a great preview of one of the big events coming up next week in san jose. you'll be busy tomorrow looking at sort of the impact of some specific financial stories, right? >> yes. if you look at shares of nycb, they're up 7% today. that stock extremely volatile on exposure to rent stabilization. we're doing a deep dive tomorrow inside the rent stabilized market. >> that's a big story on a day a lot of sectors are working ex-tech. to post 9 and the judge. carl, thanks so much. welcome to "the halftime report." i'm scott wapner. front and center this hour, the state of stocks with the s&p trying to extend its record high. more questions today about the fate of the so-called momentum trade. we debate that with the committee. joining me joe terranova, shannon saccocia, kari firestone. check the markets here. the russell's up. the dow is up. broadening continues as the s&p and nasdaq, materials among the strongest today. joe, the tale of this market is

told in two stocks, but the narrative around both of them, nvidia, target raised to 1,100. top pick bank of america. tesla downgraded to underweight at wells. we're showing you the year-to-date returns from both of these stocks which, in a sense, tell a story of the market at large. stocks like nvidia doing incredibly well. the question is, are we really seeing a trend change, yes or no? >> a trend change as it relates to momentum being the positive factor? unequivocally, no, we are not. >> we're not? why do you say it so matter-of-factly? why are you so sure? >> so far, year to date, trend following nondiscretionary funds, and you can go ask aqr, mulvaney capital, you could go

ask dunn capital, they're having their strongest start to the year since 2008. momentum is a factor is back, leading the market higher. if you do not have momentum, you will be punished as is the case with tesla. if you have momentum in the case of nvidia, nvidia right now, by the way, is literally the market. where nvidia goes, the market is going to go. and nvidia in the last several days has had this handoff from fundamentals to technicals. i talked a limb bit about this on monday. monday nvidia got down to 841. last week's low, 834. you have a gap down to 823. guess what, it holds there. momentum restarts. nvidia bounces. the market bounces. here we are on wednesday, nvidia a little bit weak, be wobbling somewhat. market down. it is all about nvidia. >> in nvidia stops going up in

the way it was going up before, that will then have an impact on the factor of momentum. you're saying it's the whole market. how can you say, unequivocally no, that momentum isn't -- >> it's a near-term phenomenon, and it's not going to break the trend. it's not going to break the positive trend of momentum. could it lead to a correction within the market? absolutely. and it rightfully should. the rest of the semis are following along. look at lam research, kla, all the semis are following along. the largest context, we have a well-defined bullish trend. >> chris harvey says momentum trend is not broken. the near term reversal may have room to run, he says. macro factors do not suggest an inflection point is likely. citi says, well, we find that investors are crowding into a segment of the market rather than call it bubbly, we think

concentration risks are the concern. how do you address that? >> concentration risks have been the concern for how long, scott? i don't think that's anything new. we're in -- when we look at the quarter at-large, quarter over quarter, where weperspective, w period where we don't have a lot of micro data. we're outside of earnings season. we're not getting that corroboration or a lack of corroboration from the micro for the macro. in those periods where if you're looking at certain factors being able to persist or sustain, that's when you start to see maybe a pronounced -- a more pronounced effect on the market because you're not getting those idiosyncratic forces that may potentially upset a trend. the other thing is that we're not seeing anything fundamentally from an economic perspective that indicates that trends are changing. we're not seeing that move from expansion to contraction or vice versa. so unless there's a catalyst for there to be a change in the

factors that are driving the market, which i don't see over the course of the next few weeks, that's not likely to upset what we're seeing today, and i don't think that investors, if they've been in these stocks that have been benefitting from momentum, a lot of overlap of the stocks is also with quality f. you're in those two factors, what necessarily puts that at odds with where we see the economic picture setting up, where we see the fed setting up, those sorts of factors. >> shannon is saying stick with what's working, quality and momentum. that's the kind of market it's been. don't take your eye -- don't get distracted by these one or three or four day moves in nvidia. keep your eye on the ball. the ball says quality and momentum will lead the market higher. that's what i hear shannon saying. >> i think they would agree and i would say in the near term that's true. the people who bought tesla last may and last june thought that they were buying momentum and a trend that would persist more

than six weeks. but it stopped in july. so you don't know when it's going to stop. and momentum is something that refers to the present and refers to what has been recently in the past. you can't predict the future. so here is something that i believe is important to look at. it isn't predicted but important. we went back 20 years and we have looked at all of the stocks over 20 billion in market cap that were up more than 200%. 200% in a 12-month period. to see whether they persisted with the rally, and it turns out that the majority don't. the majority underperform the market in the following 12 months. now there are also things you can point to, it's flawed because it starts at the wrong month or a little flawed because you didn't do $5 billion market cap. the truth is it's not a given that these names, that nvidia is going to go up for the next, you

know, three years or four years. so we have to be careful. you have to think about what has worked and where your position might be getting too big and adjust to that. >> you made a really good point. we're talking about the next several weeks, i think, before the next earnings season. >> and i can agree with that. >> from a longer term investment perspective the other factors really need to be taken into account. >> joe is feeling good -- >> i'm sitting here listening. >> it's a joet kind of market. i thought pisani did this earlier, and it was really telling in his report. the quality etf is up 11% year to date on friday. the mtum etf, 52-week high on friday, up near 19% year to date. the joet, which meldz them both, quality and momentum, is up

10.5% year to date at an all-time high. more than a third of the holdings in your etf are at or near all-time highs. >> i do. the distinction between the quality etf and the joet etf it is equally weighted s&p is up 5% year to date. i do believe it continues. kari, you can look back and say we have stocks up 200% and they don't act. >> it's fact. >> you will find nondiscretionary funds will redistribute capital into other areas of the market. you utilize tesla, as an example. momentum is clearly broken. momentum funds will begin to move away from tesla into other areas of the market where you're beginning to see momentum building once again.

so momentum is really a moving target, but to dismiss the premise that trends can dominate the marketplace for an extended period of time, i disagree with that completely. and i think for the very first time, because of all the positive -- >> but i didn't say that. >> i know you didn't. because of all the positive fundamentals we had in 2023, i think this is a market that, for the first time since maybe 2021, is really rewarding the trends. i think the trends will continue. i think this is a year about trend following. >> if you look at some of the names, we're talking about a home builder like lennar, talking about energy related stocks, refiners like marathon and valero. we're talking about meta. we're talking about some financials, american express. i think amd and nvidia obviously. but i'm trying to look outside of those areas, costco. >> airbnb, garmin, chipotle in

consumer discretionary. the stocks are all performing incredibly well following momentum. >> what says that is not going to break down? >> i don't think it's break down. i think it's maybe moderate the pace at which the performance is appreciating. i think you can expect that. when you look back and you study the history of trends within marketplace, we're at the early stages of these trends. let's remember where we were in january of 2023. i sat here with you and the strategy was liquidating the mega cap names. three months later, the strategy was going back into those mega cap names. i cite the fact the strategies, the rules did that, not discretionary joe. i don't believe i would have done that. when you begin to see the early stages of a trend evolving and

developing in a marketplace, i think you could have an expectation that it's not going to be something that's short-lived. the beauty -- the beauty of this, and bob pisani did a great job talking about this, is trends are developing in large -- mid and large cap stocks that have the profitability and have strong balance sheets. you're not seeing trends in nonprofitable companies and small caps. >> when i was trying to figure out how i wanted to take this segment, i looked, well, if we're talking about momentum and, in some respects growth, i looked at the arkkk. it's down year to date, to your point. because a lot of stocks are in there are not profitable. >> they need the cost of capital to be free to develop the momentum, when the cost of capital is no longer free, you want to turn to these companies

and, again, bob did a great job talking about this. think about meta, think about nvidia. nvidia, meta, they're both momentum stocks. but, guess what, they're the purest essence of what quality is as well. so that's what the market pays the premium for in this environment. >> we are sort of wondering whether -- if there is a breakdown in quality or momentum, both, the chips could be the most vulnerable, and maybe you're seeing signs of that this week. week-to-date losses in the semis, marvell is down 9%, amd down 5.5%. micron down 4, broadcom down 3.5. broadcom, quality momentum. that's been on the list. kristina partsinevelos is here at post 9 to help us look at this. is that how you're thinking about this? if you do have a bigger breakdown your beat, your space is the space to look perhaps. >> let's start with broadcom and marvell. their earnings were last week.

why we're seeing this weakness compared to other chips names is because, yes, they have a.i. momentum, but they're still exposed to the rest of the cyclical chips market. with marvell, they guided weaker for this april quarter, so that dragged on the stock. for broadcom, they reinnovated their full-year target. many were expecting that to go higher. they didn't. there was hype about the custom chips. you still need to keep that in mind when you talk about the momentum argument when many of these chip companies, amd, for example, are exposed to other facets of the market. and i question the time line, which was what you both brought up with nvidia, yes, they're launching their h200, their new b100 a new architecture for the gpu, inferencing, which is 40% of revenues, so that's going to help drive growth, but then you see a report from the information just yesterday talking about google, microsoft and amazon warning that customers are cautious on their a.i. spending because they need to see that return.

so i wonder in six months from now if that return is not there those capex budgets get cut and that creates a different kind of momentum trade, or maybe less. >> i think it creates at that point a reversal of the momentum for sure. you're underscoring the element of why you've had this positive catalyst for all these semiconductors because microsoft, alphabet, amazon, they're sitting there spending billions of dollars to build out the infrastructure, and them need the semiconductors to do it. i'll go further. they need companies like cadence and synopsis as well. >> do they need that two years, three years from now, constantly spending that amount? >> that's a great question and, candidly, kristina, i don't know if anyone knows the answer to that. what's the length of the cycle i think is the big question right now. and i think for people to come on the network and say, oh, i think it's going to be six months. i think it's going to be three years, i think they're just guessing. >> it's a possible risk. >> not trading like --

>> you're right. >> we've given the benefit of the doubt, so to speak, to almost everything. >> the stocks are trading as if demand is sustainable forever, and if you look at the charts even from price to sales for nvidia, you see this uptick. you question comparisons with cisco in the '90s, can it keep up this trend? if the big guys don't come through, every other facet, health care, auto, finance, they're all buying but they're smaller players. they're not spending -- buying 200,000 gpus. >> nxp is on the list, isn't it? >> it is one of our holdings. >> that's been one of the stocks trading near a high. jim lebenthal just taking a little bit off the table. my chip exposure has gotten too big, it's making me a little nervous because the space has gone crazy. absolutely. i look at the performance. we have 11% exposure, and i question, again, how long can this continue? my personal perspective is there's actually election risk

is your rounding semiconductors. and i think there's big election risk surrounding semiconductors. that's probably one of my primary concerns from a fundamental aspect. >> there's not much concern on wall street because broadcom reiterated a buy, the price target 1560. $1,560 for broadcom. there's all this bullish sentiment around these names. no one is really willing to give up the ship on these yet. >> no, and i think the challenge is this is the first wave of a.i., and people understand that if we go back to the dotcom bubble, the longer term impact we're seeing through cloud optimization of the internet itself, that is the likelihood that this trend could persist decades from now in terms what have it can do for the larger economy. the easiest way -- the easy button for a.i. right now, is chips. and so i think now you really have to take a step back and say what, to kristina's point, what

companies are spending on a.i. that will be able to monetize that a.i. you're going to have to show results a lot sooner than 2025. this is going to be a 2024 story for some of these companies. i think that's where you could see money come off the table, not necessarily because the a.i. trend is not sustainable or defensible but because there's better ways to catch the second wave. >> nvidia is going to remind us early next week exactly what their dominant role is, correct, at their big event. >> it's in san jose, their big a.i. event, gtc. >> monday/tuesday. >> this is the first live event in five years. there's so much hype they have to rent out the s.a.p. stadium. there's way more people expected. every hotel is booked. we expect comments on their new chips this year, collaborations with partnerships, how they're going to monetize software. that's a big one for them, right, because it's the whole ecosystem. and then inferencing, which was a little bit of a surprise, the second stage of a large language mod that will is driving 40% of their data center revenue.

inferencing is at a lower price point and you think of the new a.i. chips, the b-100 30% higher than the h-100. demand may drop. there may be demand shifting to the custom chips from amazon, microsoft, et cetera. there's a lot of factors at play. normally, according to ubs, the stock goes between 5% to 6% higher post these events on monday, on a six-year average. >> yes. >> there's alternatives to nvidia as an investment manager. is there true competition when you think -- it's nvidia and then everyone else. >> right. in the training process, no. i would say at the moment, no. in the inferencing stage, i do believe there could be a lot more. this is where maybe the technical side -- the nerds in the chips world will say otherwise. you have such specific tasks, and you can save a lot of money when you don't go for the giant expensive chip. i think that's where they'll lose the market share going forward. for now, first mover advantage.

>> i will look forward to seeing you out there, kristina partsinevelos. thanks for being here with us today. and then there's the other momentum name, it's lilly. obviously one of the best s&p stocks over the last year. it's up more than 130%. it's the best health scare stock over the year. they had news on their direct-to-consumer site they will partner with amazon's parm -- pharmacy. well, they're dominating everything. the stock is going to continue to go up. you've heard all those calls. >> the stock trades like a biotech. my belief is that it is on a journey towards a trillion-dollar market cap. i do believe, as i said the other day, it's going to sit in a little bit of traffic in the interim. i don't think it will get there as quickly as some of the other semiconductor names have. i think the stock might be vulnerable to a little bit of a pause. it doesn't mean that you step away from owning this company.

it just means you set the expectation and the overall environment. this is a health care stock, not a stock that has evolved in generative a.i. >> i keep hearing, kari, bullish sentiment around health care these days, other areas of the market. up say the market is broadening. look at health care, for example. >> it's up 8%. >> it's up 8% year to date. it's your space. >> i think that there are a lot of opportunities in health care, and with regard to lilly and specifically the whole obesity and glp-1 world, there are at least 24 drugs in clinical trials right now, human trials, using some form of glp-1 varieties, that will address the obesity market. there's going to be more competition. what lilly has done, which we talked about about a month ago is preempt the market. when they said we're not using

distributors, and i said i think this is about bringing the price down so it's more affordable, they already understood that lots of companies and organizations that self-insure cannot pay for their employees to be on these drugs forever or for long periods of time. so they're saying, we want to take control. amazon is going to be our partner in this. i think it's very smart. there definitely will be competition, more competition. >> would you buy a stock like lilly today? >> no, not right now, no. no. because of the competition. competition. i think there's a fair amount of alzheimer's valuation in the stock, and i question whether their alzheimer's drug will be what people are expecting. >> i'm not one of those people that are overly excited about health care, the exposure that we have to health care is actually underweight. and if you're looking at incorporating technology into health care, there's two names you can own, viva systems -- you know viva systems well -- which

is involving software into the space and iclr ticker symbol is managing the pharmaceutical studies, both names performing remarkably well. i don't share this grand enthusiasm for health care that others do. i think there's a little bit of a struggle there for the sector relative to other sectors. >> can i say one thing, health care has become, i would say, in the news and in the vogue because this glp revolution shows that health care is still kicking and alive and it's not the sector of the s&p that nobody has cared about for the last several years. it's start to go pick up the pace and it should. >> some reflects glp-1 has done for health care stocks what health care has done for chips. >> correct. >> we're looking for the real winners. we know it's a competitive space, but there will be more than one nvidia and more than one lilly. on the other side of nvidia there already is, also. >> it's spotlighting, amplifying

the demographic trends that are a tail wind for health care. there's a lot of demographic trends that are head winds for other sectors. if you think of the use of a.i., for instance, there's a lot of applicability within health care in terms of the efficiency that can be garnered let me get to contessa. an appeal bond to donald trump in the e. jean carroll did he have nation suit. cnbc has obtained a letter sent by evan greenberg that's going out to concerned investors about the surety the insurer issued to trump saying in the letter that the appeal bond provides carroll with the certainty of getting paid if the appeals court sides with her in donald trump's appeal of the verdict. chubb would pay if trump failed to pay her. chubb would then be made whole, it says, by collateral put up for bond. greenberg says it is polarizing and emotional but the insurer felt it was the right thing to

do. look, there has been a lot of public backlash against chubb, some calling into question chubb's ties to russia. the company today emphasized to me that the insurer ended its business there when ukraine was invaded. somecriticism has come in questioning greenberg's seat on a trump advisory panel on trade, but, by the way, he also served under the biden administration until march of last year, but it is highly unusual for the ceo of a company of this size to send out aletter to investors sort of addressing the political and polarizing nature of these concerns, scott. >> interesting, contessa. thanks for the update. contessa brewer follows the insurers for us. bill baruch joins us. he has some moves we want to go through with him and his portfolio. he'll call in next and tell us what he's buying and selling aouerthis break. >>nnnc: are you following "the halftime report" podcast? what are you waiting for? look for us in your favorite podcasting app. follow "the halftime" podcast now.

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a trade alert from bill baruch. he joins us on the phone. thank you for calling in to tell us that you sold arm holdings. tell me more. >> yes, we sold this on friday

in the early morning. this lockup period yesterday, it gave us some fear that we could see profit taking or selling. on top of that we looked at lacking a comment on guidance. we bought it at a good level. >> you got a nice one. we've been talking about clips. i know you're on your way to the airport. i don't know if you heard our conversation with kristina partsinevelos, this is highly debated if the gains already gotten are, take your money and run in some of these names, and you certainly seem to be doing that in a name like arm. >> i'm not at rotating out of tech and out of chips entirely. arm was a smaller holding.

i think a good reason to cut it here. nvidia is the number two holding. amazon, nvidia and alphabet below there. rotating underneath the waters and getting myself in a good position. a week from now or a year from now, i'm in a rotated position. that's what i'm trying to do for myself. >> you bought more southern copper. tell me about that. >> yes. southern copper is breaking out today. this is a tremendous move. it's been a good-sized holding. this is another add for us after confirmation of the breakout. china has decided to cut their

production so the refined product will be less applied. not enough supply of the raw material. what i really enjoyed from the price of copper itself, this was not a play. the best pure play on copper, their free cash flow is elevated. so down from its peak, it's more than doubled since 2019, and they're calling for free cash flow to pick up another 10% as you look out to 2025 and 2026. it's probably one of the best run mining companies in the entire state. >> and up bought phillips 66. >> marathon petroleum has hung around our top ten for a while. marathon petroleum is in that portfolio as well, it's been there more than a year since i

launched it. i want to diversify. phillips 66 is breaking out as well today. a little bit of a startup position. it gives me a little more diversification within refining. refining margins fell off the peak of 2022. they're still pretty elevated. if you look at it from a commodity perspective, if the fed is cutting rates later this year, a tail wind to commodity, lower rates will be a big help in the financing within this energy space as well. so i really like where phillips 66 is set up for continued gains not just chasing momentum here. >> thank you for calling in. safe travels. i know you're coming our way. we'll see you tomorrow on the set, too. that's bill baruch calling in. let's do this. i have something coming up in a moment, but i need another minute on that. what do you guys want to do? get the headlines with bertha coombs. hunter biden has declined the invitation from house republicans to appear at a

public hearing next week. in a letter to the house oversight committee chairman james comer, his attorney calls the hearing, quote, a carnival sideshow. the president's son testified last month in a closed door deposition for the impeachment inquiry. prosecutors rested their case this morning in the criminal trial of james crumbley whose teenaged son killed four people in a 2021 school shooting in michigan. they argued crumbley was partially responsible for the killing for having ignored his son's mental health issues and allowing the teen access to firearms. closing arguments are expected to start later this afternoon. and a new team of u.s. marines is headed to haiti to help protect the american embassy following months of rising unrest and gang violence. the u.s. military says the marines will help maintain security as haiti's prime minister resigns and the country sets up a transitional council.

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with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. we are back with a story new at noon, and some new developments now in the ongoing

proxy battle between disney and trianwith nelson peltz. the news today, earlier today anyway, that david faber brought us exclusively, was that jpmorgan's ceo, jamie dimon, had come out publicly, which was rare in and of itself, but he had come out publicly in support of disney's bob iger in that proxy fight. trian is now responding. we do have an exclusive statement from nelson peltz's trian in which they say the following. quote, disney appears to be leaning on its well-compensated investment bankers and commercial partners for public endorsements when this campaign should be focused not on how bankers and vendors feel about mr. iger but on how shareholders can ensure good governance and oversight from the board. it goes on to say yp morgan appears to be prioritizing its commercial relationship with disney's management over its responsibilities to disney and its shareholders including jpmorgan's own asset management clients.

this has already gotten p personal, as you know, in the days leading up to today, maybe taking a harder turn with mr. dimon coming out in support of mr. iger. now you have trian responding. trian wants two board seats at disney including one for mr. peltz and all of this coming to a head on april 3rd at the shareholder meeting. you guys don't own the stock, but this is going to remain interesting right up until the 3rd to see if trian can actually win this vote and get two seats, one for mr. peltz himself. >> this is, by far, the most compelling and interesting business story we have in front of us. i read through the restoring the magic. it's 100-plus pages. what nelson peltz says makes sense. disney already has a partner with a&e. why not a partner for its other television channels? it's going to need it. look at what netflix is doing

this summer. look at what's being done with apple in baseball and amazon and football. disney needs a partner. it's real. it's understandable. so there's a valued argument that he is making, a very valid one, and i just wish they would come together because i think together the effort would be much stronger and ultimately produce the outcomes that's best for the shareholders. >> i think he deserves a seat on the board, and everything nelson peltz has been saying is correct this is a company that has to find its way in the media world that has changed so dramatically since bob iger ran it the last time. it's not that many years. but this is an entirely new landscape. and just the fact they're trying to come up with a new streaming platform, it's very, very complicated. they own pieces of this and that and, you know, having a little more help isn't a bad idea. >> disney's argument, obviously, is we don't need the help. we're on the right track.

i know you're skeptical of that clearly. they would say, look, the stock is up now 25% year to date. we've made these -- mr. iger has made these changes, announced the new initiatives, restructuring of the company, if you will, and we're on the right path. we don't need the distraction where others who owned the stock, you on't, but others say what's the big deal? >> wait a second. so i've owned the stock in the past. it was a $200 stock three years ago. i would rather buy the stock at $150 with some sinynergy and cooperation between disney's board and bob iger than to bip the stock at 112 with the disney board and bob iger saying, thanks, but no thanks. >> that's why it's misleading to look at the year to date. a former shareholder like you looks at the decline of the share price, which someone like nelson peltz would argue coincides with the decline of the company and, thus, you need

me and another person on the board to help fix things. i may not be -- i'm no media executive, but i don't need to be a media executive to help you get the train back on the track for a longer period of time. >> especially in an environment where we see traditional media is challenged and it's changing. you have to acknowledge that. you have to be open to new initiatives, creative ideas to reshape it. >> we'll keep our eye on the story. it's going to come to a head in a couple of weeks but it takes another interesting turn at this moment on our program. we'll be right back with mike santoli and his "midday word." - so this is pickleball? - pickle! ah, these guys are intense.

with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right?

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we don't need tech when you have materials, energy in some of the other places working today. >> and it's a matter of the market is really just working around the edges here tactically and not really making any grand statements or bets placed on the relevant stuff because the fundamentals, there's broad agreement about it and it's a lot of the tactical jockeying, and we keep talking about the momentum or anti-momentum trade. it's all worked pretty well. what you can observe, there are some broader conditions like the rekindling of a lot of the speculative stuff and call option volumes are through the roof and nvidia trades, an insane amount of volume every day for no particular reason except that it's there. you can look at that, look at the weekly adviser bull/bear rashtio which is basically as hh as it gets. sentiment, professionally anyway, is up there. on the other hand when that happens and the market is locked into one of these up trends, it kind of doesn't matter, because

it can continue on for a while. it's impossible to make a top argument out of those things. i think that's where we are. i'm susceptible to the idea the bond market might grab on to something to react to whether it's in ppi or the fed next week. so far we haven't. i feel like that change in yields has been fine. >> i'm not sure if you heard our conversation at the top of the program regarding quality and momentum in these two factors that continue to work extraordinarily well. it's why the gentleman sitting to my left whose etf, you know, capitalizes on both, is doing well as both of those etfs that singularly follow them are doing well. >> and it's really the overlap between those two that's kind of what we're capturing. for a long time quality was the defense in this market, and now it's not as much of a defensive market but there's not a reason to really kind of punish the quality because you have the earnings growth there. i don't know. i feel the more we end up talking about kind of factor

warfare and in which particular indexes seem they are the trade of the moment, maybe the farther away is going to matter long term. >> good stuff. i'll see you on "closingel bl." up next our "calls of the day." we have bullish activity today. we have the debate, the trades, and we have it all coming up after this break. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes,

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welcome back. some "calls of the day" to go through now. we'll start with regeneron. joe, the price target goes to $1,115 at morgan stanley. they're still overweight. they bring their estimates up and they find numerous catalysts ahead to get there. >> and it's not just morgan stanley, it's ubs, oppenheimer, bemo. they're all upgrading the stock, raising estimates on the stock. the stock has performed remarkably well. their optical drug has done phenomenal this is really a

gross margin, free cash flow generation story, the likes of which you cannot find elsewhere in large cap biopharma. >> thermofisher likely to benefit from growth of glp-1 according to goldman sachs. kari this is your hit it big bed testing drugs. when the stock really hit the skids, it had to withdraw. now it's coming back and revitalizing in part because of many drugs, and a bhiz and industry that's coming back and there's a lot of innovation happening. they participate in all of that from the beginning preclinical through clinical trials. and it could break out and hit a new igh. >> okay. let's do darden, which was reiterated overweight at morgan stanley. price target, they keep at $184. they do bring their estimates up slightly, joe. >> this is a resilient consumer spending story more than anything else. consumer discretionary is not

obviously my favorite name. for dining, chipotle is my favorite name. we have this position, as well. reached it into a little high last july. now at all-time highs, we're break even on it. this is long horn steak, this is olive garden. for a sicilian, i'm not going to olive garden. >> new corp and steel dynamics getting talked today on the street by citi. so price target goes to $240 from $180. they reiterate a buy. by the way, do you see what's happening with u.s. steel? the stock is down more than 7%. >> so they did a really good job talking about the commodity

space. the commodity space, i like what copper is doing ecently. copper looks very attractive. but these steel names have been attractive already. and steel dynamics is a remarkable story, because it's re really domesticicly oriented. so a very qualitative company. you look at the balance sheet, it's remarkably strong. new corp to a lesser extent. the ownership is more momentum oriented than quality oriented. but commodities are beginning to percolate a little bit. >> do you -- we're also hearing of some negative commentary from the president regarding the proposed nippon purchase of u.s. steel, which could be for the reason why -- let's show an intraday of u.s. steel, if we could throw that up. there's the drop we're talking about. that's about 7%. somebody sending me a note here that the president was making

some negative commentary about that. which he was expected to do today. so we're going to follow that. you don't own this one? >> no. i'm not surprised by these remarks. i think everyone had expected this. jimmy did a great job forecasting that this would happen. >> so we'll continue to watch that story and see what the fallout is politically for certain. "final trades" are next.

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we were made to help you book it in minutes. we have some more now on this news that appears to be driving shares of u.s. steel sharply lower in the session. you can see that stock is down by more than 8%. it's not something that joe biden has said today, but it is something that he plans to express in a statement in the weeks ahead. this report is coming from the f.t., which says that president biden plans to express serious concerns over nippon's proposed purchase of u.s. steel, that a statement has already been drafted, and that the white house has privately informed the japanese government of his decision. this is going to happen. the statement will apparently be made ahead of the japanese prime minister visiting the white house for a state visit on april 18th. so as that news gets out today,

you can see the obvious reaction because the ramifications that it may have for the future of that deal. we'll follow that. we'll see you on "closing bell." give me a name. >> sherwin williams. >> velero. >> that does it for us. s&p trying to extend that record high. see you on "closing bell." "the exchange" is next. ♪ ♪ welcome to "the exchange," everybody. i am brian sullivan, in for kelly once again. stocks largely unable to keep yesterday's big momentum going. the dow, the only major average in the grown. meantime, yields, they're on the rise ahead of tomorrow's inflation and retail sales data. prices on the move. oil any way. higher as ukraine blows up two russian refineries. energy security is back, but it will come with costs, and dan is here. plus, the tiktok on tiktok. the house passing a bill to