Collapse, which companies should get together well sneak a vc who has some surprising ideas brian . Thank you very much call it postfed hangover. The dow is not down much the nasdaq is down over 1 thats been the trend for the year, as has this. Energy old oil and gas is the best performing sector once again, led higher today by conocophillips they had blowout numbers apa, used be called apache, marathon at the same time the white house is calling for more fossil fuels, more drilling could be very good for these companies. In the treasury market, the yields are popping troyear yield trading at highest level since 2007 Rick Santelli is at the cme as yields continue to pop sevens are wild twoyear note yields on the highest pace since 2007. Brian nailed it. The threeyear note yield was dabbling in and out. It needs to close above a 4. 65 yield to make a new cycle highyield close would does any of that matter . Its very important to realize that when we have tbill auctions on monday and tuesday, youll see those yields jump because the fed raised rates maturities are going to tack along with what the fed is doing. Further down the curve you go, the more bag these mature tis carry. People might want to buy them pushing yields down. Right now, thats the only maturity look at one month of tens. Hyg, highyield etf. Theres a threeday chart. Notice how flat it was and, boom, right after that statement before the press conference, all of a sudden it fell out of bed if you were to talk to any of the swap traders, vanilla swaps, fra swaps, you dont know what any of that means other than the fact if you were going for a mortgage now, you might want to go for a fixed mortgage. Thats what a swap is, fixed for floating its getting very important to fix because floating has so many dangers associated with the rising fed rate. Its at the most expensive level since march of 202 if you look at gilts, the bank of england raised to 3. 2 . 3. 4 was the political High Water Mark weeks ago and the dollar index, we can talk about what it does to multinational companies. It hurts their profits makes imports cheaper, fine. Its a financial issue the dollar being so strong it popped over 2 from yesterdays lows right in between the statement and the press conference huge bounce. It makes many countries, lesser economies than the u. S. Really have to scramble to come up with the extra money to buy dollars to satisfy arrangements. Thats exactly where i was going you, rick. The fact we did see this pop and we do see debates emerging on our air about how resill yensz in the strength in the dollar is going to be as we look to 2023 with the fed on its current glide path, i continue to see volatility in Foreign Exchange even down days in dollar like up days, they could vaporize as quickly as this 2. 5 rally from yesterdays 3 00 lows demonstrates vaporize, thats a good word for it with yields soaring, Jeffrey Gundlach had something to say. Bonds is terrible everything changed stocks are overvalued but bonds have done really badly theyve gotten to cheap to stocks that that whole relationship reversed. Not only are treasuries now potentially a profitmaker i mean, if the long bond is 4. 25 t can go down. For more on the outlook for the beaten down fixed income market, lets bring in cofounder of bond blocks, the first etf issuer focused entirely on income thanks for being with us today thank you for having me whats your respond to Jeffrey Gundlach there i imagine, you agree absolutely. I think you cant ignore that you dont have to have a strong call on this market given all the uncertainty were thinking to think about treasuries. The sixmonth treasury is over 4. 5. This is yield, yields back in your portfolio, hoping with your total return i think the treasury market is a great place to start on the short end of doing Something Like making a decision of what youre doing with the money on your sidelines and even potentially, you know, outperforming some other areas of your portfolio. Its just an intuitive, pragmatic thing to think about in treasuries. Earlier this week on this show we were having a conversation about tips versus ibonds. I want to get your thoughts for thoelgs who dont trade on a regular basis. How they could actually go about doing this. We think of risk assets in a simple way you really need to pick your spots. There is significant dispersion across credit industry sector and also Credit Ratings in bonds. Once you are moving past the riskfree assets in treasury and thinking about credit exposure, you need to think through how youre doing that. For example, one thing thats overlooked, we think is overlooked or should be considered is that, you know, prepandemic and even just before 2022, companies were spending a lot of time reinvesting the debt on their Balance Sheets at much lower levels than they are today theres runway for these companies to endure economic down turn. We like single bflts in terms of looking for a space thats performing differently than higher risk credit outside of highyield energy and gas, is there any reason to own anywhere down the credit spectrum junk bonds have been crushed how bad could it get i think thats the issue. If youre going to try to call a bottom in this market on the risk side, we do need to remember there are some known quantities were working with. We understand, i know the fed has conviction to continue to raise rates. Except you can be more precise and look at spaces where maybe the fundamentals are actually a small Silver Lining in the type of credit you are investing in and i think the difference in industry sector and ratings we like to talk about a lot, between energy and health care this past month in highyield there was a 228 basis point difference in performance. Definitely areas to consider something that somebody is thinking about risk asset needs to take a look at. Take a step back and take a more macro approach to the conversation every day were debating the rising risk for recession, what that means for corporate america. Talk about the state of credit right now, the health of credit. Are there areas that are sending off warning flags . I think we dont understand i think were waiting to absorb more data on the health of the economy. Its difficult we dont want to paralyze ourselves and making sure were doing the right thing for our clients portfolios. As long as you have access to more specific exposures, you should be able to make some of those determinations on the cccs versus bbbs, theres such a difference. I think you have to look opportunistically at each space. Thank you for joining us today. Thank you very much. Lets move from credit to stocks your next guest says ratesensitive stocks are at continued risk hes investing in staples, lik the sector not the retail store that sells paper hes expanding the definition of the group to include medical and pet services lets start off with cesars, the online gaming. You know the most attractive thing is they have a user database of like 55 million people, czr. Why do you like them you hit it right on the head there. Absolutely, that database is invaluable thats the largest database for gaming clients so, try to put a value on that but also, you know, ive been a follower of cesar for many, many years. Prebankruptcy if you can think back to that period, when it went into bankruptcy and came out. This company came im a former highyield manager so i look at stocks through the lens of fixed income, is and one thing shining about them now is even though theyre loaded with debt, the ceo in every Conference Call makes a point to say, we are going to delever indeed, they have. In the most recent quarter they paid down almost 1 billion in debt and he made Forward Guidance to continue that. In spite of what the fed is doing, i think its all been said maybe not all of us have said it in spite of what the fed is doing, you have to find companies that wouldnt it be great if you just didnt care about the fed guidance i think cesars are in that k category shockwave medical, another company i want to highlight. Im not have you ever talked about this company i dont. Ive not talked about it. We forgot during covid there were a lot of other bad things out there. Shockwave, you like this unique treatment they have for clogged arteries that has become a bigger problem in the United States s. W. A. B. Its the number one killer in the United States and perhaps across the world this is an ingenious invention i have a physics background so i love to find the origin of these things but a simple catheter, minimally invasive, which actually most arteries are clogged by calcium deposits that are rock hard. This is able to pulverize that calcium in place and open clogged arteries so, weve often heard of the phrase, hardened arteries. This apparatus is designed particularly to take care of that and its revenues have been growing over 100 every quarter. Do you think people that have booked for that kind of procedure, theyre never going to put that off depending upon what the fed chair said yesterday or what Interest Rates are going to be years from now they need that now and that, in my sense, is a staple. And in terms of a third staple, pet health services, what do you like and why are we having this conversation on a day when theyre down 12 . Zoetis is a different story they provide insurance for cats and dogs in this country only 1 million clients so far. It is massively underpenetrated. Thats only 2 of the entire pet population people got a head fake thinking this was only a strong, attractive stock during the covid period i will tell you, the continued personification of pets and the devotion that pet owners have to making their pets healthy, definitely lead to a stock companion. Its signed selling agreements hardly covered by anybody in terms of this, but aftlac and chewy have signed on to cosell this service they only have 1 million pet clients now so the Addressable Market has just expanded for them tremendously. Peter anderson, a couple new names there. Really appreciate you coming on and giving us some actionable ideas. Thank you. Thank you you own a pet i do not. I have three kids, thats enough right now. Theres a lot of comments im going to move on. Coming up i have two of each. Roku shares dropping after a warning of a soft Holiday Season now down more than 75 this year is it an attractive takeover target and who will buy it well play the dating game next. Plus, the company beat straight estimates and boosted outlook at it battles higher freight and inventory costs. Before the break, two stocks hitting alltime highs, conocophillips, which reported a big problem beat and humana. We have more power lunch in two. Welcome back to power lunch. The decline in the stock market Means Companies have seen steep decline in their own valuations which ones should be kor or should be bought lets do some match making d dunkin davidson. You think microsoft should buy roku very natural partnership. They need something. Theyre way behind apple, google, amazon in the streaming wars they know how to deal with hardware and operating systems this is a perfect acquisition for them if they jump right in they have an adtier service, and they have an interesting trick up their see which is to tie hire xbox games into streaming games through roku i think theyre crazy not to do this. Can they do this if theyre still in a pending Activision Blizzard acquisition they can handle two at once it also sets them up downstream to buy netflix, which a lot of people have thrown out as an idea seems early right now. One more thing about roku. They hired charlie kcollier, and he launched mad man. This is a match that has to happen. Heres a second one i dont know if it will ever happen its an interesting one. C ca carvana, the stock has been wiped out, ebay. Why would ebay motors just bring in carvana exactly the used cars went through a huge pandemic bubble, its bursting in fact, wholesale prices are starting to fall rapidly carvana has dropped so much. Its relatively cheap. So the play here is pick them up i think ebay would have a good run with them. New cars are in shortage theyll probably stay high priced for a while to make room for evs. Used cars are going to be the place to be and ebay needs Something Like this. Its interesting you would say ebay and not ames is so big, its already under antitrust scrutiny. Is that why you would say a name like ebay, which also has that ecommerce aspect to it . Ebay already has a play in the car business this is a thing they could get hefted up. Thats why it makes sense. Amazon, no, no amazon has other fish to fry not this one. Finally, spacex should it buy boeing elon likes to fix things. Boeing needs to be fixed the art of the deal says you pick up boeing but you sell off military, probably to northrop it may be the space segment of boeing, which elon would want, would be relatively cheap. I think boeing is selling at a huge discount or breakup value the reason why elon is the right guy is boeing has to get back to an energy culture. Theyve been thinking of launching a new midmarket airline which would transform the core of the airplane business but they didnt do it because it didnt pencil out the engineering culture would have launched it the financial culture doesnt launch anything. Boeing is sitting there with huge management bloat. It needs to get fixed. Spacex and boeing compete they compete on commercial crew for nasa i have a hard time believing the u. S. Government would want to see two competitors in an already reduced environment where aerospace and defense is concerned come together and become even mightier its a great point. I think their joint venture for space vehicles has to get spun out. I think when the u. S. Governments point of view, the reason why boeings ceo was fired a year and a half ago was because they couldnt deliver on their starliner. They cant execute the u. S. Government needs them to execute and spacex knows how to execute i think they could clean it up and then execute from the point of view from spacex, they have a vertically integrated set of system for u. S. Business versus launch vehicles they contracts tend to be much longer term than more guaranteed than commercial. It really improves the spacex business. Weve seen m a. Its picked up a little bit in the last couple of weeks, but in general its been pretty quiet dont get me started on the ipo market given the fact we do seem to be going into or poised for more of a downturn, weve seen so many stocks beaten down in general. Do you think we will see more dealmaking, whether its the ideas youre throwing out there. Some deal makings. Or elsewhere. Do you think well see more Creative Conversations become reality now . You know, theres an old wall street thing, dont catch a falling knife. When these valuations drop, you dont want to start until they start to bottom. I think theyre starting to bottom like roku is going through its bottoming process right now. Boeing, in effect, is probably beaten up so much, its not going to get much worse. This is a great time for somebody to buy it. Wow, duncan davidson, food for thought there. Creative ideas. I have to give him credit. When i found out i was going to anchor like you today, i thought, im going to get her started on the ipo market, but you just said, dont get started on the ipo now i cant do that. Morgan, thank you. On deck, is bitcoin ever really going to break back out well talk about it. Is now the time to buy amazon . Is amazons founder, this bezos guy, thinking about buying a certain washington nfl team . Speaking of interesting deals. There you go. How about that for a tease. Heaven to betsy. Betsy . The stock is actually up there see what i did there, morgan were back right after this. At ameriprise financial, our advice is personalized. Based on your goals, whatever they may be. All that planning has paid off. Looks like you can make this work. We can make this work. And the feeling of confidence that comes from our advice . I can make this work. That seems to be universal. I can make this work. I can make this work. No wonder more than 9 out of 10 clients are likely to recommend us. Because advice worth listening to is advice worth talking about. Ameriprise financial. At humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. Humana can help. With original medicare you are covered for hospital stays and Doctor Office visits but youll have to pay a deductible for each. A Medicare Supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get Prescription Drug coverage. But with an allinone humana Medicare Advantage plan you could get all that coverage plus part d Prescription Drug benefits. With no copays or deductibles on tier 1 prescriptions. You get all this coverage for as low as a zerodollar monthly plan premium in many areas. Humana has a Large Network of doctors and hospitals. So call or go online today and get your free decision guide. Discover how an allinone humana Medicare Advantage plan could save you money. Humana, a more human way to healthcare. Lets talk crypto. Fidelity planning to open Crypto Trading to retail investors. Saying they opened an early access wait list to buy and sell bitcoin and ether and factor in a 1 spread every execution price. Fidelity is following in the foot steps of robinhood, and we know crypto has had a rough year down 55 since the beginning of this year. Brian, it speaks to the fact that companies are making these bets i realize some were made before the socalled crypto winter and theyve taken time to build out rollout but they are continuing to bet there will be a marketplace for crypto currencies listen, when they say crypto winter, weve gone through many of these if you look at the history of bitcoin, theres some great books out there, bitcoin has fallen 75 like ten times. Some were like 12 cents to 8 cents in the early days. Those really in love with this, they dont mind it going down. They probably bought it as 1 so bitcoin at 19,000 is huge for them if you believe its going to 50,000, 60,000 again, are you upset about 20,000 . I dont know the believers, you wont have their minds changed, which i respect. Thats right. Well have to see how it goes. Lets go to Bertha Coombs for the cnbc update. Thank you, morgan heres whats happening at this hour President Biden has left washington to kick off a fourstate campaign swing. Hes starting in new mexico for a rally for gubernatorial candidate michele griffin. A federal court has ruled that the miss usa pageant cannot be forced to allow transgender contestants. The judge, a trump appointee, rules excluding transgender individuals was not discrimination and agreed pageant organizers that ordering them to change their definition of, quote, womanhood would violate their free speech rights. Artemis is heading back to the launch pad artemis i will prepare for launch on november 14th. The last test flight was scrubbed due to hurricane ian. I think this is the third time, morgan hopefully third time is a charm. Fingers crossed speaking of boeing, sls, the space launch system on this rocket, the most powerful rocket ever to have flown that the most powerful rocket ever it will be. So when we move to jupiter, thats the rocket thats going to power us . First of all, thank you, Bertha Coombs. This was built, many years in the making, a decade in the making, billions and billions of dollars and it is going to take us back to the moon and it at some point would potentially go to mars. Elon musk is expected to have their orbital test flight out will challenge some records the sls will make if it gets flying before starship. If we go to mars, i want to take matt damon with me because he knows how to make mow tat toes i dont want to go to mars. Id go to the moon, though. Read ray bradbury money and politics, theyre like what did forrest gump say, they go together like Peanut Butter and chocolate . Well tell you where trillion airs are putting their money in these midterm elections. Thats robert frank. Es, and crocs rocking today up 8 on earnings. Well talk to the ceo about whats working also the challenges facing the company. Cost, currencies, much more. Power lunch will be right back oh, the stock market is doing that fun thing again. News from the future youre going to live through that about 10 more times laughs no stress. I just discovered yieldstreet. They vet investments that dont ride the stock market rollercoaster. [narrator] yieldstreet private market investing. Risk of recession. We have two reports this afternoon. Robert frank is looking at the billionaires putting their mark on the midterm and elon moi is in arizona, the epicenter of every political issue right now. We begin with robert billionaires spending a record 880 million in the midterms, thats up 44 from 2018 their spending could hit 1 billion by tuesday, according to americans for tax fairness billionaires funded both republicans and democrats but they favor the gop by 32. One of every 10 spent on Political Action committees or pacs came from a billionaire the top spender is george soros, most on democracy ii, that funds largely democratic candidates. Richard uihlein, the wisconsin shipping magnate was second with 66 million, spending largely on republican super pacs. Ken griven spent 66 million on republican super pacs and candidates, in addition to the 50 million he spent just in illinois the new money bags in politics is sam bankman fried spending 40 million to fund candidates friendly to crypto regulation. Of the 18, 16 of them won. Good roi for him other big donors include michael bloomberg, peter thiel, Larry Ellison and steven mandell. Thats the usual suspects, right, in terms of big political spending is there any any sign at any time that eventually there will be a cap on this kind of spending this kind of spending, whatever party youre in, Political Parties are just billion dollar corporations and people get suspicious, money in politics. Peas and carrots is actually apparently what forrest gump said, robert look, youre right, brian there are some new actors this cycle. Ken griffin, many people see him as the new coke of the Republican Party in the coke family that used to fund a lot now ken griffin is funding a lot. Hes new in terms of the amount hes spending. Blankmanfried hasnt been around a lot but on the cap question, until citizen united is revisited by the supreme court, which is very unlikely given that courts makeup right now, there will be no cap on spending by these billionaires robert frank, thank you very much now to a different in politics, in phoenix, arizona, where the Homeless Population is a flash point and business finds itself once again the center of the issue. Probably not the only issue, my guess as well, immigration as well and this is, like a lot of other states, nevada where you just were, a tight race reporter phoenix has the highest inflation rate of any other city in the country. You can see the fallout of that right behind me here this is called the zone. It is the largest homeless encampment in the city of phoenix. The situation has gotten so dire, local Business Owners are suing the city over it debbie, who owns the old station sub shop with her husband, joe, is one of them dobt know what were going to come across in the morning someonesleeping, someone passe out, tents, urination, defecation, so its been very, very difficult. Reporter the zone stretches for several blocks downtown. The lawsuit alleges Mental Illness illness runs rampant along with drugs and crime. Kari lake says get treatment or get moving katie hobbs is calling for more Affordable Housing and 200 million in a trust fund for the homeless joe says hes just trying to protect his lifes investment. Im a sandwich maker. Im not a politician im not a lawyer all i know is this is not fair reporter now, the city has filed to dismiss this lawsuit but it said its committed to working with the businesses involved on a solution you touched on it briefly but to dig in deeper here, what are the proposal specifically in play to help not only the people but the businesses reporter i talked to the lawyer involved in this case he said some of the ideas they suggested are more structured tent encampment as well as more temporary structures they want this declared a public nuisance this also feeds into voters concerns about drugs and about crimes, both of which will play heavily into next weeks midterm elections. Thank you coming up, were looking at pandemic darlings that have fallen on hard times, including moderna. What could give this stock a shot in the arm . On the other hand, crocs i see what you did there, shot in the arm with moderna yeah. You got to get up pretty early to fool me. I know. Youre up earlier than most. The dows flat well be back in to. Technology lets drones deliver pizza. No,no,no have a nice day. But to deliver powerful insights that are on target you need more than technology. You need cdw. We can help transform and manage your it environment with a Dell Technology solution, so you can use your data to innovate. Wooh pizza is here im still gonna eat it. Me too. Tip please. Dell technologies makes data driven insights possible. Cdw makes it powerful. Welcome back to power lunch. Shares of pandemic winner crocs surging today after record three quurter results and strong backtoschool sales, raising fullyear guidance despite higher freight and inventory cost that stock has troubled in the past three years but has fallen back down a little bit, 40 this year lets bring in andrew reese, the ceo of crocs you have a full lineup, if our listeners on the radio picture a guy standing in front of a bunch of shoes, thats you thank you for joining us here. It said pandemic winner. Imd go against that. You guys were hot before the pandemic obviously, where do we stand now in terms of, quote, back to normal, which i cant stand, but ill say it anyway where do we fall from your perspective . I think we are getting back to normal. I agree with you, i cant stand it either. Croc was trending strongly before the pandemic, we were able to win during the pandemic, attract incremental customers. As i think about the consumer today t i think about the Consumer Shopping in store, online with branddedicated web websites i think thats relatively normalized and but i think what youre also starting to feel a little bit is the consumer feeling some of that compression as they see inflation, as they see Interest Rates rising so theyre starting to be more cautious where they spend. Listen, we talk a lot about inflation on in network, as you probably know. The last couple of years, everyones pointing fingers. Heres the reality, please, as i see t. If im wrong, please tell me during the pandemic, right, we had a lot of money that came into the system. A lot of people were locked down, they went online and shopped. You didnt have to discount. People pay full retail for everything which is why corporate profits across everything tended to soar. Where is the consumer now . Do you have to start discounting . What are your inventory levels and how does it compare to two years ago . Yeah. Youre absolutely right, brian the peak of the pandemic there were two major factors affecting company. It cost you a lot more money to get your goods into the country and goods to the consumer. You felt pressure to pass that along. Second there were constraints. There were a shortage of supply. So, you really had no need to discount and the consumer, if they saw it and liked it, they knew they had to buy it because they probably wouldnt get it later. Today, i would say were in a more normalized kind of promotional and consumer inventive environment where the consumer is looking for incentives they are waiting for those key holding periods, black friday, cyber monday, when you typically expect promotions. I think were in a much more normalized environment and theres a little bit of additional pressure from excess inventories. A lot of companies ordered too much relative to what is now consumer demand so theres a little excess. I would say in that environment, crocs is managing that really well you know, we are we are a little more promotional and we do have to incentivize the consumer but were still able to translate that into very significant operating profits. Were really best in class in our sector in terms of how much revenue we can translate into operating profit for shareholders. We had the conversation daily on this network about, you know, the resilience of the American Consumer we also have the conversation about a strong dollar. It really jumped out at me to see that youre forecasting such strong growth internationally. What do you attribute that to . Is that in spite of currency headwinds . Thats very much in spite of currency headwinds we have a Large International business and that has been impacted both on the top line and also from a margin perspective as the dollar has strengthened obviously, i think the dollar is continuing to strengthen with the additional Interest Rate rises we saw yesterday that is in spite of that why is that happening . Thats really happening due to the strength of the brand. Weve seen tremendous brand strength here in the United States over the last three to four years that is now starting to mirror and Key International markets. We can see that in western europe we can see that in the middle east we can see that in key parts of asia as we get to really execute our playbook in terms of engaging consumers with collaborations with inventive marketing with new product and energizing the consumer i think additionally we have an opportunity if the consumer is feeling more constrained over the next 12 months or so, if you think about a potential recession, you know, we sell very approachable price points our average price point is 50 to 60 were not trying to get the consumer to part with 200, 300 for a pair of shoes. So, were in a great place. Really appreciate you coming on some fine looking shoes behind you, andrew. Have a great day. Thank you our three stock lunch today, three pandemic darlings, which have fallen out of favor peloton, moderna and amazon. Amazon trading at its lowest level since march 18 of 2020 thats the pandemic bottom for that ne. Am is there hope for a turnaround . Thats next. You love closing a deal. But hate managing your business from afar. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire welcome back today were looking at some oncehot pandemic stocks peloton is now 90 off the highs. Amazon shares back at its prepandemic levels, and moderna lower after missing estimates. Is it time to buy or run for the hills if youre an investor. David wagner is portfolio manager, and has our trades today. Lets kick things off with peloton. I think im running for the hills, morgan. The biggest question for peloton is does the business story turn around it does feel as if this quarter investors saw some stabilization. Ill give the team a lot of credit there was a lot of optimism, but its no secret that revenues have dropped off a cliff, almost 20 over the last three quarters this quarter, right now, coming across four different quarters, and different comps. This was the Third Quarter of that Fourth Quarter cycle right now. This quarter should be the last tough comp so theres one more quarter for investors to really worry about. That quarter just during this earnings call, that call was lower. What if theres an uptick in demand in 2023, you have other overhangs such as snitch torrie and negative cash flow i believe the stock will be in the penalty box until the niche torrie problem is behind them and theres some clarity moving forward. The company has made a lot of improvements in these areas, especially on the Free Cash Flow side, but i think theres risk, especially in the pashlgt doesnt believe in the new fundamental issue of the Company Moves forward. Is there a data play here with peloton i dont know if you use it or not, but they know a lot about you. We talk about the value of data. A, they probably know your income level, we have to move on, i wonder if theres a data level there. Lets move on. Amazons probably get a slowdown a little bit, but whats your take on amazon right now they definitely caused a ruckus, but i think the stock that infuriates me more is f. I. S. Its overowned, definitely a funding mechanic tism. One thing that surprised me, if you look at wall street, theres only one sell rating i get it, thats only 10 off the covid bottom, but i really think that people would have started throwing in the towel by now. One of the biggest things we have learned has come from google and meta, that the markets absolutely hate any increase in spending now were learning today that amazon, while they stopped hiring on the aws side, and today they stopped the hiring on the corporate level. What ive been saying about amazon on this perhaps in the path is this stock does well when its not when its investing. It means, margins matter profitability is king. If you go back to the last quarter, you saw the stock rally really hard off better profitability, but fastforward to this quarter. This quarter its slowing aws and rising costs, reducing visibility its tough to own here. One sentence, moderna i dont think that analysts are correctly modeling the potential readouts on the drugs that have gotten great momentum here dave wagner appreciate it. Threestock lunch. Peloton, amazon, moderna more power lunch is straight ahead. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. Power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities. While an earnings tool helps you plan your trades and stay on top of the market. Thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. Avalarahhhhh. What if tax rates change . Ahhhhhh. Filing sales tax returns . Ahhhhhh. Managing exemption certificates . Ahhhhhh. Business license guidance . Ahhhhhh. Does it connect with accounting . Ahhhhhh. Item classification . Ahhhhhh. Crossborder sales . Ahhhhhh. What about . Ahhhhhh. Ahhhhhh. Do you have those budget markups . Thank you. Mmhm. [bubbles] welcome back we have a few stories before we go this one, if you havent heard it, is interesting according to numerous reports, jeff bezos is reportedly interested in bidding for and maybe buying the Washington CommandersFootball Team according to numerous reports, the deal could include rapper jayz as well. Espn recently reported the embattled owner is exploring options to sell the team he bought it in 1999 for 800 million. At the time that was a record. Whether its bezos or something else, hell probably have to sell the team because of a lot of issues with him and his staff. Somebody lie jeff bezos has reported im going to tick off all our viewers in denver. I love you, denver, youre an amazing town if the broncos went for 46, the commanders probably have to go for maybe november of 5. 5, 6 billion . Well see were going to find out well, thats going to do it for us here at power lunch. Closing bell starts right now. Investors are trying to maybe sense of the welcome, everyone, to closing bell. Dow just went positive youve got weigh necessary in home depot, apple and visa