expected from the outset that should create the fly wheel effect and have more issuers come to market we'll see what that looks like >> interesting and he kind of down played the idea we're up against a wall going into seasonality we'll see as we keep our eye on for new issues coming. >> great stuff, as always, carl. thank you. "the halftime report" starts right now. thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, the rally in stocks, the pullback in growth, at least some parts of growth the investment committee on whether it is time to rotate in this fast-changing market. joining me for the hour, josh brown, liz young, jim lebenthal. we're at post 9. we checked the markets we are green across the board. a nice little turn here. the dow is good for 160. the s&p hasn't closed above 5200 in a month since april 9th so we need to watch that and we will over the next hour. there's the nasdaq turning green as well.

two areas of tech doing two distinctly different things. you're getting buying on the dips in mega cap and selling in the more growthy, high beta type e-commerce names, roblox, shopify, palantir, airbnb, match, uber. all of those are down reasonably significantly, certainly at the top of the list since they reported earnings. all of those mega cap stocks are up week to date. >> ask yourself the question, what's the difference between the growthy mid and large cap technology names you just cited and the mega caps, besides the size, what's the main difference to me, the main difference is the mega caps represent stability, represent reliability, and have the ability to cut costs and get their way to better and better

earnings each quarter. you cannot say the same, unfortunately, for roblox and shopify. that's a different driver of those stocks, that's the major difference that gives you the answer to the riddle shopify is fine but the outlook isn't as good as people thought it would be. airbnb is fine the outlook is not great, though not terrible so let's zero in on airbnb they had a great quarter i think everybody would say that's pretty darned good. nice earnings beat to 41 cents here is the problem. when it came down to guidance, rather than the 12% that the street's consensus was expecting, they said, things will be about like this. that's not good enough for what that stock price has done. that's why they lopped some off today. you see that repeated in the $50 billion, $70 billion, $80

billion, $100 billion market cap companies. that's what this earnings season has been about we've had a lot of enthusiasm for the stocks year to date, but the outlooks just aren't that great. again, not calamitous, just not great. >> you make a good point liz, josh basically tells you how the bar for these kinds of stocks has just crept up and up and up right in line with what their stock prices have done from the bottom left to the upper right. well, the bars followed. and if you haven't been able to meet the moment, you see what the results are from what we just showed you where a roblox is down, you know, from their earnings, 21%. shopify is almost 20 and so on and so on. >> expectations were unreasonable coming out of 2023 expectations were unreasonable. that growth would just continue to hit these really high numbers. and, to josh's point, these aren't bad numbers we're not getting bad results, but guidance is in the driver's seat, and we're looking forward

at, okay, i have these stocks at these multiples. my expectation was x and now i'm going to get x minus 5%. suddenly that's a big disappointment and it shouldn't really be a disappointment i think it's more rational than anything else. and if we could parse out how much of the rise in a lot of stocks was due to actual fundamental reasons and how much of it was due to just valuation expansion, multiple expansion, i think what they're giving back is the multiple expansion not some kind of fundamental issue that's going on, and that's okay that's a market getting back into line with where it's reasonable what we might pay for growth if we can get our growth expectations into a more reasonable place >> also, jim, how much these stocks have gone up because of the a.i. halo effect, it's not the ones i just mentioned. not all of them play in that arena. but if you look at the back down-to-earth trades, if you want to call it that, from a.i.-related stocks.

cloudflare is up 34% since the bottom in the last month it's down 23 arm is up more than 100% since the bottom amd, 59% since the bottom. the past month it's down 10.5. i can go all the way down the list there's 20 stocks in front of me here all with similar chart patterns way up since the bottom, pulling back over the past month as the halo wears a little thin, i think, as it relates to a.i. stocks >> i think the halo wears a little thin. i think we'll admit, scott, even with the pullback, those are pretty breathtaking returns we've seen the word we've spoken about, all of us so far, are expectations and have expectations crept up too far. i think they have for these growth stocks, but the perspective here, the ultimate bellwether of nvidia, whether it's year to date or the last two years, it's been phenomenal. i think what happens is people expect that sort of return from all these other stocks they bid them up a little bit, and the problem with it -- and i

just said these returns even after the pullbacks are quite good the problem with chasing all these stocks is you lose sight of the fact that outside of technology there's a lot of areas in this stock market that are actually doing really well right now. my point is not to say, go sell all your growth stocks that's not the point my point is to say you can look further afield, folks, for good returns. >> of course but, josh, can you look further afield for reliable returns? not just for of the moment returns -- i give you utilities and staples had 52-week highs again today. all right. that's fine. are those reliable we asked at the top, is it time to rotate within what is a fast moving market? >> i want to repeat something that i've said on the show many times because i think it's really apt at this moment. you have to know what you are when you're in the markets am i an investor or a trader

if i am a trader, am i a momentum player or am i something else there are a lot of different ways to do this. if you're a momentum trader, you're in utilities right now not because of an earnings outlook but these are the best stocks in the market of the moment there's a really weird thing going on, started in april all of a sudden utilities caught fire as, like, an a.i. play. that will end in tears, by the way, the stocks look incredible. 100% of the names in the xlu are now above their 50 day every single s&p utility is in its own bull market. it's been over 100% for 14 straight days. you can go back decades and not see a utility rally like this. how much longer do you think that's going to persist? if you're an investor, you're not like, oh, yeah, let me get involved if you're a momentum player, you have to be involved. it's where the money is being played if you don't know where you are, the stock market is a really expense place to find out. know what you are, what your time frame is, what you're trying to accomplish for most people they're looking

for something that's a little bit more than momentum, and i would argue the qs now become more favorable so i told you 100% of the xlu names are in bull markets. only 46% of nasdaq 100 components, the qqq components, are above their 50 day less than half that, for me, as an investor, that means better setups so, again, if you know what you're trying to accomplish, it does a lot of the homework for you, and you know what you can ignore and what you can pay attention to >> six weeks ago you were out loudly on this program, "closing bell," saying, i'm worried about n nasdaq stocks. the qs are responsible for the pullbacks, which happened. now they're more attractive. the biggest thing to keep in mind, one firm's capex is another firm's revenue the more the companies invest in

a.i., the more it fuels the need for data centers, electricity, et cetera. it's a contributing reason as to why it's so hard >> scott, i have said many brilliant things on the show year to date, that's one of them but here is another. we talk about market wide rotations. i was making the point the other day that there have been rotations internally more than the mag seven this year, which is fascinating apple falls out of favor the stock market falls in love with amazon again. can we pop a chart this is an all-time high, as we speak, i'm issuing an alert here if people don't understand, this is the new apple this is the name that now everyone all of a sudden finds themselves chasing and wondering why they don't own enough of i love that. i don't want all seven of these stocks going up together and going down together. this is better it's healthier, it's more rational and more meaningful why is amazon doing what it's doing right now? they have all of the tail winds.

they have the a.i. platform. they have the e-commerce that's firing on all cylinders. they have the cost cutting story. they have it all that's why this stock is working and others in the mag seven aren't >> now you have a bit of a comeback, though, in apple at 183.55 >> it's fine >> it's had a nice comeback. jpmorgan's retail trader radar is something they put out within the mag seven. retail traders were selling nvidia, taking some profits, doing a druckenmiller, and buying apple liz, they've looked at the laggards, and there's been, as josh says, a bit of a rotation within the mag seven, too. >> one of the things -- and i don't really know the answer to this on a specific stock basis, but one of the things i feel like has started to happen is the a.i. trade became kind of a zero sum gain. you have one company that says, we're going to spend a ton to get further ahead on a.i they get maybe punished for the spending, and who is the beneficiary of that spending

they get rewarded. instead of what had been happening the better part of 6 to 12 months now people are being more choosy about what in a.i. are you spending on, do you have enough money to spend on that and, if you are spending, be who gets that spending i think investors are getting exhausted with all of the spending and are going to start to reward stocks much more for cost cutting and being more judicious with just laying it out. >> can i tack something on to that quickly i that is a great point. with amazon they announced aws has now crossed above a $100 billion annual run rate business if it were a standalone company it would be s&p 50 that's buried within amazon. it's a lot of the company's overall growth understand the spending, the way that aws has set itself up in a.i., bedrock a.i., is llm

agnostic bring us whatever a.i. tools you want you can run them on aws. i think that's the right approach i don't agreen with the approach of bidding up the company that has the most invested in chatgpt, for example chatgpt may not be the thing people are talking about in six months i like the platform play and that's another reason we're seeing amazon break out to new all-time highs >> it's up 9% month to date. it hit a record high apple got tired of being at the bottom of the list as it relates to mega cap performance. it's up 7.5% year to date. one of our committee members thinks it has more to go kevin simpson joins us now you wrote some calls on apple. you did it following the news from the berkshire meeting that they lightened up their position talk to me about this one first, writing more calls on apple, the

may 1 95s. >> that was a timely coincidence because of what happened with the berkshire meeting and the announcement coming out of there. we were purchasing it at 164 two weeks ago. here post-berkshire hathaway a covered call that gives us participation up to 195. about a 5% annual premium to do that it gives us a hedge to the down side if the stock continues to move higher and we get called away, gosh, i wouldn't lose any sleep selling that stock in two weeks. >> you think it's on an upward trajectory from here the technicals look horrific >> coming from 164 to 184 in a short period of time is a lot for a stock like apple

we might see consolidation as far as the stock is concerned. at these levels, it's still a buy. we have a developers conference coming out i think it will be exciting for them to say a.i., to liz's point, it's probably not going to spark the world on fire but apple we want to own it. we think we're getting in at 160s and 170s was the right move i would encourage anyone who does own it to write calls there's a nice premium >> you own broadcom. it plays into our story off the top about what some of these a.i.-related stocks have done, this has surged the past month it's down a little bit take me behind the curtain on that one >> listening to you talk about it is exactly like us discussing it in the room we bought broadcom broadcom went up 50%, which is fantastic. apple went down 15%. now we're taking the profits, rotating back into apple from an

active management standpoint we just think that broadcom is fully valued here. their growth has been slowing. they still have growth don't get me wrong the way the stock is trading, you determine a multiple on sales with this one, at least the way we're looking at it. for the previous ten years it's traded 7x. that's fine, you can have an appreciation, a premium, a new world order under a.i., but at our methodology we're saying, what if it went 10 times sales the last quarter, we gave it a 20% premium and you're bringing in $130 a share, you're looking at a pretty fairly valued stock here we really like the company we just think there's going to be some time before it can get to the next level where sales growth can catch up to the share price. so we like the stock we just don't like where it's trading. >> inhear you. may 22nd will be an interesting day for the whole universe when nvidia reports

we've seen stocks get a boost before kevin, thanks. i appreciate that. capital wealth planning. we move to this rotation sock gen sees the scope going higher to 5,500 by the end of the year and maybe that's where you're going to get some of the carry. you talked yesterday on "closing bell" about industrials, quote, unquote, taking the wheel. >> they have i don't know that will continue for the entirety of the year it if it happened, i don't think anyone would be upset about it and here is the most interesting thing about industrials, when you talk about financials, most of those companies more or less do the same thing. when you talk about health care, they're in the business of, you know, roughly the same thing industrials is so wildly varied. you have home builders in there and then you have companies that make airplane parts, and then

you have companies that are very heavily involved in manufacturing, and then you have the transports so it's a really interesting group. and i think when you see industrials moving in concert the way that they have been, it's more of an economic signal than you could say for any other stock group or the 11 sectors. the message there is the industrials like it when companies all over the world are spending and building new things and jim's onshoring theme, et cetera and that's what's playing out in that group it's a very fertile space to look for winners, stocks in up trends i like the call. i hope it will be right. and maybe i'm not long enough there. >> jimmy >> going back to where we were a few minutes ago, it's also about expectations that was well said, josh the expectations for a lot of sectors like financials and industrials, has been low for a long time. now this year expectations have started to creep up. still, particularly if you look

at financials, you're looking at a lot ofcompanies trading around ten times earnings, maybe a little bit of premium over book most of them below book value, nice dividend yields, and, again, not taking anything away from growth. when expectations are as low as they are, it's easy to get a pop in the share price when those low expectations are easily exceeded >> well, yields, liz, coming down have helped the banks. >> sure. >> the sector is up on the week, year to date we're looking at a 10 the yield complex has changed multiple times already in the period of 2024 >> i think it's difficult to make a play on financials just based on the yield environment, given how much volatility is still there. short-term yields stay high, their costs on deposits staple up enthusiasm has been about m&a activity, the resurgence of some

of the ipos, and there's been an outlook that's improved given some of that heightened or new activity we had been without for a while. >> let's finish this block on small caps because in the conversation about rotating and what's going to take you higher, yesterday there was a call to 5,700 on the s&p before the end of the year. i just read one from soc gen, 55 whether small caps are a place to be. renaissance macro's jeff degraf calls it an interesting candidate. they've outperformed off the oversold low i thinks there are several present that could help push them through resistance versus large caps i think we should discuss, jim, you've added more to your small cap play of late you've made a pretty big case for them on this show in the last week plus what do you make of this call by degraf >> i think it's right, and i

have made a big case i want to elucidate it more here the thing people say is the high interest rate environment. i think it's like a trite phrase they don't really think about what they're saying. interest expense is not a very large expense for small caps the issue with higher interest rates is the extent to which it craters the economy. >> yeah, i think that's more where people lean. as long as rates remain higher for longer, the chances of an economic slowdown if not breakage goes up, therefore, the prospects for good returns from small caps goes down >> that's exactly right, scott so it's a top line issue and, by the way, i'm not tloepg out the idea that we won't have a recession this idea. it could happen. i will say the atlanta fed gdp right now, who knows the economy looks pretty good. 14 times forward earnings you still have cushion here. i know there's been a lot of fits and starts in this space

but the economy is strong enough the top line should hang in there and this should be the place to be. >> josh, good on the timing of a lot of looking at technical factors and deciding what is going to work and when it remains to be seen whether there's staying power in the small caps the russell is up almost 1.5% week to date because yields have stabilized what do you think? >> i was with jeff last week drinking margaritas the day before cinco de mayo so jeff is very early to everything jeff was early to this one of the things jeff is looking for in his technical work is areas like the huge rally we've seen in china this year he's looking for areas where there's really no one left to sell, and you get extremes in n negative alpha an area with so much volatility and such little return that it's completely washed out. and small caps, maybe as a whole, don't total fit in there.

but they have to be pretty darned close this has been a horrendous asset class for most of the last 15 years. it's had these kind of six and seven week tactical rallies usually from very oversold conditions, but i don't like it for anything more than that. it's a one-night stand it's not a long-term relationship think about the main issue with this asset class it's not interest rates. it's not the economy it's the fact that the best companies in the index get promoted and leave they graduate. so, over time, the small caps are some of the worst companies. now are there hidden gems? are there individual opportunities? of course there are. if you're not good at that, you shouldn't be working too hard at trying to find them. so that's my over arcing take. >> when we come back, we have two big trade alerts for you josh just added a new media name to his portfolio >> wish me luck. >> you'll want to hear which one it is.

jim doubling down on one of his big positions. we're going to go through them both we'll do it after the break. the s&p currently hanging on to 5200 a little bit above that. it hasn't closed above that level in a month back in two. >> announcer: are you following atreouasftime report" podct? wh a y waiting for follow the "halftime" podcast now. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos,

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♪ okay we are back and we have some committee moves to tell but. we start with josh brown buying a media name, one that's been beaten down, to say the least, wbd. warner bros. discovery. >> this is probably a big mistake. i'm in here with a stock loss. this is not a table pounding buy. something about the situation tells me there's almost nobody left to sell the company has $43 billion in debt it's unclear how they're going to ever completely delever i don't think they need to i think if they can continue to cut that down at the rate they have been, i think the number was $53 billion in debt not long ago, so if they can continue to cut that down, there could be a rerating here. the other main risk, which i

think is going to play out in the next month or so, they are deep in negotiations with the nba about retaining that relationship obviously for tnt super important. they may fail. there are other players offering huge money from the parent company. i don't know what the reaction is on the street i'm willing to tolerate that risk because i think what could go here, they brought james gunn in, talking about properties like "superman" and "batman" underearning relative to their potential. this is not a thing that might happen this is already under way. the same kind of revamp for "harry potter. massive disney sized properties they have been underearning on at the box office for a very long time.

if you exclude the problem, that's not going to get better but is getting less -- getting worse at a slower pace now they're making money, though, on the streaming platform and will be more important. they made $50 million last quarter. $90 million this quarter it's $100 million users on the max app. they are now one of the largest apps with netflix -- excuse me, with disney plus/hulu i think could be a precursor to much better activity with bundles those to me seem more powerful catalysts than what could go wrong. i think we're in a place where the reward outweighs the risk. >> do negotiations have to do with how long you may stay in the stock? do you want an outcome as a shareholder of this company? do you want them to do what it

takes or not to because of the heavy debt load you suggested, exists on the balance sheet that is well known? >> i've been thinking exactly that for the last week or two, one of the things from today, they will announce $1.5 billion worth of debt. i don't think they would be doing that if they weren't confident enough in the cash flow outlook they have about $3 billion in change, they were confident enough in terms of what they are confident to be, they can play with the big dogs, they can put up a $2 billion number for the rights to the nba. they've had a relationship for 40 years think about that inside the nba, the best basketball across all of the networks

they could be wrong about that, the stock goes higher. if they lose it, i think there's a negative reaction, but i hope they don't announce it prior to the open i hope i have an opportunity to get stopped out before there's a big gap down this is not a table pounding buy. the feint of heart should not follow me into this. this is down for a reason. i'm just feeling better about what could go right. >> are you going to back me up on this one? >> i'm trembling >> he has ptsd -- >> i'm just over here twitching. you have no idea how much -- >> it's the jcpenney of streamers. i don't know what could go wrong here >> i thought we had a conversation before the show >> you bought more disney. that's your headline >> going into the earnings, i said what i'm looking for, first

and foremost, is streaming everyone was disappointed with the theme parks. that will come and go. that's not something to worry about. it's not like people don't want to go to disneyworld anymore, but streaming is the future of the business you mentioned how linear is not coming back. where it's going is to streaming. by the way, when you look at 2025 and an earnings multiple about 19 times, that could be lower if streaming continues to do better. >> what's funny about the linear business, it's not going to go back to what it was, i think it's priced into all these names. it can co-exist with streaming for another 15 years that's a and, b, if there's an overall recovery in ad spending, that might be good enough to mask the fact linear is losing share. the street might be okay with that as the streaming platforms

become more profitable >> i like what you said. even if that doesn't happen, people think this is the newspaper industry of the 1990s, yes, linear has a problem right now. it's getting replaced by the benefits of streaming. let's get the headlines now with bertha coombs the prosecution has started its redirect of stormy daniels in the donald trump hush money trial. earlier the defense repeatedly questioned the adult film star about profitable from her allegations. daniels stuck to her story saying she wasn't motivated by money. when the defense noted she sold merchandise online, daniels replied, not unlike mr. trump. 56 scanners able to detect fentanyl will now be installed at the u.s./mexico border. congress approved $250 million in funding after nbc news

reported the scanners were gathering dust in warehouses because there wasn't any money to install them. the scanners are scheduled to be put in over the next two years and donald trump's youngest son, barron, will represent florida at the republican national convention in july. in the 18-year-old's highest profile political role yet nbc news first reported the youngest trump, who is set to graduate from high school next week, will join his step brothers, eric and don jr., and stepsister tiffany, as an at-large delegate. i guess it's all in the family now. scott, back to you coming up, much more on shares of roblox, down 20% you might remember bryn talkington owns it which means she's calling in with her reaction next. (grandpa vo) i'm the richest guy in the world.

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all right. our "chart of the day" is roblox those shares are tanking after they cut the bookings forecast bryn talkington joins us on the phone. what's your take and what, if anything, are you doing with the stock today, bryn? >> yeah, thanks, scott well, first of all, the stock is trading down like a snapchat quarter, right, it's just brutal we've already seen a slight recovery since the market opened from a trading perspective, my rule of thumb, i think, is a general rule of thumb, when you get a big pulldown like this, do you really want to wait until day three? you're probably going to sell off today, maybe sell through friday the sellers will be out, and monday will be the time i will be adding. i think there was an overreaction the reaction should have been negative, by the way they did come in and say verbatim, we will make the difficult internal decision to adjust booking guidance. and so they were dramatic about

that even though they said for 2025 through 2027 they're still expecting bookings of 20%, which is what the street was wanting >> i don't want what you just said to get buried within this you said you're going to be adding to thestock, you think, on monday? >> yes, yes. when you read through numbers and listen to the excitement, they had daily active users of 17% to 77 million. bookings went year over year at 19%, not that key 20 and revenue growth was 22% i think that's something investors should also pay attention is that this company has really started having operating leverage, and they mention it had multiple times. they're being smart about capex and mentioned operating leverage they're having the beginning of huge growth in india they have good growth in japan what we're seeing in this type of market, that would be a good

entry point over the next few quarters >> okay. josh, you have some history here you've sold this roughly two years ago. not up much since then >> this was atrocious for me i think the thing about roblox that's so attractive is what a hold they have on that generation and the amount of spending that takes place on that platform is very real. i think the difficulty here, when i lost money on it and why bryn is suffering with it today, it's very lumpy. it's very unpredictable. it hasn't been a public company for ten years. we don't really have a sense of when they pull lever a we get result b it's just not that simple to figure out quarter to quarter. so i think if you are going to be here, you almost have to decide, i'm going to be a long-term investor because i think the monetization of the platform is going to outgrow this lumpiness that seems to impact every earnings quarter. i think bryn would probably

agree with that. >> bryn, last point to you >> i think josh is spot on this is not a microsoft or an apple, but i think the stick aninesan n stickiness continues to grow the global expansion is real, by the way. i think look through the quarter and take advantage of the opportunity. a two handle or low three handle is a great entry point >> we'll see how the rest of this day finishes out. let us know when you do buy more shares, if you would, and thanks for calling in and talking about this stock today a tough one down about 20% thank you. let's do our "calls of the day. live nation got upgraded to a buy from neutral from redburn atlantic breakup concerns are overblown, that's what they suggest >> i do not think what's happening now from a regulatory perspective will result in a breakup. i'm sure there will be some expenditure. i'm sure it will be annoying, there will be grandstanding at some point but, in the end, this is a very

unique asset i think this is a business that's got secular growth ahead of it as far as the eye can see. live entertainment is one of the last things that the consumer is willing to compromise on or give up on. we know that through recession, through expansion. i really love my investment here and i'm not making any changes >> initiated outperform, price target 55. they think the performance will continue to push the stock higher >> i feel very good about general motors the results continue to come in from the company are very strong, and on the back of those results, you're seeing the analyst community get behind the stock. i'm looking at free cash flow estimates for this year, scott and from the beginning of the year, those free cash flow estimates have gone up by 50%. these are sizable numbers, billions of dollars. what they're doing is buying back shares, which means the earnings per share growth is going to be even higher. the stock trades below five times earnings it makes no sense. 70% of back value. should trade at seven times

earnings, which puts it around 65, maybe even $70 a share. >> josh, let's button up toast this week. we talked about it, the stock was up big, i think it was yesterday. the price target today goes to 21 at mizuho following those earnings results they do rate it neutral. they talk about higher profitability outlook, the quarter not without some hiccups. how should our viewers look at this over the next handful of months, let's say? >> the analyst here, dan, does not love the story he's nodding to the fact that they are growing and there have been some improvements it's definitely not a story that doesn't have specific risks around it. i think one of the big risks on the stock has been proven wrong and will continue to be proven wrong, which is they have this endless amount of competition from the more mainstream billing payment companies. i just don't think that's the reality. restaurants like the specialization that toast offers, and that's why they keep winning new locations. so now you have a stock trading

very well to 70 rsi, almost overbought 16% above its 20-day moving average. 14% above the 50 36% above its 200. might be slightly extended here, which i said yesterday, it's 100% off its low and it's up 48% year to date so if you missed it, if you're not in it right this minute, maybe you don't have to race into the stock maybe there will be a better opportunity. but i'm here and i'm long term quick break. straight ahead we have several committee stocks on hot streaks. we'll tell you exactly which ones are on the run and what the committee membs e inerardog with those names now. we'll do it next

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♪ let's talk about some committee stocks that are on a hot streak, to say the least

berkshire, josh, six days in a row. six days in a row. >> look, what the berkshire hathaway annual event this weekend did so successfully was it really showed you a future where greg abel, todd and ted, this next generation are ready, willing and able to continue the work that had been done by buffett and monger all these years and that was the most important thing they had to accomplish i think they landed the plane beautifully. >> pg&e, jimmy, six days in a row for that one, too. >> this is a utility stock, not something i'm looking to knock the lights out with. it's a solidly run company there should be grid demand whether it's electrical vehicles or data centers. well run doing a lot to suppress future wildfires. >> five days in a row for rig, transocean >> part of that is because it got knocked down, scott, after earnings, which i said at the time was kind of ridiculous.

the stock is fairly valued unless and until you bring off the cold stackedrigs the stock will pop i think there will be anticipation of that the ceo was talking by the end of the year the industry will be calling on coal stacked rigs >> we'll keep our eye there, too. big pharma's big higher, what er did that has josh brown even more bullish. he'll explain next the all new godaddy airo helps you

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find the more bullish person on their stock. >> no. >> in fact, they did the opposite andrew baum, he's not had a buy rating on the shares, and he pulled his price target down steadily, as the stock has gone down, and they hired him anyway. >> i feel like that's so gangster if you look how poorly this las performed relative to its peer group. you just say, already, abetter is probably a great leader, but might have a blind spot, doesn't understand what the street wants to see, doesn't necessarily understand what institutional investors want to see, so who better than to have come in-house than somebody who has been saying these things publicly for a decade, do this, don't do that, et cetera, et cetera if you look at what the company said about this hire, dr. baum will chair the portfolio

management team. that's the firm's governing body responsible for capital deployment and portfolio management so, they're going to decide what programs to cut, what programs to accelerate, expand, who to partner up with, what fields they should prioritize when they're looking at how to invest this stuff is critical i thinkist interesting that think brought someone in from wall street. we have seen this elsewhere. we saw going the hire ruth pouret, and she'll be basically running the show there i think it's an interesting development as a shareholder of pfizer i like it. >> and not a tell you what you want to hear kind of a hiree, which is just an interesting managerial perspective. >> i don't want to undersell him, by the way, this guy wrote a legendary rope in 2011 about immunotherapies that became a huge milestone for the industry. . um is more than just a

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♪ all right. k eastern we'll see if we can get the first close over 3300 for s&p 500 in a month. erin will exclusively give us

her new asset allocation look. kristin bitterly with me as well. farmer jim? >> just hit a post-pandemic high. >> liz? >> s&p low vol. >> j.b.? >> live nation, a big summer. i'll see you at 3:00. "the exchange" is now. hi, everybody, welcome for "the exchange." here's what is ahead, is the consumer cracking or still cranking? it depends on where you look and who you ask. bank of america is say not so fast. we'll try to make sense of their data and what they're seeing from customers. plus shares of beyond meat are sinking after another ugly quarter. can the company get back appetite for their products. plus