The nasdaq is dticking ever so slightly in the green. Down just a tenth of 1 in the s p, 4504 was the last trade there. This is an interesting move only because there might have been folks who believe it could have been the precipitating factor for something much worse, even so today josh, it didnt look like it was going to be massively down but did accelerate into the close. Okay, were down, but whats down the most . It tended to be the stocks up the most on the year he was on with you yesterday and calling it an upsidedown day. Some call it an insideout day it was counter trend you had stocks, the top 20 performers in the market up an average of 23 you also saw a lot of pain in higher yielding stocks, equities, that makes sense a higher yielding bond, long bond i think were probably just catching our breath. I dont think anyone wants to make a big commitment to one side of the market or the other ahead of apple even if its a boring report, it will speak volumes how august progresses its 30 times earnings and going into its third consecutive corner the bulls would say dont worry about revenue. Theyre expanding Gross Margins and thats what the street cares about. Okay, maybe. Brenda, this is your backyard youre here with us, which is awesome. Out in Silicon Valley in the bay area, apple dominates because of its sheer heft, its sheer weight how important will it be along the lines of what josh was saying apple has been so incredibly successful even though the overall earnings number wasnt great, we found out a lot of people who had never bought an ipad, bought an ipad a lot of people who never bought were buying. Apple did a great job of adding incremental devices, and then on the Services Side, of course, the better merging coming through. What im concerned about more than anything is just the valuation of stock, what expectations have become, because i think if we look at how is this Company Going to act over the next decade, i just dont see a repeat of what happened over the prior decade the company is just too big and has been incredibly successful thats great does it warrant a 30 p e Going Forward were not going to see the type of growth jim, the interesting thing about the mega cap trade, the move the needle argument will be there. Some companies have been able to move the needle, at least a perception of the needle dramatically, Artificial Intelligence or growth in other areas. I think of microsoft, nvidia, apple can move the needle with investors if it can sell a good story. What is that story going to be and would it necessarily come out in this quarters Earnings Report im not going to use the same phrase but brenda said its trading at 30 times earnings around 9. 9 projected. The peg ratio of 3. 0 30 times earnings. Three times peg ratio. The annualized return on apple is 30 , which is about three times the markets overall return where am i going with this apple will probably move the market for one day ultimately you have to recognize its hard to get 30 in apple from here. Its just really hard. Thats why ive been saying look outside of tech. Im underweight faang. I might add to apple or any other number of faang names. The rest of the market catches up and probably will continue. By no means am i saying go out and sell apple do you think the Shareholder Base is expecting 30 annual returns in the next ten years . I dont. How do we define it, josh the whole world. Anybody owns the spyder owns apple. Do you think apple will do i think they care more about stability, actually, than they care about Everyone Wants to earn im sure youre right the whole world is made up of different demographics theres definitely some saying what you want. Its me, by the way. Im underwent apple. If it gives me 10 the next three years, hallelujah. However, i do think still there is a large portion of the Investor Base in apple that thinks this is going to return what it did over the last ten years, that theyve been conditioned to expect that and i think its a little bit of a danger, josh when i say a little bit of a danger, focus on a little bit. The key over the last ten years have revolved around iphone because its the biggest chunk of revenue and profits overall. The story has shifted more in the last five to seven years towards this Services Side of the business it is not nearly as large as some of the hardware side but is growing at a much faster clip. Thats been the sales job that many traders have been putting out there. Bill, ill look to you, apple and services a lot more attention on that side of the business how important is that on a scale against what we should expect out of iphone shipment sales and Everything Else . I think the services will be crucial. Some of the tracking through july is showing solid purchases in the app store will be important. Not only just for apple and how apple performs, what does it mean for the Broader Market and talk about the consumer. Do they guide down revenue because theyre concerned about the consumer the market general would not take that very well its had a good run. I think the nice thing is if we do get negative news, the previous high is 180 a great support level for people who may have missed some of this looking to add to it can i say one thing, apple said were not going to report unit volumes so dont worry about how many phones we sell. Worry about the revenue. Worry about the earnings it was the right move to make. That old game we count by region how many actual phones that are selling became stupid as the business became a replacement cycle business you run out of new people to buy an iphone and most of your sales are to existing customers. They successfully pulled that off and what they pointed to was, instead of that, they shifted the conversation to services, and that made sense. It was the Fastest Growing part of the business and also the most profitable. Nothing has changed in the last five or ten years. Theyve given zero ground. It doesnt make sense. A 15yearold product still with the Gross Margins that it has and not enough to force pressure there. 81 billion in revenue for the quarter. 1. 19 in share 40 billion is iphone revenue. 20 billion is services. Maybe the s p 100. That, for me, the beauty of apple. In uns or in phone sales, they have the whole other thing to talk about and that prevented really bad reactions to Apple Earnings over the last eight quarters because its taken decades to create an install base to create that replacement. But they dont lose it. Its sticky no doubt about it. Bringing another layer to the story, steve kovach is live outside of apple headquarters in cupertino, california. Weve been talking about the install base, what it means, how important it is for apple, its ecosystem, its brand, revenues what are we going to be looking for this afternoon when apple reports . Reporter dom, the headline were expecting to get revenues will fall and the big question is can apple return to growth. A little hint at what to expect for the current quarter. The new iphone is going to come out to the end of the quarter, a couple weeks of sales. To your services point, what Morgan Stanley wrote last week, the install base, if we get updated numbers on not just the Apple Ecosystem install base, macbook sales have fallen dramatically the last couple of quarters weve seen signs from intel and amd that maybe the pc market has bottomed out, apple has experienced it as well qualcomm and their warning saying smartphone sales will be down low double digit percentage does that apply to iphones what i want to hear from tim cook is what they see on demand side, has it improved in those important markets like the United States. Just what they think will happen coming forward steve kovacs, thank you for the update well see you later on this afternoon. Brenda, youre based out there youre in Northern California at Silicon Valley what exactly is the perception for many of the clients, investors, business folk out there with regard to whether apple still has that kind of preeminent feel as a company when it comes to the World Technology in an environment or in a community where apple has contributed to so much Wealth Creation its hard not to imagine people will love the product and the consequences of having owned the stock but i dont feel like anyone is moving away from apple everybody has the product. Thats my concern. Its a phenomenal company. It can continue to be a good stock. Will it lead the market in terms of overall return. Thats my question Going Forward. You said you had concerns over the valuation that its trading at right now do you have in your mind what a fair valuation should be and, by the way, we can wrap another layer of this conversation by Interest Rates continuing to move higher that should have an effect on models and valuation if youre using anything like Capital Asset pricing models or anything else, how the rates affect it. In your mind what should apple be trading more into i think a premium to the overall market i dont think its as much premium as today i think when you look Going Forward i could see this company is maturing. Historically they havent been able to command a real premium multiple to the market high quality company, incredible install base and more profitable revenue. I think 30 times multiple is really rich. What were showing, shares almost 31 forward multiple right now. We mentioned the stock a handful of times its qualcomm moving forward, missing on revenue you know who i will turn to. It has to be Jim Lebenthal he loves this thing and so lets dissect it i did make this my final trade. I will own that. However, i do want to talk about a 9 decline seeing an overreaction they gave lousy guidance whenever i look at a stock down like this in the technology space, i think is this broken . Im sorry if im insulting anyone, intel five years ago i think this is still a company the property leader in the smartphone space the Smartphone Market takes longer the question i do have, does this imply something for apple tonight, theres one of two explanations here. Either apple is eating more and more market share from android and qualcomm or the overall market for smart phones is going down excuse me, not recovering as fast as expected with how much market share apple has gained over the last few years, i find it hard to believe this is a market share issue i think its a macro issue of smartphone life cycles are going longer and longer. Most people i talk to extends how long they only their phones until they upgrade theres a side current here that 25 of their business is not smart phones and its growing but is not growing fast enough this is automotive its not fast enough to make this other than a smartphone story right now. What you have is a cheap stock that doesnt appear to be broken or fatally flawed, just some bad guidance hang in there. Its always risky to use qualcomm as a read through to apple. I dont think this will be the time they do either. They might coincidentally both report weakness. I wouldnt draw that causation from the correlation i think Warren Buffett said it best somebody asked him about last quarter, maybe it was on cnbc and he said think about it, go up to an apple user, offer them 10,000 right now cash the only stipulation is they can never buy an apple product again. Almost nobody would take that deal lets not put the apple product ecosystem in the same conversation just set aside the apple story for right now. Im wondering whether or not qualcomm is the next chapter or next page in whats already been a sell the news kind of event. Amd, out in europe overnight, also that same kind of stock reaction albeit nvidia has been on an absolute tear the last several months here. But chips set up arguably for perfection there was a lot of expectation qualcomm was not like nvidia maybe computer chips are due for a breather kind of trade we wouldnt do this move without talking about the positioning thats taking place. Bull markets fuel speculation. Thats what weve seen im looking at the nvidia phenomenon it kept going. No one wants to miss the move. You see positioning and speculation thats buying this stuff ahead of the earnings. You have options that are very readily available to institutions as well as the retail public. And theyre buying calls the position that takes place into these earnings is already overdone and then as soon as these doesnt have an nvidia moment of being up 20 plus, the how are options traded . You have a market maker that will sell the options of the person buying it and the market maker hedges their risk. They are then buying stock on the heels of it. To hedge out the risk this is the effect in the past when these dont perform as much or as well as expected, you have the shares being dumped. Thats where these things are having the massive reversals amd beat top and bottom estimates. I started paying attention to this where micron had a solid report theyve been so negative previously but were up 5 , 7 and slammed right away uber was up quite a bit. Slammed right away this is a positioning thing. Its a great point. People were like, i thought amd was good it was good. Nobody knows its going to be good and were all sitting here like its a cd at the bank and will move after. I think youre spot on weve had great reports. Its because people havent been anticipating that. Speaking of the option side of things. I will put this on the table right now and we can leave it there as we move on. Looking at the options price i looked at the options prices and what they imply right now is a 3. 5 move. I will say over the last eight quarters of Earnings Reports the plus or minus has been 4 . The mark is pricing in less vola volatility amazon is trading up or down 7 . Less volatility there as well. Amazon could be a much more volatile stock after the bell today. Whats the call here it does make sense the larger some of these Companies Get provided theyre giving you somewhat stable earnings theyre not going up, its almost too much money if you didnt like apple at 30, youll love amazon at 40 this is all clout. Guidance was just okay amazon is as big as in cloud than is the case with microsoft. A lot is riding on aws and if you were paying attention to microsoft, youre probably not that fired up going into tonight because of it. Yes, brenda i will say, though, coming out of last quarter for amazon, aws was trading down 500 basis points in april. I think going into this print, the expectations are probably not that great so even if things are better than down 500 that could be okay in general amazon has been a much less predictable stock. Theres not as much spending noun that could create less volatility i think margins on cloud will be more closely watched because of that trend. Great conversation. I wish we had more time. Still ahead, our call of the day. Bill ackman is making a big bold bet against bonds, u. S. Government bonds well debate that move and maybe what Warren Buffett would say. Sleepovers just arent what they used to be. A house full of screens . Basically no hiccups . You guys have no idea how good youve got it. How old are you . Like, 80 . Back in my day, it was scary stories and flashlights. We dont get scared. Oh, really . Mom can see your search history. Thats what i thought. Introducing the next generation 10g network. Only from xfinity. Sleepovers just arent what they used to be. A house full of screens . Basically no hiccups . You guys have no idea how good youve got it. How old are you . Like, 80 . Back in my day, it was scary stories and flashlights. We dont get scared. Oh, really . Mom can see your search history. Thats what i thought. Introducing the next generation 10g network. Only from xfinity. Right now the major averages are well off their session lows right now. The dow industrials just about four points. Away from being flat on the session. The nasdaq is higher at 13,989 Treasury Bonds and notes with both the 10 year and 30 year which brings us to our call of the day. Bill ackman making a big short bet on the long end of the bond market ackman writing, quote, there are many times in history the long end of the curve in a matter of weeks, and this seems like one of those times thats why we are short the 30year treasury bill, lets talk this ackman call on what will be rising Interest Rates an easy one to jump on. The bond market has really collapsed. Now hes not new to this trade there is a short position to the cft. They do a commitment of traders put out every friday for the prior week its a 10 to 1 short position right now. Net short position, outpacing the long so hes getting into a trade thats already short i think the big thing to take away from this week as well is the deficit spending we saw the fitch downgraded but when congress raised their expectation of deficit from 750 million to 750 billion to a trillion, that increase of 250 billion was larger than any annual deficit this is a quarter move going back to 2003 this is larger theyre going to be issuing these bonds. Im looking back to july the market price this is in fairly quickly ackman is jumping on a crowded trade at a market thats now coming down the pipeline i wonder what the data is. If it doesnt come in hot, i dont know if i love it here jim, from a conceptual standpoint, i see what bill is saying this is one of those classics with a skew to the end of a boat, everybody on one side of the boat it doesnt take very much for people to start covering their shorts how safe would this trade be and how much leeway would you give it before you say its not going to work . I can come up with reasons why this trade should work whether its what pitch did, the idea we have a no landing area what i cannot do and i dont think anyone can to is say now is the time. It requires a lot of leverage. Its not safe. People like to think about george soros breaking the bank of england its outside the park. Thats great you have to take a lot of risk to get that return yeah, it makes sense, and youre saying it could go against you because of short covering. Its not a place i like to play in if the stock goes down i have an idea the fundamental value is. Jim, youve made some moves and i can wrap this around into this idea that there are places to put your money instead. You sold dover, youve had three years you sold it and the reason why was because you want to raise cash why dover and why are you raising cash i raised cash the last two weeks. I sold goldman sachs, Sherwin Williams and now dover im respectful of how far this market has come. I do not think there is disaster afoot. Ive been enthusiastic and optimistic about the markets and the economy. Im not swaying from that. I am experienced and i will tell you that is the sort of setup, a huge rally into august where people go on vacation the second week of august and sell stocks thats nolt science. I cant prove thats going to happen probably the second half of august into september, which is normally a tricky month to begin with, is probably a good time, dom, to have dry powder to commit if im wrong, there will be a stock that for whatever the reason goes down and i can get into it. I do want to have just some tactical shortterm cash as far as why dover, look, its done fine. Industrials have done fine its not something im terribly passionate about your love factor, sorry, dover, thats you not on the Long Duration side of things, you do have Warren Buffett out telling our own becky quick that this is not going to fitch, meaning change what berkshire does. Warren buffett told becky quick, they bought 10 billion in treasuries last monday we bought 10 billion in treasuries this monday it seems like theyre going to continue the only question for next monday whether we will buy 10 billion in either 3 or 6month treasuries Warren Buffett is a bull on america. He has been his entire investing career and fitch isnt scaring him. Hes not really taking the same tilt that bill ackman is i know there are different durations, are you scared of the u. S. Sovereign bond market im not scared of it, and i do think it will be the world still views it as a place of safety so if we were to get some bad Economic News and things started to turn for the worse, i think treasuries would still act well in that environment. I will say theres a huge difference in my mind between what bill ackman is doing at the very long end of the curve and the three to six months that Warren Buffett is buying two different animals in my mind i think treasuries will still be continued to be vupd as a very safe asset i dont think thats going away. Josh brown, team ackman or team buffett ill probably do the ackman trade as soon as the hong kong dollar depegs. Im not a macro whatever i dont think bill ackmans biggest wins were macro either hes an incredible stock picker and sees things other people dont see and anytime people gang up against him or pile on or the press, he comes out with this magnificent year of returns. I would never want to say i know better on any particular single trade. This is not a conversation for 99 of the people watching for 99 of the people watching who are not managing global macro strategies in a hedge fund wra wrapper, they should understand the fact that there might be this seminal shift in Inflation Expectations long term that would mean higher yields on the 20 year, the 30 year treasury. Thats not a huge part of any normal persons portfolio nor does it need to be not only do i think its not particularly consequential, i dont think most people are at risk even if ackman nails it and is dead right. They should focus on the first page of Warren Buffetts annual report. What does he do . He puts the 60 years of his history of track record up there. He is not interested in what the ten year will do between now and the end of the year, hes seeing 5 he knows hes a longterm investor, has float from the Insurance Business that isnt going anywhere he is the epitome of a longterm investor i think thats the point you were making, josh. The one legitimate question is will treasury be a riskoff asset the next time theres a crisis that was brendas point i dont know but if they arent, we have way bigger problems and i think we are going to have to leave it there, dom. Lets go with the headlines and bring in Bertha Coombs bertha hi, josh. How are you im all right a body was found along the floating barrier that texas authorities recently installed on the Rio Grande River to deter migrants from crossing the border the Texas Department of Public Safety said information suggests this individual drowned upstream from the marine barrier and floated into the buoys the discovery comes a week after the Justice Department sued texas for installing that barrier. The irs wants to do away with paper tax returns the agency announcing a new program which will let taxpayers submit common tax forms and respond to notices on line the irs wants fully paperless processing by 2025 the new initiative will cut processing times in half and eliminate up to 200 million pieces of paper a year and its official, Michael Jordan no longer majority owner of the Charlotte Hornets the Team Announced the sale to an Investor Group is complete. It was reportedly worth 3 billion being paid under jordans leadership. Hell maintain a minority stake. Back to you. I dont know if that means dom or josh. Im going to take it, bertha. Back to me, and i thank you for the news update. Shares of shake shack are getting smacked around post Earnings Report. Joshs reaction to the dip after a big runup this year. What if buildings could tell you how they could be more efficient . Im listening. Well, with ibm, you can use software to help you connect and analyze data from hvacs to elevators to lights. What if we use aidriven insights to pinpoint inefficiency . Yep. And act on it. Saving energy, money. And emissions. Yup. Thats a big one. Now youve built Something Better for everyone. Thats the sustainability solution ibm and a Global Real Estate company created. What will you create . Ibm. Lets create. upbeat music [narrator] what if there was a hearing aid that could keep up with you . notification dings this is jabra enhance select. Its a smart hearing solution that makes hearing aids more convenient and less expensive. It connects with your phone so you can stream calls and music. With jabra enhance selects premium package, better hearing doesnt have to start in a doctors office. It starts with a free online hearing test you could take almost anywhere, so you can get your hearing aids custom programed for you and delivered in days. From there, you can fine tune your settings with your remote Audiology Team seven days a week, so your hearing aids work when it matters most. notification dings in fact, more than 95 of enhance select premium customers report hearing better with their friends, family, and colleagues. With jabra enhance select, you can get the same advanced Hearing Aid Technology and professional care you expect from a clinic at a fraction of the cost. Try at risk free for 100 days. Visit jabraenhance. Com. Welcome back to the halftime report. Shake shack shares are lower after reporting mixed results. Josh, this is a stock you own. So talk to me about whether youre still going to own it i am going to still own it. I have been irrationally long the stock since it came public ive never sold it based on an earnings quarter not going to start now they beat Market Expectations by a lot on earnings. Revenue was a slight shortfall i think they were supposed to do 274 million for the quarter they did 271 million. Anyone selling its not an investor it went into the print up almost 100 on the year they are getting credit for a huge turnaround. It doesnt sound like a lot until you understand that they lost 1. 19 million, the same quarter last year. They were not a Profitable Company since the pandemic started. Now they are but, again, the stock has already run up into where they are today. So how are they going to get the share price moving higher . I think they have to continue to do what theyve been doing more kiosks, more efficiency they have to focus on keeping costs down while still opening up a lot of storage each year, which they continue to do. Both Company Owned stores in the United States and licensed stores all over the world. They opened in thailand and china during the course of the past quarter, for example. If they keep doing that, the stock works its way higher im sticking around. I am not only a shareholder, i am a client. I would want to get a shake burger on the way home today, Grand Central station. Coming up next, mike santoli joins us for his midday word. I was having relationship issues with my old bank. Next to no interest, the fees. It was just take, take, take. So i broke up with bad banking and moved to sofi checking and savings. Now i get higher interest, pay no account fees, and get my paycheck two days early. Get up to 4. 40 apy, pay no account fees, and up to 2m in fdic insurance. Download the sofi app and earn up to 250 when you set up direct deposit. Sofi get your money right. Welcome back to the halftime report. Senior markets commentator mike santoli joins us now with his midday word. What do you make of the sudden reversal, and do you think it has legs its interesting, dom yesterday when we were talking about a little selloff, pointed out that we had really just skimmed a little bit of the overshoot to the upside we got off the market we went down to a 20 Day Moving Average right around where were trading right now and i would look back to june if you want to talk about the best possible scenario, a 2 to 3 drop in mid june we got overbought. 2 to 3 over, like, a week or ten days, and that was kind of it not saying were in for Something Like that but we do see real rotation happening instead of people high tailing it out of the market so far it looks okay, but i also cant help but feel people are lightly positioned coming into august we heard about hedge funds flattening out their books and were waiting for the rest of the faang to report. I wouldnt make any strong statements whether this resilience is a show of enduring strength until the yields calm down as well mike santoli, thank you very much well see you later on be sure to tune in tomorrow night for a cnbc special with mike santoli and josh brown both of whom up just saw. Taking stock 6 00 p. M. Eastern time on cnbc watch mike and josh break it all down up next, the committee is getting ready to grade your trade. Let Innovation Refunds help with your erc tax refund so you can improve your business however you see fit. Rosie used part of her refund to build an outdoor patio. Clink dr. Marshall used part of his refund to give his practice a facelift. Emily used part of her refund to buy. I run a wax museum. Let Innovation Refunds help you get started on your erc tax refund. Stop waiting. Go to innovationrefunds. Com you really got the brows. You got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com with gold bond. You can age on your own terms. Retinol overnight means. The smoothing benefits of retinol. Are now for your whole body. Plus, fastworking crepe corrector diminishes wrinkled skin in just two days. Gold bond. Champion your skin. Its time for grade my trade. First of all for brenda, doug in los angeles bought disney at 99, but hes having second thoughts maybe some buyers remorse what do you think . This has been a really frustrating stock to own, but i will say when i look at the universe of what there is to own in terms of highquality names, theres a lot of bad news baked into disney. Whether its cost cutting initiatives that werent coming fast enough, bob iger staying longer, for better, for worse, the parks news at the parks with traffic being down, a lot of bad news baked in there when the Company Reports well get some clarity on whats actually happening and i think well start to see some of the cost cutting initiatives come through. I think its worth sticking with the stock for now because it is a really highquality company. Lots of bad news baked in. I think theres upside from here now for bill baruch, selling alphabet and putting profits into United Health please gradethis trade youre speaking my language over the last month ive ive raised 8 cash from about zero i talked about it on the show. Ive put some money into buying names in health care, as well as cyclicals. But this doesnt have to be a binary decision. You can own both of these. If something is going to outperform tech, it could be and should be health care. Im looking at that move we saw after earnings from alphabet if it holds out above 124, were holding out for higher prices for jim. Rita bought 500 shares of transocean they report on the 31st. Sell or hold rita is a bold investor, i like that. Well done. Im holding it i know your position is up about 25 . This is as cyclical a company as you can imagine. Maybe if you were making like rail car couplers or airplane windshield wipers, you could find something slightly more cyclical but youre in the right part of the cycle. There is Something Like 175 deep water rigs in the world. They are pretty much all contracted 1 3 of transoceans rigs are idle right now because theyre basically negotiating really fiercely to get the best day rates possible, which they will get. That will happen soon. This is a stock that holds for double digits. Lastly for josh, calvin on twitter asks, i bought Dutch Brothers at around 32 because i love the brand but should i buy more or switch . Now, what are you looking for here tuei have this and this other thing im in, and i have toast, which looks terrible this is maybe my worst day of the year earnings wise im not looking forward to dutch bros reporting at all. I wish i wasnt in the stock im looking for the next rally to exit it every time they report, theyre making excuses they are crying about milk prices i would never willingly come back into this name or more of it so it may rally on earnings because expectations have come down im going to be opportunistic and get out of it. All right coming up next, the setup on a few more stocks ahead of the earnings parade this afternoon to watch, including onename that brenda owns that is up 40 this year already. Thats the mystery chart halftime is back after this. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. Just about near session highs. Its not just apple and amazon after the bell today a few other names are reporting, including travel ones, Like Booking Holdings brenda, its a name you traffic in what are you watching . So the stock is trading down with expedia, but business is very different what im going to be focused on is that the International Business booking has a lot more exposure to the international side. Certainly during the pandemic that wasnt helpful. But i think the results are going to look a lot better than we saw from expedia for that reason but i think everyone is going to care about what comes next, so thats what we will be focused on is seeing what trends look like going out to next year. Airlines and marriott, all citing that bullishness in International Travel demand. Stay with us here. Weve got final trades coming coite mi ue mmtecongp next after the break we got this. We got this. We got this. Life is for living. We got this. Lets partner for all of it. 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Brenda . Cvs very defensive health care company, trading at a really interesting low multiple just reported a great corner i think its worth looking at. Jp . People asking me about uber i still like it. Im still in the stock, nothing has changed. I hlike the stock all right that does it for us. You can see right now, stocks are at session highs right now its pretty much green across the board. Lets send it over to kelly evans and the exchange. Thank you very much, dom. Welcome to the exchange. Im kelly evans. Ahead this hour, who better to ask about the state of the economy than the people who run americas businesses youll hear from four of them, ceo hayden brown on the freelance economy and what it may tell us about tomorrows big jobs report. That stock up 42 in todays session after earnings and for a snapshot on the service economy, the ceos of wyndham and