A lot of viewers enjoying the Reggie Jackson photo bomb here with bob. Thank you very much. With all of that, lets get over to the judge and the half. Welcome to the Halftime Report. Im scott walker. The nasdaqs moment of truth. Over the next 48 hours, with two major events could very well determine where that record setting index goes from here. Key earnings from apple and facebook, will they be good enough to keep tech flying high . With us for the hour today, joe turnover, stephanie link, josh brown, john najarian. We begin with the nasdaq. Apple itself hitting an all time intraday high. How many of these two key earnings reports are going to dictate whether the nasdaq and tech can keep rolling . Huge. Very huge. Let me throw out a stat to you real quick. Last year at this time, apples straddle, thats the combination of the call and put, were trading for almost the same price its trading for now. Difference is last year we were going to it with a 104 price on apple. Now its a 147 or 148 price tag. So, in other words, the amount of premium that people are putting on this is way too small, in my opinion. Just like people talk about the vix all the time. Oh, its so cheap right now, and it is. There is no reason not to be hedging apple into this event tonight because i think theyre pricing way too little into the potential movement. But is it going to be a market mover . I think it is. And if youre somebody who is way long, a lot of tech stocks like i am, youre somebody who is hedging right now. A lot of this josh hinging on where the nasdaq goes from here. It doesnt seem like theres much margin for error when youre talking about the nasdaq, which its a new record high again today. Nasdaq, 100, hits a new record high today been and much of that is because these large cap techs and otherwise that have carried the water. Without a doubt. Tech is very important to the s p. Its set on its highest correlation and that makes sense because of the largest. And certainly apple is the biggest stock. So i think theres some read through there. But there are also periods where apple does nothing and the market rips higher. There are periods where apple rallies and the market languishes. Its not quite one to one linear relationship between the two. Bigger picture here, scott, ask im long apple. What i want to say is this is now a Company Going into its first return to Revenue Growth quarter. The last three quarters were all down. And the expectations are not crazy high. Talking about 52 million phones, which is 1. 5 growth year over year. On the revenue line, 53 billion would be approximately 5 growth versus the march quarter last year. And then when you think about what we really want to talk about, which is june quarter fwiedance, 45 to 46 billion in revenue, call it a 7 to 8 year over year growth. If they can do that, in the absence of this being, a, a christmas quarter or, b, a new phone launch quarter, i think the street will be happy. Even despite the fact this is the first time were going into an apple quarter with an alltime record high stock price since going back to 2015. Raise that same kind of question, stef, about tech and the nasdaq overall, the margin for error when it comes to apple given the stocks at a new alltime intraday high again. The numbers still better be good. Theyll be probably good. I dont know if theyre good enough. And maybe you see a little bit of weakness on the quarter on the print. But i think it gets bought pretty quickly. New record high on market cap, i should mention, too. 775 billion. Its up 27 yeartodate. But it still trades a 15 times forward estimate. Tt quarter doesnt meet the High Expectations and it pulls back i think people buy it because theyre buying it for the fall launch. I dont think this quarter is going to be that material at all. I really dont. And maybe inline and slightly better or worse. But i dont think theres going to be a ton of movement because, again, i think the real thing in this story is the fall launch. So i dont even think maybe guidance is all that important. I do think theres going to be a theme, though, and thats higher commodity costs, higher component costs versus asps, which should be higher because of selling through of the seven plus which is 35 of the iphone sales. So 7 plus has been better. Youll see better asps to offset these higher costs. Again, i dont think theres going to be a big deal on this one because were all waiting for second half right. We referenced, joe, what tech has done. And apple itself reference is up more than 27 yeartodate. But its certainly not alone. Amazon, 26. Alphabet, 18. 5. Facebook, 33 which reports tomorrow and theres microso soft. And you left out alibaba. I just wonder how long can this continue . Were going back to the question from yesterday. Do investors need a reality check . Is this the moment where the s p finally breaks out because of apple and facebooks earnings above 2400, which initiates the next light of this technical move higher. I think that is a very real possibility. I think right now globally, you have sovereign wealth funds with a tremendous amount of capital trying to beat a world in which were getting incredibly low rates still, 2. 35 for a tenyear. A lot of funds flowing right now. The technology now that we know protectionism has been removed from the equation and were whack to the globalization theme. Technology is first and foremost on the mind of we get a reality check every single day in the form of ifa, which is the global stock market today, new 52week high. New 52week high in emerging markets which by the way just had a nasty twoweek shake out, down 4 quick. Came all the way back, new high as im talking. Thats your reality check, that we are not in a fang market. Were in a global breakout and Economic Data is confirming it, by the way. I was going to suggest when you discuss technology, maybe the reality check off some of these high flying stocks that have done so well. Maybe the reality check isnt a negative connotation to it. Maybe its the reality of these stocks as mark cuban told squawk on the street, can keep going up because theyre at the forefront, applied learning webs Artificial Intelligence he said that, but he picked up the fallen angels. I mean, you know, the two stocks in particular, judge he talked about the alphabet and and gopro. Apple. He jumped into gopro and as he said, i got flushed. I took a flyer on it, i got flushed. Weve all done it. He made a brilliant trade apparently in twitter where he jumped on this just as they were getting that deal with bloomberg signed up and so forth and the video side twitter jumped on that news yesterday. So he bought the fallen angels in that regard, judge. He wasnt in there chasinging. In amazon, yes, i guess so. He talked up google and talked up apple. He talked up facebook. If you have a view when he was asked specifically, can these gains continue . Referencing those big tech stocks specifically. He said yes, and the reason why and i agree with them. Theyre on the forefront of what hes been talking about now. And i think that is core hole holdings for mr. Cuban. Mark, ring us up or ping me and well get you on the market later today. Well talk about that because i think hes a holder of facebook, of alphabet, of amazon and apple. I think hes a longterm holder of those wsh occasionally a trader of Something Like a netflix. But i think this one, twitter, thats a flyer just like gopro was. Twitter is working out for him and marvelously. Here is what he said. Here is mark cuban on twitter where he bought the stock. I started buying twitter recently because i think they finally got their act together with Artificial Intelligence. Its been beaten up so long. Twitter, the key to Artificial Intelligence is data. And twitter hadnt been able to harness the data to be smarter on how they deliver tweets and how they use information. How they deliver ads. Now they started to hire the right here. Theyre starting to get smarter. You said that in the results you get rather than it being chronological. Youre seeing things that are relevant that make a difference . I bought a couple million shares, he said. Josh, you own this stock and you managed to stay with it through all the turbulence. Yeah. I did want buy a couple million shares, but im long the name. Look, i think theres a case to be made that with the last time we were up here at 18 approaching 19, its because we thought there was a takeover in the works and they were shopping. So there could have been. So maybe it was justified. It didnt work. This time, everyone knows theres no takeover because anyone that had an interest saw their books and said no. The fundamentals maybe are finally catching up. Thats my point. They reported a quarter, not a great quarter, but not terrible. Mais, daus, surprised the up side. Thats the up side. B, engagement was better. Lastly, they had their equivalent of the up fronts where they were talking background what they were going to do with video and advertising and the reception was extremely positive on the part of all of the stakeholders. Content creators, people who are going to spend money on this platform for advertising. And to tech, tech is not allowing you to keep it in this box. These are technology stocks. This is what they do. Google has a stake in 23 and me. Theyre collecting genetic data from all of us. Theyre matching that up with what were doing in our Gmail Inboxes and theyre going to come up with innovative way toes Market Health Care Products to the people that probably have the highest likelihood of neegd it. You can call that a Technology Company if you like, but google sees that as a health care initiative. Facebook is not allowing itself to be cut in the box, either. Now you have companies with limitless access to apple, very few competitors in their core business. Fwoogel, alphabet, i own it. 27 times earnings. The s p since 1990 has traded at 23 times earnings. So goingel should be 27 times earnings . So why do you have to go to twitter, then . If you have a 20 multiple on alphabet. Its growing 23 , if you had a 30 multiple on facebook and its growing ad revenues at 43 , these are real businesses witness proven businesses and theres operating leverage at both companies to continue thats a good question. And its such a difficult story. Its not cheap. And they have yet to modify maybe the story is starting to turn. You know what . Ill see it when i believe it. They have had a hard time monetizing what they had. I dont think that is an easy proposition, especially when you compare it to these other companies that are real businesses that are proven leaders and that are winners and likely stay winners. I think thats a good point. I think theres something to be said for the idea that when you look at a scepter, maybe you only want to concentrate on the leaders. But thats assuming you know leadership roles are going to persist and i dont maybe even another way of doing it is to look at it like a bar bell and to say i want to concentrate the bulk of my investments and this scepter and this geography in the winners, but then i want to have Something Else that gives me the chaps to joe outperform or gives me the chance to own something before i can list ten other Technology Companies before twitter that i own that will give you the stephanie, this is america. There are 85 types of mustard on the shelf when you go to the super market. Im just saying, i think twitter is a very hard stock to own right now especially when you have these other ones that are doing quite well it will be interestieasier t. You thought about buying it. Im going to agree with josh on this one. The reasons being is the name that stephanie is talking about, the opt iics on those, they are phenomenal investments. Theyre core port foal your holdings. When you look at twitter, its a trade. Its someone like mark cuban going out and looking to create alphabet in his portfolio. For me, the fundamentals never suggested getting in the name. Now, i see stable zalgz this terms of reporting it didnt sound to me like he said it was for a trade. I think it is for a trade. I can it is for a trade. Let me finish. Beyond the earnings turn youre witnessing, youre getting the right people buying it. And most importantly, let the price action. Let the price action dictate i didnt see an earning eggs turn, though, joe. I saw revenue down 121 year over year. Negative operating leverage. Yeah. I didnt see that turn. Stabilization which is the i saw stabilization in the core more trade. But i did not modest growth and maus. But i didnt see that surge that you need to see because whenever anybody goes to whoever theyre Advertising Firm is and says, i need some exposure, where do you think they buy . We all know. Google and facebook. Thats where they buy. Snapchat. No one is suggest snap chat is where i buy. Sold to you on snapchat. But im saying nobody is suggest i say sold to you on that. No Mature Company at all is buying on snap. False. True. False sflp true. Show me. It has a small percentage of the ad budget right now. It has Single Digits versus bobby, thats thats my hairline. So half the fortune 500 right now currently experiment, snap. But with what size of thats not what you said originally. What i said was nobody serious is advertising on snap. And im saying half the fortune 500 are currently advertising on snap. And getting theyre getting make goods because theyre not getting the numbers that theyre supposed to get. I think it is an incredibly complicated conversation. Its simple. This is about a trade. Mark cuban buys twitter for a trade. Do the metrics line up for you to step in and buy twitter for a trade for the first time in an incredibly long time . Yes. I dont think josh has owned twitter all the way down for a trade. Its more for an investment. Ive traded it, though. Ive been in and out of some of any shares. Joe, i agree with you. I dont think theres any reason to sit here and say now is the time that its the longterm hold of the century. Probably it can run into the 20s and fall right back down. I dont see stabilization and to johns point, i dont see fundamentals turning. Thats not what were talking about. What were saying is that there was an estimate for Monthly Average users, daily afghanistan users. The street has been battered every time they got excite bd that and disappointed. This time they werent disappointed. Maybe to joes point its enough i want to get another stock. That is amd. That stock is having its worst day since 2005. A lot of talk today about margin disappointment, guidance disappointment. They had a loss that was expected. What do you do with this . High expectations, though. Joe. Incredibly High Expectations for the stock. Given what the stock the stock is up like 400 . Right. Okay. So youre coming in with huge expectations. Now you get a bad report and its the complete opposite of twitter. Twitter, you have low expectations, it comes out, you dont get worse than expected. The same thing for amd. Incredibly High Expectations. You dont get the report youre looking for. And the freed cash flow is lousy. Now when the analyst notes everyone is talking about intel coming in. Presenting pricing pressure. I think what do you do . I bought some. So i brought my average cost into the middle. Its fine. Look, i looked at the report and i obviously wasnt happy with it. But i dont think management has made any mistakes. Theres a 33 margin versus 34. And if you look at why it was makeshift, they had more game consoles go out the door than pcs. The real reason new investors are coming to this name, though, is the rise in chip. The rising chip does not ship this quarter. The next report we get will be the first full quarters worth of data on how the server chip is doing. The vega chip is the graphic side. So i look at this like exactly what joe said. Expectations are very high. I bought it today, too. Just saying. Full disclosure. So you you didnt wait a couple of days. By the way, they were in line. A question about disastrous quarter, its fine. It wasnt a disastrous quarter. It was guidance and in some cases margins that some investors deem as disastrous. I can live with that, though. Thats not a great response to earnings that were okay. Sflit was a terrible response. The the president , by the way, is speaking at the white house moments ago. Aman is there. The president was in the rose towarden a few moments ago. He was there with the air force academy fblg team. The event was to present this with the commander in chiefs trophy for their success on the football field, but the president took the opportunity in front of the Television Cameras to hammer home a point about something that clearly bugs him. He does not like the narrative that democrats won and trumps team lost in the recent negotiations surrounding the government shutdown. That spending bill which we expect to see vote odd this week. The president laid out a number of big wins, he said, for his team and fop for conservatives in the build. Here is a bit of what he had to say. We achieved the single largest increase in border security, funding in ten years. So we have more moep money now for the border than weve had in ten years. The democrats didnt tell you that. They forgot. The president there clearly upset with democrats claiming up on capitol hill that they won this negotiation. We also hear from Mick Mulvaney earlier today who scheduled a hastily scheduled Conference Call with just about 15 minutes notice to reiterate a number of the same points and to hammer home the idea that this white house feels that it won that negotiation. They clearly do not like the perception of weakness or loss here and they want conservatives up on capitol hill to understand what is in this bill for them as they go ahead and move forward with a vote on it, which we expect to come later this week, skom scott. Eamon, thank you so much. A lot more ahead on the halftime record. One of wall streets most respected retail watchers Sees Opportunities in the sector. Shes making a call on the big picture, next. Plus, bill ackmans big move in london. First, our partners on the fallout after one week when ford and gm see big declines and other sales like we saw today. The s p Automobiles Group down. 62 . Ford down. 72 . Gm falls 1. 39 . The Halftime Report with scott wapner and the traders returns in two minutes. Liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. Yeah, my dad says our insurance doesnt have that. What . you can leave worry behind when liberty stands with you™. Liberty mutual insurance. Price targets on home depot and lowes. Growth remains strong. Our call today. Lets trade this one, stef. What do you think, on home depot, they go to 163 from 154. Lowes, 94 from 83. And theyre talking a lot about home prices. Home price appreciation. Remaining solid. I dont think thats going change anytime soon. Rates are still relatively low. Even if they inch up higher, theyre still historically low. Disposable income is up. So the consumer where they are spending and they have been choosing, weve talked about that for a lock time. They are spending part of it on their house. So i think between the two, yeah, lowe sess always cheaper than home depot and thats because they have the execution issues and theres maybe more avenue a catch up trade there. Its about 20 times versus 17 times. Im saying if not valuationwise, but if you look at performancewise, theyve almost mirrored each other over a number of different metrics you want to look at. Yeartodate, lowes is up 19 within doe poe is up 19. One year, three year, theyre virtually the same. They are, but they do tend to one will overperform the other at certain periods. And if lowes can execute, theres a little bit more juice there, theres a little morale if a there. With but you have to expect that it has not been an even, consistent execution game there. If you really want just kind of a high quality, you just put it in your portfolio, home depot certainly has been the one that has been much wore consistent. And by the way, they have much more in the pro business and thats where youre seeing double the growth versus diy. And lowes spent two years consolidating from the beginning of 15 to the beginning of 17. Just broke out above 82. Convincingly on a gap and roll. The stop is now headed to a hundred bucks a share. The way i look at this is you can trail it. If youre a shortterm trailer, trail it with a 50 day. But really, i see nothing but blue skies ahead for this stock. We bought it, talked about it here on fast money for our halftime for unusual activity. The stock made a huge move since then. Only 5 . But guess what . The options more than doubled. 1. 45. Just pull it up, folks, april 22nd i believe is when we were talking about it and now here we are, may 2nd and the stock is back to 1. 55. Options have doubled their trade in like 3780 right thou. Everyone is basically saying the same thing. Stay with it. I see no reason to get out of it right now. Consumers are spending somewhere. Do you have to pick between to two . No. Theres the housing die naturalic. Housing inventory is incan credibly low. Youre now in the spring season. Theres not a lot of inventory out there right now. Youre sitting there, you want to spend some money. Youre going to fix up your own home that you have. First quarter was the best place. It was a scorching quarter on a lot of metrics. And if you look at mow hack, stanley, black decker, they have done well during this earnings season. It should be consistent. These stocks are up a lot. 15 for home depot. So if you say a sell on the news just because of the expectations, thats when you buy it. I dont think you buy it into the corner. Lets start with retail shares of coach. The handbagmaker recording a heighter than expected of the. Dana, its good to have you back. Thank you for having me. Nice talking to you, too. Cramer said coach is back. Do you agree . I do agree. I think what weve seen through the quarter, their comps have been very strong. They have more newness in the offering. Selena gomez, their ambassador and the social media that she gets, they are back and stheer doing quite well. I think theyre taking share. In a segment thats basically growing thats flat to up low Single Digits. Overall, if you branch it out into retail, the question were really asking today, is retail near a bottom . How would you answer that question . I think retail is near a bottom, but i dont think you can say its all companies in retail. The Apparel World has been having a lot of trouble. If you look at the other areas of retail, theyre working and theyre doing nicely. Certainly the current commentary of business has improved and i think its more than just the easter shift. I think you have tax refund dollars have come back, weather has gotten better. These stocks basically have been under a tremendous amount of pressure. Inventory levels are lean. And theyre learning how to play with omni channel. Theyre learning how to play in the new environment and that requires Product Innovation and were getting more of it. Im wondering how you view what ggp, the big mall read had to say yesterday. The stock has obviously gotten hit pretty hard. Theyre exploring all of their openings. How do you read through Something Like that when you are deciding whether to recommend any stock that has anything to do with a mall . I think one of the thing with the malls, they all talk about the fact that sclusing apparel, their sales have done better. So we have other categories. Some of the active wear, foot locker, up double digits. Look at cosmetics which are doing well. Handbags, apparently has been a tough go. Ggp said yesterday, excludeing apparel, their business would have been up nearly 4 . Thats better than certainly what weve seen Center Others out there in the retail space. I think what we need to see from apparel, we need to continue to see store closures, whether its what were hearing about gymboree or rue 21. It should help l brands, too. So if i said give me your best name in the entire lets say apparel landscape because thats been obliterated. Its what . Its lulu, its l brands. Its pvh with a 3. I want brands. If im going to play apparel, it has to be in the branded area. Interesting. Dana, its good to talk to you. Thanks again. Thank you. Dana telsey, you probably now by now, btig is holding its annual retail tail in in, city. Bob pisani is there is a special guest. Btig 15th annual event, raising 45 million for charity in the last 15 years. Talk about fashion icons, Tommy Hilfiger joining us. Tell us about the charities that youre representing here the today. Well, its the charity is called women of tomorrow. We mentor about 4,000 young women per year. Mostly High School Students and we help them get to a better place in life. We network with them, we give them opportunities, we show them how to look for opportunity. Its a pretty incredible charity. We think of the fashion industry as very favorable towards women, certainly an area where women can excel. Is that true and do they need more help mentoring them . Well, i think mostel young people do. So young women in particular, who are thinking of what to do in the future, you need to talk to people who have done it before, people who are experienced and people who could possibly network them into positive experiences. Youre now with the pvh group. Thats right. That Group Includes calvin cline. Thats right. So youre with some really big brand names, brand on your level, as well. Yes. What is it like being part of a group like that . What is the dynamics like . Well, it is a blessing for me because we have professionals really running the business. The ceo of pvh group is second to none. He is in my eyes an all star who oversees many different businesses, but within the pvh group, but our business is in a great place. Im very honored and happy to be part of pvh. How is the fashion business changing right now . For example, social media changing the way people buy clothes. How have you changed to keep up and keep the sales going . You have to evolve with the times and you have to listen to the consumers. So were now doing these buy now wear now Fashion Shows where the public is invited. They see a fashion show and they can click. Buy whatever they see on the runway. Have it delivered that day or the next day. Years back, you had a runway show and the buyers would buy the clothes for their stores and it would be shipped, the clothes would be shooipd shipped six to eight months later. So because of immediate gratification, because young people want experiences today, its really the new way of doing business. Its important. Its vertically completely different than the way i grew up. When i grew up, you went to the store, founding something you like and you stuck with those people because they dressed you right. I think a lot of people still go to stores. Obviously, the stores are many of the stores, the big ones, the Strong Stores are here to stay. But they have to offer an experience. But you also have to look at what omni channel is all about. So if youre a store, you need a great website. You need great delivery. You need great service. You have to have some sort of social media to reach out to the public. Tommy hilfiger, its a pleasure meeting you. Ive met you several times, but always a pleasure to watch your career and your tremendous success. Thank you for showing up for such a Worthy Charity cause. Tom my hill fillinger now with pvh group. Yeah. The nice part of our conversation we were having, as well. Thanks so much. Lets wrap up that retail conversation. Tommy had a lot of the same sorts of things to say. Yeah. Likes pvh, obviously. Dana and tommy were both on that. Its understandable where he would be on it. L brands. Calvin cline this there, as well. So pvh, love that. I think all three of them, i think you could take a shot on all three of them, judge. I had thrown ralph lauren in there, as well. I know its not one of her favorites, but i like that one, as well, because of the cost cutting and i think thats a take out. Anyone else . Xrt, broadly speaking, just got rejected at the flat 200 day. And when i look at individual names, theres a ton of broken charts here. So im sure there are some winners that we can pick out and stephanie will be better at that than me probably. But as far as making this broad as retail call, i dont think you can do it. Yeah, because i think the consumer continues to be selective in what theyre doing. Why not continue in that trend . The cruise lines, the demand for cruise bookings are at alltime highs. So theres that. Theres restaurants that are actually starting to do quite well. Look at chipotle. Look at starbucks coming back. I still like nike. Pvh is up 12. 5 to date. It sure is. Theyre able to deliver. Oh, by the way, they have a lot of european exposure and europe has been very strong particularly at the high end. Diversity, too. Yes. Obviously with all the different brands under that one. Sort of like iconic used to do. Absolutely. This one, i think pvh, thats why and theres this company. I bought some good sneakers last week and i got them the next day later. I bought identity this retailer called amazon. John na jarran has the activity trade coming up. Plus, the fallout continues. Ceo ors car munoes in the hot seat. I know youve seen the viral video ooh a passenger being dragged off a flight weeks ago. Were going to go to the capital live to hear what he said to say, next. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Marine le pen and cummins, apple, hewlett packard, microsoft and ya hue, all hitting index highs. Driving most of their revenue through their own intellectual property is up 25 on the year. For more, go to cnbc. Com iq100. Were back on the Halftime Report. Dr. J, as always, tracking the Options Market for unusual activity. Youre at the telestrator with mondoleze. Indeed. Its down about 2 cents on the day now. People were scrambling in buying upside calls. Thats a look at the stock. Its gone nowhere. But somebody places a pretty big bet today thats that thats about to change. Look at the volume on this particular strike. Out there in may, youve got nearly 6,000 trading. Take a look at these days leading into this. Almost nil was trading and all of a sudden youve got a very big bet being placed at an out of the moeven call. What did i do . I bought along with them. Ill probably be in there about a week, judge, theyve got earnings coming right up. Weve got several stocks with big earnings reports either tonight or tomorrow and im seeing big, speculative paper on several. We picked out mondelez as one to be in today. Good stuff. Come on back, Brian Sullivan is here with a look at whats coming up on power lunch. Scott, thanks. Another big day here coming up at the top of the hour on power lynch. Some big interviews. Chris ol calisters, where are they putting money now . Where is one of the biggest investors in the world putting their money . Eric cantor is gon going to join us now. And dr. Oz is going to join us on health care reform. What is an actual doctor want to see . Plus, as you guys know, twitter shares popping and falling comments from mark cuban. Were going to dive into that, as well. Finally, auto sales hitting the skids a bit. Wering going to find out, thats all coming up on power lunch right after this. More halftime right after this. When you booked this trip, you didnt know we had over 26,000 local activities listed on our app. Or that you could book them right from your phone. A few weeks ago, you still didnt know if you were gonna go. Now the only thing you dont know, is why it took you so long to come here. Expedia. Everything in one place, so you can travel the world better. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Welcome back to the Halftime Report. Ewe nated airlines ceo testifying today on the industrys treatment of passengers. The ceo taking tough questions, as well, from lawmakers. Phil lebeau on capitol hill. How hot was the hot seat today . About what we expected. There were some hard questions, but it was nothing blistering. But this hearing is almost of and its played out almost exactly as we thought it would. Yes, there were apologies again from united ceo oscar munoes. And plenty of criticism from members of congress about their own Flight Experience or how their constituent res treated. And there was at least a veiled warning from a few members that if the airlines dont fix their act, the congress will step in and do it for them. We have a problem that shouldnt be as bad and unpleasant as it is. And youre the only people that can fix it. That should be the take away from today is seize this opportunity because if you dont, were going to come and youre not going to like it. Now it will be interesting to see whether or not we see members of Congress Move toward eliminating or banning the airlines from overselling flights. Southwest has already said it will stop doing that next week. But today, guys, we heard from Alaska Airlines saying, look, we had 670,000 seats last year that we would not have filled if we could not oversell or overbook flights. It helped us fill up those flights. So that will be one of the contentious issues in the future, that along with whether or not airlines should no longer charge reservation change fees. That brought in about 2. 5 billion for the airlines last year. At 200 a pop or Something Like that. The money piles up quickly. Phil, thanks. You bet. Speak of united airlines, were going to hear from one of the countrys largest shareholders next week, brad girschner, he will be participating in the 22nd annual Investment Conference in new york city along with bill ackman, einhorn, gundlach, plus more you see there on the screen. That is one of our certain highlights of the year. Speaking of bill ackman, perschman began trading today on the Stock Exchange in london. Now its open for trade to go british investors. They can now own a piece of Pershing Square holdings. Thats the publicly traded fund run by Hedge Fund Manager bill ackman. It has been listed on the euro neck amsterdam since 2014. This fund in london is a second listing. So why list on the london Stock Exchange . Well, ackman said in a presentation to european shareholders last month that the british market has a deeper pool of investors and he hopes that demand will narrow the difference between where the stock trades and the Net Asset Value of Pershing Squares investment. To capture the popularity of index investing and in conjunction with the second listing, Pershing Square is about 4. 7 billion. The firm manages will 11 billion total. Half the amount of what it managed two years ago. Pershing square suffered from negative returns over the last few years, notably due to a position in valiant which resulted in a 4 billion loss. The purpose of this publicly traded fund, of course, is so ackman can have a permanent pool of capital to make his betts, guys. Even more so, right . He already has a good pool of permanent capital. And the point you made is important in that he wants it included in the ftse 250 because then index funds essentially will have to buy it. Exactly. And when theres greater demand from the index funds and the investors in london, then hes hoping that it does narrow that discount that theyre experiencing in the trading. So the other important point to make here is people are focused on the negative performance and dramatically so as a result of valiant and herbalife not working out. But i dont know if many people realize, from march 31st, 2016, so the end of april 2017, the month that just ended, theyre up 18. 5 . So many of the other stocks in the ackman universe have worked of late, restaurant brands, air products, platform, fannie, howard hughes, its these spectacular misses that have dominated all of the talk in the media. And elsewhere. Whats so interesting about that, and i think part of the reason why theyve dominated the attention is because the valiant bet was a very creative bet. With chipotle, its been bread and butter activism. We havent seen much in the way of creative structures or scandals or anything like that that would capture the headlines, as well. Its just these investments that have done well are bread and butter long investments. And chipotle has done well, obviously, yeartodate. Thats helped him from a vet good month of april from what we understand. Halftime back in two minutes. Im dr. Kelsey mcneely and some day you might be calling me an energy farmer. Energy lives here. The power of the nasdaq market. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. Hey, ive got the trend analysis. Hey. Hi. Hi. You guys going to the Company Picnic this weekend . Picnics are delightful. Oh, wish we could. But were stuck here catching up on claims. But we just compared historical claims to coverages. But we have those new audits. My natural language api can help us score those by noon. Great. See you guys there. We would not miss it. Watson, you gotta learn how to take a hint. I love to learn. Time now for the blitz. Cum cummins beat on the top and bottom line. Finally, right . Finally attached at the hit. Cat and cummins both rock stars. Much better. Just overall the whole quarter was very good. Numbers are going higher. Still like it. Tenet health care. Look at that, doc. They have to be catching a lot of folks short on this one, judge, selling off some hospitals in houston. Theyre doing a deal with humana for hospitals and access to that. Just a huge beat. Much better than expected. The stock is trading about four times normal volume today. Joey, what should we make of cbs . The beat on the earnings, front end sales not so good. Investors are placing their bets elsewhere. Business was also pretty good here. What we should make is im not happy. Im long the stock and were seeing price actions today that reverse from 83 below 80. We need a take a look over the next several days. At that point we exit. Josh, mastercard, alltime high, cramer today, this morning, was talking about the tremendous strength in latin america. That follows the unbelievable strength that theyve seen in europe. This is a story thats come together well. Ive always liked this and im long the stock and i have to tell you it might be the best Business Model on earth visa mastercard. No credit risk. The bank is assuming that, just the interchange fee. This is a quasi duopoly. They can do whatever they want. The company came public just before the crisis. If you bought it then and held it through up until now youre up 2,600 in total return. Its pretty phenomenal story and keeps getting better. Take a quick break. Well do final trades and look ahead to other big earnings coming up. What powers the digital world. Communication. Thats why a cutting Edge University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. Welcome back to the Halftime Report. Im jackie deangelis. Copper falling 1 today and coming off a onemonth high on some weaker than expected Economic Data out of china. Brian, copper up 5 this year, would you be a buyer or a seller at these levels . Jackie, you have to look at the chinese data, the u. S. Gdp numbers. A 5 to 10 pullback is coming after being up nicely. You have to be careful short term but it might be china today but tomorrow its about india and that country it self, if that hits 8 gdp this year, i love that play. I love that story. Later in the year im a buyer of copper. We hit alltime highs once you get more data out of india and that will be a huge infrastructure buildout. Jim, youre looking at the charts, do they say the same story that brian outlined . Were still in a broader range that goes from 2. 45 to 2. 80. Within that there could be some fairly significant moves. The cheat sheet in my opinion is to look at the dollar. If the dollar falls below 98. 50 and they have been inversely correlated the last five months or so, if that happens, copper goes higher. Copper taking out the high and the dollar falling and i have 2. 90 on the upside as my target. Today on the show we have a packed one. Were joined by stephen suttmeier, mark eibel, talking earnings season, the vix, gold and more all at the top of the hour. Halftime back after this. Hey gary, what are you doing . Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. Pay pal, some strong notes the next couple of days. Changing the funding method. Westlake chemical is a boutique Chemical Company ive liked for a while. Theres an acquisition they made and a lot of synergies and underlying particularers. Wlk. Josh brown, just a message for those long apple, if they react negatively to the quarter in the after hours, dont panic. Dont follow the leader. Nvidia. Disaster with amd. Good stuff. Good seeing you all. See you soon. Power starts now. Thank you, scott. Im michelle carusocabrera. Heres whats on the menu for power lunch. Auto sales hitting the brakes. Gm, ford, chrysler, all those shares are tanking because of their latest numbers. And then twitter, meanwhile, its popping and thats thanks to comments from mavericks owner mark cuban. His bullish take on tech and his bearish stance on jobs. Straight ahead. All that plus president trumps budget directors are expect ed o speak at the White House Briefing in the next 13 minutes. Well carry his comments live. Power lunch starts right now. And welcome to
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