tv Fast Money Halftime Report CNBC January 29, 2021 12:00pm-1:00pm EST
to give away the $40 gift cards. >> it's the narrative they've made over the last few years empowering small investors and as people are finding out on the show that they're just as much in bed with wall street as many others, carl >> yeah. have a good weekend, everybody we'll see you on monday. let's get to the judge carl, thanks welcome to "the halftime report." i'm scott wapner the state of stocks after this wild week ask what lies ahead for it >> joining me for the hour jim lebenthal, pete najarian and kate firestone, and we'll take you to the wall to see where stocks are currently trading s&p is off 1.25%, you and the russell 2000 flat and the worst week in about three months and i like to set the state of play. we have the month end for the markets and the s&p is flat and
wondering whether faang did enough this week at least the ones that have reported at least with microsoft to reignite that trade and you have the j&j, vaccine data that we are all poring over and trying to figure out what happens there pete, where does this leave us >> well, i think at some point in time we've been talking about for a while now, stock, when will we see this pullback that everyone seems to be talking about including myself after just this run. it was a couple of days ago when we were still hitting all-time highs and we've had this incredible run to the upside and everyone is looking for some sort of a pullback and maybe that's part of the problem and i think at some point in time we will, and i've tightened up a little bit of what i'm doing and i probably need to ease back on the equities that i own and i've started to get aggressive against the calls with my longstock positions. as far as the options positions, i will continue to trade like a madman and we are in the frenzy.
we traded 50 million in contracts and the pace that we're on in january which is just about over is somewhere close to 45 million contracts a day, just to put some perspective on to that in previous years we've averaged 30 million per day, so we are really at extraordinary levels and it's been a great opportunity in the derivatives markets, but you better be educated and understand all of the risks because this is not a joke this is something that's very, very serious and you have to understand the risks when you put on some of these option positions. >> pete, give me an idea when you say you need to be more aggressive in taking down the equity exposure and give me the idea that the moves that you've made and give viewers the idea and what that represents in your point of view right now. >> sure. i've got quite a few different stocks that i am long, scott, in my portfolio and what i've decided to do to be more aggressive because i haven't
figured out which one specifically they need to lighten up on. i still like these stocks and i'm wondering which ones might have the most pullback potential because maybe the market is getting sold off which i would expect which would be somewhere between a 5% or 10% pullback so if we do see something like that i want to be prepared for it the only preparation that i've done is the aggressive nature of how i'm approaching selling calls on top of the stocks normally, if i own a stock, for instance, that's trading at $50. i would normally be trading and selling an option a month out that's the 55 strike call and getting enough of that if i can and now i'm going right on top of these stocks and i'm literally trading. if the stock is trading 50, i'm selling the 50s and even in apple, even with apple when it was trading at 1.40. i was selling the 1.40 strike call and i've been getting more aggressive and normally i'd be getting out of the money and it's a way to tighten things up and get more juice, so to speak
so i have more room to the downside if we'd see a pullback. >> i hear you. >> we'll go through some of the names specifically as i go through the show today i want to get through a lot of names today for our viewers. >> carrie, where does this leave us cramer said don't read too much into the market from gamestop, and the calster cio says it reminds him of '99 all over again. a wake-up call, a crowd is okay. a swarm is dangerous referring to how some of gamestop has been traded where does all of this leave us now with earnings going to get hot and heavy next week. well, it's interesting, scott. it seemed as if apple, microsoft, facebook, those name, netflix were really gaining some traction and they reported excellent earnings if you look at the numbers microsoft, revenue is up 30% and apple and facebook in the 24%
range beat on estimates of earnings and revenues and all sectors really so then what happened? we had this enormous short squeeze and the faangs, to some extent are a source of funds they become the virtual money market fund from which traders can get assets quickly so i think they suffered this week, despite their good earnings from liquidity pulls in order to cover the shorts. >> you think that? >> that's interesting. >> you think that's why say an apple absolutely knocks the cover off the ball with the earnings, right? the most profitable quarter ever and facebook does the same for the most part. >> exactly. >> and then the stocks are traded down on the week and both are negative on the week you're suggesting there was a direct correlation with gamestop and how those other names have traded >> i think it's possible i don't know that, but if you're looking at stocks that a few
months ago were 25% of the s&p there's still an enormous weight apple is up -- it's 7+ percent and it makes sense to me that if you need something to cover you just sell a few shares of apple, microsoft and google there is the way you cover it. that's where you get the $2 billion fast so i was very pleased with those earnings we thought that they were excellent and by and large, what we've seen so far and even a name like sherwin-williams, great numbers and we think that that should continue it's not as if we have no risk in the market. we are up at 22 times earnings and we have to have the numbers. the market expects good numbers, but they've hit the numbers. they've raised estimates and with the good fact, that change in number was good and we'll maybe talk about it later, but we're running toward the point where we can start to produce more vaccines for more americans
and that's the only way that we get to the other side of the road we can't, you know, i can't, obviously, re-open >> what's the deal now, weiss? where does this leave us we'll be questioning, did faang, big tech along with microsoft, did it live up to the hype that it had to? maybe kari was right and were there trade issues does that get going again? al fab set coming up, amazon is coming up and there are some other names coming up next week that will be closely watched and what are you watching for, most of all >> you know, i'm seeing the fundamentals i haven't bought into gamestop being a revolution or anything like that been that's a bunch of crap and even the guy who started the so-called revolution was just looking for a cheap stock that he's owned for a couple of years. some folks have fundamentals and guess what the fundamentals are good. so while the apple price action and the microsoft price action and the netflix price action
disappointed, that's not true. if you look at one day or two days after earnings, that may be true, but if you look at the buildup in advance of earnings, they quit themselves quite well, just most of the juice was taken out early. so i'm continuing to look at fundamentals i like the under the radar names of my portfolios skyworks up 80% blew out numbers and blew them out more than 50% above consensus and doing revenues, too. up by 50% versus what revenue projections were so that's 17 times earnings versus the market's 22 so you can still make a lot of money. what this is is it's a typical lull in an earnings reporting season where the market is trying to figure it out and there's some nervousness as pete mentioned and nobody is surprised by a 5% pullback and i know i wouldn't, but i'm staying with growth and staying with fundamentals if you stay with reporting, up until today, you have profit margins that we haven't seen on
s&p companies since early in 2019 and late 2018 so despite the pandemic, companies are doing well, and i think the market deserves to be where it is and go higher, but you've got to pause and the pause refreshes at some point. >> so pete sounds like he's looking to de-risk a little bit and he's rejiggering things with the options market in which he's living his name and knows better than most people on planet earth at this point. jim, are you being looking for a correction still like you have been for, fair to say the last many weeks. >> yes, i am, and i think we're in it right now. when steve said we're down 5% we're down from the intraday high from a few days ago and i think we'll get to a full correction, 10% and i don't think you'll go much more than that simply because you've got the power of the fed and zero interest rates, but look, i think this correction's happening right now.
i've got about 16% cash. i sold a little more this week, and i have to say i look at margin lending and i look at the reddit phenomenon and it just seems these are all indications of a near-term top so i think we're in it rid now, scott >> i look at the moves that you've made, jim, and you correct me if i'm wrong. i'll try to remember as much as i possibly can the moves that you guys made. if i do recall correctly, though, you've been a seller lately you've been a cash raiser and a waiter for a move you expect whether it's today selling via com, cbs, the last couple of times, two, three, four, five times you've sold rather than things than you've bought and that's emblematic and representative of your point of view >> that's exactly right, scott you remember correctly via com is up 33% in a week. it is up 500% from the march lows great company, but i think it just got caught up in this
reddit thing, so i decided to take my money and sit on the sidelines for now and i also sold caterpillar and they reported earnings today, really, really good earnings and yet they're still below where i sold it which is simply indicative below fair value and it's a simple portfolio manager's decision to sell a security that is above fair value. same thing with winnebago. i just raised cash because prices got too high. the flip side of that is i haven't bought anything and that is i will admit a market call because i don't like this market right here i don't like what i'm seeing all this volatility and all this -- you know, this mania that is reddit and i would just rather sit on the sidelines and let the dust settle. >> so kari, you bought more facebook and we're just talking about where faang e merges after this week and say half of it, and now we look ahead and you bought more facebook >> yeah. well we expected the quarter to
be very strong and for them to raise guidance and if you look at the numbers, they were incredibly strong on the ad side and a 30% increase and that just shows that these platforms and facebook has 2.7 billion average daily users that they have a way to reach for advertisers, so many people and its become a much more attractive buy than most other forms of advertising. so we saw that, and we expect that to be in the numbers and for this to continue to go forward. also, in terms of the bickering that seems to be going on with apple and facebook, we think that's news and this will somehow resolve itself it's in the interest of both companies for both tim cook and mark zuckerberg to come to some resolution we expect that to happen and the regulatory push right now is off of these companies and there are
other issues to deal with such as what to do with robinhood and the game stop phenomenon and the covid vaccines and there are other things for the government to be concerned about than regulating facebook right now and so we like the numbers and when we thought was coming and that's why we added to the position. >> weiss -- are you at all, are anyone you're talking to worried about spillover in the broader market because of this, as jim says, the mania around gamestop? i ask you that because obviously wall street's talking about it barclays says bubble trouble or a storm in a tea cup and the ongoing short squeeze by retail investors has raised concerns of a broader contagion. the risk of a full-fledged contagion, though, remains though there's another note from wells fargo today and we've heard various first hand, degrossing and derisking and some believe it's almost done and our sense is it's 75% done
the implication if you have to de-risk your selling into a market that's a little volatile. how do you address that whole issue in and of itself well, looking at some of the prime brokerage data from the big firms that handle most of the fund, you've seen de-risking that said, taking down the gross, selling your longs, buying some shorts and to the equivalent of what they did in march when covid first started so, yeah, that is, i think, all behind us and that creates an opportunity. i don't see the spread of the overall market if you were bearish coming in it gives you another reason if you were bullish coming in it gives you an opportunity as jim points out we've corrected. i'm in a similar cash level to jim and my plan is to add to great quarters like the terra dine that's not a max position
for me so, no, i don't see the spill over and i don't see a sessemble of 99 and this is not it this is a blip this is like occupy wall street. this is nothing that's going to impact the market. it's not going to create socialism. it's not going to bring in massive legislation. i do think and i have great ideas for how they control the short story, but that's different. so, look, to me it's just a pause. you've got to come down at some point and we'll do fine going forward and i think you can buy here on research names don't play the speculative names. >> let me ask you this, though >> let me play off this sort of point you're making out because i think it's an important one to address. there has been a retai renaissance in this market the man demmic may have pushed that
from people who were looking to do something i don't know, but there clearly has been more retail participation. the market has been more democratized through robinhood, other venues and that's a good thing. that's a good thing. there's no suggestion. you talk about things being a blip are you suggesting that retail is here for a back -- is back for a stated period of time and then it's going to evaporate once market conditions change which may not be for quite some time and may largely be controlled by what the federal reserve has done and may do some time in the future >> no, that's not what i'm saying you have to go to a different segment and i do think the retail renaissance has been going on with the retail funds and they've brought in retail money on the side lines and what's the blip is what we're seeing with robinhood in terms of going up with the stocks and
running them up. it will end badly for them which is why they own gamestop puts and it's a position out of the march 12, 20s, 25s and tens. definitely the 20s and tens. if it gets there, great, they're already up and why should a stock trading at 400 have puts that are up. it is all ridiculous so that goes away. retail stays here. you can't make money anywhere else ten-year is still that 1%, right? you have to wait a whole year to get your 1%. >> right i'm in favor of democratizing and investing, but you also have to be careful. why robinhood? because it's got a catchy marketing theme? go to a schwab go to a fidelity and it's got the capital that will not stop your trading there are regulatory requirements for capital there are requirements that clears all of the trades and puts out they can raise them and lower
them robinhood was underfunded pure and simple and that's what did it it wasn't the system if you want to trade for free and you traded free with the others then you've got to get what you paid for. there's another side and that's where the investor needs education as much as shorting stocks are going long. let me ask you guys this, jim lebenthal, the dow right now is down about 500 points, does retail's participation, this as i say, this renaissance that we've all witnessed and you know we think is a good thing what does that mean for the trajectory of the overall market that you have just a new class of people interested in the stock market and willing to put money to work? >> i think it's very, very good and most of 2020 we were lamenting that retail was on the sideline and now here they are it's positive for the stock market because on net, retail are buyers
that has been true through history. steve's pointing something out and i'll phrase it a little bit differently and you can get too much of a good thing, and i certainly remember the late '90s go look at the e trade commercials from the late '90s and they lampoon how retail can get carried away i don't think we're there yet. i think this gamestop stuff is pretty narrowly focused and i don't think it will be contagious to the rest of the market, but to answer your question again, i think it's un, une givicably good to have buyers >> kari? >> it's an interesting phenomena. we've been from 15% of the market of retail traders to i would bet close to 40% recently. i've written a couple of pieces for the cnbc website about this and i've suggested that the only things that might change the participation of the retail
investor would be a very sharp increase in interest rates in which case you might put some of your money or if the market were to go down significantly because since people have started to trade wholeheartedly during covid and maybe they opened their account in march during the first of the lockdowns the market has gone up it's gone up 70% since the end of march and that's a huge incentive to want to participate and be a part of that phenomena. i would say that on the topic of democratizing the market and this call that we've heard by and large from people for elon musk to elizabeth warren, it's got an amazing number of participants in this dialogue, that one of the ways that i think needs to be addressed is look at the market makers at a place like robinhood
so citadel trades the majority of the shares and while investors and day traders think that they're doing this for free because there's no commission, so to speak, they are paying for every single share because the market makers and the platform take a cut of every share traded, and there may be incentives toward the selling side or the buying side. it's just unclear because the type of revenues and fees that are taken are opaque, and i would start with understanding, and having everyone understand who is paying what to whom how much is it more for the short side or the long side? we don't know that and that to me is where we really need to begin if we want to elicit understanding and support to help democratize >> the structure of the market and the intricate nature of it and the relationships between parties, counterparties and things like that have been an eye opener for many this week
based on some of the events that we've witnessed and some of the people who weren't able to trade the way they wanted to yesterday. that's certainly an issue that needs to be looked at as we look further into the future. i guess the next question is we've all been trans fixed, pete, by this. do we get back next week to focus on the things that matter most that are earnings i mentioned alphabet and amazon, but more broadly, earnings are going to matter, right they didn't really matter because we were talking about something else do we get back to that story >> my version of it is a little bit different. my version would be that the earnings did not disappoint and they hit the numbers people expected, right? when you brought up facebook and apple and microsoft what did people think that they would crush it
apple was trading 127 and jumped up to 144 into earnings and that was something that everybody kind of felt was a known, and so it makes some sense that maybe there's a pullback from there and you look at something like microsoft and gets up there to 240 and it pulls back as well. so i don't know that i would agree with you that the people aren't paying attention and i think we're seeing the kind of reactions because what had happened in the previous weeks going into earnings for some of these names and we haven't seen a whole lot of names that have extended past that, and to steve's point. he was talking about gamestop and it doesn't make sense that hisputs go up in value, and i would shake my head and say you're wrong if the implied volatility of those options goes from 300 to 800 which is what's going on right now, of course, those are going to go higher and it's going to happen as the stock goes higher, as well, because
the implied volatilities in many of these names and going into next week, to answer your question now, and going into the next week, scott, i think when you're looking at these earnings, there's a long list and the pharmaceutical names and it will be interesting to see if we dissect through all of those and the reality is we will still trade all of those names and everybody will still be trading those names. it's not just a gamestop story >> of course >> i think everybody's got this wrong. it's the focus because it was such an unbelievable target and there are a lot more targets out there, scott, especially when you know what the forensics really look like on where the targets are going and it's very smart. it's really been a tactical, interesting thing to watch and it's why i've participated because there are opportunities out there, and i've been very conservative with how i've played it, but i'll tell you what, it is a crazy town when you lack at what's going on there, and i talked about those volumes. some of the volumes in some of
these names in the stock, but also in the options are ten, 20, 30, 40, a hundred times normal so this is not over just if gamestop were to pull back a little bit and everybody got relaxed. there are many other names out there that i think still exist >> speaking of, boeing -- >> scott, can i -- >> go quickly, weise >> can i come back to the options one second i agree, pete, with the implied volume movement up, but with you're telling about a stock that's moving up 50 or 100% and it's 400 point away from the puts, they typically trade down particularly when the delta is almost at zero so i agree with you on the calls from the puts and then time value a week less and expiration today. no they shouldn't be up 25% as they are today and that's what they're up, the $10 puts in march '19. >> pete, quickly >> i would disagree with you again. i would disagree again and i
would point out, just go back to the financial crisis when we had the financial crisis and we were looking at those financials and banks and we talked about names that no longer exist like bear sterns and that one sticks out for me most because that was the first in march and as we got later into the year that's when the rest of this started to unfold and they were buying things there and the stock was going higher and we were hearing from the ceo and yet they're buying far out of the money puts and those puts were going up in value. why? because the implied volatility was spiking so much so that they started to gain with the stock as it was going through gains. so implied volatility is a very, very interesting thing to watch especially if there's a little bit of time value involved and especially in march. >> let me -- >> there's no volatility there there's no volatile the. it's just people going in and buying it. you would never see anyone buy a ten put, buy a $10 put
here you see 5,000 contracts trade down there and that's why it's supply, demand and not the implied $10 put. >> i do want to take a quick break. i do want to talk about before we get out of here, boeing, along with general motors got a price target bump and we'll kick that around with other names and we'll speak with anthony scaramucci to talk about this and talk about bco, o.itinto we'll do it next sometimes, you want speedy but reliable. state-of-the-art but dependable.
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the thing about this gamestop situation is the craziest i think i've ever seen. usually, you have a short squeeze and it goes up, but this one keeps going so this really speaks to the changing demographics of investors in the market. >> i think there is something obviously wrong and it's the gameification of wall street. >> i am not buying these stocks because that's where i think you can get burned so the people have to be at leasteducated enough to understand risk reward >> if interest rates go up i think a lot of this game goes away. >> if you want to go and address the situation change how risk-taking happens at the institutional level. fix the pre-condition, fix the ability for these stocks to be so massively shorted in the first place. >> think when large, powerful
wall street interests are put at risk something usually happens that changes the rules of the game to allow people to escape. >> i think -- i understand what's going on in the market. this is not going to end well when it ends the bigger question is when does it end i don't think it ends soon, but i think it will end and will end very badly for the public. >>. >> it's been a big week here on the half and those are some of the names and investment committee members, too, this week weighing in on the short squeezes into the market. >> and anthony scaramucci of skybridge capital. good to see you. >> good to see you, scott. >> an incredible week and i've heard from a number of important voices on our program and i've talked to a number in your own right. what's your big takeaway >> listen, it was bound to happen you have a full-on decent raliza ralization decent ralization and
democratization, that the smartphone is getting all of the same information as say a goldman sachs prop trader in the mid to late '90s and so this was bound to happen. these people are smarter than people think i do believe that leon cooperman will be right, though, that it ends in tears for many people because ultimately, as you know what's happening and this is what got robinhood in trouble yesterday is the pyramid scheme on the way up in terms of the leveraged buying of those names that everyone on your show and most wall street professionals know that those names are likely fundamentally impaired, and so what i would say is we're in the age of decent ralization and someone like a .72 as bill cohen would say, he's adapting right now to this new reality and as you know, skybridge has a lot of money with .72 and on the same side we've taken a barbell approach where we've got money in bitcoin which i think is the epicenter of this
democratization and the decentralization of finance. i would say we have a leg on both sides >> i know you're talking bitcoin. it's a new product and i know you want to talk about that and we'll get to that in a second. you, in your own right, helped democratize a part of the market and the hedge fund business and that's the fund of funds industry did it allowed more, you know, average joes, if you will, who don't have quite the amount of capital to get into a hedge fund itself, per se, to at least have access to some of the better and most well-known managers out there. so how do you think that industry changes if at all as a result of what we've witnessed this week? >> well, i think it is definitely going to change and the best players in that space, whether it's the steve cohens or the dan lowe's or the josh
friedmans of that space and they pivot to the new reality will their short exposures change will they look at risk management tools differently will they make assumptions differently about these sort of bee swarms that could potentially attack those positions, sure, that stuff is going to happen, but at the end of the day the hedge fund industry is alive and well and driving $3.6 trillion and counting when i came on the show last year and we were talking about the debacle during the pandemic, i predicted those adaptations and look at how the hedge fund industry did in the back half of the year so with the capital and the fund that you're referencing, we had $25,000 minimum to $50,000 minimum depending on the platform and that gives people an access point and then they can get exposure to some of these fantastic money managers and so that industry is not going away, scott. if anything, this type of
activity will make that industry more needed for people looking for a source of increasing returns and reducing long-term volatility. >> i'm trying to think of what all of this is a product of? some suggest that this is all a product of a frothy market that we're currently in and you see things like this in those instances. you know, retail getting incredibly excited about the state of the market. respectfully launching a bitcoin fund at this particular time when bitcoin has run up a lot. do you subscribe at all to that current state of the market? >> listen, i would bifurcate the two and say yes, there is the market and the leverage is cheap right now and that is driving a lot of this stuff. i know it's antithetical what the people are doing through the reddit strategy, though.
i get they're trying to squeeze the shorts and i understand the whole idea behind it and long term it's a very bad strategy and you could get caught in the vortex of that if those names drop 50%, 60% which is not impossible given the run-up and you're on the wrong side of it and you've got that in the margin account and you could wipe out that account and i would caution people who are doing that to just be super, super careful and on the bitcoin thing, scott, that's a different thing. that's an evolving monetary network and i recognize the price movement, but what i would suggest if you look at amazon which is a retail network or facebook or google and these other things being social networks and that is an emerging, growing, still in th early adoption phase monetary network and i will take you back to amazon when it was 12 years old after its initial public offering it looked like it was very expensive and if you bought amazon then you had a 64-1 move
over the ensuing 12 years so what we see in bitcoin is something totally different. this is a monetary network that is institutionalizing before us and again to that democratization issue we at sky bridge tried to make the fund accessible and low fees at 75 bases points and $25 to $50,000 minimum again just so people can get the toe in the water and i'm certainly not recommending large allocations because the stock is volatile and a 1% to 3% allocation can help someone's portfolio. >> sure. it does come up to bitcoin at 36,000 and that's the only point when we tried to do this week, too, even though it's been somewhat misconstrued and purposely warped is give people an understanding of the risk, the underlying risk that exists in the marketplace in a lot of this stuff >> kari firestone has a question for you, anthony >> hi, anthony
so here's the question for decades, the hedge fund industry has maintained that your risk is reduced because of the ability to short as well as go long and this has been a marketing effort to some extent and selling across the platform to institutional investors and pension fund, state plans and teachers unions, et cetera so now we have a situation where perhaps there's a new risk that no one had foreseen and i'm wondering how the industry is going to address it if, in fact, they have to adjust whatever they suggest is their beta or correlation or market risk that the investor is taking >> well, listen. that's the best question out there and assessing that and not to get over complicated is the gamma risk year and an unforeseen event where there's
effectively a bee swarm on your short position so now you have to sort of -- you have to widen out the standard deviation of outcomes that you think will happen in those positions. so perhaps you'll have more shorts on that will be less concentrated and then you'll have stopouts on your shorts to prevent yourself from getting in a situation that happened with gamestop, but i think if you're making the point that hedge funds have been successful at explaining their strategy where they have this dexterity in the markets, they can go long and short. they can do capital structure and arbitrage and the fixed income space and things like that, that's what's made the industry successful and the better managers have the track record to back it up net with their fees this is the reason why i always tell people, be cautious, sure, have money in stocks and have it in bonds and you should have some in the alternative asset space and we now believe a very small amount and certainly some in things like bitcoin, but yes,
they will make those change ekari and that's happening now as we speak certainly. >> you're not the only one recommending a strategy like that as we are learning and certainly tried and true and successful people in the investment world are recommending the same. enjoyed it we'll talk to you soon, i hope. >> you, too. have a great weekend. >> anthony scaramucci there. oeg l take a call from bin and we'll talk about general motors, too. we'll do it next ♪♪ hey you, yeah you. i opened a sofi money account
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welcome back, everybody. i'm sue herera here's what's happening at this hour the world health organization saying it is working on quick emergency use approval for astrazeneca's covid vaccine. the group's top scientist says she expects a decision within two weeks. back here at home in tech xas investigators are looking into why 11 soldiers fell ill during training at fort bliss it was after they ingested an unknown substance. in washington a big fit over putting up permanent fencing around the capitol capitol hill police say it's needed to improve security lawmakers and city officials disagree saying the barriers would be a costly overreaction
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we're back worst week in three months where the averages are currently trading, dow is down everything is down except for the russell which was not down quite 2% they're down at least 2% one dow in the green and that is mcdonald's get your big mac and everything else looks like the big mic, if you will everything else is in the red. all right. we do want to hit a few of the calls today. boeing all right, jim lebenthal boeing today got double upgraded to overweight at morgan stanley. you own it what do you think about this
call >> yeah. >> so double upgrade is a big move he is more optimistic than i am on airplane deliveries and free cash flow, and yet his year-end target is about 10% below mine and what that tells me is what we know about this stock is there is so much that is unknown. we don't know how many planes they'll deliver. we don't know how the planes are being sold for these days, particularly the macs. that is what i like about this, scott. there are so many moving parts and so many unknowns and it is coming together in negative investor sentiment i think the way too negative if this analyst is correct and he exceeds estimation, there will be a good year for boeing it is down today with the markets and i think this is boeing's year. i really did okay >> how about general motors, that call today, price target goes up, reiterate overweight, morgan stanley that's adam jonas, right
well-known analyst and bumps the price target to 80 bucks from 57 and it goes to underweight, by the way. >> yeah. it's really interesting. adam jonas is a terrific analyst and he really believes in gm, so do i yesterday gm announced they'll be all electric and all of their vehicles will be electric by 2035 and they'll be carbon neutral in their operations by 2030 that's a really big deal so i see why he's positive on it and so am i. the thing i question adam about it, and i don't think this is a winner take all. i don't think ford needs to go to underweight and i just think ford will do a heck of a lot better and maybe he needs to be under weight to keep things even out there. >> the analyst barbell >> you've got it and you have to z some underweights out there. h can't be i love stocks. >>ow traders will set up for the week ahead well talk to them next back in two minutes.
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it's either testing an array of advanced safety systems. or it isn't. it's either the peace of mind of a standard unlimited mileage warranty. or it isn't. for those who never settle, it's either mercedes-benz certified pre-owned. or it isn't. the mercedes-benz certified pre-owned sales event. now through march 1st. shop online or drop by your local dealer today. time for the futures outlook and for that preparing is brian stutland and for bitcoin and silver and if that is not enough, explain. >> yes, scott. aim i am looking at the market, and silver huge calls out there. and this is a case where the silver has lacked the metals of the cryptocurrency and looking at the inflationary environment,
i buy volatility in the funds that i buy, and what other asset classes should i buy, and i think that silver has lagged since the election and looking at that in terms the of bitcoin and it has catching up to do, and i am looking to buy the silver march contract and remember it is 5,000 troy ounces per contract, and so if the futures contract goes from 2650 to 2750 in the march contract, that is 5,000 bucks and playing it to the upside and a tight stock with a couple of sides lower here, and we are not in the deflationary environment here, and i am down on the bonds, and so silver is one way to play it. >> good stuff. we will see how the economic data plays cing omin next week. we will step away, and when we come back, unusual trades as usual.
get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. we'll get you caught up on the market before the final trade and the 630 is the loss for the dow jones industrial average below 30,000 which is a loss of better than 2% and the same for the s&p 500 which is down nearly 82 points and the nasdaq is under serious pressure today and everything at this moment is down 2%. pete, we have 45 seconds total for everything here. and give me quick unusual and your final >> promised to be quick. both. walgreens and i own the stock, and they are buying the march calls aggressively and i own the stock and the calls at this time. >> carrie, the final >> blackstone, and what is bad for the hedge funds is good for
private equity. >> steve weiss >> qualcomm reporting next week should be a blowout. >> you still in jumia, steve >> yes, i love it, and the stock is unbelievable. >> twitter wanted me to ask you. that is why i did. farmer jim >> marathon petroleum and earnings tuesday and we will talk about it then. >> take a deep breath, everybody, and enjoy the weekend. "the exchange" is now. well, it is not the weekend just yet, but hello everybody, and scott is right, take a deep breath. i'm brian sullivan and this is an incredibly busy friday capping off a heavy week of trading and reddit rally rolls on, and a stock of vaccine news can't keep the overall markets higher. has the fiscal share come for robinhood and forced to raise cab tall and too man