Its not just the faang stocks its the semiconductors. Microsoft, all these names cisco, oracle, really moving nicely to the upside you throw in the biggies amazons and facebooks and apples people went and looked for value that they felt they could trust off the fundamentals they heard when they felt this market moving back. Were back as if the correction never happened. Leaders are leading again. Its the industrials tech, cyclical stocks that got us here in the first place where we are now yeah, leaders are the companies that have the most to gain from repatriation and have the best Earnings Growth and no one should be surprised by that. Thats actually whats been leading for years now. And so maybe this year ss gotten a little bit exacerbated netflix is easy. Its up 53 year to date even after a massive correction in early february apple is is another great example. Down 16. 5 at its low. Its now within points of the record highment back above a 900 billion market cap. Biggest stock in the world so i think the story really hasnt changed we had an interruption there are people that would say that had nothing to do with the economy. It was a glitch. Involved with vix related etfs Bigger Picture investors are sticking with whats been working for years. Institutional and retail Everyone Wants the high growth names and theyre buying they will up. Before we get too giddy ore this comeback and its easy to do so, going to get a jobs report soon and be paying attention to the wage number again. Is more volatility on the horizon . I think the answer is selfevident and its the right question its what was on my mind i agree with what you have said. That we are going to go higher from here, but i think next friday, sorry, a week from this coming friday when the employment report comes out, everybodys going to be watching that number because that will be the first read on february as far as inflation goes. And despite what the inverse volatility etfs did sh there was a portion that was an adjustment to higher rates and we could see that coming back next friday so is it too dangerous to say everything is over the worst is over. Not going to retest. Stocks have come too far now away from these moving averages . So the characteristics of the rebound are what you want to focus on and historically, you dont have the environment rilgt now that would suggest we go back and retest the lows to petes point, youre seeing the growth stocks. Momentum stocks. How amazing was it how quick ly the momentum stocks led the market higher once again. I cited this last week i was blown away by the rebound. I did not say to the viewers, the bottom is in off of february 9th. I think people were hesitant to make the call how stocks fell everyone was he hsitant to me the call give you pass on not calling. No, there shouldnt be a pass fundamentals didnt change which is why it was more concerning stocks went down like they did you cant point to a real reason get yoi hold on on the sprInterest Rates you can talk about volatility, but the other side is the capital usage. We knew this was coming. Capital usage in 17 and 2016 was negative were going to see this year close to sa increase, so youre out of the window. The blackout period for companies to buy back their stocks i think this is a fair point. Im going to paraphrase by saying half of the correction was this technical factor that wont repeat itself. I agree about the fundamentals i still have 10 cash which i would expect by the end of the First Quarter to have at work and im waiting to see if you get not a retest, i dont think were going back, but a little vol itty, which in certain names will give me an opportunity to put that money to work it depends on what may be rates do in the near term. We have gunlock on the other day who said as long as rates arent truly really hurting you, you could still have a decent environment for stocks listen to what he said and well react to it on the other side. As long as bond yields do not break out to the upside, which is a clear and present danger now, then you can keep some stability going in risk markets. I have a low conviction feeling that were going break out to the upside on yields so yields have moved lower. Hes been right stocks have continued to move higher since he made those comments he has been right. He talked about 292 as one of the levels to keep an eye on we hit that, then started to pull back. We all talk about this every day, the velocity of these moves. Going back, i know everybody here on the desk all wants to talk b about these inverse volatility instruments thats a big, i think its less about that, more about algos and when they start running with momentum, folks pull the bids and scott what that means is the bids and offers become so wide people get more nervous and that forces the speed and velocity of the moves, but take a look how long we stay ed in the 20s. Less than two weeks. February 2nd, it was 17. Then the 14th, back under 20 we are up in the 50s closed above 37 in another, but look at how the velocity of the markets changed and how fast they corrected thats a good point one of the things thats so disorient eed for investors who have decades of experience and maybe this is an example of where younger traders have an advantage. Just from a mental perspective, to see a correction that would have normally taken six weeks to play out in the 1990s play out in two weeks six hours it felt like. Then you have to think like shouldnt these things work their way through the system faster given that a, everyone is a Technology Assistant today b b. Photography. Useded to take six hours now its instagram if picture is posted and published in the time it takes you to blink so why wouldnt that velocity also migrate and find its way into the markets and why wouldnt we be processing the types of things that used to cause four week, six week, eight week corrections in a couple of weeks. It makes perfect sense that would be case. Its tough show for macro guys that made their bones in the 70s people that were trading on the phone with other traders in the 80s its a tough thing for them to get their heads around and maybe the younger guys on desks are more acclimated to this. When we agreed with this commentary on friday, as long as bond yields dont break out to the upside then you can keep stability going if risk markets. He said i have a low conviction feeling were going to break out then pete and josh would be correct. Because the fear most active managers had was that the macro was changing and if it change, youre not going to have this driven type of correction and driven rebound in a very short duration if the macro fundamentals are changing, then you are going to have this play out over the course of not just six or eight week, but months that character of the market is going to change. Look, one of the things gundlach said if the german tenyear bond yield was keeping u. S. Yields lower, thats what he said. Heres the problem that i have with that. Why is germany relevant right now . I dont think it is azris relevt as chinese tenyear bond yields, which are higher thats what gives me pause he is right that if they stay low, this stock market should be fine but if you actually shift to im using your somewhat icon clasic attitude, josh, that maybe the chinese tenyear bond is maybe more relevant than the german was, we might have you like what i said then. Im trying to understand. Little louder id have to decide. You can argue your case. Its a good word. Your witness, judge coming down hold it. While some are predicting stocks will soon retest the lows, our next guest is not one of them. Jonathan joins us live from new york city today. Good to see you again. Why werent regoing back to the rows i think if you take a step back and lack at what the Market Dynamics were doing the correction we had, noneof the longterm trends were broken we pulled back 10 tested the 200day moving average. Momentum is tistill firmly on bisignal so those longterm momentum indicators dont shift around often. And now you have as you guys mentioned, leadership stocks leading. Breath is not as good as good as wed like, but the cyclical areas are showing that then just as far as levels go, we are at a unique situation in the last two weeks where we had double inside week so the high and low of last week was inside the high and low of the prior week which was inside the low of the week before that. Thats a rare occurrence and were not about to break above the high of that week two weeks ago. 27. 63 on the s p from the longterm perspective, you never validate the trends and shortterm, youre building upon those upside resistance levels one of the themes on this show over the last couple of weeks and we were talking about him before and hes in the catch. Is that the cost of doing business is going up and so i want to get your take on the xhcommodities side and maybe how it feeds to emerging markets. Em stocks are up 60 since the bomb of february 16 versus 40 for the s p. Thats a new Leadership Group and you have a great chart in your weekend notes about lum per taking out a 25year high. No ones even talking about it so continued strength throughout this year in things like commodities and maybe some of the em country where is commodity strength is good for stock prices yes part of that is the weakness in the u. S. Dollar. We do think it probably continues to chom around here lower. So that should be bullish for emerging markets i think the bigger issue for global stocks in general and youve talked about this is the a that as the s p was breaking out from 2013 to where we are now, global stocks went nowhere. So theyre just now starting to get above highs from 2010, so you had a seven or eight year base where these stocks went nowhere. Just start iing to break out a lot of markets are heavily weighted towards the tech names. But even brazil, which isnt the local market in brazil hit a new high on friday again, i think as long as currencies and Interest Rates remain somewhat stable and dont have any drastic moves, that will probably continue to be the theme. Theres nothing technically that would tell you that the comebacks been too much too fast well, again, you guys hit on this before. The recoveries of late have been very much swift and once you put in that low, you tend this see these vshaped bottoms at the lows, what are we going to see a repeat of that v bottom or more of the traditional back and fill retest type of market i think its notable that the s p futures actually did retest the lows in the cash market didnt. So you have that going for you but again, when you have the Market Dynamics such that is big cat names may have such a large part of the market amazon, microsoft, google. As long as those continue to be leadership, that can overwhelm the weak breath because those are, its a market cap weighted index and as long as those stocks are leading, its tough to anticipate a fresh role a couple of weeks ago, we were concerned about the velocity of a rebound. Too much too fast then fail iin up against the high. If we failed, does that present a much longer term ominous signal for the markets and secondarily, if you take out those highs, does that immediately bring into 3,000 for the s p . So yeah, another thing we note is that at the top in january, there were almost, there were very few, if any, negative divergence. Thats very rare that you would see that at the final high so i think to your point, if we go up and the nasdaq is very close to making new highs, if and when the s p were to make new highs, then you can start, youll probably put in negative divergences. In other words, breath will probably not be as strong on the new high as in january to that could be the start of something nor meaningful, but again, these are all just really just ifs and whats until we see a failing high or start to roll back over to the downside, its difficult to anticipate i think the rule we go by, you tend to see negative divergence, but u its not all equal market tops its difficult to use that as you know, to say okay, this is it ab were going to roll over i think its something to keep an eye on if and when we make those new highs. Thanks as always. Mkm partners this breath question is one that people have been kicking around for a couple of weeks. It was the journal had that story last week about three stocks carrying the weight of the s p comeback well, you know, we talked about that we often when we have this conversation, seems like we talk about the faang stocks, but im seeing participation elsewhere one of sectors last year that was left for dead was retail another sector that could be on its way to making a comeback is Energy Oil Prices have clearly stabilized in a much higher range this year than they were for all of 2017. That is going to flow through the entire energy complex. I think youre going to start to see the breath which i feel is expansive already start to expand into that area. Warren buffett addressing a wide range of topics this morning. Over the last year, weve bought more apple than anything else apple has an extraordinary consumer franchise i like tim cook very much. Their policies i see how strong that ecosystem is to an extraordinary degree. You were very, very, very locked in, at least psychologically and mentally, to the product youre using. Need you have anything more than the buffett endorsement on apple . Thats so outside of consensus. I cant believe he thinks apple is good. The fact he continues to buy it thats great. Im a shareholder forever. I think what hes saying is not anything thats like wildly outside of the every day discussion around the consumer franchise and the lock in nature of the apple customer. The fact he continues to buy it its a value stock. Keep wiing it he understands the whole ecosystem that weve talked about for so long. Ill give you a new one. Services people finally figured out. This growth, ill give you a new one. Wearables. Keep an eye on the wearables underneath whats going on at apple as if next thing people are going to look at services now, everybody gets it. Now, its wearables. Thats where steven weiss is going to say theyre not innovative the worlds greatest Value Investor is buy iing the stock. Yet still lumped in with the faang acronym. I feel like buffett in real life, he was schooled by graham, but hes a growth guy. I think youre right. Your point is not lost and i think like you know, this is an example where hes obviously not early to apple, but apple even since they began buying and it wasnt his idea, it was todd and ted, but this is a classic buffett stock in a lot of ways one of which being this idea that they have a really sustainable mode because not just the quality of the product, but customers that are apple customers are not price checking them against the latest samsung every two months you say hes not early on apple. Thats obvious its a trillion dollar stock now. But hes also in a sense telling you youre not going to be too late on it either because they have all of these attributes, so if you dont own the shares now, why cant you feel comfortable buying like i have you can in a 10 correction, we often talk about theres opportunity it was a great opportunity when apple went down to 150 you want to call it val, growth, whatevvalue, growth, whatever i. How Many Companies tell you thai going take it down to zero you were going to say the fundamentals had changed you could say i dont know, the iphone x doesnt seem to be doing as well. Thats the equivalency of questions. Of saying the yankees are going to win 110 games this year no, theyre not. Theyre going to win 105 buffett doesnt think about sales trends world series no matter what maybe not. Havent they proven over the last couple of years that as a company, they are in the world series every year, apple im not suggesting otherwise. If were talking about Warren Buffett taking the position, hes not looking at oh, how well is the latest model, think about how many times hes, how many cycles hes held Something Like cocacola through. Diet coke is out now back in. Now its out thats not whats going on when berkshire has a position in the stock. I think hes looking at the sustain bability hes not looking at the iphone to get to the point where youre going youre saying the xrk. A lot of people say its a failure. The launch isnt as strong. Whatever i think that buffett sort of backed that up because buffett is not shortterm and we know how long term, hes look iing further ou and what is he looking at . Hes seeing the old part of the business thats transforming over into the new part of the business that are going to be the growth area for apple. Know iing buffett and the people running the money over there, they looked at the correction and not only apple and the market at large and said this is ridiculous and he was loading up 116 billion in cash hes desperate for buying opportunities. Hes saying it in the letter he wishes the phone would ring he wants people to bring him deals, but hes making the comment and the jegenius of buffett, he is kind of saying that hes requiring assets and willing to pay anything. Hes not. So hes, he would never say the markets too expensive here, but hes kind of saying it in his actions and by describing some deals that buffett didnt get because others were paying a lot more than herp got a lot more. Halftime report is yus getting started. Next up, a stock josh has score d big on is hitting the skids according to one analyst who slapped the stock with an underweight rating plus, where mike mayo stands on financials as rates rise before the break, our data partners on what happens to oil after 1 rise for the dollar in february get bullish. For many, go to cnbc. Com kensho. The lfmeept bhati rorisack in two minutes. Where can investors seek predictable income in an uncertain world . Pgim sees alpha in real assets. Like agriculture to feed the world. And energy to fuel its growth. Real estate such as ecommerce warehouses. And private debt to finance transportation and infrastructure. Building blocks of strategies to pursue consistent returns over time from over one hundred fifty billion dollars in real assets. Partner with pgim. The Global Investment management businesses of prudential. You know whats not awesome . Gigspeed internet. When only certain people can get it. Lets fix that. Lets give this guy gig really . And these kids, and these guys, him, ah. Oh hello. That lady, these houses yes, yes and yes. And dont forget about them. Uh huh, sure. Still yes xfinity delivers gig speed to more homes than anyone. Now you can get it, too. Welcome to the party. We are back. Shares of one of joshs favorite companies. Albemarle. Josh recommended the stock on the show in the past its our call of the day they talk about oversimply and Lithium Price areductions in 2019 what do you do its worse than that. This is a really fascinating stock now because the bulls and bears are so far apart so theyre saying like 85 could be their new base case on thursday or friday, ubs came out. Reiterated by 148. Two other firms at 150 jefferies is bullish youve got a really wide space in which to be right or wrong. Thats why i want you to settle hopefully mike is watching said he bought the stock on your recommendation. Said he told. This is what i think so Morgan Stanley is not only saying that there could be oversupply in the Lithium Market by 2022, which congratulations if youre able to see pha that are, fair saying theres a demand problem and that you u cannot invest based on productions made by automakers for how many models theyll have out and what consumer demand is going to be. So thai saying oversimply and people arent going to need as much im on the other side. Tell you why everyones looking at this announcement out of chile that they granted sqm, the exxon mobil of lithium, based in chile. They granted them four times higher of a quota than they currently have to produce. Everyone is saying ining theyrn flood the market i dont know that a because you raise the quota thats what happens with production and i would be shocked to see chile voluntarily blow up one of their chief exports juat the moment where theyre about to get Widespread Adoption with electric vehicles all over the world. Not sure thats going to be the case on the consumer demand side, thats going to be the point it might not be until 2020 or 2021 when you see electric vehicles flying out of showrooms. I think this has created a nice opportunity. Stocks down from 140 something to 107 quickly, if you can look past these concerns, lithium is going to be a very important material for decades to come. Everything youre saying is true just cant help but think back to our discussion with Warren Buffett. Warren buffett has always said im staying away from commodities stocks the battleground on this is whether its a commodity stock or something with an economic mote around it if somebody can come in with more supply then the mote might not be there sfl thats a good buoyapoint bu theres only four or five companies that can do that in the world. Its important to look at the value add of a refiner not just producing lithium. But producing it in a way that the batterymakers are going to buy it ten seconds were going to find out tomorrow the report. Pete, highlighting bullish options activity in a chip stock rallied 40 . Find out how its playing next first though, s p sector check for you. Another big day for stocks dows up nearly 300. Back in two minutes. Oh, and theres the closing bell. sighs i hate missing out missing out after hours. Not anymore, Td Ameritrade lets you trade select securities 24 hours a day, five days a week. Thats amazing. Its a pretty big deal. So i can trade all night long . All night long. Is that Lionel Richie . Lets reopen the market. Mr. Richie, would you ring the 24 5 bell . Sure can, jim. Trade 24 5, only with Td Ameritrade. No, please, please, oh shrieks in terror heavy breathing and snorting no, no. The running of the bulldogs . Surprising. Whats not surprising . How much money aleia saved by switching to geico. Fifteen minutes could save you fifteen percent or more. Yourbut as you get older,thing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back im at the white house where President Trump has just wrapped up a long reception with the nations governors, talk iing to them on a nump issues including the World Trade Organization which the president said was a disaster and has been unfair to the United States. The president signalling he wants changes in multilateral trade agreements citing the case of Harley Davidson which had trouble exporting to india e the president talked about his meet wg the nra over the weekend. Said he was surprised the press didnt find out he had lunch with representatives of the nra here at the white house over the weekend. He said they are our friends, good people and want to do something. He chided the governors for being afraid of the nra politically, but said he wants to ban bump stocks as well as take other measures around Mental Illness in keeping guns out of the hands of the mentally ill. The president said thats an issue where democrats and republicans can come together and finally, on north korea, the president said the north koreans want to talk to the United States in terms of negotiations. He blameded previous administrations for not taking action to block north korea from Getting Nuclear Weapons earlier. Decades ago he said it would have been easier to deal with than now, but he said they want to talk and well see what happens. Thank you very much lets get the rest of the head loins from suh zpl hello, everyone. Heres whats happening. In an exclusive interview with cnbc, Warren Buffett says he does not see the internet a huge threat to the brokerage business buying a home is the biggest deal that most people make in their lives. They really want somebody they trust and i have a feeling that it will be very much a person to person operation ten or 20 years from now ups is launching a court action against the antitrust regulator for blocking a 2013 merger with the dutch firm, tn trt. The company is seeking 2. 14 billion in composition the General Court annulled that zwigs last march zblncht and the u. S. Mens curling team struck olympic gold, but its tough luck and cramped seats for them on the return flight home delta declining their request for an upgrade to first class saying while they didnt have any upgrades to off, they lock forward to seeing them on board. That is the news update this hour scott. Back to you. Kind of lame, sue i know. It is. Find a seat. There you go find something. Sue, thanks. Pete is at the telestrator with a look at whats moving. We were talking about some some different vary rations of the market on february 8th and 9th, this is a stock that took a big hammering. For a veariety of reasons, they started at this level. Vmwear 110 a share then we saw the july calls being bought in a big way. Some aggressive people coming in there. I own the stock and i own some calls. Today they came in to buy more calls. The april 135 calls pretty aggressively when you see this 4400 of these when you look at the dollar amount and how many they bought. These are big trades that are going on in this stock expecting it to not just stop after the bounce, but maybe to get up through 130, 135. Im in this one, the stock and calls. One more for you exxon mobil. This is interesting because last week on the 22nd, we had exxon mobil, the march 76. 5 calls bought 11,000 of those well today, now weve got march 75 calls being bought. I think it was 5600 of those thats interesting as well maybe were seeing the lows or close to the lows in this stock because the stock was 76 last week its over 78 today and maybe we punch up through this 80 number with all this call activity. Thank you very much coming up, wells fargos mike mayo is with us. Talking about his top picks in the space including jpmorgan ahead of the big investor day tomorrow first though, contessa bre ebrer coming up on power lunch, Warren Buffett says stocks will be abetter bet over the next 3 year he also said he wouldnt rule out owning 100 of an airline. Should you follow his move and Companies Continue to break their ties with the nra. Well talk to one Company Standing by them and not bowing into pressure. Were back right after this. E r. But to us, e r. Its the pace of tomorrow. With ingenuity, technologies, and markets expertise we create the possible. And when you do that, you dont chase the pace of tomorrow. You set it. Nasdaq. Rewrite tomorrow. 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Weve helped the Marine Mammal center go solar, install electric vehicle charging stations, and become more energy efficient. Pg e has allowed us to be the most Sustainable Organization we can be. Any time you help a customer, its a really good feeling. Its especially so when its a customer thats doing such good and important work for the environment. Together, were building a better california. Welcome back jpmorgan hitting a new high today ahead of investor day tomorrow what to expect as well as what to extect the other bank stocks nood the weeks and months ahead, we turn to mike mayo welcome back the biggest questions on the table for j. P. Morgue reason what actually, we have a preview that goes through letters a through j. Viewers dont have time for the pages. Give us the scoop. The big deal, you guys are talking about cyclical changes and rates and gdp growth whats missing here for the Bank Industry and jpmorgan is a breakout where bigger is better. So i have here david and goliath. Our point is david is a crowd pleaser, favorite, but goliath now in the Banking Industry is winning. Skill is making a difference thats what youre seeing at p jpmorgan so lebron has morphed into goliath. Still jpmorgan. They have offense and defense but now, were talking at a change where youre seeing the benefit of scale in retail banking, especially with more digital delivery youre seeing the largest u. S. Players gain share and have better returns than the next largest. Do they have another lebron james in the wings in jpmorgan they going to talk about succession whats going to happen there they say mary ann lake, possib y successor. We can take a survey on your panel here human longer do you think jamie dimon will stay as ceo probably the next five years theyre building a new headquarters building. I think jamie dimon probably stays until its completed its like another five years, so we can talk about succession, but its not like lie anytime in this near term nothing has changed though to move you off of your overly bullish or very bullish stance on jpmorgan shares yeah, the shares, jpmorgan stock, its not like its anchored to air. Its anchored to earnings. We expect the earnings to increase by 50 . All right so lets broaden it out to some of the other banks chris whalen tweets a few minutes ago. Says bank stocks are back to 52 hf week highs on flat revenue earnings too much being made of the comeback in banks . Is it justified on what a he says z we can talk about the three rs rate, revenues and regulation. You can see regulation maybe its priced in whats missed by comments like that and generally in the market is the 25year structural breakout for banks on the benefits of scale. You have First Ever National banking in 1994. Now finally 25 years later, youre seeing jpmorgan benefit from that National Banking without the distransactictions system integrations and without big regulatory changes this is the moment we collectively have been waiting for for 25 years so the prevailing thought on this desk certainly and elsewhere, is higher rates are good for the banks its a principle reason right now to own bank stocks because rates are going higher thats good for banking. Dont banks are rate risk, too absolutely. We saw that in the second half of 1994. It was not a good period for bank stocks. But look you have both the structural and the cyclical going the way of banks right now. So you have higher shortterm rates and youre just going back toward normal. By the way, you know what has not picked up yet, at least in the results, Capital Markets so this increased market scro volatility youve been talking about, this is going back to normal when you have that, then you have the intermediaries like a jpmorgan, citigroup, goldman sachs, being able to deploy their intellectual capital thats another positive way. And you can its going to continue the volatility is back or that was just a momentary exercise in volatility youve fixed training by half this decade. Thats one of the questions at the jpmorgan investor day tomorrow is the decline secular or cyclical some is structural, absolutely but forecasts are going to go higher seems to be an easy call there was the belief that the lifts of regulation would most benefit the financial industry are you see thag look k t, recgulators have da great job. I know thats somewhat surprising to hear, but after the crisis, banks needed to fortify the foundation i know that, but im talking about Trump Administration coming in. Regulation would be lifted zeroing in specifically on the financial industry are we seeing regulation being lifted and is it benefitting the bottom line . Its not yet, but thats to come over the next few years, you can make regulation more efficient, more transparent and p simple and thats to come. You can be just as safe and sound as one of the largest banks and do so being more efficient than that you should see that in the operating leverage of the banks. Revenue should grow fast problem babthe problem that d congress are able to replace dodd frank with the financial choice act is that like pie in the sky or do you think doddfrank could be challenged and defeated by legislature . Bullishness on bank stocks does not rely on doddfrank getting repealed its hanging around. Thats not happening, but if you can make it a lot more efficient to implement, that would be a winwin. Better shot for them to just erode that a little bit than throw it out i think thats the wrong term make it more transparent, simple and efficient to implement real quick question we talk about we dont look at banks with price of earnings, price to book, right the one issue i have with jpmorgan is arent we getting close to that two times book so is it getting to a level where there are better names rather than jpmorgan if youre looking at one year, we have a threeyear target for jpmorgan stock of 160 we have 50 Earnings Growth for Jpmorgan Citigroup is is still our top group. We expect 70 eps growth for citigroup over the next three years. Thanks for being here thanks for the props as well david and goliath. Ahead on the halftime report, the buffett blitz. The billionaire talking to cnbc about wells fargo, g te,he airlines well debate all of them in two minutes. 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This is a good investment. Shes a good investment. Get ready, because were helping leading companies see it and see it throughwith digital. barry murrey when you have a really traumatic injury,g we have a short amount of time to get our patient to the hospital with good results. We call that the golden hour. Evaluating patients remotely is where i think we have a potential to make a difference. barry murrey we would save a lot of lives if we could bring the doctor to the patient. Verizon is racing to build the first and most powerful 5g network that will enable things like precision robotic surgery from thousands of miles away. As we get faster wireless connections, itll be possible to be able to operate on a patient in a way that was just not possible before. When i move my hand, the robot on the other side will mimic the movement, with almost no delay. Who knew a scalpel could work thousands of miles away . Dow jones up about 300 points 25,602 s p 500 up three quarters of a percent. Gain of 21 nasdaq is up three quarters of a percent. Time for a special buffett blitz. First up, mr. Buffett saying that wells fargo created bad incentives but he has confidence in the company and ceo tim sloan. As a lifelong fan, this one disappointed me. I feel like he kind of gave them a pass, but you know, its new management now and new incentives, so maybe theyll get their act together i just find that he would probably not have the same attitude if he wsht the largest shareholder, if it were another company. We know about his Airline Holdings united, delta, american, southwest. He said he wouldnt rule out owning an entire airline which is an interesting thing to float out when hes got 2 billion in every stock he also compared it to railroad and how different it is. Completely different businesses okay, so he told becky quick on ge, he made money in the investment, but there were mistakes made and the accounting has not been a model you think . Thats what he said and obviously theyre trying to correct that. Leslie sideman joins the board shes an accounting specialist so you hope that creates a little bit of a positive story that they can turn around, but listen theres a lot about this company that still needs to unfold in terms of selling off assets. Today, it trades down to 13. 95 a lot of people suggest today if it goes green, it could mark the bottom you would need to see it go green and see follow through on the positive side, pension obl dpagss were not as bad as i expected them to be. They shaved about 3 billion there. Not ready to jump in yet. Buffett said he was wrong on ibm. Jim, you own that stock. I think the mistakes was really just a mistake of timing. Look, this happens in value investing. He said certainly wrong i bought it, may have also been wrong when i sold it. That makes me feel a bit but if youre a Value Investor, you can identify a dallas as worth of value selling for 50 cents. You cant tell somebody when the market will realize the true value. He just got tired of it. I dont blame him. Its happened to me. But sometimes you sell it at the wrong time. Lets throw up the dow. We have just pop another leg higher Dow Jones Industrial average is at the highs of the day. Now we are not a bad leg. More than 330 points up on the dow. 1. 3 we talked about the enormous amount that stocks have come back since that bottom the nasdaq has recovered 09some odd percent. If you went on vacation for that week and you came back and logged into fidelity, youre like, what are you people carrying on about . You know where the roll stilt index . 16, that implies a 1 move. Its hard to find a down stock today. There are some. Ill show you some ive got. Sorry, pal. But to the question of breadth, pros a pretty broad recovery. From offer of the comments, you have a strong move there as well but it goes to big Balance Sheet companies. Thats what investors want to be purchasing. Well step away and come back about this market rally as well alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. Fidelity. Your parents have been ittalking about you for years. Theyre all about me saving for a house, or starting a college fund for my son. Actually, i want to know what youre thinking. Knowing that the most important goals are yours, is how edward jones makes sense of investing. Hey. Pass please. Im here to fix the elevator. Nothings wrong with the elevator. Right. But you want to fix it. Right. So who sent you . New guy. What new guy . Watson. My analysis of sensor and Maintenance Data indicates elevator 3 will malfunction in 2 days. There you go. You still need a pass. There you go. Of emerging markets obsolete . At pgim, we see alpa in the trends, driving specific sectors of out performance. Where a rising middle class powers a booming auto industry. A leap into the digital era draws youthful populations to mobile banking and ecommerce. Trade and travel surge between emerging markets. Everyday our 1,100 investment professionals around the world search out opportunities for alpha. Partner with pgim, the Global Investment management businesses of prudential. With the mens team grabbing gold, that means our other star team is back tonight melissa lee is back tonight, 5 00 p. M. Eastern time excited about that you know what we didnt talk about yesterday for tomorrow jay powell on the hill you may not have to wait until the friday from this friday to hear about inflation concerns. Probably will hear about wage pressures, make some clues are on where really we are. Listen its a great point dont you think hes going to stick to the fairway here and not play a shot out of the rough and Say Something that nobody is expected about inflation or where rates are going . I think this is his first time out of the box well see what he says. I think its going to be interesting. Hes the first nonacademic to be in this seat or even close to this seat. Hes loon like an o. G i look forward to hearing from hem me doesnt do a lot of press conferences, obviously until the meeting, so he essentially will be asked a lot of questions about where the economy is, where he sees is going right now the street expects fully a move they are at bond levels we havent seen in years. Lets do some final traits josh intel, i come from a cool that says theres no such things as a triple top. After hitting the same level three times, fourth time will be the charge. Jimmy in. Qualcomm, this deal with broadcom, the market has been voting negatively except for today when the market is you will theres a fundamental reason why. Qualcomm has said you, broadcom, and we will find an independent lawyer to determine exactly what goes on with the Patent Library as we work this thing out. Thats a sign from them they are truly negotiating. You want the deal to happen as a shareholder i do. Listen, im not going to beat the way around a bush. Its an easy way out sure garr high, sorry, guys. No apologies. Jim has been drinking a sugar high the entire show mike talked about jpmorgan, but what did he say was the best stock . Citi. If jimmy is jittery later, youll know why. Im melissa lee. Its the interview of the day here on cnbc, Warren Buffett weighing in on the markets, the volatility and the big detail over stock versus bonds. The backlash against nra growing by the day we speak with one major travel ceo standing his ground. Ge hitting new lows today, and if how much worse will it get . Power lunch starts right now