Flying tech name your Investment Committee is stephanie link, josh brown and michael farr great group. New highs earlier on the s p 500. Markets have cooled off a bit. You have the dow down 182. Apple is one of the stocks ma weighing on the dow. You sold 20 of your positions in apple and nvidia. Are you sure it was hard to find a buyer . Love you, sully i dont know why were saying this is a big move or bold move. They hear the part they like its the opposite of a bold move im playing chicken. Im saying nvidia and apple have become too big a part of my portfolio. I have tons of apple exposure elsewhere. I own the kwqs everybody owns apple my lifetime exposure to apple is high all im doing is keeping 80 of my position inted of 100 . Its not that bold im doing the same with nvidia these stocks have plooned. Its like risk management. I dont want to be out of these stocks i just dont want to live my entire life based on how they do each day this is what all prunts investors do its what im doing. Its not a bold move. I wouldnt call it a chicken move either. It sounds like more of a responsible move im doing this 20 years theres that great warren buffet quote about what it feels like when your toward the end of the party, so to speak and every one is drinking champagne and its the hardest thing on earth to walk out of the room and you look up at the clock and the clocks have no hands i think that metaphor is apt we have no idea if apple puts on another 20 before this run is over how could we know . All i know is its metasticized. Im adding other things. Recently bought Simon Properties i have some new positions. It might be a good lesson there whether its apple whatever asset class it might be perhaps josh brings up a good point. You got to know what you own be careful that one position doesnt become the monster thats probably a different segment. You still own apple. I think what josh is doing makes 100 since i sold out of facebook completely and i have been trimming amazon because they really did become very big positions, overweight in my portfolio. The reason im going to stick with apple is i really do think you have these catalysts of the four for one split the 5 g. I think you have to step back and ask is this a Hardware Company or a consumer pruks company. Its trading at a 10 discount to the Consumer Products company in general you can justify a lot of different ways you do some of the parts this company can deliver 12 Earnings Growth in the last year. Thats versus amazon where you have 94 of the sell side. Im in the saying this is not crowded. It is. I can still justify owning it. I have a slight overweight position relative to my benchmark. Nvidia, this one scares me because i cant justify the valuati valuation. I think its stay at home because they have benefitted from the gaming exposure and ai and data center. On the flip side, they are open open name. That is because they have auto exposure i kind of want to play the auto side of things i dont think its really well discovered or well talked about in terms of this part of the business you got a fabulous Management Team this one makes me a little nervous. Im going going to hold on because i like the trends of where i see. I love it i cant justify the valuation. You can say that for like, i normally dont eat cake for breakfast but today im going to make an exception. It sounds like everybody is saying that. Jump in here josh. I would just say on nvidia, while i cant justify the valuation, i like a lot of their end markets and total Addressable Markets. I have managed the position sizes. Go ahead, josh. I just want to point out like apple is absurd. Its the greatest company on earth and maybe the greatest publicly traded company in history. Okay stipulated nobody would disagree at this point. Just think about the last 56 day, according to research from my colleague, over the last 56 days apple has added 756 billion in market cap. That was apple, the companys total market cap like 18 months ago. In january of 2019, nobody was screaming that apple was so cheap. Now we have a 2 trillion company thats effectively added that market cap. I would take it a step further the number one and two companies in the world typically have been much closer together than they are right noi. Apple and microsoft as recently as june. Does anyone remember june . They were both like 1. 2 trillion or 1. 4 trillion vying for Largest Company in the world. Apple is now 30 above the Number Two Company which is not microsoft. Its amazon. The recent gains are just out of this galaxy. It makes no sense. I think 10 is from a split announcement apple this month has gained the market cap that the company existed at when tim cook became ceo. Thats in 16 trading days. You know, if you own just a few stocks, you could trim 20 of your position like josh did and still have it as a bigger dollar weighted average because those price gains. Do you look like you want to maybe sell apple i know youve owned it for like 15 years my answer is easy its absolutely not. I totally respect what hes doing here i think the phrase wouldnt be hes scared or any of those things the reason that i say Im Still Holding on and i have no intention of selling happens to be because what ive said for a long time and part of the transition of what you are talking about for apple. The reality is, yes, this was Hardware Company now thats dropped down from being an incredible percentage of what they were down to about a 50 of what they are you look at what they brought in for revenue, its very close to the hardware side of revenue they are fast approaching that level. Because of that, i love that kind of growth by the way, do you want to get twice as much margin the answer is yes. You look over at wearables and the services area. Thats the reason why i continue to hold on still has plenty of up side. Even though you look at the p e level relative to where apple was, that was comparing apple as the hard ware company and Computer Company and because of fact its so much more than that, i dont think i look at that p e presently as anything inflated at all. You need grooet when you look around the world, lets not forget this fact the iphone in china is one fifth the average annual income of the average chinese worker the iphone in india is the same. Its a years salary to buy one iphone you look around the world and wonder where the bulk of that growth, services or hardware will come from visavis that valuation. I think josh is making a really good go ahead. Can you hear me . Yes or no. Yes i can hear you i think josh is making a very i think it is a bold move that josh is making here is the reason these faang stocks and apple that have been on sump a tremendous tear have been driving performance for Money Managers like josh, like me, like stephanie and like pete who have to be benchmarked against an index this is a move against the leadership of the index saying ive got to take some off the table. Im going to follow my discipline im going to do what fits my discipline which i believe will be in long term best interest of my clients it might hurt my short term relative performance if apple continues on this tear if nvidia continues on this tear which ever of these stocks continue to rock if prudence makes you come out of them, it could mean that youre going to underperform some as you take risk off its exactly what youre supposed to do add an investor i applaud you guys. You have fo say ito say im goi take some off the winners. It makes all the sense in the world. Its so hard to do as an investor this is what youre paying your manager to do. I applaud it my position in apple is not yet big enough that im trimming it. Im looking at it. Look at the degree to which the Federal Reserve has distorted not just market prices but investor behavior where its to the point where a bold move is selling a stock thats just added a trillion dollars in market cap at a year and now trades at 38 times earnings. Look at the degree to which we have completely altered the mind set of the public. Thats the bold move the stock is 40 times earning and the bold move is taking it off the table because it might make you want to kill yourself in it adds another trillion in market cap you look at 10 year yield is down 60 from where it was a year ago today just the distortion inhernent when you take the risk free rate and make it zero what is next for the macro tech trade this has been the lou gehrig of investors. Id like to talk about an idea that is not nvidia or apple. Pete, your take on tech and make something exciting you have come across lately. Are you kicking out facebook too . What are the rules i made them up. If you want to talk about facebook, they got an upgrade today. You have a man crush on Mark Zuckerberg, which is fine. Its weird, but its fine. You can do facebook. Ill give you facebook. When i look at facebook and the cash flow theyve got in hand and and 58 billion worth and you look at the p e where its trading now versus the growth that you see in this name, it all adds up. The reason i have this man crush is this guy has done absolutely everything right in terms of what an aggressive ceo will do he went oit and had 82 acquisitions since the company went public. Its been extraordinary how hes been able to fill in the holes if somebody doesnt sell to him, he builds something bigger and puts it in their face like instagram with snap. Theres so many ways they rare winning. When you look at foundation, the Balance Sheet and this company, in still trades cheap. Its why i own it and i think its of the the names and if you want to put that in the tech world, i think its extraordinary performer and theres plenty of vertical theres so many different other areas they have gone into. Now they are talking about shop as well to go after the rest of the competition in the ecommerce space i think they have done a brilliant job of being extremely aggressive against their competition. I think Mark Zuckerberg brings a bazooka to a fistfight. Stephanie, an exciting idea in technology for you. New position for me is amd. Thats after i tentel reported disappointed on the 7 nanomeeter processor. Nay gave amd a threeyear lead i think they will run with it. In fact, they are working on a five nanometer now they have a strong lead. Michael, what about you anything interesting in technology that will come across your desk lately facebook would have been my first one. I agree with everything pete said cognizant is in the tech consuling space. Its 17 times next years estimate i think it will continue to do well theres a diversifier for you. After the Hong Kong Market close. Theyll go public in hong kong in shanghai. They are bypassing u. S. Markets, however. Alibaba retains 33 ownership. Its the biggest fintech on earth. It has a billion customers theres no u. S. Company thats got a billion local customers doing anything like what they are doing in payments. 75 of Chinese People do not have a credit card why . The phone is the credit card and financial is the app this thing will be an absolute beast. The way i would play it because you cant get on the ipo if youre a u. S. Citizen. I would own kweb kweb has fast inclusion. Its the etf for chinese tech. They will add it faster han any other etf. They made a new record high this summer all of the components, you know the names. Go on down the list are doing incredibly well. Chinas economy is recovering faster than ours this is a way u. S. Investors can kind of get some exposure there. I like it. The other big market story, the huge shake up in the dow you had three stocks kick out. Three others brought in. The new names that will enter the dow come monday, sales force. Com and honeywell. Rejoining index after leaving in 2008 exxon mobile, pfizer and raythrksra raytheon exxon has been in the dow since 1928 well trade sochl these names but what might this be saying about the Broader Market and the broader economy. I dont think it meeans that much most of us have a russell or the s p. I dont really think its that material obviously, its because apple splitting and they need to probably find some Technology Companies to fill that void. Hon honeywell does have a Technology Component to it. Total Addressable Market will be a trillion dollars in this particular end market by the end of the decade. They are a winner. They are leader. They have amazing customers. They report tonight. Im a little worried that the stock is up and into it. I like this company very much. It would be something that i add if you see a pull back michael, does it say anything to you, these dow changes . Its a reflection its a price weighted index if you look at an apple thats all of a sudden will have a 25 lower price next week, theyve got to kind of rebalance if you look at a raytheon in there instead of united technologies, the price was a lot lower. That changed the weighting in that part of the sector. This is a rebalance to try to keep things a little more current and where they thought they had been. In terms of the actual names, i own raytheon im very happy i continue to like those numbers as an industrial honeywell is a good company too. I dont think its a huge endorsement of those companies as it is an endorsement of the dows weightings they want to maintain and they had to shift Like Companies in order to do that all right good conversation there. Lets broaden it out good to chat with you. Thanks for joining us here you heard our conversation with outside of the k web largely was about domestic u. S. Stocks you are not hater of the u. S. Market but you believe there may be better opportunities in europe and asia. Lets start with europe. Where are you and your team finding value there . Europe has been left behind in this process. Theres a big gap. Its better in general and there are many components inside europe they could do quite well okay. Is there anybody in europe or country in europe that has been left behind more that may present better ideas you are talking about out front. I would diversify. Stephanie, i know you have a question there are you worried about the strength in if euro . We know its up because the Economic Data looks like its Getting Better thevirus is getting worse. I could affect this quarter in general, i think what were seeing is more quick dollar than a strong euro. The dollar has been very small for the last three years i think we are changing the cycle now. Im not so worried about that. The economy is recovering faster than the u. S. At this moment we talked a lot object china. Theyre performing better they could get some of the sports than the chinese will be doing. In china, the demand will keep growing. They havent been able to manage the covid. Im much more focused in the private market than in the public market. All right great global per speckive there. Thank you very much. Have a good day. All right it is mystery chart time as we go to break everybody out there take a good look at this before you make a guess. Its a consumer stock. Probably a name you know its come back 30 since march the stock was upgraded today here is an rbi hit the company was founded by two history professors and a writer which may explain the name some folks around this virtual table own it well debate it next in our call of the day and as are reminder you can watch or listen to us live or on the go. Halftime report is back right after this hey, kids welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Welcome back, everybody. Here is your cnbc news update at this hour. Ahead of hurricane lauras landfall, evacuations have been ordered for nearly 400,000 people along the texas coast residents in parts of southwestern louisiana are being ordered to move to Higher Ground laura is expected to come ashore thursday as a category 3 hurricane with sustain winds of 115 Miles Per Hour on the gaza strip, streets are empty as the government enforces a 48 hour lockdown. Health officials are concerned how they will manage a major out break in an area with two million residents but only 100 vent la ventilators. A parachutist has become the first to make a jump from a sew lor p solar powered plane. Its maker wants to be first to fly a solar plane up to the stratosphere in altitude of up to 66,000 feet brian, i could see you doing that i really could not you but me id love to do it i dont know if the plane could carry my weight but we would find out that would be a quick way to learn how to parachute, i guess. Yes, i could. So everybody out there did you get the old mystery chart. Its starbucks founded by two teachers and a writer which probably explains why its named after a moby dick character. Stocks up 4 today what do you make of the call i think its a good call. I think the stocks are recovering i think they are recovering a great deal in china. They are seeing those numbers improve. If you want to play this economic recovery, you have seen the numbers are recovering Economic Data are improving. They got rid of the lock and coffee sort of competition which has been a disaster. Its growing at 14, 15 a year on earnings with a 2. 1 dividend and its really not cheap at 27 times earnings with that Earnings Growth, i like that call its still on the way up josh, you added more this week i did for people watching in march and april, this is one of names i had been bidding on at an absurdly low price i didnt think i would get hit but i did. I was able to buy starbucks in the low 60s. I think the stock is a year from now is like 100 bucks. This becomes one of the better names in the category to own so many of their locations revolve around business travel, revolve around commuting none of those things are happening now. I think this one gives you that big vaccine approval pop Pumpkin Spice is back. They may have lost the business commuter but they have gained the event and destination drink. People are sitting around. They are working from home they are bored going to starbucks gives them something to do and fall line up will be red hot, sully i think that will be a lift for the afternoon day part to offset what starbucks has lost at breakfast time where traffic is still down 30 from prepandemic levels im never drinking Pumpkin Spice. Never. Its not happening i hope people do because i own the stock. He said important. He said hes doing an average up which is one of those Portfolio Management things that continues to involve and require discipline he continues the like fundamentals hes adding to positions as hes trading these other things josh throws these things on the sidelines like you might not hear it. Those are some of the most important things he said because hes showing you the discipline which he manages his portfolios. Its important. We learned two things. Pumpkin spice latte on me anybody who likes pumpkin is out of their gourd i had to say that. Thats not the only bullish call today. Come on now, im a dad please rescue this segment youre in rare form today, even for you we have a slew of bullish calls from retail and everything in between. Here is a rapid fire look. Nxp gets weighted overweight at wells fargo. This the partly on margin recovery on a return to positive comps. Lets stick with food now. Jack in the box is an issue thats a boy at deutsche bank. Turning to retail, crocs is being upgraded to buy from neutral. Analysts here like the progress that Victoria Secret made on cost cutting under the interim ceo and the Strong Performance och bath and body works. One more for you ahead of its report on thursday gap is being upgraded to buy at city analysts think that athleta is under valued no they dont they do not. Hr is calling Pumpkin Spice latte always. Always it will definitely get me in the door, for sure theres josh browns theory. 110 degrees lets go get a Pumpkin Spice latte. Theres all these different bullish calls out there. It appears to be tripping over themselves not only to upgrade, raise price targets but justify valuations does that worry you at all thats a pretty big move the namei think is very interesting is nxp i really do like the story i have owned it in the past. Youve heard me say within the economy, auto is definitely starting to recover. Production will be down 22 this year in auto its poised to recover to be up 23 next year. You want to own companies that have exposures to that theme and trend. These guy, 42 of their total revenue come from auto they have great products they have pricing power. Their margins have upside as well this is one im going to look at and maybe buy. Amazingly, the best performer in the s p 500 this quarter. You couldnt sell it fast enough a year ago not you, steph, but the market what a turn around thats been speaking of another clothing retailer, you own gap calls. Why . I own both. Stock was pushing up over 30 they are buying the september 33 calls. Somebody thinks theres break out. Wheneveren i see Something Like that its a monster trade. The kocost of the trade was less i think the opportunity is there. It has made a huge run when we see stocks breakthrough the 52week highs theres a bit more room to run i think in gap stores what youre seeing is something a little bit different but they are buying they continue to buy upside calls. Having a great move today. The calls are moving very rapidly. That was an unusual option we had last week. We continue to see in certain areas of the economy where were seeing the buyers and the haves and the have notes we talk about that all the time. When you look at l brands and the performance its had, people are looking at that name and thinking its had a heck of a run. Maybe theres a little bit more. If theres a recovery on the Victoria Secret side there is more i think thats what people are playing off of right now. Incredible. The best performer by 40 in the s p 500 this quarter coming up, go back to petes unusual activity in the opgs market his layest trades are next but a check on the s p 500 sector heat map. You have five up six down dow is down 136. Technology is up almost a perfectly balanced market maybe a little refreshing these days hurricane laura is big and tough. Were back on hati rht tethislfmeig experience the joy of a bigger world and a highly connected lexus vehicle at the golden opportunity sales event, lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. We love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . For bundling made easy, go to geico. Com. Welcome back shares of neo surging to a new all time high today. Options bulls are betting on more near term gains ahead pete, what are you seeing with august stock was trading in the 13s when it first hit. Now were trading in the 15s they are buying 16. 5 calls they expire on friday. They bought 16,000 of these calls. Pretty aggressive positioning. Very inexpensive options. They do expire friday. We had this last week. Were seeing more of it. I already own the calls, here we go fired it up to the upside to see if we got more room. Draft kings is similar this has been hitting time and time again but very aggress ifrly today. Again, extremely short term. They bought 12,000 of the 40 strike calls this has been exploded to the upside its in the process. It gets up i think theres plenty of room for draft kings. I already own stock in draft kings. All right good stuff thank you very much. Coming up, ask halftime is coming up next were back in two minutes. At leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Dont get mad get e trade and start trading you say that customers make thelets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Welcome back what is a better bank to own bank of america or citigroup well i own bank of america. I have owned citi in the past. I think the execution is better at bank of america even though the stock is more expensive at 12 times earnings. Thats compares to 10 times earnings at citigroup and 6 times priced to book citi is cheap for a reason i like the execution better and the responsible outline Growth Strategy outlined by the ceo next up, joe in new jersey asks, pete, is best buy a buy, sell or hold i view it as a bit of a buy still. I understand the cautiousness they put out there when you look at the digital growth and i think that will continue for next couple of quarters, yes margins might come in a bit because they will be bringing back employees a bit more as they reopen and continue to open up stores and they alluded to that. I think the Digital Sales will continue to be very strong they might not be 240 but i think they will be very strong it still trades inexpensively. I view this pull back as an opportunity. I may be owning this stock before the end of the day. All right for michael farr, mark in at lan ta wants to know your position, if any, on accenture liei like this company. I think its pricey. I own it ill hold it id buy it on a pull back. The secret behind this company is sjulie sweet. Thoo shes the ceo. One of the most remarkable leaders i met. She is outstanding i think its the secret weapon at accenture kara in new york says im looking for stable stock with good dividends. Do you recommend verizon or at t verizon its about to break out from an all time record high pays a 4 3rs yiel yield. Indispensable business broad band we learned this year we cant live without any of them for five minutes i would close by whys and buy the stock. Thank you very much right on deck, much more in the scary situation evolving in the gulf of mexico laura now a hurricane gaining strength it could bring severe flooding as gasoline prices are on the rise as well 40 of americas Refining Capacity is right in that atheras path wh t tders are saying about gasolines next move when halftime returns the audi a6. Get exceptional offers at your local audi dealer. [ engines revving ] its amazing to see them in the wild like th shhh. For those who were born to ride, theres progressive. I see a new kitchen with a grill and ask, why not . I really need to start adding less to cart and more to savings. Sitting on this couch so long made me want to make some changes. Starting with this couch. Yeah, i need a house with a different view. And this is the bank that will help you do it all. Because at u. S. Bank, our people are dedicated to turning your new inspiration into your next pursuit. 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. It is time now for futures outlook, and Energy Futures are on the move today, both higher as hurricane laura prepares to make landfall in texas or louisiana early wednesday or thursday morning and she is a big storm. For now how traders are navigating it. Lets bring in bill kilburg. Refinery production coming off line how do you trade it if at all . Looking at the technicals here, there are two crucial technical facts you need to know first you have this consolidation from the beginning of june. For the last two months, this thing is out of sight and its paving the way higher. Number two, you need to see here that the managed money net long position is still at very low levels there is room for longs to get longer here, so when it fell out in march, it was very expected to see this managed money position lower but unlike crude oil, the longs stayed on the sideline, so there is room for them to nearly double their positions here. I think it has sggotten a littl overdone here. A little pullback could give you a buying opportunity 135 could be in the cards. Jeff kilburg, your take looking at gas is interesting. About 5 of Gas Production down there. But look at the natural gas. Only 69 rigs versus a year ago of 162 rigs. As we go into the fall, demand will surely move higher, so in natural gas it looks like the market will move much higher as well i agree with bill in both of these commodities moving higher. Well see some refineries off line, 82 of production is now off line as well bill and jeff, good to see you both thank you very much. On deck, your final tuesday trades i had saved up some money and then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. I didnt even know that was an option. The personal loan let us renovate our Single Family house into a multiunit home. And i get to live in this Beautiful House with this beautiful kitchen and its all thanks to sofi. And i get to live in this Beautiful House i cant wiat to share at ts big 5g news. shouting through the glass at t has nationwide 5g . Yup and thats faster . Faster, yea but is it reliable . Ah huh and secure you should consider making a big deal about it bigger . I said bigger oh, bigbigger deal bigger than what im doing . Its not complicated. A 5g Network Needs a 5g device. Now everyone including existing customers can get a free Samsung Galaxy note20 after tradein. Experience the adventure of a bigger world 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. For skin as alive as you are. Dont settle for silver gold bond champion your skin time now for our trader moves. Josh brown, youre making some other nonapple moves in your portfolio. Yeah, just cleaned up a bunch of stuff etfs, xbos those reakouts are no longer i progress so im out. Got out of slack i managed to find one of the few tech stocks that wouldnt double this year, so essentially im coming out of it where i got in after a bunch of averaging down. It was a failed trade. Im tired of watching them lose a pr battle to microsoft, and maybe ill revisit sometime in the future got to make room for new stuff that im doing all right pete, you sold some hotel stocks is that a sign of the end of the, quote, reopen trade, or you just got tired of it for a couple months i was selling calls against this position and it made a little bit of a move to the upside. I decided to just go to the sidelines and wait and see if there was a better opportunity the other one i really liked that absolutely ex ploeploded ws mosaic we had a lot of action that put me in there. I decided to buy the stock instead. Had a huge run to the upside i dont know if its sustainable or not, so i figured for now im going to step away and ill see if theres a better opportunity coming forward all right, so time now to go around the horn in our final trades pete, youre the last one in, first up why dont you kick it off. Well, i got to tell you something, i dont think its over for the housing stocks. I think they continue to climb to the upside. Toll brothers, im seeing some active call buying in there. I think the stock continues to go higher. Michael farr . Im going to be a contrarian. I like raytheon. Its 60. 10 earnings growing, i think, a 3 dividend. This could be sleepy for a while, but i like it i like it counterintuitive there stephanie . Ups ive pushed this for a while, but i still really believe that this stock goes higher, especially led by the new ceo, carol tomei, who comes from home depot she ju depot. She just crushed the last quarter, better than expected. I think there is a lot of operating leverage and we know demand at least b to c is quite strong we have to wait for business to business to come back, but thats your opportunity. All right well, were not going to find out what josh brown can do for us because were out of time well do it soon again thats it for us on halftime report. Ill see you tomorrow. The exchange beginnings right now. Thank you, brian. Hi, everybody, heres whats ahead. You heard by now about the dow shakeup, but you may not know about the etf shakeout. A record nobody are closing and launches are at a 7year low why . What does it mean for investors . Th