in either direction. it seems investors are pausing for a breath from a sector perspective, we do have a couple of earnings in the luxury space we had burr bury results today the impact of the china lockdown the significant. oil and gas is the best performer. on the down side, travel measure and basic resources are underperforming. brian. >> all right thank you very much. >> nowlet get to some of this morning's other top headlines, including a scary new potential scenario in the crash of that china airlines crash a couple of months ago. >> good morning. definitely scary so investigators looking into the crash of that boeing 737,800 are reportedly examining whether it's due to intentional action
by the flight crew attendants finding to no malfunction from the jet no comment just yet, but the wall street journal did report dwlaerd flight data from one of the black boxes indicated someone intentionally crashed the plane killing all 120 pat enjers and flight crews on board. musk met privately with key twitter executives before publicly announcing his bid for the company. while it is not clear what was discussed during those closed door meetings, musk has been pulg his followers on their experience with twitter and interactions with bots in recent days house democrats plan to hold a series of meetings on the baby
formula shortage in the u.s. they will look to pass new legislation to ensure important products with safe for infants and a $28 million emergency funding rampup lot of moms out there very concerned. >> yeah, very very concerned certainly, you got a newborn baby and it wants to eat, this is something you need to get fixed like yesterday thank you very much. >> absolutely. >> let's get back to down to the markets and your money the growing gap between winners and losers when it comes to stock and what's called stock dispersion which does create opportunity if you know where to look erin, go a little deeper on what stock dispersion is. >> sure. so dispersion is that the stocks are basically performing very
differently, so there's a big difference between winners and losers and year to date, we have been averaging with 30% which may not sound like a lot, but it's a record we haven't seen since 2009, 2008, and when this dispurgs happens, we get a big difference between the winners and losers, but it also tens to last for several years we get this cluster of years when you look at it just between sectors, the difference between winners and losers is the energy sector, which is the best performing sector is up about 50%, and the worst performing sector is down about 25% so you get this 75% difference in just a little over four and a half months. that's a big difference and not something we're used to seeing when you try to figure out which stocks to buy or which stocks to
avoid, one of the ways to start looking at sectors is within sectors within the industry to see if there's an easy sector in the industry that you can invest in across the board or if you have to do a full deep dive into stocks in this case, the answer is both. >> the only thing that has been working this year, and of course it didn't work forever before that is energy energy has had a great four, five month run, but other than that, it was a pretty dismal place to be invested for the past decade. are you a buyer of those stocks? >> yes this is one of the areas i will use an etf i own the i shares energy etf because even when you drill down into the stocks, you know, over half of them have very positive ratings, quality, and so even
though it seems it's already -- they're already so much, i would still say you can be a buyer even at this level just because of the positive outlook for the oil and gas industry, the energy stocks specifically. >> do you think overall, the recent -- the couple day thing we've had may be a counter trend rally and otherwise down market? has anything changed for you macro-wise >> no. i think we still have a lot of headlines. when you look at valuations, some stocks have become relatively cheap, but they can become cheaper we haven't seen any kind of support on the value side on your stocks. they keep compressing. so i think we could see that compression trend keep going i'm not sure if the decline in the overall market is going to be quite at the pace that we have been seeing for the beginning of april and may
it slowed down or certainly we're hoping certainly, i don't see a stop in that trend just yet. >> erin gibs, main street. we appreciate as always. all right, folks we are just getting started right here on worldwide exchange when we come back, could the recent chip dip be dead? we're highlighting some wild moves in the semiconductor space after a big bounce on tuesday. plus, walmart investors still in shock after its worst day in more than 30 years. will it rebound today? later, you're paying 4.50 or $5 a gallon for gas. imagine being a truck driver right now. we're going to highlight the spike in diesel fuel prices and
where it's hitting the wallet. here's a hint. it's around here as usual. we're right back after this. ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪
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cutting its outlook for the year they're being hit by lower labor cost is this just a walmart problem or maybe something bigger? we could find out today when target reports their numbers in a couple of hours. stock number two is nike if company's head of diversity is leaving in july after two years on the job that is according to the financial times. this is the second executive to depart from that position. and stock number three is not a stock at all but an smh. believe it or not, the chip sector is now positive in may after the smh rallied nearly 5% yesterday. every component posting a gain of 2% or more. amd jumped almost 9% by the way, a many, d is chipping away, pun fully
welcome back if even if shanghai china does get to open back up a bit, chinese officials set to impose more crippling policies in more cities. the most recent, beijing's district shanghai going one way, it appears unfortunately beijing and parts of where you may live are going the other. tell us about it. >> well, the residence departments in that district have been ordered not to leave the district and also the work from home. that district along with the district i am have been ordered to undergo three more mass rounds of testing as of tomorrow because the authorities here do want to ensure that they are able to stick to as close to zero cases in this city as well
as shanghai as they can. now, in shanghai, the countdown really has begun the city has a goal. they hope to reopen by june 1. as of this week, residents have been able to step out of their homes. more of them have been issued these area passes where they're allowed to go out for a couple of hours it really depends on -- some have been able to go further down the street. others allowed only into into their compound as of this weekend, public transport are supposed to resume again, the main goal is june 1st where the city is supposed to to see what has been described as a full reopen and return to normal life of course this is all good news for supply chains, but there is a lot of uncertainty that does remain the big question is what does normal really look like because here in beijing and a will the of other cities, the 48 hour
negative covid test is a must to do anything. and the discussion here has been that there will be permanent station set up for testing within 15 minutes of wherever you are. so if your office or your home so that you'll be able to get these constant tests that as well as the uncertainty as to whether or not beijing is really going to be able to stick to this time frame if there is even one case somewhere in the city is a big question mark. >> and we know that so many of the cases indeed are asi asymptomatic at least the chinese government's own data was like one in every 15 was symptom attic. which means people walking around not even realizing they may have been car rig the virus. does that mean you will be forced to be tested three times per week >> that's already been
happening. even -- and it's -- to be honest, it's quite a productivity killer even in my own camp l of one. but for example, just going to the office, we need 48 hour negative covid tests just to enter the door if you want to actually go there, the public transport as well as that ride hailing or taxis are suspended in our area. so we have to plan out logistics if we want to go to the office, and that's something happening on a much bigger scale here in china. so think about a company that has production on one part of the country, the amount of logistics they have to deal with is really a big headache, and that's a big problem for a lot of the company here. >> yeah. you know, and chinese officials, there's very quick -- there's articles out that probably of course they're pushing that are basically like, well, if we
don't do this, the hospitals will be overrub and millions could lose their lives the hospital data we have seen that even those with covid who go in willcome out what we've also learned here in the united states is this is not a zero sum game. as bad as covid is, you also have to take into effect things like the mental health of people, particularly children, learning loss, poverty, poverty creates early death later in life the s there any push on the other side to say, yeah, covid is terrible, but there's other things we have to be concerned about. because i'm going to say this. i don't know how dow it. i could not do what you're doing in that environment. i would break. i wouldn't be able to do it. i would push back. >> i haven't broken yet, but i have been stock pielg a lot of random food from my childhood which i think my own analysis of myself is that has something to
do with my own mental health but yeah, there definitely has been a lot of push back. not only a lot of grumbling from the public but also from the international business chambers. they have been saying this cannot go on, trying to push the chinese authorities to make some changes. some of the big changes they want to see is for china to allow for self isolation so those asymptomatic cases will be able to stay and quarantine at home as opposed to being whisked away to government quarantine. the other thing they say is critical is to vax gnat is elderly population because that has not been mandated oddly enough here in china with its very onerous restrictions, the government hasn't done that. p and finally, the push by the international businesses is to mix up the vaccine
so use the chinese vaccine, but also bring in foreign vaccines the way they have been describing this is like a singapore model so you use lots of different types of vaccines, and that gets at another big issue here, which is the politics of it all, the chinese leadership doesn't want to be seen as taking a western solution to a problem they feel -- they like to think china has been very successful at managing >> yeah. well, maybe with their numbers in terms of cases, but not with the population of course, i know if you push back or speak up, you're liable to just get locked up. we're wishing you the best st it's insane what's going on over there be well, let us know if we can send anything to you although, i think if you send food, that actually gets quarantined because the box may be infected.
>> it does it does get quarantined. >> the box gets quarantined. what is this may of 2020 let's get more headlines outside the world of money francis, good morning. >> good morning to you the string of primary elections, the stage is being set for the november midterms. in pennsylvania, john fetterman won the democratic nomination days after suffering a stroke. also, he won the primary for governor madison cwwthorn losing. >> amber heard was in the hot seat as she faced a full day of cross examination. during heard's testimony, she told the court daep buzed her, allegations he denies, but depp's legal team scrutinized
her legal team by painting a picture that she abused him during their marriage. >> you called him a sellout, right, ms. heard >> i called hmm a lot of ugly things. >> and a joke. you called him a joke on that records. your nose doesn't appear to be injured in any of these pictures, does it, ms. heard. >> that's why i'm wearing makeup. >> and makeup covers up swelling, right? >> depp is suing her for 50 million dhars. heard is countersuing for $100 million. and today is the day taylor swift receives an honorary degree from nyu. she will address the grads an yankee stadium today so you have huge fans offering students hundreds of dollars to get access inside that yankee
stadium the everybody else will be streaming it live that's going to be the next best thing for all the fans. >> here's a thousand bucks don't graduate or don't go see your kid graduate, but let me take your seat so i can see taylor swift it will probably work for some people that might work for me that's like two tanks of gas. as we head to break, a quick market flash and maybe a bit of good news. stocks trading at all time highs. the sector already up 9% this week hitting new highs, marathon, chevron, pioneer natural, conoco, valero they're buying what is working money has been pouring in the oil and gas lately we're back right after this.
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coming up today, the dow has been down three sessions in a row. dow features off 75. na nasdaq futures off the most. those comments pushing up bond yields ten-year a little lower this morning but still right around 3% energy inflation might be one of the biggest risks to the market and it's been on a big run in the last couple of weeks crude oil back above $114 a barrel surprisingly large draw down in industries across the board with everything with gasoline stocks down 5 million barrels now according to aaa, the average price for a gallon of gas is $4.52 with no sign of slipping down. all this happening with the release from the petroleum reserve announced on march 21st
just began on monday so we're three days in about a million barrels a day, and prices have actually gone up if you're paying for 4.50 a gallon of gas, imagine being a truck driver right now or having a diesel engine in your car because those prices are getting out of control look at what gas buddies patrick posted yesterday prices at some gas stations in new york or long island or west chester county is showing $7, 7.25 or even higher per gallon for diesel there are 42 gallons in a barrel of oil so the price of diesel fuel around new york costs about the equivalent of $315 per barrel. okay i know it is not a one to one comparison a barrel of oil is only about half the cost of a gallon of
seize sell but those prices, maybe even there's some gouging, who knows, does start to highlight the near crisis levels we are seeing around here for something every industry relies on that is diesel fuel. wow. >> now to some of this morning's other headlines. jpmorgan, a real push back by shareholders they shot down an approval of his retention bonus. the package was designed to keep him at the helm for another five years. while the results of that vote are nonbinding with, in other words, he could still get paid jpmorgan's board does say it take shareholder feedback seriously. pimco is being sued by workers over a fraternity at the
firm they said some workers are promoted less and are often denied mentoring opportunities bloomberg says they have denied those claims and the department of justice is suing steve wynn they're looking to force him to register as a lob byist over the foreign registrations act. they claim that over multiple occasions, wynn asked president trump to send a chinese businessman seeking asylum in america back to china. it adds he was acting to protect his business interest. now back down to the marks and perhaps one of the key stories of the year, and that is the continued clobbering of technology stocks. big names you know like microsoft not being spared
but could that stock which has lost 600 billion since last year have some room to run on the upside thanks to the cloud and gamers steve joining us now with a look at microsoft. >> yeah. microsoft is feeling the pain. last fall, it was on its way to a $3 trillion market cap, and now it's well under $2 trillion. it was seen as a safe haven for investors to park their money. but this year, it saw the fall with the rest of the market. still, analysts see microsoft as easily holding firm in any sort of recession they have by rating on a stock with an average price target of about $363 so cloud is the key component investors have been watching even though cloud growth is flat, it's still growing by double digits. and coffers should start looking
better the ceo says he sees plenty of room for expansion as we're also seeing my kro soft pricing power at play later this summer. it will start charging office customers more unless they sign up for annual plans increasing revenue and keeping customers locked in. then there's microsoft's lead in things like metaverse. it has been working on the metaverse before we even heard the term come out. and today, customers are already using the microsoft one. >> read a book calls plowing the dark one of my favorite fiction novels it's set in seattle. any who, forget about sullivan's book recommendations nobody cares let's talk about games that's got to be a huge opportunity for microsoft, and
they are spending money on it. >> the $70 billion acquisition of activision, which is expected to close next year when microsoft spends that much money on something, you got to pay attention. they see games as a huge opportunity to boost their cloud business because they stream these games to devices as well it's kind of a one, two punch for them they kind of woke up and realized over half the world plays video games. we need to get in on this market that's what this deal is all about. >> well, maybe gaming is going to pop them back up. they've made investors a lot of money for five years tough year off its highs, but still they have done a fantastic job of making money for investors. coming up, speaking of tech, the ceo of one of cnbc disrupter
50 is here with his plan to revamp logistics and why robots are a big part of it. some more key headline, china is reportedly in talk with automakers about extending subsidies for vehicles they are aimed at moving the market going as economy slows down reuters also reporting that the use of the viral oral drug is up 300% in the last month a report says that 115,000 of paxlovid were given during the first week of the month. and the fxl football league striking a new multiyear deal to broadcast its games on espn and some other networks. that deal will begin next year and run rothugh 2027 let's hope the xfl does. we're back in a moment
well, i'm back and so is the rbi. today, let's get random or interesting on trying to make you or save you some money in the stock mark goldman sacks sees some stock opportunities right now. they recently put out a list of 20 name they say have three characteristics. size and liquidity, balance sheet strength, and attractive valuations they are using a price to earnings multiple with a 20% cut to expect in earnings next year.
even with that, the four year ratio would still be at the bottom in other words, these stocks could end up being too cheap even compared with other nasty markets over the years well, you got a bunch in, you guessed it, energy, examine, eoj, and pioneer all made goldman's cut. so did a bunch of tech companies. that's about half the list also making goldman's margin of safety, fund management firms. best buy, ea, and another video game company take two also on the list as our staffing firm robert half, vertex pharma and tyson foods. so those are stocks goldman
sacks says may give you a margin of safety in this market nothing is guaranteed, of course, but goldman likes them if you're driving, don't worry wk check it out on our page at cnn.com random. well, cnbc's annual disrupter 50 list is out with this year's list highlights private company that is have grown throughout the pandemic and are ready to meet today's economic and consumer challenges today's are in the logistics sector, including our next guest. this is the cofounder and krrk eo of exotec which uses robotics, and one of the companies based in france on our list congratulations for making that list, and thank you very much for joining us how robots redefining the
logistics and warehouse business >> thank you there is a huge need for robotics in the logistics business, and mainly because our customers are facing a very strong labor shortages they have difficulties to find the people to do the job because if you do it purely manually, people will walk ten miles a day. it's a difficultposition also they don't know what they will do in three to four years logistics are moving very past if they have a need to get more efficiency so that's where robot eks come, and that's where e kprk otec comes delivering the best of their performance but with high flexibility so you can cope with the future. >> so your personal journey to get here is very interesting in a sense that you are kind of working along a grk e health care, probably had a good job there, but then you saw amazon
buy bye the robotics in some kind of big ge lightbulb went off on your head what did you see that others aren't doing that made you think you can get ahead in this business >> you're right. at that moment, i think amazon is a ways abit ahead of the competition and really putting pressure on the level of what's expected on the supply chain and when amazon said -- as you said, it was a lightbulb in our head, and we said, we need to get the best of this robotics technology you can see the robotics are moving up and down in the storage. in fact, we can feel the whole warehouse so our system are very performing in terms of speed and technology but also in terms of items you can pack in your
payment center. >> how big do you imagine your addressable market, the tm, your total addressable market may be? >> it's around 60 billion. it's a huge market, and there are only a few big traditional players which are 50 or 60 year old, but we do think differently, and we really think we can revolution nice the supply chain this market is growing like every year, it's 15% growth every year so i would say this market is creating the -- in term of size every year so we have a huge playground, and we think this robot is only the beginning. we want to put robots everywhere it makes sense in the warehouse. >> and you're not just in france you recently opened an office in what we'll call the new silicon valley can be and that is
atlanta, georgia congratulations. thanks for joining us. >> thank you >> all right on deck, the ceo of asset management firm 91 on the strategy he is implementing right now and all the volatility putting a strain on sustainable equity. >> as we head to break, here's destination of foirnd michael. my heritage really has taught me how important it is to really be focused on results, to really be focused on trying to do the best i possibly can do every single day, and i think that that contributes greatly to the successive had in the business world there's a tremendous population of investors looking for help. many times, they're looking for
help from people who can really understand their background. so i think there's a huge opportunity for asian americans to continue to advance in the finance world. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪
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and before you know it, healthier can look a lot like...you. ♪ ♪ cvs. healthier happens together. >> another busy day ahead for investors. at 8:30, the numbers roll out. it was home depot on tuesday target low earnings are out this morning. 10:00 a.m., sec chair hits capitol hill set to testify over his aggressive regulatory agenda, and happy anniversary facebook stock today marks ten years since the company went public, but i is up about 430% since it ipo, so it's made people a lot of money over
the long run. >>let talk about making money. hen drik is the ceo of asset management firm 91 they have a special focus on sustainable earnings now asset management about 135 billion. great to have you back on the program. congrats on the numbers. i got to imagine it's tough for you guys over there, and with everything going on about europe and russian gas and oil, how chaotic do you see the markets the remainer of the year if at all? >> good morning, brian thank you for the comment around the results. but that's last year we're in very volatile and channeling markets, and i think last time i was on your show, it was just before the war, and you asked many e the question what would the implication be i was right about inflation, but then i said to you i don't think
he'll ever invade. the complexities that will flow from it are too much, and that's what russia did. we are now in a world where we have serious industry shortages, particularly in europe the sanctions on top of that is truly complicated, and we're still in summer. so i think we're in for a fairly volatile ride. >> yeah. listen in so many people by the way were so wrong about that, whether or not putin is mentally ill or unwell, he seems to be certainly. but inflation at a 40-year high in the united kingdom. paying 10 u.s. dollars equivalent for gasoline. how is the inflation story going to hit the consumer and thus hit the equity markets >> i think there are two big
im implications one is the actual inflation. these are big numbers. but there are the political consequences in democratic societies where people are going to be blamed and the temperature is going to go up, which may lead to less rationale responses from politicians i hope the banks can get ahead of the curve because they have clearly been behind. the second implication is merging markets where food prices are a real thing. it's not just the price of a television or something. it's actually the way you live so i think political instability and unpredictability is with us for a while. so we -- >> is cost of electricity -- when you and i met in your office back in november, i was there talking about the price of electricity, and it's gone up
60% since then for families. probably going to go up more in october. you have also by the way got the impact of a surging u.s. dollar. we're nearing perty with the euro and closing in on the pound in many ways how do you see this political instability play out because your job is kind of to predict bad scenario and plan for them. >> i think my job is to actually plan for them and make sure the business is robust i can't predict them accurately. therefore, you always predict on the down side. it's not just electricity. fertilizer costs have shot through the roof, which means many people in poor societies cannot actually be -- afford the plant for the next season. this season is okay. the next season is a real issue. i think the world needs to pull together, and it is not doing that so where we are going with
portfolios is we are ensuring and have been so far from the beginning of the year making sure we are in robust investments and balance sheets that can hold, company that can see you through this even if you miss a little bit of temporary performance because we think it's a return of capital rather than a return of capital world. >> we got to wrap it up. i just did a piece on margin of safety from goldman sachs. is tlan area of safety they think is a relative safe haven right now? >> i think quality diversified double companies with strong balance sheets, not the payment on credit markets because credit markets are actually quite expensive places right now i think at some point, the -- you know, fixed income investors are going to get a big opportunity this year.
for the time being, defense of ensuring this robustness in the portfolio is the key >> appreciate the calm words in an uncertain world, especially where you are in the uk and continental europe it's a rough time for so many. thank you so much for joining us take care. well, folks, that does it for us on worldwide exchange we got low numbers and target numbers. we'll see if target follows walmart down that guidance cut path stay tuned the find out. squawk is up next. we'll see you tomorrow have a great day eyes on the ball baby. digital tools so impressive, you just can't stop. what would you like the power to do?
we'll hear from lrk owes and target and bridge you an exclusive interview with target's ceo elon musk tweeting again about fake accounts on twitter but they say twitter's board plans to fix the merge agreement. >> plus, a rebuke for jamie drk imon it's wednesday, may 18th, 2022, and squawk box begins right now. good morning, everybody. welcome to squawk box here on cnbc we're live from the market side in times square. andrew, what do you have going on today >> w