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tv   Fast Money Halftime Report  CNBC  June 2, 2022 12:00pm-1:00pm EDT

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who has been swimming in their underwear or naked can't remember which it was. tonight, okta, crowd strike, and these are companies with april ending quarters. interesting what they say about the macro picture. >> i think it is naked all right. that will do it for check neck get to wapner. >> on that note, welcome to the halftime report. thank you, jon scott wapner the state of stocks after microsoft cuts guidance, jay powell's did you havish co-pilot sounds more hawkish than ever. shannon, josh brown, pete najarian, co-founder of market rebellion with me here onset, steve weiss. glad you're here go to the wall the picture looks different than a short time ago
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i told you about the microsoft news, steve. it points to resiliency of this market at this moment. right? i can only think that maybe a couple weeks ago if microsoft did what it did, it was largely fx, nothing real fundamental for the reason of guidance change. and brainard the market may have reacted differently even now what do you think? >> i have been thinking about the microsoft news since they announced it i am not sure it is not fundamental. keep in mind aside from last quarter which they also had a good quarter, they beat every quarter. they're saying we don't have enough to beat again go to the fundamentals it doesn't stop on a dime. you'll see an atrophying of basically earnings as margins get crushed. i think that it is more troubling and i know i'm looking
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at the glass half empty versus half full, that's not true rather be optimist >> you admit that yourself >> i try to be brutally honest. >> with yourself. >> so look, i think it is a sign of weakness. they're saying we don't have enough reserve as we typically did in other quarters to account for what's a minor charge. you'll see more. other companies don't manage business as well as microsoft. look, i think the market is going to rally, move up. i don't think it is going much higher into the fed meeting. >> they changed earnings guidance, pulled it down about three pennies, in the range. the stock came off the lows, not that it was down a lot it was down 6, 7 bucks, down 4 and a half bucks now pete, microsoft is -- bullish view on microsoft, and if you
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recall benioff said the same when salesforce reported about fx issues. you own the stock, one of your largest positions. >> yep and dan ives i have some agreement with steve on some negativity as well, scott. at some point when you look at the growth that they had, especially through the last couple years, through the pandemic and everything else, can they keep that pace. is there some sort of normalized level they might go to and fx being an issue as well, we are talking a company 50% in the u.s. and 50% international, so they have major exposure that combination of that and the fact that maybe there's a bit of a slowing. i'm not saying slowing down too much or not saying hit the brakes, these guys are in trouble, i'm saying does it normalize back look back five years ago to see where they were from growth perspective, where they were the
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last couple of quarters. it is very significant do we get back to some normalized growth and we might if that's the case, then it is not as cheap it is one of the reasons why i am not diving in today i didn't dive in when it was down more than it is now and i'm still looking at it, trying to figure out do they have the possibility of being able to grow anything close to the pace they have in the last few quarters >> dollar will hurt people, you have to wonder who is next we'll get to that in a minute. shannon, give you a crack at this too because you own it, one of your larger positions as well, are you worried by this or not? >> no. i mean, i would say software companies here in the u.s. generate at least a third of revenue outside the u.s. i think we should expect to steve's point there will be other companies. i am a little less concerned than steve is around we look at
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growth from cost and currency basis, think there will continue to be growth for microsoft i view this as a well timed adjustment you think about what we're seeing, continued pressure in the market, there's a bit of skiddishness, great time for microsoft to come out, rather they go ahead and guide now than in three months where we might be getting good momentum for tech names happy they came out and said it. hope there will be other companies. not changing our expectations for microsoft, sales force and other companies we own. >> wanted to go to josh last, he doesn't own the thought, has bigger thoughts about other kinds of companies that you may want to look at and for somebody that's been fairly negative on the market as i thought you were yesterday with me on overtime, whether you think this is a big issue or not, right? there are those that say it is just fx. and it is not fundamental. then there are those that would suggest you have to keep an eye on the whole picture, too.
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>> so i think microsoft will be fine this is actually one of the best managed companies in the world, one of the few large cap technology stocks that has not completely round tripped going back to the onset of the pandemic, so it kept a lot of the gains even though well off the high i have to side with steve because historically we've had plenty of currency fluctuation what a strong dollar takes away in one quarter historically gives back sometime down the road and i don't think investors pull the trigger on a buy or sell of microsoft in size based on currency fluctuation so i don't think it is an issue for today. but to steve's point normally a business this size have plenty of levers to pull so they make the number, regardless of what
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they do. good year for the dollar, but not like we had wild movementi the currency they should have found a way to quote, unquote hit the number, beat the number by a penny the fact they couldn't i think is a little concerning, even though we're not talking a huge dollar amount, i think symbolically in the end though, keep in mind, $52 billion in revenue a quarter. this is an enormous business and too big for them to do really well if the overall world is not doing well, right, especially if things are not going great here in the u.s so i don't think you need to panic out of microsoft or anything i just don't think we should explain it away, say whatever it is currency. there's a little more going on. >> fair point. glad you make it it is what weiss is trying to channel as well. the other issue today, it was an issue for 25 to 30 minutes or so
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was brainard arguably the most dovish person on the fed i refer to her as jay powell's co-pilot earlier in the show here she comes on with sarah, says 50 in june and july seems reasonable after that we'll see said right now it is hard to see a pause. when she said that, the market sold off dow was down 250 or so then the market rallies back pete, i am wondering what it says about the state of stocks here and now, the fact we went down on the comments and were able to come back where we are now. who knows what the rest of the day holds clearly, but it speaks to new resiliency that seems to be found by investors when the vix is 24 and a half >> yeah. i was about to mention the fact we look at the volatility index trading where it is, scott, when you take a look at what the markets have been giving us over the last few weeks, it has been
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absolutely unbelievable from highs to lows through the day. there's a lot of volatility in the marketplace, even if we don't close necessarily on lows or highs and i think that's something that has been really interesting to me. i would expect volatility index to be higher than it is. maybe closer to 30 looking at the vxn, closer to 35 neither of them are in that range. that's what makes this curious i would say this what people are looking at, they hear numbers and their first instinct is to sell. then seems as if the investment world wants to jump back in because we kind of know this, don't we, scott, have been told time and time again what the fed is looking at, what powell is looking at, what sort of levels we will be at by end of the year that's something that people are just digesting and the market digested it extremely fast you're right we were down 300 points in the dow, almost in a flash, along
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with nasdaq getting pulled then everything comes back up roses. it is interesting how fast that was and how quick that move was from the velocity standpoint of being there and back up to where we are now in positive territory. things look pretty good. it shows there's an appetite for buying that's what we are taking away >> at least for the time being also isn't the first time brainard has gone hawkish. feels like it was six oreight weeks ago where she really first made that public pivot and the market was kind of like oh, okay, that's a change. i remember having a conversation with a well known money manager to both of us who said pay attention. when you've got the most dovish and liberal member of the fed coming out, saying pay attention, so the market paid attention then, got rattled for a moment now, but what do we do with that now, if anything certainly on the back of jamie
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dimon brace yourself for a hurricane statement. >> i hate to say this, you have to take the long term view, i think you have to take it day to day and data point to data point. what will the next cpi number be, bpi number be. are we seeing a slowing. i think there's a decent chance we go to stagflation, i think we're partially therealready brainard i view as one of the most cogent, reasonable thinkers on the fed, glad she's in number two spot, maybe number one spotty ven actually, she has a tendency to be prokeconomy and pro-liquidity. the market said it is 50 this meeting and 50 in july the same money manager i think you're referencing is very cautious, extremely cautious because in august you're going to get to some issues, and september, traditionally worst
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month of the year, could start to get really ugly you play for now, play for the short term i was looking at the vix this morning, i was surprised. >> i was looking at it before i went to pete so i had the most up to date number. i was like okay. >> closed how many times, how many times can you shock the investor class with the same news over and over again that's the thing >> if it was brainard's first time coming out, sounding hawkish as i thought she did, maybe the market would have a different reaction at this moment, to your point, josh. >> but judge, bear in mind what that brainard comment comes on the heels of or alongside of we have a private payroll number from adp which confirms there is a substantial, substantial slowing of the pace of hiring and we probably have seen the peak of labor cost acceleration.
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not to say it is going away or inflation is about to collapse but the acceleration which has so completely spooked the bond market, the stock market, the politicians, that part of it we probably have seen crest at this point. small businesses are reducing payroll by 91,000 over the prior month. 128,000 new payrolls in the month of may is the slowest pace of hiring since the pandemic recovery began these are good things. it shows the fed is slowly but surely starting to get their way. in information technology, in tech companies, we're seeing net job losses three months in a row now. companies that look at the nasdaq as their barometer for how things are going are getting the message and these are all of the things that the fed hoped to accomplish with their words. the market rapidly moved and the
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labor market is following. >> which is a good point to this point you can criticize the fed all you want for being late to the party. what they have been extraordinarily successful onto this point i think is the messaging. the market moved they have been able to get the message across to the markets. but it makes you want to pivot, put it all in context. >> can i complete this quick comes back to microsoft. with one month left in the quarter, they are lowering guidance the question is why do they do it are they hearing from companies josh is referencing saying hey, they trade strong economy and strong employment. are they saying we are hearing things are slowing this is the first warning shot >> believe me, when the headline popped, i was like here come the revisions. this is that line that you marked down and remember the next step to all of this is what you are thinking wherever
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you're watching. do i buy or sell stocks. where do we go from here b of a, shannon, no clear signal, closer to buy than sell. what do you think about that that's the first time the sell side indicators is closer to buy than sell since september of 2022 what do you make of it, just a number, just a stat. gives us a good talking point to try to answer that for viewers buy stocks or sell stocks? >> yeah, i think if you're -- you should be thinking of buying stocks for the long term right now, however, scott, next two to three weeks i continue to look at earnings season as being the next catalyst forthe marke to create a foundation for a more sustainable rally i think we go from data point to data point like the fed is, looking, we're in the same boat. i think we're going to get revisions, sell side analysts bringing down numbers the next
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few weeks, so i don't think there's a huge rush here i think you should be looking at allocations. bonds are going to become more attractive second half of this year, more balanced portfolio might be the way to go if we move into a slower economic environment, and god forbid stagflation scenario that steve mentioned. i'm not in a huge rush now, if you have cash on the sidelines, put it into the equity market the next couple weeks. i think that the next kalt list for the foundation for sustainable rally doesn't come until earnings season. >> looking at things, freeport materials having a great day freeport, martin marietta doing well can you speak to that space and those stocks for those watching? >> yeah. i think if you're looking for cyclical exposure, i think this is a china trade now, materials base that we're seeing some rolling reopenings in china,
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probably changes in their zero covid policy coming in the next few weeks. i think materials are moving higher i think if you are looking for cyclical exposure, energy probably feels overdone. probably feel you missed that. i think there are folks on the committee say still a good time to buy energy. cyclicals outside energy are probably popping on china news and improvement in the environment in china from a production standpoint, so materials are a great way to get access to that if you don't want to go just into energy. >> pete, i'm looking at the innovation fund, arkk. going to pull up arkf. fin tech innovation. they're rocking. you had puts in both that you sold >> yeah. i sold those last week, scott. not for any great reason of any kind other than the fact they were going to be expiring anyway they treated me well, gave me
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protection, some cases worked nicely to the down side. felt it was time to exit some of those. still have exposure in the put side in europe, efa on that one. there's a lot of different things going on. to shannon's point, you start to see a little of china as they come out of this a little bit, there's excitement in the material space i am lucky enough to have a couple things, cliffs, valet i had three point, but got rid of that as well. not part of the run others are participating in now i think there's a lot of parts of the market that do still have the ability for us to be able to say we can buy some of those, but i think you've got to be hesitant i have been hesitant all year, bought three different stocks, that's it. i like what i bought so far and feel pretty good about what we're doing now. but i don't think it is a marketplace where you can say you know what, time to start buying i think, i know you talked about that a moment or two ago
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i'm not sure i agree with that i think there are still bumps in the road ahead. >> weiss, speaking of cliffs, made a big deal when you got into it last week, you're out of it now you trimmed it trimmed qualcomm and sold target tell me why. >> you know, i did them for trades target was a great trade yesterday was down quite a bit cleveland cliffs, sold that because of jimmy's comment about jack ass, the movie. no qualcomm, it was a good trade. stock was up 8%, thought i would take some off the table and play with house money. >> we will keep our eyes there we're taking a quick break opec agreeing to increase production bullish calls on energy. that sector continues to lead the way. how the committee is playing it from here. a big run for energy, up 59% back after this.
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when we talked about energy stocks, finding it a little difficult to be enthusiastic about them here. li listen to what was say yesterday. >> we estimate by 2030 you need 1.2, $1.3 trillion in oil and gas cap ex to balance out. supply side, nothing is being done nothing. valuation wise, the sector hasn't gone up >> in other words, don't pay attention to where we are with the huge gains, focus on future and not too distant future and what's going to be needed and the reason those stocks will work >> yeah. i think one of the things we think about is that we actually don't disagree on the need for more supply. we think the oil market post 2023, 2024, after that, we are going to be in undersupplied
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situation. isn't a lot of capex going into companies. it has been good for owners of stocks look at chevron, exxon in particular, capital allocation improved significantly for those companies the last several years and they're really thinking about the potential return on projects it has slowed the capex. in this environment, if you look at what's leading and running, i feel that we have some energy exposure, in valero, eog think that's the right place to play the energy space. we have more beta to the sector in those two names we are trying to get full movement of energy names i think the thing to think about is is it right now the time to add from a cyclical perspective, and again, i see other opportunities in other sectors, given what energy has already done. >> josh, wasn't long ago you added ieo, you don't add things
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often, but this is certainly one place you looked >> yeah. i actually don't think stock picking in this space matters at all. i think this is a one way trade and that is predicated on oil and gas prices remaining elevated and u.s. companies continuing to invest less than they ordinarily would have during commodity price spikes. if this was 2005, 2006, they would be fracking and drilling their heads off. they're not doing that because i think the signal from wall street is keep up the great work, guys, with the profit growth these are companies that many of which had been private constrained, no matter what the price of crude did year after year after year. now all of a sudden they're the belle of the ball. they've gone to 5% which is historically still low i think there's still room for stocks to work and i don't think it matters which one you own
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this stage of the game that will matter later if there's a down cycle right now, i am in ieo those are the producers. i don't want those that are hedging. i don't want to screw around with k-1s and transmission stuff. i want pure companies exploring and selling more oil and gas the more domestic the better that's what i am getting via that etf. >> you're all over the space chevron, kinder morgan, calls in chevron, apache, baker hughes, shell, marathon, oxy, schlumberger tell me about your view. >> my view is that all these can work to josh's point i would say this, there are reasons to be in certain names versus other names when you look at big integrated names, there's a lot of different forces that give you more power with those. but they're going to lag a bit
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to names where you get more bang for the buck you have to look at the xop which has most of those names, big beta names, look at that performance versus exxon or xle or other energy new yeetfs there are names that are on fire when it turns the other way, they work just as fast to the down side. that's what you have to be careful of i love ev space, battery companies. charge point has been on fire, unusual option activity in there the last three, four, five sessions, coming in, buying huge sums of calls to the up side there's a reason to be in some of the names i look at that name, i am like this can be volatile, that was i think josh it is volatile can go up 7%, down 7%.
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but the options give you more flexibility for the up side. and you can withstand some pull backs from the down side too i continue to be in options there. it has been fruitful so far. >> josh, something quick on charge point >> this is a $4.5 billion market cap, leader in the space you can bet in the electrification of the vehicle fleet nationally, internationally, they're in the u.s. and europe. they have 80,000 charging points everywhere you could think of. they have a deal with volvo and starbucks. they are putting them in underground garages in hotels in every city in america. it is equipment and services contract and an app for people that want to park and charge wherever they go you don't have to bet on tesla beating mercedes-benz, don't have to bet on toyota evs versus honda. you have to bet in overall
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adoption i did this with alb a few years back, betting on lithium ion, not trying to pick an oem. i will do it again with charge point. pete is right, stock is wild beta is off the charts not for the faint of heart it is 13 and a half, could be 10 tomorrow, 15, i have no way of knowing. it is more investment than a trade. i like pairing this with the energy explorers because i think we're going to be a long time in a hybrid world of both i don't think it is one or the other anytime soon. >> got highs of the day better than 9%. you play it through the ovv, recent move, too >> it is got it a week or so ago. 14 billion exposed natural gas. free cash flow yield this year will be an amazing 20% plus. to josh's point, they're not hedged realizing not just gas prices
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but oil. realizing the oil there. it underperformed a decade you have a new attitude with management, paying off the debt. i like off the beaten path as you know, scott, this was it i walked in today, thought i walked into golf channel i wasn't aware it was cnbc when i looked at that jacket. >> i didn't realize they made gar animals in adult sizes we'll be back. fin tech stocks have been slammed. one stock getting a bullish call if you should be buying those beaten down names. we are back on the half. time f, the kpmg future leaders program was there to help. it was more than a scholarship. it was four years of support, mentorship and training. now, with a degree in animal science, i'm my family's first college graduate and i'm just getting started. the kpmg future leaders program.
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visible. single-line, unlimited data as low as $25 a month. good day here is the cnbc update this hour the man charged with killing ten people and wounding three others at a buffalo supermarket is scheduled to be arraigned. peyton gendren has been held without bail after targeting shoppers in a predominantly black neighborhood as that case remains in the spotlight, word out president biden will give a prime time address on gun violence tonight, being characterized as call to action for lawmakers
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georgia's top election official appeared at the courthouse in atlanta. acco brad raffensperger was testifying to a grand jury he recently defeated a republican primary challenger who had been endorsed by trump and once familiar site around the u.s. is no more the last remaining howard johnson's restaurant, i remember them, located in lake george, new york closed its doors. a family restaurant change noted for bright orange roofs. once had a thousand locations around the country and really good hot dogs, scott lake george location was the only one left since the one in maine shut its doors in 2016 back to you. >> thank you very much. fin tech talk about those stocks getting
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crushed, rebounding some paypal, down more than 70% of a 52 week high others down as well. pete, you own paypal 120 price target throw up that stock, please. there it is. >> i'm not looking, yeah, i can't see the chart because of my situation with the camera i can tell you i know it is awful. i can show you that by showing you my balance sheet of my position this stock, last quarter really was what changed it for me the fact that i felt like the ceo and the company itself needed to be a lot more transparent than they were going in and the disappointment that we all felt when we saw what the earnings actually looked like was crushing and obviously the stock got crushed based on a lot of that as well. i think i'm giving them a little time, see what things look like
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in the next quarter or so. the acquisitions they made are still meaningful when you look across at the company itself, they've done a good job of positioning themselves but they didn't do a good job letting us know some of the issues they were facing in the previous quarter or so and i think that's something that did bother me a lot i know jim cramer felt the same way. felt like the rug was pulled out from under us when they reported earnings that they did disappointment, yes, still holding on to it, yes. for how long i'm going to tell you after the next earnings. then i will let you know >> josh, this space has been brutal affirm down 86%, paypal, robinhood, 89, coinbase, 81. i am sure you can find other ones, too, you would consider to be a fin tech that's gotten destroyed. >> i had a horrible trade experience with paypal
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i basically rode to a double and round trip i can't believe how bad how quickly sentiment around the stock fell apart they're not growing as fast as they were, but it is still a growth company this stock became uninvestable overnight and nobody gave me the memo so don't take my opinion as gospel, but we have too many fin tech startups waiting in the wings, trying to go public most overlap each other's business most of the problem is that there's not enough growth to go around for all of them they're going to spend a ton of money sponsoring podcasts, buying stadium names and it won't result in much, considering the amount they spend for customer acquisition cannot be recouped for years and years out into the future and they don't have organic growth that's what's plaguing these
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names. i don't see resurgence anytime soon last part of this is focus on the amount of money spent by traditional finance companies. they are going crazy on technology, morgan stanley, bank of america, citi, jpmorgan chase, they're not lying down, sitting there eating glue while these companies build apps, they're building apps of their own that are extremely competitive. that makes stocks really tough to be longer term investor in. maybe there's a good trading opportunity. i don't see it based on technicals. >> weiss, i think i am looking to see what peak of the market cap was for this company >> 300 billion >> it was bigger than bank of america. to me it almost underscores the craziness of this particular market cycle that a company like paypal, not anything against paypal, but the way stocks like
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that just shot up, big valuations, had a bigger market cap than bank of america not that long ago. >> bank of america looks at them, jpmorgan, why do we need them in our backyard you have companies and josh is right, i spent time, can't tell you how many fin tech companies i look at with the same model. what these companies are doing, like toys r us they had diapers sold at a lost then they have other profitable products sold. but these companies only have the diapers. you can't tell one diaper from another diaper i'm bearish on it. will continue to be that way >> two new calls out today, we name and trade them next and we have key earnings out, coming out after the bell in overtime d g y s f tt as well
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call of the day. netflix, price target gets cut josh you own it. 265, down from 350 that's at google enheim.
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the air has come out of this balloon. >> i mean a long time ago this was 700. and a lot of temperatures now neutral were at buy. i don't pay attention to that stuff. >> what about the stock from here, play it that way, regardless of whose call >> netflix has a big run of high profile content coming the second half of the year. what they have to demonstrate to the street is that things like "stranger things" season 4 and conclusion of ozark and some of the newer stuff, they have to really demonstrate that is enabling them to continue to raise prices and more importantly plans for ad supported version, which i would expect sometime this fall, probably be make or break whether or not the stock can
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recover. i will be paying attention i bought a bunch after it crashed. we'll see what happens i am not terribly committed as long term investment right now, it is still a trade. >> pete, to you, disney, price target cut to 135 from 160 at truist maintain buy as well what's your take here? >> makes sense that they have to bring the price target down, scott, given where the stock is and fallen down to i think going into earnings, you and i on the ot talked about the fact that are people focusing just on streaming, if so, strok would go lower or give it a chance, look at what disney is as a company. netflix, yes, a streaming company. disney, streaming is one of the pieces of the puzzle what came out of that, people looked at the streaming numbers, understood what they were looking at, but were starting to see they are doing better in a lot of different categories that are meaningful far more meaningful than just
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looking at streaming there's a chance to see the stock make a decent rebound. i get why they brought this pr price target down. based on acquisition through streaming and everything, there are things going on. i think the core product of disney has a lot around it, and that's going to give the stock a nice opportunity to go higher than now >> now to a call i want to describe as we love it but sound like we don't. home depot, wells fargo, named best idea. we love the stock. overweight all in we come away from the survey slightly more cautious on hard lines overall, broadly remain constructive on core best in class names such as home depot they go on we are inclined to believe home improvement spend should remain relatively healthy. best idea, overweight. reasonably confident spending will remain healthy.
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>> that's really just a call they're concerned about consumer spending slowing which is a reasonable expectationin the second half of the year. it is important to remember home depot is going to be a beneficiary from being housing adjacent i think they have been caught up in expectation that existing home sales are coming down, higher mortgage rates, little supply in the marketplace. however, many of us are anchored, tethered to homes more than previously by those lower mortgage rates that we have. so i think one of the things to think about is are you going to continue to do things to improve your home. this is not a fix and flip trade, this is not 2006. this is one of the, and they've done an excellent job executing e-commerce strategy. this is one of our favorite names in the portfolio and certainly where i would want to be when i think of consumer discretionary. >> we have big earnings coming out after the bell tonight
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crowdstrike. josh owns that rh, josh owns that, lulu, pete owns that. we'll do all of that next.
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josh, to you first crowdstrike. what are your expectations >> well, start with the street's expectations 464 million in revenue, 23 cents earnings per share last quarter beat on revenue, earnings, guided higher.
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right now it is not a cheap stock, probably never will be. trading 16 times revenue that is the cheapest that this stock has been in three years. so it had a lot of air taken out of it like every other tech stock under the sun but they keep producing staying for a good reception. i think the numbers will be good >> what about rh >> rh is a little bit more difficult, i think if i were not in the stock i would not jump into it ahead of this particular earnings report. about a third of the stuff they sell comes from china. you're going to hear supply chain until you want to throw up but i do think they'll have a good quarter and hopefully good guidance looking at what william sonoma had to say the other day, this is not a subscription model but a membership model a lot of people who are rh shoppers continue to come back here plus, one of the biggest shareholders is warren buffett, berkshire hathaway i don't think they would let too
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much weakness happen without stepping back in i'm in it. i'm not looking for, like, a great reaction very, very tough space to be right now. >> pete, lulu? >> i'm expecting a little bit of a slowdown maybe, scott. what we've heard from nordstrom and others we are seeing that going back to work type of thing actually selling some of those clothes. maybe that will affect lulu this quarter. down the line they're still getting bigger and bigger in the men's spot i want to see what men's looks like along with e-commerce i would expect it to slow down this past quarter, scott >> okay. we'll be back with unusual tityoracvi f pete. we still have final trades ahead as well.
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pete, unusual. tell us what you see today >> i will start off with keurig dr. pepper the stock was trading just underneath 35, about $34.50 at the time we had a buyer of the june 35 calls. they are going for about 45 cents. what makes this even a little bit more interesting, though, they're willing to sell down side puts as well so financing a little bit of their bell, selling a down side put. somebody says the stock falls apart, i'm selling for about 45 cents, 5,000 of those trading. into redfin. the stock was trading around 10.60. trading very close early in the
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day, so the stock getting hammered of late we have a buyer of a couple thousand of the june 11 calls. stock trading 10.60, going for 45 cents up to 75 cents. the last one i've got for you is expedia. expedia, travel, that whole thing, the stock was trading at about 130.25 what makes this one interesting is they bought 5,000 of the june 140 calls. 4,100 of those were in one single print for $1.65 aggressive buying in there somebody very large coming in buying a pretty nice chunk looking for upside stock, up $2. i was just looking at it it's on its way to the upside already. it could be really interesting going forward. all of these expire in june. i now have positions in all of these. >> all right looking for the market picking up some steam. we will come back and tell but it and we'll do final trades
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we'll be on the lookout. there's the market today i said we were picking up steam as our show was coming to a close. nasdaq up nearly 2%, better than 200 points the dow up better than 200 as well pulled back slightly.
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t thewith a 100 gain all things considered microsoft cutting guidance brainard hawkish stocks remained resilient up until about 1:00 i said we'll have crowdstrike earnings and lulu earnings in "the ot. stephanie link, greg, mark newton, we'll talk about the markets. we'll break everything down and maybe other guests as well to react directly to the earnings let's do final trades. josh first >> no matter how volatile i'm sticking with chargepoint, chpt. >> visa, we talked about payments earlier global leader and cross border payments are picking up. >> pete? >> going right back with nvidia, scott. still long the stock i see huge call buying i think the stock will break 200. >> that's another key one to watch coming off microsoft and focused on big cap tech. not that this is among the
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biggest but it's big enough. steve, what about you? >> xpo filed confidentially on the spinoff of their technology enabled broker business. it will lock huge value as brad jacobs usually does. i would buy it here. >> i'll give you one last check of the market. we were just about at the highs of the day we'll see if that continues up until the close and i'll see you in a few hours "the exchange" is now. thank you, scott hi, everyone i'm kelly evans. ahead today the fed is squarely focused on inflation vice chair lael brainard says bringing inflation down is the number one priority. can the market weather a more hawkish fed this year, and what does it all mean for the economy and for the labor market stocks fell when brainard made those comments earlier we're bouncing back now, the nasdaq up almost 2%. is this just an oversold bounce or could the market prove to be a haven in these inflationary times? plus, we have rh, we have

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