Smiledirect begins trading as a public company. Should you buy the stock today our Investment Committee weighs in and caterpillar shares getting a down grade its our call of the day Halftime Report starts right now. Welcome back, everybody. Thanks for joining us here today, the overall market doing well headed for seven in a row. Up 121 points and longest streak in a year and smiledirect just opening moments ago as carl, morgan and john just showed you. That opening not what the markets showed down 14 at the moment and off 3 bucks. A lot of optimism going in on smiledirect. The head of the ipo saying it is trading well or bullish upside potential. That is certainly not the case smiledirect sdc a new issue down 14 right now. All right, lets go now to the macro set up stocks there higher on trade headlines and easy move by europe central bank. If we do close higher on the dow, like we said, lucky 7 7 higher sessions in a row and longest streak in a year your stat of the day, nearly 100 of the s p 500, about 20 are up more than 10 this month thats only eight days of trading, including today so, the question to your gang today is very simple joe, ill begin with you, is the path all clear for the bulls to take this market to new highs . Because were close. The market has been rallying over the last ten days or so you and i have talked about that i had some calls on the iqq and i continue to maintain those calls and the market is moving higher favorable conditions a lot of that has to do with the advanced decline line of the New York Stock Exchange as we talked about yesterday made an alltime high yesterday you were also seeing rates with modestly beginning to back up. 177 is where we sit for a ten year right now overseas the german ten year and yields relaxing some of the real selling pressure that you saw there in terms of yield. We have financials participating right now and the path of least resistance is higher margaret, welcome we have josh, jim, thanks for joining us thank you what is your take are you bullish or does this feel like were getting a it allal bit too hot . Smiledirect ipo one stock, not exactly overwhelming demand. Clearly the, market is and t driven by any earnings in our mind, some mind for cautiousness ahead, particularly as we go into earning season for the third quarter. Interesting to note, you know, conferences are going on health care, technology, industrials and none of those companies have taken the opportunity to lower guidance, if they want to blame the macro, they could have. Interesting dynamic. We havent yet seen that, but i would say, you know, we have trade that is getting resolved to some extent, but we still have tariffs in place and theyre still negatively impacting the markets. So, brian, pretty complicated situation here we talk about secondary risks like iran, russia, north korea, brexit and still focused on u. S. china trade tensions. The last week and a half of a rally. It is a heck of a rally. Value stocks cruising. And, up for unfortunately, i cay it is a sustainable until you get resolution of the trade talks. This rally is based on last week both sides coming together and agreeing to meet that is the bare minimum as far as a step forward. There is no agenda set yes, there is President Trump put out a twoweek delay in the tariffs last night thats meaningless, as well. We are a long way from resolution now, with that having been said, i dont think this is a time that you sell because the market is so volatile, it could easily go up further, as well as go down the thing to do in this situation, in my opinion, is go for cash flow generating companies. Stocks that are buying back their shares companies that are increasing their dividends. Thats a sign of how healthy they are and how they can make it through thick or thin, whatever the latest trump tweet is or whatever the latest message from the global times in china. I think i got that newspaper right. Look at the intels of the world and look at Cisco Systems just to name a couple josh, i mean, what do you view as the biggest risk right now for stocks the biggest risk for stocks its been the last couple days, last seven days. Were not talking about the risk, were talking about three weeks ago. Three weeks, thank you long day three weeks ago it was all risk. It was all fear. Suddenly now everything is fine. Whats changed well, first of all, if youre making investments based on the headline of the day, you should give the money to somebody else who is a professional. Thats one two, if youre somebody that thinks trade is now resolved or you believe in a tweet about trade or, you know, somebody from the white house saying were going to have a meeting, were not going to have a meeting. If thats the basis behind which you log into a brokerage account and buy yourself something give the money to somebody else. Big picture the most important thing going on right now, brian, to answer your question, the value momentum switch like the question on every professionals mind right now is, are there legs to this is this just about rates backing up and then maybe one side of the trade being too crowded or is this the start of something bigger i want to give you some numbers that i found mind blowing today. The dow jones Market Neutral value index had its best day on monday since inception going back to 2001 just an absolute monster move. 3. 5 in one day. That is a Market Neutral index it is not meant to do that what does that tell you hold on, you take a look at what is going on with the Market Neutral momentum, its worse two days in ten years, down 4. 5 monday and another 4. 5 tuesday. If youre an investor right now and you look at your portfolio and you find a huge overweight towards momentum, a huge overweight towards growth, a, you really felt it this week negatively and, b, you might want to look at your Asset Allocation and ask yourself, have i been ignoring too many sectors in the market and not exposed to sector stocks this might be the wakeup call that you needed. One last thing on this, i am hopeful that this is the beginning of a change. We want to see these value stocks back in the game. We want to see them within 5 and 10 of new alltime highs. Not 20 away if this market is going to continue higher. So, to that point, i think its a very positive development to get that rotation this week and i hope its not a short lived thing. I like it, josh, because were also going to talk about some names that we dont normally talk about that have done well. I want to go back to leslie picker who has been all over the sm Smiledirect Club for trading and sitting down with the cfo and cofounder and a first on cnbc interview. Lesl leslie. Im here with the cofounder of smiledirectclub and kyle wailes thank you for joining me today unique outcome here because you priced above the range and stocks trading lower in its opening trade. Alex, what do you think happened you know, were here to build longtime value with the stock so, you know, how it priced today i dont think will dictate what were doing here. You know, kyle. I think thats exactly right. What were focused on here are our members over 750,000 served and our investors. Our investors are with us for the long run right. This is day one. You know, it looks like it opened up a little bit lower, but were focused on 12 months, 24 months and creating fundamental value for our investors. People are focused on teledentistry and the competitive dynamic surrounding this space how would you, kyle, characterize the barriers to entry for what you do and the pricing dynamic as a result of that yeah, so, very, very strong if you think about the past five years and what we built in this business starting with the omny channel presence that we have. Over 300 smile shops around the country and also internationally growing, as well a program that our Balance Sheet today makes it affordable and accessible for millions of consumers around the world the vertical integration and the economics that that drives within our business and the Doctor Network that we have and our better is better approach to how we empower our members with their decisionmaking around orthodonic care. Lots of barriers that we built in this business not to mention, you know, one of the most important ones, as well highly considered purchase they spend up to a year or in some cases longer as theyre doing research they see our brand and the satisfaction that our members have and see the scale over 750,000 consumers served to date the positive reviews we have online you have to do all of those together the smile, pay, omni channel presence to make it work to that point on vertical integration, you do control kind of the entire supply chain but the one thing you dont control are the actual orthod t orthodontists and dentists themselves how do you control for reputation without controlling the actual doctors who are providing the care that you all serve . Yes, so, were here to provide the teledentistry platform our doctors have at least four years of experience before they come with us kyle, i want to read something to you something that the American Dental Association has put out a press release saying that they essentially, the orthodontic treatment if not done correctly could lead to potential bone loss, lost teeth, jaw pain and other issues. They flagged these issues with the ftc and previously with the fda and specifically calling out your devices what are the risks that cthat consumers should be aware of so, any time you do something disruptive like we are, the status quo is always going to push back on that. That is what youre seeing there. When they file that with the fda, in particular, i think its important to point out, as well. The fda came out and immediately shut that down right after the fact that it happened. Its important to know, these are our doctors, patients. 250 doctors across the state today and you have to be state licensed in every state and they are making the clinical decision to treat that patient or not treat that patient and its ultimately their decision that they go through. We served over 750,000 members to date. I think you can look at the Consumer Sentiment online. Over 100,000 reviews on our website. Over 50,000 reviews on google. Very, very positive Consumer Sentiment overall and i think the data speaks for itself when you look at the true health and efficacy of our product. Alex, i want to talk to you about automation any part of the process, the supply chain that you could automate further that could help improve margins . Absolutely, better is better is one of our philosophies and we started down the automation path and some things we need to iterate on and see the next evolution on as we get through this year and next year. But its definitely something that were laser focused on and working towards, you know, the best process that we can get to. All right, alex and kyle, thank you so much for joining me stocks down a little over 11 right now. Brian, back over to you. Great interview there no matter what happens with the stock today, two very rich guys that are sitting there 7 or 8 billion market cap any take on this name . I think the implications for the market are, obviously, this ipo is disappointing im not surprised that it is disappointing. Listen, if youre going to step out as an investor and look at these ipos and now you have smile direct in front of you, okay, am i going to go buy smiledirect or look at a crowd strike which is down 30 do i look at slack, which is 40 and is now 25. Do i even look at uber which was 44 and now is in the mid30 range. So, those type of ipos, technology oriented, theyre far more attractive to me. Let me ask some broader question you dont have to answer about smile direct per se. But with uber and lyft and some of the others. Used to be youre privet for a couple years and eight, nine and ten years. And private equity, im not knocking the whole industry. Venture capitalists get theirs and theyre leaving the scraps to mom and pops. I would call it latestage growth. Or latestage no growth the potential for growth. But, really, what the earlier ipos did and the kind that people all ran to were you had hockey stick and youre not getting that investors are looking and, plus, seeing the rotation that we were talking about. Getting out of momentum stocks at the time when some of these were going public. You add those two together you have to be careful what youre going to do because the fundamentals still arent there. I used to sell ipos as a broker when i was a retail broker and i think the big take away is like back then they would deliberately engineer a pop. Guaranteed money almost yes and the clients that would want to do it were gamblers they werent real investors. They were like, oh, i think this thing would pop 15 and the manager would say, okay, youre not getting any more of the next deal you had to be somewhat cool about it if you were in the middle of that those people now are more likely to be getting in on venture funds and trying to own these things before the ipos than they are to be waiting for their merrill guy to call him and say, hey, good news 200 shares of smiledirect. I think thats a big change in the dynamic of markets and how we bring these days. Look at some of these owners of these stocks. Youre seeing the big mutual funds. Fideli fidelity fidelity. Thats what im saying. They already own it but the retail version, you know last guy on the totem pole. Can i go to your question about five versus ten years. The later round private equity firms are not making money on this. Look at a lyft or uber by the way. By the time the Venture Capital companies can get out of that, a remarkable reduction in valuation. I think this would put the pressure to go public earlier to have that pendulum swing back the other way and it will come from the private equity and d. C. Firms. They need to make money. I know a lot of private equity guys that have giant, giant yachts some things work where are the customer yachts, brian . If youre in a venture fund and youre excited because out of the 20 positions in that particular fund, air bnb, uber, lyft in that fund. Im with you. Thats my point. But they have business considerations because they have investors. The point im trying to make is having done this for two decades so much money being extracted before these companies go public, the big names the best performing stocks, the best performing ipos are names we never talked about or heard of avalara, those are the five best ipos of the past 12 months how long can we talk about alacos i just want to be accurate of what we are talking about. Money coming out no money comes out from the Venture Capital investments until six months after the ipo nobody is coming out at that last private round money is coming in the way it changes is just like ceo if investors vote them out investors start ignoring the ipos that are sucked out early and bankers will have to switch it up and start offering more value. In other words, folks, its up to you heres whats coming up on the Halftime Report. Big calls on caterpillar why one analyst says stays away. The best debate in our call of the day. Plus, service with a smile hot new ipos smiledirect making its debut. E ould you buy it . ThInvestment Committee weighs in do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Dow trying to make it 700 days in a row and right now lets get to julia with an alert. At t striking a deal with j. J. Abrams, new tv projects for all of its platforms including hbo max and make movies for Warner Brothers and bringing his Games Division and all the different divisions under the same roof for the first time now, this deal is reportedly worth some 250 million, according to hollywood reporter. Worth noting this is just the latest for top content creators. Netflix payede eed hundreds of millions it does say he will continue with his current commitments to paramount until those are expired and he does have the star wars movie he is making for disney and a project he produced for apple tv plus but for now the rest of his work will be for warner media back over to you. Another big signing in the streaming wars before we get to the call of the day, anybody have a take on at t had its ups and downs, shall we say. We own at t and a deleveraging play. They have the content and made too many accusations this is a stock you want for the next three years, you get paid 5 . The stock is low today because at the same day theyre signing j. J. Abrams for a gigantic deal. Signing deals for those who made one or two shows why they need to make some structural change and its great. The only good news, josh, will now be run over by the producers bigger yacht so, its all fine. All right. Caterpillar and deere in the red after wells fargo downgraded the stocks between rocket perform rate demand is at or near its peak and probably begin to slow in 2020 it is your call of the day so, again, joe, its not a knock on cat and deere they like the dividend yield 1. You get the exposure to brazil i disagree with this call, though i think deere and caterpillar longer term will be okay i also believe, if there is some form of a trade interim resolution, a lot of it will centered on ag and youll see increased plantings and the need for moredisagree with that call. I think the call theyre making is a little too late brian, i own caterpillar. I disagree with the call, but its not a stupid call look, if we keep muddling through a scattered brain approach to trade, we will get a recession and stocks like caterpillar will go down the problem is, this stock is generating a lot of cash so, if you want to be short this, the down side is a lot less than the upside is when you consider that at the last quarter they bought back on that 5 of the shares outstanding year over year they increased their dividend by meaningful amount just a few months ago so, lets just say we give a 50 50 chance of china being resolved if thats the case, you have much more upside than you have downside it will go down if china is not resolved by the end of the year. Your probability weighted and expected return is positive on cat. Deere, ago, you can have that trade. I have no issue with it. Is it a 50 50 chance we get a deal what do you think . Is it that high . I mean, thats what the market is trying to anticipate here its a black box on when we will get the next tweet moving on all the tweets. Pete najarian. Stay with us for his latest trades there are some sectors, anyway, were going to go to break. No sector check, wree just going to stare at petes head. Going to a short break were back after this. pilot were going to be on the tarmac for another 45 minutes or so. I thats the retirement plan. E, with my annuity, i know there is a guarantee. Its for my family, its for my self, its for my future. Annuities can provide protected income for life. Learn more at retire your risk dot org. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Servicenow put our this changes everything. Youre right sir. Everything. No not everything, i mean youre still blatantly sucking up to me gary. Brilliantly observed, sir. Always three steps ahead. Six steps ahead. Sixteen. So many steps. You done . A million steps ahead. Servicenow. Works for you. All right. Welcome back to Halftime Report. Microsoft shares have risen 35 this year, they have done great. But betting on more gain Pete Najarian joining us from minneapolis with more on the unusual activity what are you seeing . Very interesting. We had unusual activity it seems like before 100 all the way up and now today theyre buying the september 142 call those are being bought very aggressively today stock was a little bit lower trading around 137 and now 50 cents higher and paying 30 cents for those options. Now, those options, obviously, expire not too long from now i like what were seeing and i like what were seeing there 5 move. Can it make that kind of move shortly . I think it very well could if we see that move to the upside, im in these calls i already own the stock, but i alsoadded the calls. Im bullish bullish now when it comes to Microsoft One more for you, as well. Take a look at ashr. The china 300. The most liquid, biggest of the names out there. And its very interesting. Weve seen it many times in the past, as well. Theyre buying and very aggressively buying. When i say that, they bought over 28,500. Theyre rolling up and theyre rolling up from the 28. 5 to the october 29 calls and these expire on october 4th. So, pretty aggressively bought, once again a huge number. They already made some money and they want to make a little bit more im in this trade and only a couple weeks long, as well that has been the theme of this year 2019 very short term, but people are looking for those kind of moves and, obviously, with all the trade talks and around october, a lot of this makes a lot of sense right now. Those are already moving to the upside, as well. Those are trading for about 30 cents. Ashr the new name out there pretty big etf out there Pete Najarian is bullish, double bullish on microsoft thank you, we appreciate that. Lets get your headlines outside of money and business. Heres whats happening at this hour. An afghan official says a taliban suicide car bomber has targeted on the outskirts of kabul killing three troops and wounding four more the latest attack since President Trump called off u. S. taliban talks police in 43 cities have been raiding homes and offices thats according to his close allies so far 150 raids have taken place across that country. Day one for the United States newest ambassador to the u. N. Kelly craft presenting her credentials to antonio gutierrez. She will represent at next weeks u. N. General assembly meeting. She previously served in canada. Sam darnold is out with mononucleosis. The earliest he will be back is week five against the philadelphia eagles. We wish him a speedy recovery. Ill send it back to you guys. Best wishes to sam darnold. Kelly, cant get a break thank goodness for the yankees in new york. What would we do without the yankees . Listen, i like the jets one of these teams that literally cannot get a break all right. Your big market story today is ecb. Cutting a key Interest Rate and launching a new bond buying program. You know that as quantitative easing remember that. All this comes ahead of the feds decision on wednesday where another rate cut is affected President Trump weighing in saying, quote, European Central bank acting quickly and they are trying and succeeding and depreciating the euro against the very strong dollar and hurting u. S. Exports and the fed sits and sits and sits and they get paid to borrow money while we are paying interest there is a lot there to unpack lets welcome in senior economics reporter steve liesman, also the new backup quarterback of the jets. Steve, good to have you on set here start where youd like, sir. So, asked about that specifically the ideas, are you targeting the currency he said no we are doing this because were not hitting our inflation target you know, that said, the president has something of a point here which is that if you think about how he intends for his qe and rate cuts to work through the export channel is not a crazy means by which that would happen improving the trades of europe and the United States is probably a method right there. The thing the president doesnt recognize and i think weve said this a lot is that he has a very different set of facts than we have here. The inflation forecast going down he has growth going down we have gdp growth at 2 its come down from 3 we actually have inflation rising the threemonth annual inflation rate which is 3. 4 , which is not, we see that the year over year is 2. 4. Four months in a row of strong gains. Wages are rising sharply mr. President , if i could turn the camera two for a second, if you want europes Monetary Policy, you probably have to take their economy and, mr. President , you dont want that. Nobody wants that. We have inflation and we have our Monetary Policy which is more or less that now. That said, what the ecb did today does sort of increase the pressure on the Federal Reserve to not be quite so far because the fed cannot set it. That said, we have rising inflation, rising wages and gdp at or what is believed to be trend. There is not a fabulous case for stimulating the economy at this point. Its actually ludicrous youre right imagine going to the doctor what . Imagine going to the doctor and the doctor says youre healthy and you say, no, i want medicine what kind of conversation are you having there before weothole bunch of oth things that are wrong. Its insanity its actually worse than what you stated look at the economies of europe. Negative Interest Rates are not helping anyone the Banking Sector in europe has been decimated if jpmorgan, wells fargo had to contend with what is happening in europe, those stocks would be halved from these levels its not helping the european stock market structurally has flaws we have to address they dont do buy backs there. Enough executives whose compensation is linked to cash flow growth or stock market metrics. They have a lot of issues. We have a better set up. Theres no reason to look at them cutting rates to further into negative territory and saying, why cant that be us it isnt us. I would love to have this conversation turn towards how can we resolve trade not how can we get more robitussin the issue in europe is structural and its not going away. You could make the argument that europe eventually turns into japan. Its about technology. Whats the big italy already is japan. So, what is demographics is everything. Everything think about the growth opportunity. Are they competitive in anything banks and Financial Services Deutsche Bank which is one of the most important stocks in the world on a macro level is up 20 in three months. Great its down from where it was im trying to find something that is not completely terrible about its about technology sap is the biggest European Technology they dont have the Venture Capital. All those private capital guys dont exist in france. We have technology. Look at technology so do they. They do not have the technology we have joshs point. I think the ecb is kind of figuring out this is not happening. When do they move to fiscal stimulus theyre not all one country the good news is germany is talking about it youre right look, all of the Economic Policy is centered on germany of course, germanys auto sector let me put something on the table, guys. We cant really ignore the presidenrope needs to do be. We all need europe to do better. One of the ways europe could do better is if it exported more. And one of the ways it would do that is be depreciating its currency, which relatively would hurt u. S. Exporters. The United States is the worlds leader and thats one of the things that we dont really embrace a lot of people, nobody would want to be there but we are and, so, one of the ways everybody does that is they lean on the u. S it is too much to ask the fed to take into account to say no. Thats the job for the treasury. If the president does not want that to happen, he must step forward and devalue the dollar, not complain to the fed. The other point i would make is just taking a step back is that we have our fed doing this because theyre doing it as an insurance policy, right . The ecb is doing this because theyre trying to prevent a recession. Two different motivations. Thats a great point. And theres this gap between u. S. Interest rates and globally that has to come down to some degree just to level the playing field. Lets remember when ewoo twe about fed cutting rates. It is doing so with wages and n inflation. So, you can figure that out for yourself should be raising rates probably should be letting the curve steepen naturally and we will have low rates regardless because of demand for banks for bonds coming from all over the world. Thats the rational looks a lot better than zero. Doesnt mean like everyone at this desk knows that there is not a single chief executive in any fortune 500 that is like 25 more basis points and then ill open the plan that is not what is going on so, really, all were doing is making it harder for our Financial System to earn Net Interest Margin and its not good everybody has to remember, we have a developer present he consistently talks his book thats it hes been doing it for 50 years. Are we surprised that he is going to suddenly switch you would have thought he would have taken on presidency, but never mind he could pull the tariffs because that took 1 from gdp from the feds paper he could be his own fed chief on trade by doing that great point, margaret all right. You win that round is it a game straight ahead, the desk is answering your questions you can reach us, as always, cnbc. Com halftime or tweet at us only nice things were back after this. Here i go again on my own goin down the only road ive ever known like a drifter i was born to walk alone . Barb you left me hangin on the high harmony there. If you ride, you get it. Geico motorcycle. 15 minutes could save you 15 or more. Small caps have made a big move this week over the past five years the small caps have seen similar moves on 22 other occasions. Two weeks later, the trend tends to continue with the russell adding another 1. 4 outpacing the broader markets. For more go to cnbc. Com kensho all right. So, we asked for your questions. And now were going to answer them all right, you guys all ready. First up, john in indiana wants to know your opinion on blackstone that stock hitting a new alltime high today and you own it we do own it and i owned ee for a while. Private equity guys that i have been talking about 400 billion in Asset Management more people are moving assets to in a lowInterest Rate environment and tracking more funds and got a new Real Estate Fund and i like it and a great stock to have in your portfolio. Next to you, joe. Jacob in brooklyn asks, if its time to get back in to shopify and it was red hot and now 10 down in the last week. Down 10 in the last week up 21 for the month of august so, if your time frame is longer than the next 12 months, which i believe it should be for a name like shopify, yes, you want to be in shopify when you think about online, you think about amazon maybe you think about ebay and now you have to think about shopify because it actually overtaken ebay made a smart accusation this week and gets that to a little bit of a better place so they can compete. In the sweet spot. Canadian company love it. Margaret, you ready jerry in ohio wants to know if now is a good time to buy United Health, which you do own weve owned United Health for a long period of time and i would probably say patience right here we have increased policy uncertainty and nancy pelosi with her Health Care Proposals out and the democratic debate is tonight. Warren moving up in the polls and i think health care in general and it is the first one to be shot at in this market. I have a Feeling Health care will be mentioned at some point in the threehour debate tonight. Jim, are you ready david in florida asked, what is going on with Cleveland Cliffs the reason the stock was down because iron or prices collapsed. If youre in this stock, any of you, youre missing the big picture. Dont worry about pricing, you have a ceo who is running this company like no basic Materials Company has ever been run. He has cleaned up the Balance Sheet, he buys back debt opportunistically on the dollar and he is going where the market for steel is going which is to electric art furnaces. Now, listen, im giving you all this in a snapshot listen to the calls and his speech from two days ago at the Credit Suisse conference and that will tell you everything you need to know you have a ceo here that is going to be talked about for years. Finally, catherine in st. Petersbu petersburg, florida writes i got to shake shack thank you. I would like to add to my position when would be a good time . So, two things i know its strategic Asset Allocation and bacon cheeseburgers and this is the type of name that i am not trying to time purchases with. I bought it when it first came public at 40 i bought some more in the 20s. I have not bought any since. So, im up more than triple on my initial buy and im not looking for opportunities to buy more of it because i dont want this to be outsized relative to other investments that i have. Thats the answer for me i dont know if that is the right answer for you or anyone else who is listening. I would say, think about how much risk you want have here this is a stock that can drop 10 , 15 in one day for any reason so, maybe use that as your guideline rather than anything specific about shake shack 2 of a portfolio, if its 90 , dont add more. Not about the stock but the person and their own situation its really tough to give like a straight answer. So, im not dancing. Im staying with the stock, i just cant tell what else youre doing and then, you know, answer it that way. But, congratulations for being invested and doing well. All right. The euro rebounding after falling sharply against the dollarhimoin ts rng. 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Just another reminder of the value youll only find at fidelity. Open an account today. I can. The two words whispered at the start of every race. Every new job. And attempt to parallel park. electrical current buzzing each new draft of every novel. typing clicks the finishing touch on every masterpiece. newborn cries it is humanitys official twoword war cry. Words that move us all forward. The same two words that Capital Group believes have the power to improve lives. And that, for over 85 years, have inspired us to help people achieve their financial goals. Talk to your advisor or consultant for investment risks and information. All right, welcome back to the Halftime Report. The euro rebounding after falling sharply against the dow this morning seema and the whole team have more on that move. A reversal for the euro catching whiplash after the European Central bank cut Interest Rates and introduced a major Stimulus Program lets bring in our traders anthony, starting with you, todays decision hit the euro hard so why are we seeing such a sharp rebound . I think youve seen a technical bounce i dont think what the ecb did this morning is going to help the economy. Theyve had negative rates for a while. I dont see how going more negative is going to help right now. Germany is on the verge of the recession. I think this is a technical move right now. Closer to 111, i would short it. Jim, what does the Market Reaction tell you about what we could hear from jay powell next week well, it depends. One of the things is going to happen is were bouncing and this could be the start of a nasty rally. Everybody including my mother is short the euro and hes 92 those market positions can cause a nasty rally. It takes a little trump pressure off but i think this could be the start of a corrective rally. Even though the fundamental story is bad thank you and dont miss our live show at 1 00 eastern. What the fed needs to do next and whats next for stocks thats live. Halftime report with final trades back after this i dont know whats going on. Ive done all sorts of research, read earnings reports, looked at chart patterns. Ive even built my own historic trading model. And youre still not sure if you want to make the trade . Exactly. Sounds like a case of analysis paralysis. Is there a cure . Td ameritrades trade desk. They can help gut check your strategies and answer all your toughest questions. Sounds perfect. See, your stress level was here and i got you down to here, ive done my job. Call for a strategy gut check with td ameritrade. I hope that all regulators will take the time to understand most of these drivers greatly value the freedom and flexibility to be able to work where ever and when ever they want theres no job at starbucks or mcdonalds where you can come in monday and tuesday and not show up thursday. A future of this job it takes scale to be able to get involved with government and adhere to regulation and so oddly, i dont see it as a negative for the stock all right that was bill on halftime this week with scott in san francisco. Great set of shows out there weighing in on californias gig economy ruling, diedra joining us now with more developments on law i think its fair to say its maybe not rocked the state but rocked the world of the gig ecw uber came out after that ruling yesterday. Media called chief legal officer with the argument and one that says theyre going to be arguing its a Technology Platform and its drivers arent its core business in so many words. Well see that speaks more to investors than it does trooifrs, which are critical to that platform also want to mention another bit of news this morning uber say iing its going to be doipg a 750 million debt raise and just one day after this ruling and just a few months after its 8 billion ipo the company says it is unrelated to the california gig economy ruling, but it is a reminder of how many markets uber is in. Its to raise money for its acquisition in the middle east and there are so many uncertainties regarding those companies aside from what its fating here. Some of the challenge that faces aboard thats certainly a big time ruling as well and guys, diedra, thank you very much. Lets hope when owe weather talk about ub or lyft, theyre dined designed to make lives better for the drivers but you dont want to put them out of business anybody got a view on uber, the stock down 26 not today. Bills comments on tuesday, it was a fantastic show. The comment that stood out was about competition. Talk ed about how many have spoken that there is no competition for uber, but even better in bills point was yes, there was competition with uber, but they left. They tried it and werent able to model it is way uber is whats better than no competition . Having competition that decides this isnt for us. Bill, smart guy rich guy no problem, but lots of competition. Your spouse, your brother, your sister or a taxi you know what im saying we lived with it before uber people got around. To your earlier question about what this means for the drivers, the law of unintended consequences here, this pushes ub ner the direction they want to go, which is get Autonomous Vehicles and take drivers out of the euation. Quickly smile direct smile direct now down 18 . Okay 18 . Joss brown, down 50 in 12 months should they have brought in Company Public no, they should were talking about where should it be public versus priced i think its great we need more public companies, but then the question is what is it worth i think this isnt really a new or novel thing and weve pointed out align has been public since 2001 the biggerish is what do they price at and was there enough ip vester demand. Two young guys started a a company. Theyre highiring people. They have good reviews get slack of crowd sector final trade, aagree with shake shack call you go to any new airport, they have prime position. Josh. J. P. Morguepmorgan looking g. Cvs health got an upgrade today. Momentum and fundamentals are terr terrific google, 20 times percent Revenue Growth and probably a good one to snap up. Okay. Bio tech. I think this is the stock you want to own. Shack, jpmorgan, google, guys, thank you very much. Good hour. I know well have a lot more on smile direct ill see you on halftime the exchange begins right now. Thank you, brian. Hi, everybody. Heres whats ahead. Duelling headlines on trade stocks today for now, the white house says there will be no interim deal with china while mnuchin says talks are still on two weeks from now plus, Elizabeth Warren has a new plan to increase Social Security benefits and she wants what she calls the richest 2 of americans to pay for it could this be her path to victory and the white house . Well discuss. And walmart ups is anteon amazon
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