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tv   Power Lunch  CNBC  March 24, 2021 2:00pm-3:00pm EDT

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good afternoon, everyone welcome to "power lunch. along with melissa lee in a moment, intel making a $20 billion bet on two new chip manufacturing plants in the u.s. but will going all in pay off for the stock? we'll question that and get answers for you. slowing demand in oil as global lockdowns continue and a possible disruption in the suze canal. we have the details as -- and the impact on energy
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later home decor company at home soaring amid a pandemic rush but can the big begains continue "power lunch" starts right now. >> the nasdaq is lagging down as a rise of bond yielding taking a breather today two biggest dow wenters both up about 3% right now chevron with a boost with 5% boost and tyler mentioned intel, that stock is giving up early gain gains but a number of other chip stocks are rallying but first let's get to steve liesman with the economic recovery of fed chair powell and treasure secretary janet yellen steve? >> providing some hint of a level of interest rates to cause him concern and might prompt that action and said that so far the rise in yields looks to be
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more linked in the outlook for the improvement in the economy and is to be expected. >> there's been an underlying sense of an improved economic outlook and has to be part of why rates would move back up from the low levels they were at back up toward levels that were more likely to see and that's been an orderly process. i would be concerned if it were not or if conditions were to tighten to the point where they might threaten our recovery. >> powell did not say what that magical mystical or mythical level of bond yields was that would threaten the recovery and said some supply bottlenecks in the economy but saw them in the inflation as temporary the conclusion after two days of hearings, the monetary policy unscathed and has a political green light to stay the course on current policy. tyler? >> steve, so did -- he wouldn't
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really pin down where he starts to get concerned at interest rates and he didn't seem concerned about inflation. he said last week, for example, he is not looking at forecasted inflation but at the real thing. >> he didn't give a level but you can rest easy there's some level to cause concern i don't know that's wholly new information and has been said in the past the big concern of the fed is not so much the rise in the level but the speed to which it got there and used an idea of an orderly increase. they don't want to see markets seize up or otherwise create a need to provide extraordinary liquidity to the market. to get where it's going to go in an orderly fashion and would cause them concern but a lot of the talk on the street is some level above 2% would be a level of concern but we're not there yet. >> steve, thank you very much.
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did powell and yellen give the green lights to stocks for more gains? should investors welcome higher rates? let's bring in ron ansona and laura cane ron, i heard a couple hours ago on scott's program he listed a lot of cyclical stocks at all-time or multi-year highs he also referred to their pe ratios those are high what happens if the "e" doesn't come in over this year >> was that a rhetorical question >> yeah. what if "e" gets a "f" >> you get compression in the multiple we haven't fully distributed the $1.9 trillion in aid and presumably $2 trillion to $3 trillion in infrastructure, climate change and other types
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of policy initiatives out in front of us by fall so it would appear that's what the market is pricing in if it is modified you will have compression. historically those cyclical stocks sell in the low double digits if that high and so you got a lot coming and having said that within would assume that money is comes because the market's anticipating it for a while and getting signals from everywhere washington and wall street of more stimulus to come. >> laura, you actually believe that earnings come in nicely and support stock prices for further gains. >> that's right. we recently revised up the expectations we expect 28% earnings growth this year and 13% next year. a lot of growth from the value segment and positioning in the
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cyclical parts of economy and think some of the preferences are in financials, energy, consumer, industrial stocks. those are the areas to be positioning in as this economic rek recovery gets under way and the fission call stimulus kicks into gear here. >> ron, we have to be worried of inflationay pressures and i know that chair powell may know that magic magical level in his head. i wonder how you think of inflation and companies like general mills say it is widespread and global and heard from 3m earlier this month also saying the same thing. how much do you think will be in fact transitory and if they are going to pass the prices, the increases to consumers, do you think they roll them back when inflation is no longer there
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>> it's a pretty complex question overall and i put it rather indelicately with the inflation bubble it is a piglet through a python and any push-up in the price of various goods and services will produce an increase in the rate of inflation how long does it last? do we not only raise the level of inflation towards or above 2% but does it accelerate beyond? that's a question we can't answer right now and my guess is the former more than the latter unless we see some other extraordinary policy initiatives to some ways further light the fire we have deflation in europe and constraint on prices but price of a median house is up by $24,000 because lumber is selling at $1,000 per 1,000
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board feet but for now i think that it's a -- for the moment it is a one-time ajustment and then the economy has to rip for a year to see that step out in an increasing rate of exchange. >> laura, quick final thought here you like the cyclicals what about the companies that had run up, have now had a little bit of a clipping to the prices in health tech or gene tech and so forth? is this a time to add there? >> yeah. what you're referring to, the sector growth thematic companies some have a pull back and largely because of the movement in bond yields so we have seen some of the valuations impacted but to your point we do think that there are
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some parts of the economy that come out of this pandemic as instruct rally advantaged so whether it's exposure to digitalization trends or genetic therapies there are a lot of positive drivers there so we think that the recent volatility is an opportunity to add to the areas. >> laura, thank you very much. rob, appreciate your thoughts. intel new ceo doubling down on chip manufacturing. planning a $20 billion investment in two arizona plants aimed to build chips >> we were at an inflection point and we had to make a decision with regard to being that foundry, you know, for ourselves but also for the industry i'll say there's a handful of things that changed. it is a different market $100 billion foundry market by 2025 and few companies to step into that with leading process technology
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there's also extraordinary interest on the part of u.s. and european companies and governments for a more balanced supply chain and we are one of the few companies to step into that. >> the stock roughly plat after 13-month highs today will the big bet pay off dan new man joins us. >> thank you for having me. >> last night i was watching the story and see the stock react in the after hour session i'm wondering why you think there's such enthusiasm as the announcements were made and what sort of dawned on annalysts as time went on >> we hear about the rational exuberance everybody was excited at the initial announcement we haven't had a whole of answers, some people probably jumped to think that this is going to solve problems more
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immediately when really we look at something with a big impact for intel from 2023 and beyond but in the short run the company still has execution hurdles, needs to get the 7 nanometer into market more quickly, deal with short annuals, maintain strong market share positions and prove to investors under the new ceo that the company is going to execute in a way that it's really not been able to do over the past decade. >> the stock is up 27% year to date, dan, already on this hope that intel is in the midst of a turn around. is this where the stock should be right now or do you think -- there's a notable headline, cheap value that basically this is a cheap stock and there is some upside here with pat at the helm. >> yeah. as an industry guy, stacy's great to look at pricing and listen to his commentary in the last hour and pretty bearish
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overall. the run-up is on the fact that people have been baiting for intel to clearly articulate the strategy the company still has 90% of the server market. has made gains whether it's network, iot, automotive and performed strong with the eps and times earnings ratio is low in comparison to others in the industry but that's because of the failures to deliver on some things and people have really looked harshly upon the failures and he is humble saying we need to execute day by day i had a chance to ask a question about the inflection moment for the company and he said it's each day and week and moment that the company is going to need to be able to deliver on the promises so what he's saying is a reason for some enthusiasm. throwing the kitchen sink as was said but now the market needs to see execution so the run-up
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under pat has been deserved on certain execution and promise but now people are going to look for the results and i think the new strategy is very encouraging, exciting, but people want to see results. >> how big a bet is this personally for the new ceo and the company? the tenure is defined by how this turns out. >> yeah. i believe this is a really big inflection point for the company. we have had a moment where everybody's raising the hand saying who will solve the economy conductor shortage issue? and intel's raising the hand it's doing it without any guaranteed federal subsidy there's a commitment for multiple fabs in arizona it's i believe looking at that opportunity to both meet the leading edge process nodes and a foundry service to provide 100
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billion market opportunity for the company to pursue. so he's looking at growth, opportunity. you have new process nodes in three and five nanometer and come pet or thes coming in and they can say we can play in the spaces we may not be the ones designing the chips out as intel chips but with the foundry service we can work with qualcomm and arm and work with nvidia and other companies and potentially diversify revenue and risk so up front it's a big investment and a big risk but if you're listening to what he's saying he's saying we want to pursue all the markets, use our leading research facilities with ibm whom they partnered with in the announcement yesterday and say let's attack more of the market and concurrently though the company has to focus on keeping the big market shares
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they have. the 90% in server and 80% in cpu to grow them in 2022 and '23 while the strategy is implemented. >> all right dan, thanks. >> thank you. coming up, energy stocks surging. another 4% higher building on what's been a big rally to start the year do these names have more room to run? plus, check out shares of at home down double digits after the home furnishings company fl flourished in the pandemic and now a consumer to head back outdoors and supply chain disruption we'll talk to the ceo right after this break
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many people have been turning back to sort of bird nesting how do you like that >> thank you for having me i'm thrilled to talk about the year we had a transformative year sales growth 25% 19% same store sales growth. we had a $400 million improvement in free cash flow and the profit was equal to the three previous years combined and had a record year. >> let's talk about the future and what you see there obviously consumer habits in the past year did change, people were not going out and buying nice suits, armanis and so forth to go to work but spending money on the homes and shows up in the numbers of your company, home depot and others but about the future there seems to be some concern that people go back to old habits. >> i think that the value of
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work and the changing work environment is going to be hire to stay. i would say we'll be in a hybrid mode some work from home, some in the office and people will still invest in the home and home office going forward clearly obviously a shift from goods to services, a little bit, but we grew now times the industry average there's a lot of opportunity to continue to gain share. >> do you think that the absolute dollar amount spent on the lee on home furnishings could remain the same or be higher this coming year? there's competition for people's spending in an increasing way in a reopened economy. >> i think there's obviously going to be a shift in the marketplace. there has been for sometime. in fact, 1,500 stores in our sector closed last year.
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we're clearly a winner we had the profit kt we have had and continue to open stores and we give people more solutions to come to the store and we have the lowest prices in the industry and people gravitate to great value and we have the largest assortment >> we mentioned supply chain issues i'd add to that potentially like to get your thoughts on tariff issues i assume at least some of the products are sourced out of china. talk to us about supply chains in china or other manufacturing centerings around the world and then the tariff issue if it applies in your business at all. >> sure. there's global supply constraints right now across the globe and so we're dealing with it navigating it quite well we are the 35th largest importer of goods in the u.s. of al
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industry so we have scale. our inventory position has improved through this time since may when we were down 30% on a company-wise basis, down 20 pistons in q-3 our receipts continue to outpace the sales on a weekly basis the past six months and it is costing us more. and we've been able to have great partnership to make that happen for us but it is costing us more and on the question of tariffs we import a lot from china. we have reduced the dependence on imports over last number of years. we don't see from a tariff standpoint that changing much in terms of the new administration hasn't mentioned anything about that lately. we have built that into the consensus forecast. >> okay. lee, thank you very much continued good work to you. >> thank you. we have a market flash on
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the cruise stocks. dom? >> they're moving off the best levels of the session giving gains. the reason why is because the cdc issued new guidance saying that conditional sale orders for the u.s. markets and the u.s. waters will remain in effect until november 1st keeping some restrictions on the cruise line in effect since last year in the lockdowns. that's why you see the action in carnival, royal caribbean and others taking to the downside. >> thank you. still ahead -- spacs getting crushed and one annualst saying a reckoning is coming. josh richards will talk the business of going viral and the new deal with mark wahlberg. all that and much more after this quick break
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shares of games down 20% today after the bell reported results for the first time since it became the center of a stock trading phenomenon results for the fourth quarter were rough but that was not unexpected what people wanted to hear was more about the company's digital plan but it didn't deliver on that and the company didn't take any questions from analysts.
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that was a big disappointment for investors. robinhood which played a big role in the games frenzy filing for an ipo and confidential so no new details about the company emerging just yet. the market seeing an spac-lash over the past month. cnbc spac 50 down. there's a note of caution about this spac-tivity. >> it was crazy. it is crazy. it is settling down and will be dumb deals done, unbelievably stupid investments will come your way and will see -- what will shut the door is when the cash in trust redeems and get the $10 back and people feel it's not just a free lunch. >> he mentioned churchill and open door as two he thought investors jumped into without
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knowing what the companies were actually doing and i guess this is part of that momentum in the markets right now where you want do get in on something that's hot. >> yep. >> with momentum and be part of it. >> the match was lit and now investors are lit about -- >> apparently -- >> may get lit up! >> many are trading below $10. unit prices so that's of concern. energy, the best performing sector right now today bouncing back from a recent selloff with a boost from the trouble in the suez a giant cargo ship is stuck in the canal blocking everything and helping send oil higher by more than 5% much me oron the impact on energy shares when "power lunch" continues.
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welcome back here's your cnbc covid update. a milestone for covid vaccinations one third of u.s. adults or more than 85 million people received at least one dose and approaching a more negative milestone. the u.s. will hit 30 million confirmed cases according to johns hopkins.
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dr. fauci says he is often asked if we have turned the corner. >> my response is really more like we are at the corner. whether or not we're turning that corner still remains to be seen we have a lot of challenges in front of us with regard to the high level of daily infection. >> after the eu threatened earlier today to cut off vaccine exports to the uk both sides issued a joint statement stressing cooperation is needed amid a third wave of cases and will keep talking about a win-win situation to expand supply for everyone. in peru, a vaccine shot. this 85-year-old man said he is locking forward to the second dose to get back to the club where he loves to dance. he attributes his -- he attributes his dancing skills to a healthy lifestyle and no smoking, no drinking and staying
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active and loves to dance obviously and playing ping-pong. >> i have a new show concept for you called the masked dancer. >> i like it. >> there you go. >> he has the moves. >> thank you. let's take a look at the markets right now. the dow industrials are up the s&p 500 essentially flat nasdaq taking a bit of a step back today by 1% and the russell 2000 stabilizing but again down by two thirds of a percent. amazing video from the suez canal. a massive cargo ship blocking everything going in and out. that's helping to send oil prices sharply higher. let's go to dom chu for more. >> that massive stuck container ship is a factor in the higher oil prices $60.84 some estimates have around 10 million barrels of oil stuck at
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either end of the suez canal looking for clear shipment so the supply disruptions are boosting prices and the gains capped in some way by the demand side we know that concerns about extended pandemic lockdowns in europe have a downward effect on prices and we got inventory data that shows an unexpected build in weekly supplies 1.9 million barrels built for in expectations so oil prices are shrugging off that bearish data. back over to you. >> thank you. energy still by far the best performing sector year to date with every single component positive on the year as rebounding demand is drive prices higher and some names having a breakout year exxon the big winner up 38% so far.
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for now we are joined by sam margalin first of all, i want to ask you about the suez and whether it has a major impact on supply. >> supply is tight with the opec cut. i think a lot of the magnitude of the move today is actually about yesterday which is overdone so in addition to pricing in whatever impact of the canal we had to reverse yesterday's selloff which is mostly it can call so there's a couple different cross currents but for sure opec's cutting so in inspector general to take more supply off the market has that effect. >> sounds like according to the notes i have read that you think that getting over the virus, reopening the economy is a bigger factor to drive prices and stock. how do you factor europe in terms of a third wave, new
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lockdowns across the continent and also, reluctance to be vaccinated more than half of people in italy, france and germany polled have said that they think the astrazeneca vaccine which they have access to is unsafe >> yeah. demand's been a main influence over the past two weeks since the top of the energy market and the correction since the middle of the month all about covid trends getting more negative and lockdow lockdowns as a results of that and shook the investors. everybody here is very built up about demand especially for sum j er everybody is excited to travel when you see something in another part of the world going the other world it's a sticker shock associated with it, too. that's been behind the rapid selloff but jumping off what i
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said earlier nothing really changed for the second half. this is near term head wind and hurdles to get over but the idea of vaccine distribution is still there. >> so there's no preference for instance -- you liked exxon and chevron. the more sort of other places in the world focus as opposed to a urini european integrated. >> yeah. that has to do with how much they invest in renewables opposed to oil and gas and more so than splits on demand or covid trends it is market sentiment on a better return in oil today which people think there is because the price is going up so that's what divides those two sort of classes. right now as long as it's higher it will benefit them
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disproportionately in the integrated space. >> some people are saying that the economy is going to be like a post-war economy where we're rebuilding, reopening, pent up demand so we have that dynamic going for oil and then we have the potential impact of the biden mb biden administration fill in the blanks for me. this is the best times for oil since when >> because it's a rough patch for the oil analysts. >> could be a best time since 2018 2018 and even most of 2019 was a healthy market so it's -- it's really the violence off the selloff than the duration of it reversing right now and so that's also what frames the upside when you talk about stimulus effects and pent-up demand is all very good for the next call
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it 24 months but there's a long-term outlook where oil and gas are a decliner that's going to cap valuations on multiples and if you want to see a move in the space that sector bulls hope for that's the piece to be put to rest. >> got it, thank you. >> thank you. let's go to the bond market. shall we we'll find rick santelli tracking the action. hi, rick. >> hi, tyler we had a 5-note auction and tomorrow a 7-year and the last -year might have been the worst i have graded like in forever so supply is important but once again we dodged it today look at a 2-day of trends. we settled at 140 last month up 24 basis points but backing away from the intraday high at
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1.35 the knob spread in chicago futures it is turning down many like to look at this as the momentum there's an important dynamic between the two longest maturities so yields could come down more quickly intraday of the dollar index, how choppy is that? look at the 2-day. we have ascended the dollar index may take a break if interest rates continue to break back to you. >> thank you. the great rotation continuing today as the nasdaq is down just about 1%. if money is moving out of tech where is it going? the dow transports giving 2% today. u.p.s. getting love on the day that is next on "power lunch."
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welcome back to "power lunch. fedex shares higher after barclays named it as a top pick. it's only one underweight rating and an average price target of $335, more than 20% above the current stock price and delivering an earnings beat last week thanks to what the cfo called an unprecedented holiday shopping season. quint, do you agree with the call >> yeah. i like the call. the company is really trading at 14 times forward next year earnings or 2021 earnings, sorry, and set to grow by almost 100% and citing an increase in mar ji margins. what's not to like
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i'm not so sure i agree with the huge surge in e-commerce but the company has a very disciplined cap-x approach so i see certainly the opportunity for the cash flow to increase and the numbers to be hit and on the bandwagon here and a top pick in the sector. >> jc, you are not a big fan of the fedex. what is your top pick? >> i do like transportation stocks transports have been the backbone to this economic recovery, to the stock market recovery and fedex is a part of that but when you look at the stock charts, when you go through the rails, the truckers a lot of these are extended. right? i'm looking for a stock chart that's not extended and xpo logistics is just that i like it because the longer term chart is bullish, broke out last december, consolidated and has pulled back to buyable levels at 115.
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from a tactical perspective i think there's a bounce off sup support here and we break above 130 to set a technical price target back to 145 so i like the upside potential that they have right here. >> jc and quint, thank you back to you. >> thank you, seema. some of 2020's biggest stock market winners hit hard today. the nasdaq at the lows of the session right now down more than 1% one star from 2020 whose stock is still rising in 2021 is tiktok sensation josh roichards. he has partnerships and angel investments in several companies and just turned 19 i hate him already he'll join us on "power lunch. just kidding, josh see you in a minute.
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sfoi let's run you through the markets right now. the dow industrialsxd■rallying after yesterday's performance, up about half a% f. s&p 500,+■■■ basf311e■ uflat nasdaq composite is slid here just in the last hour, now down more than 1% theok russell 2000, stable at lower levels, down .8% yesterday about 2:00 that was when things started to have get away5■■■from us a little bit >> the turn continuing even èé$ough rates have been stable all session long watching gamestop ing■the
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close, it took a leg lower, down by ñi■5% it is fun to watch, for one. second of allt(■there was an interesting call out of jefferies rising the price targetç■ on gamestop by $120,00 to $160 per share. ok e1shocking, right jefferies is also on the deal for the secondary offering for gamestop there you have it, gamestop shares downc26%. tyler good to be withfá you. >> good to be with you. >> thanksqfor watching "power lunch. >> i am wilfred frostçó■along wh sara eisen a mixed session. stocks messily gaining back after yesterday's late day selloff. the dow in the green, s&p holding on the gains, the nasdaq off by more than 1% despite a drop in yields and the s&p not holding on to gains afterall fed chair powell and second yellen spoke for a second day on rating his expectation for a very strong year


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