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An epic run up 400 this year. We will explain how the retail trader is driving the stock. Plus, big tech, big deals, toppagist tells us that companies amazon, facebook and alphabet should be buying up right now. Consolidation. Power lunch starts right now welcome to jim maybe well get to say hi later on its a record week on wall street which marks the end of the coronavirus bear market. Its coming to a close here. Bob is watching some key numbers for us bob. Its been a record week we had good numbers today. Our manufacturing and services is keeping us positive just want to show you some new highs. A lot of stuff involved in tech. Internet, anything having to do with the internet. Fdn is the new one the hold building, that itb had been on fire eight straight weeks of gains. U. S. Home sales hit a record pace today we saw home prices also move up as well. Look at some of these new high list is fairly thin but a lot is building related horton, pulte, lumber liquid daters these are all at or within a fraction of a percent of new highs. Anything building related decides tech, what moved this quarter, building related and Technology Look at some of these heating ventilation, airconditioning company. Lowes has been up strongly. All had great quarter. Its been great week overall a lot of milestones as kelly mentioned. The s p and nasdaq hit record highs this week. Apple crossed two trillion dollar mark. We had the shortest bear market in history, 33 days just from february to march 23rd close lagging sectors, energy, reits back to you. We have been talking a lot about the disconnect between wall streets gain and main stre streets pain. Are stocks soaring because of that pain . Are people buying items from amazon that they might have previously gotten at a local store. Government intervention playing role here. Stooefr Steve Liesman is looking at the economic fall out. Thanks. Many Big Companies have prospered in this pandemic because they have been able to Leverage Technology taking market share from some Small Businesses thomas lee says whats happening right now is quote, like throwing gasoline on the fire. Really accelerating whats happening. Here is some of those market gains. Apple up nearly a trillion dollars during the course of this pandemic. Amazon up by 704 this is market cap you can see microsoft, alphabet and fas book doing well. Revenues according to biz to credit down by 52 91,000 stores have closed permanently. 65 of store owners are concerned about closing. U. S. Chamber of commerce says. The feds Corporate Credit program has brought 12 billion in public corporate debt the effect is bigger it even helps stock. It helped spark massive new debt issuance the main Street Lending program aimed at medium size programs. Its booked 470 million in loans. Banks have to hold onto 5 that program could go up to 600 billion. They have a long way to go critics say its too expensive and banks dont want the risk. The Biggest Company they enjoy are broad and free fed backstop Medium Size Companies have to pay interest for the smallest companies, nothing is currently on the table. Nothing is. You look at the nail salon, the restaurant theyre not in the corporate net market they are running at a cash flow deficit and who knows whether they can survive, right . Right part of this is exactly what you say. We never had the means or the ability to help these Small Businesses problem though is we created an unfair Playing Field has tilted even more towards the Big Companies because one program, the program for Big Companies is working. Its driving down Interest Rates but no Similar Program for smaller companies. One idea thats been floated is for the u. S. Fed to follow european model which is to give a lot of money to banks to on land to other Small Businesses that idea has been floated by some former fed official i have spoken with. S steve, have great weekend much has been made much to your fatherinlaw. Regards to jim. Much has been made of the growing well meet jim later. I promise you. It will be too much to ask for him to stay quiet for fall hour. The growing divide between wall street and main street with markets hitting new highs while businesses around the country shut their doors for good. One of our next guests believe the gap between the two is much closer than we think joining us now is john lynch the cio at comerica assets, not the general manager of the San Francisco 49ers and ron. Gentlemen, welcome john, im going to start with you. Your concern is less, as i understand it, with the gap between main street and wall street and more youre worried about stock is what valuations are telling you. Talk me through that and why that is your point of concern. I think the market is pricing for perfection im not convinced, i think the main street data may factor into wall street data, if you will. When i look at profits for next year, wall street consensus p projecting profits that we achieved in 2019 i think it ha be very difficult to achieve if we have 10 or 15 or 20 million fewer workers next year that would require a surge in productivity like we never experienced previously i thinks the relative to profit forecast i think investors need to be prepared for that. The expectation for profits is pretty high with the valuations where they are now on current or trailing earnings and very high historically, ron, for future earnings. We really dont know yet, do we ron, the full effect of this Economic Situation on Small Businesses, medium size businesses, cities, towns across the country and what the employment picture is going to be we will talk about housing later. Those have bounced off lows but were not back where we were a year ago no. Some of it is the surge to the suburbs out of major cities. They happen to drive through manhattan the other night and i went up 6th avenue right now its summertime so restaurants can be open and seat people outside it really wasnt a bank, a super market, a corner store or a restaurant, saw a lot of boarded up and papered up facilities with for lease signs on them housing is benefitting from this surge to the suburbs and youre right. I dont think anyone has accurately tallied the damage to small and medium size businesses some estimates that may be as high as a million of about 30 million small and mid size businesses thats an enormous hit to the economy regionally, locally and nationally it will tally into the figures. Right now wall street is rewarding those companies that are gaining market share we have seen that in the great eight or whatever they are called without those eight stocks that dominate the major averages, its down about 14 . Its there you have to look undernooets the hood to find that dispersion that bob spoken about so many days in a row. You have a real narrow leadership in the market given what were just talking about, what is my best strategy for hedging the idea that the market seems to be moving up but it may be the possibility of some bumps along the way what should i do to both make a little more money, lever a little more and also protect what i may have made or made back were trying to project a barbell approach within our sector allocations within our portfolio. Were still taking advantage but we also want to be prepared for, were starting to see some move in cyclicality you seeing transports out perform and small caps as bob mentioned earlier starting to gain traction. I think it will been opportunity from the weaker dollar and the banks in particular. Ron, you have been candid in pointing out you have been cautious on the market and yes, you have missed the return from the march lows is it time to get in what are you doing what are you suggesting . Are you just Holding Tight it would be perfect it would be perfect right now if i said you have to pile back in because the momentum is too strong its not following the market higher the rotation has been to a certain extent halting at best it might make some sense to do that i still would use an opportunity, if youve been long on those big stocks to rebalance your portfolio, raise a little cash and maybe wait this out just a touch i know ive been wrong im generally in good company with respect to some of that i dont know this market, to me, looks like its extended. It looks like its over value and looks like by raising cash among some of your winners and redeploying that later in the year in to some of those areas that john was talking about rotating into would make more sense and even reallocating to some stronger overseas market where the growth differentials might favor developed overseas market versus the united states. John, ron, gone thanks, guys thank say hi to jim i will. Well go to the bond market now where rick is tracking all the action for us out in chicago. Rick yes, the prices are pretty much at the high offense the week on long dated treasuries which means the yields are on the lows of the week its 6337 were down two on the day. Down eight on the week down double digits, down ten basis points on the week we have just slowly deteriorated when it comes to the yield curve we know that two years notes, three year notes are not varealy moving very much we have dipped below 50 basis points which is very important finally, three day of the euro versus the dollar. Ultimately what were seeing is that the Euro Currency seems to have lost its mojo about midweek. The reason for that is maybe the covid scare. The data, some of the pmis were very weak unlike the u. S. That surprisingly had some of the best pmi numbers preliminary read since the beginning of 2019 tyler, back to you thank you very much, rick. Appreciate it. Coming up, a stock split surge both tesla and apple at record highs ahead of their stock splits well tell you why the moves could mean even bigger gains ahead. Plus, who would buy tiktok every one from microsoft to oracle is rumored to be in the running. Wall street thinks it could be amazon more power lunch, next introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Welcome back its been a fresh week of milestones for tesla they are up another 25 this week the stock is already up nearly 400 this year it comes as the auto maker gears up for a five to one stock split. Our next guest says teslas cut like following is helping the fuel the gains tim, what tells you this the largely a momentum driven retail trading driven run up . Since the stock split was announced, you seen that giant increase there hasnt been any fundamental change to the business that would justify such a huge increase. Really, it underscores the idea theres a lot of Retail Investors excited to be in story. This is a story stock going to the beginning. Its a lot of ways elon musk sells his cars that may be the case. It kind of suggests if its all being driven by retail buying interest its the herd, more or less the herd is in this stock. The herd can leave the stock thats the challenge and the threat there not just for tesla but other Tech Companies right now that are seeing this huge run up as investors look for ways to put their money when theyre looking at other companies that arent doing so well. Theres another issue here for tesla as well. You have this anticipation that it will be in the s p 500. Having met its four quarters of profitability. Theres been increase in that way as well. Right now theres a huge interest in Retail Investors who are excited about the story that tesla is telling even if long time observers in the Auto Industry cant do the math on justifying that valuation. Remember, it was just may that elon musk was saying that the stock valuation of tesla was too high we should show this chart which is incredible. We were just showing on air, which compares the ordinary reason ownership of tesla to the stock price. They virtually overlap ownership has exploded from 100,000 to 550,000 accounts this year the number one held stock on robinhoods is ford its stock price chart seems to be inversely correlated. I dont know why they are all holding it the lower the stock price goes does that suggest that its not just the robinhood effect that is pushing up tesla share price . There is that but the excitement of the people who want to get into shares Going Forward. If you look at the companies out on in the investment world now who is seeing the increase i was talking to an investor the other night and saying the debate they have at night, where will you put your money in a bubble if you think this is a bubble the Interest Rates are so low. Not a lot of companies are performing you look at tesla every day and seems like its going up why not get a piece of that action it goes back to the original thesis of tesla which is its a big gamble the idea what elon musk was talking about is something he would say have very low chances of being successful. Though we have seen success in last year, thats build the momentum and expectations that success can go forward theres still a big risk here. Tim, i really much prefer to take a tour of your lovely home. It looks so nice back there. Im going to ask you about the e elon musk factor how much of this stock is directly attributable to the man elon musk in the same way, some years ago, that a big portion of the value of apple was attributable to steve jobs no doubt about it in a lot of peoples minds tesla and elon musk are the same at this point theres been efforts in the past to separate the two but that is what they are at this point. We saw the downside of that in 2018 when elon was struggling personally and struggling to get the company going. Some investors were very nervous about the companys future when it looked like perhaps he would be out as ceo concerns about that during the sec investigation, the stocks took a hit. The company and elon are one in many peoples mind theres good and bad for that. Right now elon is on top of the world. Almost trying to go to mars being comfortable with his other company for spacex they can get into tesla and his vision of transportation they can get into that vision of electric cars, solar cars. Thats what hes selling and something that daytoday people kind of understand the fundamentals are different those professional auto observers might be questioning some of this the retail, the little guy is buying into this vision. Im also taken with the home youre in. Its gorgeous. Anybody who is listening now, not watching this, you have to put a picture on twitter or something. Let me ask you before we let you go, tesla is about to split its stock. Apple is as well do you expect others to start doing the same thing this helps retailers get into it. Apple represents that. Being atraktsive to Retail Investors appreciate it. Thank you so much well explore that plus check out this mystery chart its a soaring Cyber Security stock that could get a boost as we head into the election. Well tell you the name when power lunch returns next in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 rx 350 for 419 a month for 36 months. Experience amazing. At your lexus dealer. Exits totally not the same without you. Were finally back and cant wait until you are too. Universal orlando resort. Buy now and get two days free at the parks. Restrictions apply. Welcome back to power lunch. One stand out sector within technology has been in the cloud. A new report suggests we could start to see a divergence in performance. Analysts there initiating a sell rating on workday and salesforce over fears of a slow down. Palo alto is getting a buy rating one of the several Cloud Companies reporting earnings next week. Lets bring in the trading nation team to discuss steve, ill start with you so Many Companies so far this earning season have said they cutting costs due to covid this report suggests companies will continue to invest in technology and the Cloud Services sector. Do you think that will be reflected in earnings next week . Yeah, i think it will the bureau of Economic Analysis shows that for the First Time Ever the percentage of business spending on Digital Investment Like Software and rnd have eclipsed physical investments. In a trend thats been taking place for the better part of five years but took hold in the First Quarter of this year with the pandemic you just get a will the of bang for your buck and in an environment where you have more remote work where your technology and Technological Solutions are key to your success. We think this will be a continued area of spend. We think companies that are focused on infrastructure software, remote work, security, digital commerce, productivity, these are all going to do particularly well and have strong top line growth i think the pricing model is a plus a lot of these Companies Offer subscription models. We think it makes lot of sense our report next week, you like palo alto network, you it looks strong tell us why. Definitely in the stock the stars and moon are aligned here. Id point out on the chart this looks like one of those inverted head and shoulder bottoms. You got a neckline at 250 to be broken out and started another leg higher from a fundamental perspective, like the upgrade from loop today. Got to give the hat tip to rob who upgraded the stock on march 22nd good looking stock breaking out. Ill be buying the break out here love those head and shoulder patterns thanks for your expertise. Head to our website or follow us on twitter thank you. Ahead on power lunch. Boel bold predicks about tech deals including who might be the right buyer for tiktok stooebig housing numbers. Home prices at record highs. Which stocks will benefit. Thats all coming up stay with us stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Welcome back, everybody. Here is your cnbc news update. President trumps tax records will not be turned over immediately to a new york grand jury even though a judge requested a request for another delay. Under an agreement between the two sides, the Manhattan Da Office has to wait seven days after any decision to demand the documents. In meantime, trumps lawyers are appealing todays ruling to a higher court tonights first game of this weekends new york city subway series had already been called off after a mets player and a staff member reportedly tested positive for covid19. Now saturday and sundays games have also been postponed to allow for additional testing an contact tracing. They were playing last night in oakland where a foul ball hit a fan on the head. Poor guy fortunately, he bounced right back and continued to enjoy the game with a smile on his face. Poor teddy youre up to date. Back to you. I was going to say grin and bear it. Hes well padded, at the very least. I wish i had thought of that. Grin and bear it. Lets tell you about stocks lets watch it one more time. Maybe not the bear facts dow industrials at session highs right now up 180 my fatherinlaw is taking full credit for this rally this hour. The s p just a few points away from its own record high up 10 points the nasdaq at session highs up a third of a percent the oil market closing for the day. Eric has all the details thats right. No record highs here oil is finishing lower today in india the Third Largest oil importer, fall to their lowest level in a decade. Another negative for demand coming in europe with concerns over slower economic recovery. Thats where were seeing the negatives here today behind me traders are keeping an eye on two major tomorrows headed for gulf of mexico bp has said its evacuating personnel from offshore platforms and drilling ships back do you. The nasdaq is hitsing a record high. Mna has ground to halt there are big deals to be made for the big tech giants. That includes amazon, facebook and alphabet he joins us now to talk more rabbit this. Welcome. Lets start with amazon, which is perhaps the most eye catching one here you think they should be bidding for tiktok a lot of people say with trump and jeff bezos relationship you think that really likely or possible its interesting. After the hearing a few weeks back theres the sentiment that big tech cant make any deals. If you look at it from a fundamental perspective, amazon is probably the perfect fit for tiktok its probably not the choice trump had in mind. Amazon is the number three player already in Digital Advertising behind google and facebook it would be an asset that fits well in their portfolio that already includes twitch, fire tv we have seen tiktok make real integrations with fire tv and alexa and they have the computing Data Security that was the primary issue in the u. S. Be meets the requirements while typically i would say amazon is not really a big acquirer, generally, if they can get this asset, say 50, 60 cents on the dollar, its worth phone call im sure they would love it im skeptical it would happen for so many reasons. You have a lot of other ideas in here i think people would like to hear them. You think that facebook should look at buying twilio. You think google should look at buying ebay. I wonder how much deal making especially involving anything like a well known company these big tech players can expect to do in. They will be lucky if their past deals arent undone. I think thats Fair Assessment we tried to find potential targets that might be effectively outside of the regulatory purview it wouldnt go in the areas where there are the strongest. We pick the ebay thats a legacy asset. Its been around forever the reason why we liked it as a potential is our view is amazon is now actually the leader in product related searches in the u. S. I think our numbers come in that 60 of product related searches start on amazon. We know that google is serious about doing more in ecommerce they hired from paypal they have been enticing the suppliers and sellers to come on with free product listings effectively offering zero commissions on sales what they really need is something to bring the consumers along for the ride it may be a bit tan generalable to the core areas that are looking at the advertising business it may be something that might be a possibility they could maybe argument it would help diversify from ama n amazon im getting tv ads when i try to buy products on amazon the experience is becoming distressingly familiar do they think to think about some other kind of foray into that space it doesnt get talked about enough as well as amazons ambition to do with what many believe is the migration of tv ad dollars into the digital sphere they have imdb tv which is smautsmau smaller platform they do have fire tv they are looking to figure out. Its something they are already series abo serious ashbout it makes a lot of sense. Without it, they are serious about building that up mark, thank you very much love the creative ideas. We appreciate it thank you for having me kelly, we got power movers next we got tractors, general ratsto clothes. Our mystery stock has tripled from its march lows. Well tell you who and how when power lunch returns. Traded goods. Tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Welcome back its your fiej power movers of the week we have deere beating earnings expectations thanks to higher prices for farm convict. Showing an increase in optimism compared to when it last reported results back in may buckle is soaring nearly 20 . Online sales have doubled during the quarter. As of august 1st, nearly a all of its 446 stores had reopened no wonder we heard about Power Outages across the country and the generator maker is o popular vet as the outages continue. Ty we have one more mover for you. Its crowd strike. Quiet trading today. Up 250 from the march low josh joins us with more on this hot stock. Hi, josh its been remarkable. Stock has come under some pressure its about 5 off its all time highs. Some investor just booking profit here. It also easily bets its peers. Take a look at the hat its up 15 in 202037 crowd strike in that etf so far this year what explains this run, pipers rob owen says the Company Continues growing strongly and critically with increasing profitability. Its benefitting from that work from home trend, too as millions more work from home, they are now more targets for criminals and that helps boost demand for the companys product. Crowd strike corporate customers include goldman sachs, amazon web services, sony, hyatt. Not every one thinks its a buy here he is on the sidelines now because he says after this run, valuation not so attractive, he thinks at these levels back to you. Josh, let me ask. If the upcoming election is possibly another boon for stocks like this or if you think its already priced in to some of the performance that we have seen. Thats another trend to watch for sure rob does believe as you get closer to the election that Threat Landscape intensifies in other words, he says be ready for more attacks on this countrys election infrastructure interestingly one of the founders of crowd strike that been very vocal and public about that he think thats a worry. He thinks the government at federal and state levels should be doing more to address that. Well see how that does impact the Software Maker we may know soon crowd strike is expected to report results pretty soon maybe we get more coalready and comme color and commentary steve bannon accused of defrauding donors. St wh ayitus ite grey is so pretty isnt it . Wow. Jim could you pop the hood for us . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. Welcome back steve bannon arrested and charged with fraud accused of enriching himself with a charity he had. Lets bring in robert frank. Steve bannon made his first millions from Investment Banking and those seinfeld reruns but in more recent years hes been fitted from nonprofits. According to the Justice Department he used one of his not for profits to siphon 1 million from the we build the wall project the group he used is called citizens of the American Republic while its designated as a social welfare entity, it spent over 1 million in management and expenses 200,000 on loans and payments to bannons film company and tens of thousands to his nephew and sister other not for profits he collected from include the Government Accountability institute. Thats a not for profit based in florida that paid him 380,000 he got 450,000 from the not for profit arm of Citizens United and more than a half million from something called the Young Americas Foundation there is no rule for how much not for profits can pay directors or officers and audit rates by the irs have fallen by more than half over the past decade right now there is very little oversight of these groups and how they pay their directors. Not named in the complaint but is clearly the vehicle he used and as investigators probe deeper into this, they may look at the fact that this charity or not for profit be collected 4. 4 dwlr milli million in donations and barely made any grants. Much so as they dig deeper, they could look deeper into this not for profit and perhaps even his past activities and the large amount of income he has collected from nat f not for prasts the income he collected from not for profits, is this for services or speeches or in Directors Fees . And i work with a not for profit boy, we dont pay anybody directors fee. Yeah. A lot of it is just listed as management fees, miscellaneous payments to his film company doesnt explain exactly why. And tyler, were a unique country that we give tax exempt status to groups theyre called social welfare groups we dont know where the revenue comes from for this group, we dont know who donated the 4 million there is very little way in oversight how much you can pay directors. Theres no limit wow, robert frank, thank you have a great weekend new housing boom under way big jump in sales. With it, a new record for the median home price. Well have the numbers and a Housing Stock pick to bet on plus dont forget, can you always catch up with us, watch or listen live on the go, on the app, well be right back [squeaky shopping cart] [sniffing] is the salmon wildcaught . She only eats wild caught. [cash register beeps] uh, i need a price check on honey. Dont get mad. Get e trade and get more than just trading. Investing. Banking. Guidance. [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. Welcome back, a big jump in existing home sales in july. A new record median price. Diana has the details for us hi, kelly yes. Several records set in july. Records came into the market sales of existing homes jumped nearly 25 from june and were up nearly 9 annually remember, these are closing so contracts signed in may and june the economy began to reopen. The only Thing Holding back more sales was a steep drop in supply down 21 from last year to the lowest inventory on record new listings are coming on in greater numbers. Theyre getting eaten up fast. All that competition brought on yet another record in prices the 304,100 is the new record high median price for an existing home and that is even a record for adjusted in inflation. The question Going Forward is will higher prices throw cold water on all this demand or is our new affinity for being at home all the time going to keep home sales setting even more records . Thank you very much Home Building stocks d. R. Horton and lenar are benefiting how can investors get in on the fast changing trends joining us now home builder analyst with the Financial Group and darrell fair weather let me begin with you. What can you tell us about what the numbers say we hear repeatedly about a trend of people leaving the inner cities and moving to the suburbs. Is that what your numbers are telling you . We said that Record Number of people are moving across the country. And moving to places that are more suburban, more rural. Its popular among People Living in San Francisco and los angeles. But even people moving closer to where they currently live more on the outskirts how what are some of the hottest markets that youre tracking right now the more affordable less dense areas are really popular right now . And people are leaving which cities theyre leaving the dense urban centers like San Francisco and new york theyre really expensive theyre motivated by affordability but also looking for more space jack, lets turn to the Home Builders most home sales. Referee are of existing homes. This must be a good time to be a contractor and a home builder. Thats a great time to be a builder. In fact, the builder Confidence Index hit an all time high i think what the builders really are going into is the lack of supply on the existing side. Uniquely positioned to fill that inventory need as you now have millennials and others moving to that First Time Buyer. Thats where a lot of the strength is on First Time Buyer segment. And the public builders are delivering that product to an extent that the existing market doesnt have that Product Available for them you know, we mentioned earlier, jack, dh horton and lenar. Among the builders, you like taylor morrison, why and you also like some mortgage insurers which ones and why thats right. So you know, the big three builders, were neutral now. Its evaluation call look at where theyre trading, theyre five year highs. Will all the good news is priced in there we like taylor morrison. A smaller builder. Growing. They did an accusation last year that increased exposure to the First Time Buyer today you have 70 exposure first time or first move up buyer. Thats not reflected in the valuation today. And we think as that acquisition is digested, margins and growth will accelerate both on the mortgage insurance side, think about who the customers are. First time buyers. And so theyre in a unique position to win to the demographic shift as well. The market is concerned about credit theyre concerned about forebearance we think it will be manageable weve seen the numbers come down significantly month to month since may. And, you know, these companies are significantly, you know, well capitalized and can handle the default rates four to five times what they are. I think as we get through the next quarter or so, there will be some relief on the credit side and those are, i think, one of the best places to look at housing today. Darrell, lets talk about areas where sellers in such control that there are bidding wars for houses and what is it that buyers want today that they might not have valued so highly a year ago give me 30 seconds if you dont mind more than half of offers submitted by agents have been facing bidding wars. These are happening all across the country. Salt lake city is one of them. Buyers are looking for bigger homes, homes with a home office, places where the kids can do school from home those are more and more popular nowadays st. Nayeah, the home offices are selling points a little space people want to get out of the dense inner cities thank you very much. We appreciate your time. Have great weekend, jack no time to say hi to jim. Fwnz fun having you here, sir. The jim is here turn around. Stand up come on, stand up, jim heres my fatherinlaw. Come on. With very to go. There he is. Turn around. There he is. Cnbc, my biggest fan kelly, thank you for that its been a pleasure. Thank you closing bell for the 20 seconds it starts right now. Thank you have wonderful weekends. Welcome to the closing bell. Stocks higher to end the week. Picking up her healthy amount of steam throughout the session a

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