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Not being led by the trump trades but led by things like technology, which quite frankly you could even look at some of these names as antitrump trades. These are the companies that require Foreign Workers in large numbers in order to fill engineering and programming jobs. These are companies that maybe didnt get off on the right foot are mr. Trump. The Leadership Teams at these firms were in fact opposed to him prior to the election. So these are leaders it shows what you can do with narratives. You can toss them out and focus on trend. Theres a lot of momentum here. One of the more interesting aspects to the Software Names running, scott, we talk about semis all the time. Software companies, big ones, transitioned to subscription model. Adobe is the latest example to have just absolutely ripped the cover off the ball going from selling a piece of software to bringing in licensing fees on an ongoing basis and firms that have done that are being rewarded a higher multiple on the street. Thats important to keep in mind. Banks are doing well. If theyre not carrying the water anymore for the entire sector, apple, chips, you go down the list. The smh is up 11 yeartodate. Im not so sure its the antitrump trade because what happens is when the economy moves or improves, you hire more people. They need more i. T. So they need more chips. They need more computers. If the consumer is doing better, theyre going to buy more technolo technology. I dont think trump drove it. I think theres a way that its helped with the market moving higher. So, look, its still stock selection. Subscription models are perfect. Theyre great because adobe did a major job there. Adobe up 25 yeartodate. There are going to be winners and losers. You have to be careful. It feels good. An area that leads the market. Volatility in the sector so that brings in a lot of traders and hedge funds and im sure erin has visibility in that sector and what theyre doing. I like it. I stuck with the same names. Apple has been a favorite of mine for the last month. For the last two weeks maybe. Apple breaking out to a new high so ill be there for a while. New high google and facebook today and for amazon last seven days the stock has been hanging in there within 1 of its alltime high. Its oilecoiled. Netflix is great. Great story still. I think this is part of a structural trend where you see peoplear to Online Retail and online space. This a sector that has growth and thats why people are buying it. People i dont think fully bought into the trump trade yet. I think that josh is right in that where people are experiencing growth right now is in the tech sector. Thats why it will continue to run. Bring in a guy who knows a thing or two about technology and all things tech. Ross is with us now. We call him a tech insider. Former interim ceo at yahoo and a number of other things on his plate as well. Good to see you again. Thanks for coming in here. Are you surprised at how well some of these Technology Stocks have done this year . No. Not at all. You look at massive consumer shifts and where people are spending their time. Think about how you make money with that through advertising and now through subscriptions and skinny bundles over the top for Media Companies and tech companies, thats the future. We had a huge move with snap coming out on nyse and big moment and we can talk about that as well. I would like to talk about that. What is your view of a stock thats really gotten the haters going crazy on wall street over it, most but not all. Whats your view . Unfair. Flawless execution when they came out. Great moment for nyse to come out and get a big name like this reemerges in tech. Facebook wobbled after it came out. Im not talking about the ip. Im saying the business went up. The stock started trading down until they came out with a role mobile strategy, which good on them for doing it. The thing that strikes me about snap aside from the massive engagement from young people, right, and i have a 14yearold daughter who lives on it, and it was instagram two years ago. Now shes on snapchat. You would say whats two years from now . Heres the one statistic that i saw that really interests me. Snapchat has about 31 of social media users. And about 2 of the ad dollars. If we think back to mary who gives her state of the state presentation, theres always been that one slide that says Internet Usage is here. Ad dollars are here. And now its mobile. Mobile usage is here. Ad dollars are here. Heres snapchat. Usage here. Ad dollars here. Fill that gap. My guess is facebook right now is 16 billion projected in display ads this year. So if snapchat projected to do a billion dollars this year, 970 was just dropped by 30 million. That variance, the ability for them to make money there in usage is monstrous. How does that differ from twitter when twitter you had a up year and down year. Lets not forget twitter came out. Stock went way up. Lots of optimism. Look back now a couple years later and say ten quarters of no growth, quarter to quarter no growth. Growing the macro number. No growth quarter to quarter. Thats years and years after the ipo. Heres the next one. Great engagement from snapchat. Huge runway in the display. Display is all they got right now. Camera company, glass company, whatever. Its a display business right now. There are two leaders in the display business. Facebook continues to just kill it in the display business. Theyre going to be 16 billion this year. Google is number two. And then you got yahoo aol 2. 6 billion. Display. Not talking macro market. You have twitter. Flat at 2. 6 billion. Heres snapchat from nowhere two years ago to a billion dollars. So when i scroll through instagram, i come across an ad for the shoes which did a better job than any other company i would think of with advertisement and instagram crushing it. I can click it. I can get taken to a page. Im not sure if its still host with instagram but i can do a transaction. The mechanism on snap right now is not allowing for me to get to a website, me to click, me to buy something. Im sure thats something theyre hard at work on. What if it doesnt work . Im not buying things off twitter to this day. Stock will go down and company will suffer. Instagram did nothing for years. I think the execution theyve come out with is terrific. They took their time. Nobody beat them up over when are you going to make money. I do remember when facebook bought them, a billion dollars for that business, are you kidding me . Its a picture company. Biggest picture company already. What do you need them for . They had that luxury. I dont know that snap does. I agree with that. My own recommendation is take a deep breath. Congratulate evan and team on an amazing job. And im going to be bias here. Okay. I think naturally as former new jersey guy but now an l. A. Guy, l. A. Gets beat up all the time because Silicon Valley couldnt believe there could be a company in los angeles that works in the tech world. Give them a lot of credit for doing it. Take a breath. Look at that statistic. You tell me, can you close that gap from users, the amount of engagement on that platform to ad dollars . Now, they have to dont know if they can. They hired jeff lucas. A real pro to run ad sales. Give them a little bit of time. To me, if i were an investor, steve burke, who runs the network, they made 5 Million Investment at ipo with a year lockup on it or something. This is a longterm trade. I would like to come back here a year from now and say how did they do . Did they close that gap . Get advertisers to embrace them . If they havent, theyll suffer a nasty fate. Give them credit. Let them take a breath. Will advertisers give them both the credit and the time because obviously all of the folks that we listen to, ross, that are talking about where they put their ad dollars as you just did, theyre putting them in facebook. Theyre putting them in google. Are they going to put them into snap . 100 . They will and even though demographic is so young. Customer patterns are established when theyre pre18. Do they continue to use it . Youve seen them drop off. And millennials brand loyalty is much less than prior generations but at the same time this is the one chance that you got as an advertiser to adopt new millennials and new user base. The cautionary to sell them what though . To sell them the wool and shoes. You cant reach my daughter and all of her friends not on tv. You cannot reach them doctor. Theyre on tablets and phones. Unless you are where they are. Thats a really important market. Shes on netflix. She watches netflix. She doesnt watch Network Television as we grew up to know it. She is on snapchat 72 times a day. That can change. For sure. Because already theyre now on house party and now theyre on a new platform every month i have to go in and check parental groe controls on and kids are 11 and discovering like this. Not just execution on the ad side. How cool could snap be if im on there first of all . Youve heard the story. Nobody cool is on facebook anymore. Its the joke. Ive said it many times. Except everyone. Yahoo is dead except for 800 Million People that are on it. So give snap a minute. Lets see how they execute. Thats the key. Will evan bring in give them time to bring ad sales in. Give them time just not while you hold the stock. If its 160 a share a year from now, i wouldnt be surprised. If its 5 a share a year from now, i would be surprise esurpr. Where does all this leave twitter and maybe some of the criticism or the negativity around snap is just because theres this overhang of the last session media giant to go public and now look at whats happened with twitter . Gasping for air. Give them credit. Again, they built it from nowhere. They got a single product. I think the hope with jack coming in was were going to reinvent the product and reimagine it. Theyve done some good things. I said it here three times. Pick a company you want to run. Hes an amazingly brilliant guy. I just dont think you can run two companies. You know, theyve had some real talent loss. Adam left. To me that was a significant loss. They lost some product people. Its still a big company. 2. 3 billion maybe in that range of revenue. Its just not growing. You know, snapchat is the new shiny object in the room. You think somebody ultimately takes twitter out . Yes. I said it last time i was here. For sure. Its still a high engagement platform thanks to our new president he makes it more and more relevant. Hes done two great things. Made twitter more relevant and provided an incredible boost to the newspaper industry. Its now more important than ever for quality journalism. The l. A. Times the only paper that got the election right, the polls right, done great job covering him. He would tell you critically the New York Times reinvigorated and the Washington Post skyrocketing. The importance of quality journalism and facts, more important now than ever. Hes reinvig vorated the print business and twitter somewhere you need to go to see him. Since were on that topic, you are a board member of tribune. Reports that sinclair approached tribune about doing a deal. I think we can say thats a fact and thats true . Its been reported. I dont want to end up in jail or the s. E. C. Calling me. Its reported that happened. Ill say this as a board member. The company got really focused over the last year. Peter peter got the business focused on what its core is. We disposed, sold gracenote to nielsen. Its now a true local television station business with wgn america. Now peter is interim ceo focused on really operating this business well in a moment where all of the rumors and everything i read in the press and on twitter is that the fcc is going to loosen the laws for station ownership, which would be probusiness and something that fits within the trump narrative. If that happens, i think local television station businesses probably get more valuable and theres probably more consolidation. Can you address whether you and the board are open to a transaction of any kind . I think the reports out there that there are people interested in the business are accurate. I think there have always been people interested in the tribune business since ive been a board member which is now four years. We periodically get people coming in. I know jeff smith from the yahoo experience. A serious man. He invests in things he thinks has growth potential. I think its a solid business. Its been fun to sit on that board. If someone wants to buy that business, first of all, its up to the government whether theyll allow it because there are still rules today. But i think those businesses get more and more valuable. This is a perfect conversation for a theme that we have networkwide today which is deregulation nation. And that is the prospects of dereg of a wide swath of industry. We wouldnt even be having this conversation if there werent expectations that trump is going to, the president , is going to deregulate everything under the sun. Correct. Clearly thats the pattern thats emerging. That said, i think weve seen in the first six, seven weeks of the presidency what happens today might not be the same that happens tomorrow. So it looks that way. The new fcc commissioner has said so in so many words that hes looking at some deregulation. If that happens, i think it opens up a whole not just local television. Net neutrality. Everything. Look, lets take 50,000foot view of the Media Business. Massive Tipping Point for the Media Business right now. If we had all sat here a couple years ago and said the people who are going to disrupt the Media Business are going to be technology companies, you would say they dont know anything about making content. Low and behold net flicflix ove last four years, 150 awards from emmys and sag and golden globes. They won 150 awards. They didnt exist five years ago. Amazon, three Academy Awards this year. Amazon. Isnt that a Commerce Company . The whole world is being disrupted. The thing that really struck me thats part and parcel to netflix hold your thought for a second. I want to take you to the white house where the president of the United States is meeting with the german chancellor Angela Merkel. Theyre going to have a News Conference a little bit later. Were having a technical issue with the video. It is certainly an important meeting today. Its Angela Merkels first visit to the white house. Shell have a joint News Conference with President Trump in about one hours time. Eamon javers is there. This is an important meeting. Trade, immigration, perhaps russias relationship in the world including of course with germany. Thats right. Ill tell you what. Give you a sense of just how important this meeting is. I interviewed the irish Prime Minister earlier this week. He said that he and Angela Merkel had actually talked by phone to sort of compare notes about their meeting with donald trump. He said that she had called him to just gauge his temperature on this because theyre both meeting with the president in the same week, and theyve both been political opponents of the president. Much to watch when we see the press conference with two leaders talking to german press here at the white house and American Press in terms of the body language, words that they use. This is a president who on the campaign trail was harshly critical of Angela Merkel. Well see if he continues with that kind of language today and see what her response is. Shes more of an internationalist type figure. Shes obviously proimmigration in her home country of germany. This president campaigned on America First and clamping down on immigration here in the United States. So many differences between these two leaders. Well see if they can smooth that over and there you see the pictures of the two leaders sitting there in the white house. This is just a few moments ago. Lets listen into the president. How did your talks go, mr. President . Very good. Many things. Short and sweet with the german chancellor. They wont front run their own News Conference coming up in almost one hour. We can always ask though. You got to ask. You never know. Good to see you. Well be back to eamon javers as necessary as we build up to that big news event a little bit later on this afternoon. Lets get back to our conversation with ross. As we were saying, let me just ask one more thing. Have you personally had conversations since jeff smith unveiled this stake . With who . Jeff smith . No. Do you anticipate that you would . No. Why not . Not appropriate for me. Theres a board. There are committees within the board. Thats not for an individual board member to have a conversation. I dont mean it so you have this individual conversation with him. The board. Has the board engaged with him at this point . Yes. The board has responded, but thats all public filing notices. Nothing out of the ordinary. Okay. I didnt mean to suggest that you were get me in trouble. Youre a troublemaker. I can be from time to time. Ive been known to be. Lets talk netflix. Weve made it our call the day today because bernstein initiated that stock as outperform. They have a headline that says either you believe or you dont. We do. Youve been a big believer. Are you still . Cautious. Since the last time we chatted about netflix, so much has happened. And i start to see buckets of things. Okay. So bucket number one is i now think of netflix as i think of hbo. I think thats the comp for netflix. Do you like hbo . I love hbo. They buy movies. Netflix buys movies. They have tv shows. They make originals. High quality stuff. I think thats a bucket. Are those the two guys that survive . Yes, i like it. Is there massive growth for that . Not sure. Why . Well, i start with wheres ap e apple. What is apple going to do . Nobody is talking about apple. Its a massive platform. Most important platform for content creators. They talk about apple tv. Is it a series of apps that sit on something . Do they start making their own . Jimmy is rumored to make quality content. There is people in l. A. Who are working on some stuff. But they have not come out with a strategy. Biggest player. Most money. Most important player in the market. What is their strategy . That gives you pause when you look down the runway for netflix . Not just that. I think the other massive thing thats happened quietly is that the networks, studios and networks for the most part with the exception of viacom right now, they havent declared. Everyone else has basically said ill go back to when i worked at fox. Never in a million years. Such a height to get julhul hul the ground. It was godzilla. They now said were going to go everywhere. We realize that mvp that comcast and charters of the world are going to pay us. We have quality stuff. It may decline. Weve built that into our models. Now were going to go everywhere. The fact that they gave youtube, youtube, the cord cutting device for millennials the rights to stream live to cloud dvr to search and do everything in a subscription service, nobody is talking about it. Thats weird. Thats a moment that they agreed to. Youve got them. Youve got sling out there. Youve got directv now. So everyone is in conflict with everybody, but the studios, guys that created this content for the last hundred years have thrown their hands up and said were not going to fight it anymore. Elephant in the room to me is what does disney do . They have every property you want. They have an exclusive with netflix that runs out in a year or two. Youre going to tell me disney is not going to be a marquee over the top app of our own library and all of our properties, sports, abc, how are they not going to do their theyre not going to rely on netflix to distribute their stuff. Theyre going to do it all. They bought some big percentage of Major League Baseball advance media. The business they have. So for sure fox announced were going to take our stuff and put it in a fox app and subscribe to it for 15, 16 bucks a month. As a consumer, im not sure i buy that way. I like espn. I like hbo. I like showtime. There are things i like. If i could cherry pick, even skinny bundle may not be enough for me. I may want a la carte. Then its just a pricing scheme. Who is the loser in this . Theres no loser. Its just the business will be in my mind the business will be reordered over the next five years. If im sitting at fox or viacom or nbc universal, i kind of need to decide a couple things. Do i want to be a pure content company and distribute everywhere . Do i want to be a content company and a distributor . Do both. Do i want to be a content company, distributor, curator and seller, my guess is the big guys say yes. There has to be a loser. The loser to me is the cable channel we talked about this before. The cable channel today. I wont name one that has a prime time audience of 0. 0. That company today makes 30 million and you go how is that possible . Theyre part of the bundle. They get paid three cents a suband there asu sub and there are 80 million subs. Who do you think the disruptor is in this . Amazon to me is im so bullish on that company. You know, first of all, jeff is held to a standard onto himself in the market. The stuff theyre doing in commerce is incredible. And now they have proved well hire smart guys to make content and spend 5 billion a year and dw guess what . They won three Academy Awards just like that overnight. Great stuff. I watch it. Thanks for being here. Heres what else is coming up on the Halftime Report. Germany versus the United States. As the chancellor comes to the white house, its worth noting germ german stocks have outperformed the s p since the november election. Which company is better for your portfolio Going Forward . Mastercard and visa at alltime highs. Texas instruments, dupont and Applied Materials hitting 17plusyear highs. For more on the index, go to cnbc. Com iq100. That College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right Financial Advisor, life can be brilliant. Ameriprise european markets closing for the week. Take a look there. A mixed picture basically flat across the board today. Lets do our trader blitz. First up, hedge fund value act is raising its stake in valeant. Interesting news. It is. Its still not one i would be involved in. The debt load scares me. This is too difficult. Theyre in a position where they have to sell or buy more because thats how far the stock has come down. They chose to buy more. Look at this so many different ways. Okay. He leaves. Hes an insider because he was on the board. Maybe he thinks that its damaged as a company. Valueact takes a look and says we still believe in it. There are other considerations of course. How much capital are they losing . Hes got a long lock. It takes a year and a half to get your money out of there. If you go back to when this starts, he may need to raise cap. Ill make it like i dont think the position is working rather than i have to raise capital. I dont know thats the case. Up next, the new jim cramer play with a big assist from halftimes josh brown. You may have heard josh browns last trade pick. He said fastenal has momentum. So i wanted to do a deeper dive into whats happening with this company because its making a stunning comeback since the election. All right. Jim nice to do that. This is a stock thats got a lot going for it fundamentally but focusing purely on price, its a name that really has been consolidating for a long time but the lows are higher so each time it pulls back its too a higher level which means the buyers come in more quickly and the sellers are less anxious to get out. And so when you see that kind of setup, you want to get involved. I think above 52 there are no sellers here. Nobody owns it above. The momentum is there. Rsi is 57. Not overbought just yet. Its one of those undiscovered companies. People that cover industrials know it really well. Most investors dont. By the time this break out, thats when that type of money comes into a name like this. Speaking of no sellers, there havent been many in adobe. New alltime high today. Stocks up another 5 alltime high. And i was talking with john yesterday. I was where you were right on the new yoorew york stock excha late into the day there was an aggressive buyer that kept coming in buying out so i didnt have a long position. Was it the russians . It was probably putin. So this put buying was the same as we talked about time and time again. Somebody smart who wants to hold that long position through the earnings. They want to set a floor. They did that. I bought put spreads so i was wrong. I thought this thing was set up to maybe go to the downside. It didnt. Screaming higher. Busts 130 today i believe. German dax has outperformed s p. Next, which is a better place for your money . Europe or the u. S. . Plus, one of our traders gets you ready for what could be the trade of the year. You have to get it right though. The timing is everything. Its next on the Halftime Report. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Welcome back. Since trumps election, the dax rallied more than 15 outpacing the s ps 11 gain. Joining us now, jonathan, good to have you on. Good to see you. If someone says where is the best place to invest right now, is it the u. S. Or europe . You say what . We love the u. S. Market. Right now europe rooks better. The backdrop is improvement in manufacturing data, jobs, Interest Rates, wages going up, its a global thing. Its not a u. S. Thing. And the kinds of companies that win the most, banks, industrial companies, have a much bigger weight in the global benchmarks than the u. S. You think europe will play catchup when it comes to the trade thats worked so well here . Hear a lot of people saying europe is back. The markets have done well but maybe they dont fully reflect to the degree that economies have improved. Since brexit up to election day, europe beat the u. S. And postelection day they also beat the u. S. So this thing is already happening. Interest rates are rising. Not as much as ours but off a low base and Inflation Expectations and Wage Expectations are coming up. Everything is turning there. You suggested in the past that this could be a great place to be. Now i understand youre out of the europe trade but youre waiting for the timing to be right so that the trade could really take off down the road. 100 . So i think that europe is the place to be. I think you really need to be careful about getting the timing right on this trade. I took off my position earlier this week. Im waiting for a better entry point. Given the fact that europe has outperformed, were coming into a dicey period over the next couple of months with respect to the french election. I think youre going to get a better entry point. I dont think that enough volatility is priced into european markets yet. You want to buy before the election or after . I want to buy right into the election. Right after the first round election i think you could see some wobbling into the second round as people delever. Guys have been buying europe and are positioned there. Granted position is not as high as in the u. S. Or other markets but youve had a significant amount of buying over the last few months on the back of this trade. I think this reflation trade is going to work but now is not the best time. I would wait to buy until the election. Get longer there. Wait for a correction. The only issue with that i agree with most of what you said. There may be volatility around the election. A lot of people had we were buying europe last year before it was cool. People were saying brexit, brexit, brexit. Brexit turned out to be one of the sickest 24hour catalysts ive ever seen. That was so far anticonsensus as to almost exist in a parallel universe that ftse would go to new record highs after the worst potential outcome. If we play the same game with france, what if its another buy the news . I dont think its buy the news. You wouldnt have thought that about trump or thought that about of course not. This is a european country thats going to basically put to referendum the sanctity of the europe european construct. The brexit was different with the uk because you had multinational its always different. Were talking about an outcome where one side is so unthinkable to he can quit bulls one day and next day its, like, yeah if things go bad in france, youre talking about the euro itself comes into question. The banks blow up. Its not the same thing. If you have the uk leave the eurozone, its a trade pact. If you renegotiate the euro, youll have contracts that are thrown in the air. Is it going to happen . No. Therefore might it be a buying opportunity from some risk to zero risk . I think erin would have had a better entry point just the one youre talking about i agree with you if garrett would have won over with netherlands this week. I think that would have focused people even more on france and how that second round would go. Theyre more comfortable now because of him losing. Right now you want to take off risk. Wait for a correction and then put it back on. I want to bring focus back here at home. You have an s p target of 2,500. I think thats the high end on the street. Are you waiveri wavering at all on that . We put out that high number and we werent bigger in our expectation. What we see now are earnings numbers which normally weaken at the beginning of the year not at all. Its not because we have theres no trump numbers in here. This is literally Companies Giving better guidance so the earnings are holding up valuations. Let me make sure i understand what youre saying. There are no trump numbers in the rally that were seeing right now . If you look at earnings estimates, analysts are not putting these numbers in because they dont know enough about the tax plans and they dont know enough about what will go on in a trade. Its not in there. If you look at a basket of stocks that would be the biggest winners under trump policy on taxes or regulation, theyre not outperforming the market. Theyre in line with the market. This is about better economics, reflation, higher Interest Rates helping banks so trump is icing on the cake. If we get any positive policies, its like a second leg but this is not about trump. How long can we wait . How long can we wait before we actually get real meat on the bone . If none of the first of all, this is going to take way longer than people think. Tax stuff and discussion on border taxes, this is probably an 18 event. We saw with this obamacare discussion, this thing is probably dead on arrival. So i think well see a lot of these policies take longer than we think. Thats fine. If economics are driving this market higher, whats better than that . You dont think the market gets rocky and any sort of hypervolatility if things become a 2018 event as you suggest . I think as long as theres a promise out there that were going to see something coming on taxes and something coming on regulation, i rather have the promise dangled like a carrot than get specific details and be disappointed. I think 2018 on that is fine. Interesting. Good talking to you. Thanks for being here. Coming up, bullish trading activity in a financial. Hell tell you if its time to buy or not when we come back. Melissa lee, what is coming up on lunpower lunch . A News Conference set to happen between President Trump and Angela Merkel . Will they find Common Ground . Well get reaction from a number of former ambassadors and how trumps plan to cut red tape could impact the energy space and as you guys know, snap shares are down once again heading closer to closer price. Facebook did the same thing when it went public tanking early on but rallying months later. Will snap follow that pattern . Much more Halftime Report right after this. The command performance sales event is here. Experience exceptional offers on our most refined models ever. Get up to 2,500 customer cash on select 2017 models for these terms. Experience amazing at your lexus dealer. The market. Redict but through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. Welcome back, everybody. Im sue herrera. Syrian First Responders and activists say an air strike on a mosque in a rebel held area has killed at least 35 people. The british based syrian observatory for human rights say at least 42 people were killed. Russian and syrian aircraft are known to operate in that particular region. Italys mouth etna continues to erupt. The volcano spewing lava today. On thursday the volcano unleashed an exposure hurdling steam and rocks raining down on tourist. Japan launched a satellite into orbit. It will replace its predecessor that reached the end of its life and will gather information about north koreas missile activities. On a lighter note, hasbro announcing the new game pieces. Thats the news update. More Halftime Report after a quick break. Energy is amazing. How we use it is only limited by our imagination. And at Southern Company were building the future of energy, for you. I work with people everywhere on sea, on land, and in the air. Inspecting towers way up high avoiding turbulence in the sky. Personalizing treatments with dna and recommending who should play. A dress that thinks, which crops to grow, tax prep to help keep payments low. You can find me on an oil rig, i answer questions small and big. Hello, my name is watson. I answer questions small and big. The markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. Experience exciting offers on sales event is here. Our most elevated suvs ever. Get up to 2,500 customer cash on select 2017 models for these terms. Experience amazing at your lexus dealer. Is it because so many go after it the same way . Chasing after short term returns. Instead if getting caught up with the crowd, the Investment Managers at pgim take a long term view, teaming specialized active investing with riskmanagement rigor, to seek out global opportunities. We manage over a trillion dollars this way, attracting many of the worlds leading investors. Partner with pgim. The Global Investment management businesses of prudential it is unusual activity time. Dr. J making his way over to the telestrator for doc, what do you see . Unusual activity in cfg. Citizens financial, judge. Very nice performance ramping up here. Its down about 14 cents today. It was down about 60 cents earlier. Somebody stepped in, started buying calls with abandon. Take a look at this volume, judge. Right there, about 13, 14,000 of these calls. The april 40 calls. Thats out a full month into the future and with the stock trading 36 and change, obviously, about four bucks higher than where the stock is trading right now. 37. So say three bucks higher. I think somebody is betting on perhaps some m a activity or Something Else that drives this thing significantly higher over the short term. Ill probably be in it two weeks. Oh, wow, okay. Lets do a trade update. What did you get yesterday . L brands . Yeah, l brands. With volatility so low, what are people doing . Theyre buying puts. We talked about that with adobe again today. Buying puts in l brands. I got this one right yesterday. Theyre buying puts long term. You dont buy puts out in august if you think this thing is going down. They were probably buying to snug it up and have some comfort Going Forward. Today it gets an upgrade. Stock moves up almost 2 . Holding period on that . They were buying august 45 puts yesterday. I bought those puts, bought stock. Ill probably be in it a couple of months, judge, because i love this name as far as where its come from over 100 down too here, 50 bucks. Im sure you do. Doc, come on over here. Thank you. Coming up next, a look ahead to some of next weeks big earnings movers. Nike, fedex are all on the docket. Some other companies well talk about as well when we come back. music plays heigh ho heigh ho heigh ho heigh ho its off to work we go heres to all of you early risers, whats up man . Gogetters, and shouldbe sleepers. From all of us at delta, because the ones who truly change the world, are the ones who cant wait to get out in it. Becakevin, meet yourkeviner. Truly change the world, Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin trusted advice for life. Kevin, hows your mom . Life well planned. See what a Raymond James Financial Advisor can do for you. [phi anne. G] so those financial regulations being talked about . They could affect your accounts, so lets get together and talk, and make sure everythings clear. Yeah, that would be great. Being proactive. Its how edward jones makes sense of investing. We are back. Lets look ahead to next weeks big earnings on the page, among others, nike, fedex. Give me nike first, which people now say plenty of people on this show have said nike is back. Im long nike. Im not expecting a huge quarter. I dont think the expectations are terribly high. This is a stock that has not had a great year to 18 months. I like that setup. I prefer that to when expectations keep getting ratcheted higher. I sold nike early. I think that expectations have ratcheted up with stock now double digits. 13 year to date. Yeah, so after getting creamed, though, from absolutely. Absolutely. I like it longer term. But i think here, im just buy in for the quarter. I think if it does flip a quarter and translates into the end of the week thats a mistake because that company is poorly managed. Lets do final trades. Doc, start us off. Nvidia. I think it will move higher over the short term. Seller of snap. I would even be somebody with short snap. Direction right now is just going to be down. Vgk, cheapest way to get into europe. Erin, thanks for being here. Thats it for us. Have a great weekend. Power starts now. Looking live at the east room of the white house where President Trump will hold a joint News Conference with german chancellor Angela Merkel. Lots from trade to russia to the economy. Well bring you that Conference Live when it begins. Im melissa lee along with michelle, tyler and brian. We have the best team in the business standing by, as we await the president. Cnbcs seema mody digging in. Live in germany with reaction from the ground there. Let us kick things off with cnbcs kayla

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