ackman raised concerns about leaks. i can confirm the leaks did not come from disney, i'm told. whoever is leaking to reporters that disney is winning, it's not the company itself. we'll see if that comes true. >> big news this afternoon. wapner is live. let's get to "the half." all right, carl, thanks very much. welcome to "the halftime report." i'm scott wapner. we are live today from the conference in new york city, an event that raises money for cancer research it is the 29th year and we're proud to be part of it. we're covering the markets, too. the fed chair speaks in about ten minutes' time. liesman will have those important headlines in just a few moments. we do have the investment committee with me as well here in new york city, josh brown, kari firestone and steve weiss are here with me watching the markets bounce back a little bit after the worst day, josh, in nearly a month. so you have rates are rising,

anxieties are, too, as we talk about rate cuts and maybe not as many, bostic weighing in again. one cut this year and maybe again in the fourth quarter. >> it's interesting because when i take the market's temperature, one of the things i want to look at is just to get a sense of where rsis are, where is the relative strength, what's overheating, and what is gaining momentum. when we look at the s&p 500, 7% of the s&p 500 componentshave advanced three days in a row. that's almost nothing. the market is almost completely stalled out here. that's below the average reading which is 12%. keep in mind, as late as mid-march, that was at 45%. we've had a huge move in the amount of stocks that are making highs, that are advancing, that are trading higher. the russell is a different story, judge. when you think about the russell 2000 right now, you've got the average rsi at 52. that is a high we haven't seen since february of 2023.

so that rotation that a lot of people have been talking about saying it's coming, it did come. and if you threw some names in your portfolio that are outside the s&p 500, you're not seeing that stall. you're seeing an advance in a different area than we've become accustomed to. >> i want to keep teasing the fact the fed chair is speaking, and we're going to have the headlines from that in a matter of minutes, literally. we'll see what that does to this market day. we'll see what it does to interest rates. kari looking at futures and saying we have a possible selling opportunity presenting itself. piper sandler today says s&p is vulnerable to a 5% to 10% pullback. i don't think anybody would quibble with that thought that we're vulnerable maybe for a pullback of 5% to 10% simply because what josh said, we're overbought and we've beengoing almost straight up. >> so we're up 27% since october. and we're always vulnerable to selling. i mean, there's no guarantee the market will go straight up. i think the market is very concerned about where interest

rates are going. that is basically what has driven the market higher, a.i. as well, but the belief that interest rates were going to start to come down, first in march, now in june, and so now maybe not until, i don't know, september. i think the ism number, the manufacturing number was hotter than expected. it was stronger and gdp is stronger. so the market is grappling -- >> just keep building a case where the -- >> stronger growth. >> that's what we're dealing with and why we're stalled in this kind of wait-and-see environment. >> weiss, is that what it's all about? >> it's so interesting because you have these two opposite forces. one is hoping for, as kari was alluding to, for the economic data to be weak, and the other you can get rates coming down. but the way i look at it, here is the battle. the battle is will the strength of the economy continue to make

a rate cut a non-event, essentially? if the economy continues this strong, what's the difference if the fed doesn't cut this year or cuts once this year? so that's really the debate. but here is the difference as i see it. the longer rates stay higher, the more damage it will ultimately do to the consumer and to certain businesses. so i think that's sort of like short term. that is a debate going on saying, you hear it all the time, except for a blip we have like yesterday when you see yields, rates, really rocket up. the backup in rates has been astounding in the face of a market that continues to go up. >> the best idea that you could hear is the economy remains strong and the fed still cuts. >> exactly. >> that's the goldilocks scenario some are hoping comes to fruition for what you said, the fed wants to almost preemptively make a move so they don't cause unnecessary issues to an economy that they've managed to actually pull off

pretty well. >> here is the very complicating factor, which is that as you see commodities rise, not just oil, commodities across the board, and you see wage growth -- today in the report new employers are paying 10% hikes to employees to bring them in. what does the fed do? is the fed foe ccused on inflat and care less about the economy? >> what do you think happens, though -- so we're going to get the march non-farm payrolls on friday. let's say it's 216,000 jobs added is consensus. february 275. so we're clearly calming down in a labor market but still strong. if that number were to disappoint to the down side, is it bullish stocks or bearish stocks? >> it depends on what wage growth is. >> that's more important than headline? >> absolutely. >> say more. >> it's inflationary. if you're paying employees more,

you've got historically low employment -- unemployment now. so it doesn't matter if it's 150 or 250. it matters sort of like for that moment, at that point in time, but then you have to look at wage growth. >> kari, hsbc today was saying the more important question now is if, not when, the fed cuts rates, and i want to you listen to what steve cohen -- obviously the chairman and ceo, new york mets owner, said about his own expectations for rate cuts during his interview on "squawk box" with andrew ross sorkin. >> i think the market expects three cuts. i think that's the number. i don't disagree with that. i think inflation has been somewhat contained. i think ultimately what it will come down to is that a true statement or not? the fed thinks eventually it will come down to 2% inflation rate. >> what do you think? >> i think that's going to be

hard. >> that's steve cohen there. so they've said they're going to cut before it comes down to 2% anyway. they're not going to wait until it gets to target, and we know that we're going to get cuts this year based on what everybody said. what happens if bostic is correct and you don't get any until the fourth quarter? is that a problem for the stock market? >> well, i think it is, but bostic is a guy who was really concerned inflation was never going to come down. i think steve cohen is right. he was extremely calm, but if we have -- >> you don't hear him very often. >> that's true. >> the first time ever on "squawk." he's a different person. >> so i think that rates will come down, and he's probably right, they're going to come down even if it's a quarter, a quarter, a quarter, they'll come down and the economy is growing and i think the scenario, that scenario he's talking about is a fairly positive. not just a soft landing but a growth scenario in which the market would be very pleased to

exist in for a while. >> let's listen to what tony pasquariello told me. he's still bullish. the fed plays a role in that, of course. listen to what he told me. >> i'm still a believer in the bull thesis. the economy remains strong. we're forecasting the better part of growth this year. that may be participate of the local complexity, by the way, a believer the fed put is alive and well should they choose to exercise it. the background, which doesn't matter, you have the a.i. stone and you have the glp-1s we think have a lot of room. >> in other words, josh, cut the noise out. the trends are still your friend. they're both intact, be it a.i., glp-1. the fed is still going to cut. they may not be on your schedule. they may not be on the market schedule originally. that's all that matters at the end of the day. >> yeah, and i also think we're in the first week of april, we're already looking at an above average annual return. if we were to get nothing from

here, it's still a pretty good year, but i think we're getting more because the earnings story in the second half, we might have to see estimates come down. they have been coming down since january. this is how it works every year. that seasonality. but once those estimates are done coming down and we start the beat and raise game again, which we're very good at playing where we celebrate a company for putting out guidance, then they slightly beat, we celebrate more, guidance comes down. then them beat that, too. that's the game you're going to see in the second half of the year, and markets tend to react favorably, even though everyone is in on the joke. you have that as one leg of the stool. the second leg of the stool, even if you get one rate cut, the fact that a rate cut cycle is starting good enough. the third leg of the stool, and i would argue this is probably the most important, you're seeing this labor market cool off to the point where employers can breathe, but you're not seeing it cool off so much this unbelievable consumer spending

story has to go away. this could be with us for the end of the year. those are the three biggest things to me. >> the rate cut cycle is starting, that sort of trumps everything else in the minds of many. quickly to you. >> if you listen to the rest of steve's interview, and i used to work with steve. he's one of the best, clearly. a.i. -- >> i'm going to get to that, too. i'm going to play some sound regarding what steve cohen had to say about a.i. and productivity. let me get to steve liesman because we do have the breaking headlines from fed chair powell. he is speaking at stanford university. what is he saying, steve? >> reporter: if the economy evolves as expected, it will be appropriate to lower rates at some point this year, but the fed chair speaking at the stanford graduate school of business says it will not be appropriate without greater confidence inflation is coming down. he cites the fed policy statement in making that comment. he said the fed has time to let incoming data guide its decisions and the policy rate, though, is likely at its peak. that's the good news.

inflation, he says, has come down significantly, but it is still running above the fed's 2% target. the job of sustainably returning it to target, quote, is not yet done. then he talks about the recent economic reports on jobs and inflation. they have come in, he says, higher than had been expected, but they do not, quote, materially change the overall picture. so what he's looking for is he sees solid growth in the economy, labor markets rebalancing, getting a little less tight in the labor market, and inflation will be moving as is forecast to that 2% target. but he cautions it is too soon to say whether the recent inflation readings represent more than just a bump on the road toward that 2% target. he has a section where he talks about risks on both sides of the equation, both the risk reducing rates too early and reducing them too late but monetary policy is, quote, well positioned, he says, to confront both risks.

the fed decision, he has a section in here where he seems to be addressing concern about political bias in fed decision making. he says all of their decisions are, quote, free from any personal or political bias, and he goes on to say the fed needs to avoid mission creep and specifically in relation to its role in the climate change debate. so i'll leave it there, scott, and basically say i think that powell is very much repeating where he's been, although maybe just leaving a little bit more room for the recent inflation reports not to have been a bump here. but he still seems to be on track with this idea. sees inflation coming down, and it will be at some point appropriate to cut interest rates. >> i feel, steve, there seems to be a simpatico, if you will, between chair powell and the other members of the fed in that they're almost saying the same thing in unison now. we're not there yet. we expect to be there, we're

going to cut. we're just probably not going to do it on the schedule we thought or the markets first thought. we're going to get our arms around that idea. >> reporter: yeah, i tend to think there were a few interesting differences on the committee right now, and those differences concern how you digest the recent inflation reports. i think some saw them as more of a serious setback than others did. i think powell is more or less in the camp of seeing it as a bump and believes inflation progress will continue, although perhaps slower. i think others see it more as a cautionary note that says, you know what, maybe i need to back off a little bit or back sometimes way off where i thought i would be. bostic this morning, you know, he says, don't start thinking about a rate cut until maybe halloween or thanksgiving or even christmas. he's in the fourth quarter on a rate cut. >> yeah, interesting p.m. i guess we'll see in the

commentary that's ahead, because we do have some time now between now and when the next meeting is. steve, thank you. steve liesman, our senior economics reporter. the market is not doing that much. a move higher in yields. they've probably come down a little bit. there's the nasdaq for you. we're still at a third of a percent. weiss, i didn't mean to cut you off earlier. powell is not telling us anything we don't know, i don't think? >> that's typically the case between meetings that he keeps the party line going. but, you're right, it seems like the fomc is coalescing around. we're still ready to ease. we just need to see some more traction on lowering inflation and the economy will remain strong. if you want to go to the rest of the conversation -- >> let me play that. he was asked -- and you always want to get someone like steve cohen's view on the general market given everything that's gone on with a.i. and these

other trends, let's listen to what he said about the market at-large whether we're in a bubble or not. >> i don't see it as a bubble. i think the markets are discounting some of what they think a.i. is going to do for companies. >> you think it's discounting? >> discounting. >> you think there's even more upside -- >> i do. my view, this is a really durable theme. >> all right, so, weiss, he said we're not in '99 because a.i. is durable. that's his word. he talked about more productivity, more efficiency for businesses of all sizes not just a firm like his, but firms and small businesses, large businesses, you're going to see productivity go up, efficiency, and that will lead the market higher. >> and, look, let me do some context on steve. so steve, i would stand by his desk. he would short the market at the top during the day, cover, buy

it back and go long at the bottom and do it all over again. and as the world changes, he's changed. he's become longer term somewhat and not short-term trading. you have to pay attention. he has the best information. he has 1,000 people working for him of which a large number of traders he gets the best information from purely bottoms up fundamental work. so when he talks about it, he's talking about the thousand person company that he has that is so technically advanced, and he's saying we can see it do more. >> he used an anecdote from his own company -- >> exactly. >> -- to make the statement he did. but the broader theme of no bubble because this is durable and you're going to get productivity and efficiency increases, and that's going to mean a lot and some of which isn't even in the market yet. >> you could say there are stocks that are in the a.i. theme that have been behaving in

bubbly ways. i don't think anyone would disagree. you can't say that about the biggest a.i. company, nvidia, because how do you have a bubble with the stock trading 24 times forward earnings? it's pretty tough to make the case. the other characteristic -- >> sorry, real quick, they can look at the price action on the stock more so than the valuation. the stock is up 81% year to date, and they're saying based on price escalation alone, it's kind of crazy. >> i feel you but look at the earnings estimates. not in a vacuum is my point. you need capital markets to dance. you're playing the music. you want to call it a bubble. you can't have 36 ipos year to date. it's just not what it is. and i'll give you something else. over the last month, we tack a look at what factors have been driving market performance. you'd be amazed to hear a.i. has nothing to do with it. yield factor has outperformed everything. highest yielding are up 3% over the last month. growth was the worst factor,

flat on the month. value was number two. low vol was number three. so that's a bubble. how? it's not. we're seeing broad-based rallies. 90% of the s&p advancing over the last month. this is a very different environment than bubbles past. could we have one? we have a bubble, sure, of course. it's possible. let's not worry about things before they take place. >> do you want to weigh in on that? >> if you look at the s&p 500 across sectors, you find that the sectors have broadly participated in this rally this year. >> 10 or 11 are positive on the year. >> correct. there are 100 names that are 52-week highs in the s&p, and so it's not as narrow as it was even though four names represent 50% of the gain of the s&p. >> do we take what mr. cohen has said and what pasquariello says? it's almost like -- tony's point, broader, is keep your eye on the ball. stay with what's working, these

large stocks, even adam park would say be overweight. is that the best strategy? >> i think so. >> even with broadening in the last month? >> obviously it depends what is long. if you talk about meg cap tech and the a.i.-related names, you really are just the beginning. you don't see these kinds of transformations just take a week or two or a year or two years. this is a forever thing. you haven't even fleshed out all the business use cases for a.i. you do stay long. however, on some of the others, caterpillar has had a monstrous run, one that i missed, by the way, that at what point does that extend the valuation to levels that it shouldn't? to josh's point, you've seen nvidia get cheaper despite -- >> apple is in a notable drawdown right now. one of the biggest technology stocks in the world notably not part of whatever bubble people think they see.

adobe this is a very a.i.-related stock. lookslike garbage right now technically. great company. there are a lot of tech stories that should be working if it is a bubble that aren't, and the reason why is because people are still paying attention to fundamentals. there will come a time where we stop and we just start chasing tickers, we've seen that. 2021 we saw that. that's just not representative of the way people are investing right now. >> let's take a look at shares of disney. there is that big boardroom battle we are keeping a close eye. there is a report out that disney has secured enough votes to win the shareholder meeting. we shall see. we're not going to know for quite some time now. jim lebenthal, he is a disney shareholder. he joins us now quickly for his thoughts. if that is the case, jim, what are you going to do? you've told us that you're not selling if peltz doesn't win even though you'd like to see him on the board, but now you've had 24 hours to collect your thoughts on that. is that still the case? >> it definitely is still the

case. this is great drama here. wall street titan meets a west coast hollywood titan. but when we wake up tomorrow, that drama is going to be over, and what's left is a company that looks like it's executing well. now let me be clear, there's a lot of wood for mr. iger to chop, a lot. he has to get the hulu transaction done, figure out how to monetize espn. i keep saying i think he has one ace in his sleeve. i don't know this for certain, but i do think streaming is that ace up his sleeve. he's said for the last two quarters it's going to turn profitable by the end of the fiscal year ending september 30th. if you look at the contribution to the following fiscal year, it's looking like it's going to contribute something like 7% of operating income at current analyst estimates. that's a very small number. and my point is that an excellent manager like mr. iger knows how to squeeze costs and get that contribution, get that profitability from streaming. that's a variable that he can control, i think, and outperform on the estimates.

if he does that, if he does that, then this is a stock that's going to be worth the 22 times forward estimates that it's at right now. so bottom line is let's get past this drama and keep executing the way disney has been the last several months. >> jim, we're going to keep it brief. i appreciate your opinion. we'll see you in person soon. that's jim lebenthal on disney. don't miss david faber's exclusive sitdown with disney ceo bob iger tomorrow at 9:00 a.m. eastern on "squawk on the street. "won't want to miss that. speaking of well-known investors and activists and big names in general, several are here at sohn presenting today, their best ideas for a great cause. our leslie picker joins us now, what we've already heard and what's coming up. we're together. it's a big, fun day for us to cover what is happening here. >> it is. >> what have we learned so far? >> we just concluded the next wave sohn speakers. i was listening to the presentations and trying to draw a thread but they span sectors. they span geographies, they span

market cap size. the first presentation we heard was a pitch for a data management system for rigs and then a convenience store, a play saying because more consumers adopt evs doesn't mean convenience stores will go to the wayside. a biotech pick as well as a n norwegian digital media company. various geographies, areas in terms of sector. but, of course, you were having this conversation about dispersion, stock picks, this environment. interesting to see in the rest of the day when we hear from the main event david einhorn, you are speaking with later this afternoon, always gives a humorous presentation at these events involving cartoons and makes it very enjoyable as well as informative and interesting. you have jessie kohn. bridgewater is doing a fireside. and then i have a fireside this

afternoon with two momentum growth type tmt investors, tech, media and telecom. so, again, spanning the gamut in terms of content here. we'll be sure to bring you the highlights. >> i love that. the beauty of this conference is that you're not getting presentations on the stocks that everybody is talking about every day. >> yes. >> you're getting real interesting actionable ideas, which is why we love covering it so much. we'll see you throughout the day. we'll have david einhorn on at 2:15 eastern this afternoon with me for an exclusive interview. i hope all of you will check that out after he gets off the stage and presents his best idea. up next, more committee stocks on the move. the trades on intel and taiwan semi, too. back at sohn in two minutes. >> announcer: 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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just like not all internet providers are the same. don't settle. you want fast. get fast. you want reliable. get reliable. you want powerful. get powerful. get real deal speed, reliability and power with xfinity. she shoots from here? that's kinda my thing. we're back at the sohn conference in new york city, hanging on to gains in the market. intel shares are not up today. that's one of the stocks we're going to talk about. the company revealing why a $7 billion operating loss in the foundry business. you own this stock. >> i do.

i do. look, i mean, the story on the foundry is not about today. the story on the foundry is the back half of the year. that's why it's holding up reasonably well. >> do you think it could be down worse than 7.5%? >> generally. when you report that kind of loss on a company that reported a lot of losses, missed a lot of numbers repeatedly, yeah, i would think people would throw their hands up. the stock could have been at 35 today as this. by the way, it's not cheap today and on the numbers for 25. those numbers will go up, the second half of the video, you'll see the foundry business will start doing a lot better as they make chips that can compete with nvidia. i own it as a companion stock, the asml. look, it's a painful day. >> this caught your eye, too.

we've done nothing to disappoint on this fab business. six or seven years now, but here is the thing, it is essential that somebody in north america starts standing up fabs and find a way to profitability. it's never going to be a great business. it's never going to be designing chips or selling advanced, but if intel is talking 2027 and the market is saying, all right, let's take 7% off but that's it, $38 looks like support in recent times. that was a breakout that should now serve as support. i'm going to watch to see if on this disappointment the stock can hold 38. if it can for a few days, i'm going to take a second look as a long idea. i think intel is really making something unique here out of this fab idea and no other publicly traded company in the

united states will be able to say they can do what's being built now. >> interesting take. taiwan semi, too, weiss, is in the news because of that strong earthquake in taiwan, the strongest in some 25 years. you have some talking about supply chain, minor impact. that seems to be the overall tone from the analyst notes i've read. you own this, too? >> i do own it. this one is a very large position and it's done pretty well. it was always ignored. it's not the fundamentals we heard jensen huang say, if only i can get anotheenough capacity taiwan semi. taiwan semi has some significant facilities in china. so that, to me, is the risk on any story that's in china. overall, it's still reasonably priced and, guess what, they can't handle the orders they get. i really like this one.

it's going to keep going. >> you want it talk booking holdings, kari, target 4400. >> i think that's great. it's a stock we own, we like. i highlighted yesterday when i wrote my notes about what's going on in the market. this is a play on travel, and as we know, people are traveling more. the airlines are full. people are going all around the world, and the stock had a good year. it trades below market multiple. the baby boomers are just traveling constantly. they're retiring. they're going to keep traveling. i know this for a fact. i'm one of them. i think bookings is a great idea. >> seema? in response to donald trump's legal team's request to further delay the hush money trial due to pretrial publicity, the manhattan d.a.'s office said the judge would reject the request. in filings with the judge the

publicity was partly of trump's own making. they also said that the media attention was unlikely to die down and an indefinite adjournment was inappropriate. ubereats companies may receive orders from a waymo car. those in the phoenix, arizona, area will be able to enjoy the service, a partnership between the two companies unveiled when uber started to offer rides in waymo vehicles in phoenix. and look to go collect a tool on a new york city marathon runners. according to "the new york times," the mta said the event's organizers must pay about $750,000 to have full access to the bridge. in recent weeks the mta has backed off a bit and said that unless there's a payment, they can't use both tiers of the bridge. that's the latest. back to you. >> to be continued there, seema. a biotech play.

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welcome back. we're live from the sohn conference in new york city. joining us to discuss her best idea is in biotech, managing partner michelle ross. nice to see you. >> so nice to see you, too. >> thank you for sitting down with us after you got off the stage with crenetics. >> it is one of the pioneers in endocrino endocrinology, how the hormones work through our body but the unique piece here is the glp-1 class that has moved into obesity and obviously diabetes is the basis of this endocrinology market as well, and we really do believe that the opportunity set for glp-1 adjacent companies is tremendous. and we talked about this in january. >> of course. >> i think crinitics is in a prime spot to benefit from this

tail wind as well. >> are we at the stage we need to look far beyond the number one players in glp-1 and we need to go to, as you say, the adjacents? is that where you will make money now? >> i believe there's the dual track opportunity. the lead players here with eli lilly and knovo nordisk will hae a phenomenal opportunity ahead of them. things are structurally changing in the market. in the next two to three years we do expect an oral pill to come in and take the lead as the main way this drug is administered, and that's an ability to grope the market. there are also side effects that are quite common. we've discussed it, muscle loss and nausea. we'll see other companies produce drugs that are going to set up for that next wave. believe in those companies but definitely believe that there's going to be those who want to step in and partake in a $200 billion opportunity. it probably won't stay a

duopoly. >> kari firestone, by the way, ran health care fidelity. >> wonderful. >> you know this space better than most. the stock, the play itself and how we should be thinking about opportunity to make money in a space so well. >> congratulations for owning the stock, because i looked at it. i didn't know it until i looked and it's been fantastic. i would love to hear your view on these things. is there a molecule in clinical trials that's oral? do they have an oral? what stage, what phase, are we at? and do you believe that eventually we can bring down the price because everyone in the world or half the people in the world can be on it but no one can pay the price, starting to bankrupt institutions who can't afford to have all their employees take the glp-1 drugs. >> crinetics are adjacent to the

opportunity in the sense that there are 72 independent endocrine disorders that exist in the world and ultimately people will go into their physician's office and say, you know what, i think i would like to be tested for a glp-1 drug, and it will not be appropriate for them. there will be another disorder they have. 4.8% of the population has an undiagnosed endocrine disorder. actually, you're benefiting from this tail wind of people attempting to partake in this opportunity. the platform is what we're very excited about. they use a pathway where they are building oral drugs. your point on costs, absolutely. we think oral will be a key piece of that market growth over time, getting the cost of drugs to come down in such an important area, and then the proliferation which is like

statins like lipatore. we think that has applicability to glp-1s. if you're in the market as the lead players or if you're ancillary like crinetics. >> the holy grail is cancer. >> yes. >> it plays into why we're here today obviously for this incredible cause that we're all helping, hopefully, to support. a company you're focused on is maris and sndx, can you talk about that because it does play a direct role in pediatric onc oncology. >> yes. it's phenomenal to be here supporting this cause and what they're doing and to your point syndax has filed with the fda, a drug for a rare form of pediatric oncology, pediatric leukemia, in fact.

and interestingly enough, a lot of the early research that went on for this work, the clinical research, is right here in new york city at memorial sloan kettering cancer center which was the 2023 grantee from the sohn conference. i think there's a really fascinating tie to that. we're incredibly optimistic about what that drug is going to do for patients and the long-term trajectory of that. you did mention merus. another company that we are incredibly focused on the long-term impact they are going to have with patients who have head and neck cancer. now, unfortunately, this is an area of cancer that has not been fully covered by the existing therapies in the market. there's a lot of room for improvement versus the existing therapy. by the middle of this year at a medical conference, we should see merus' updated data in the head and neck cancer indication. >> how many stocks do you own at a given time, and what is your broad view on just investing for

those who don't have the time to do the bottoms-up research and are looking at the space more broadly, are you more optimistic about it now after a couple of years? >> twofold. the great thing about biotech, it will always be there, how idiosyncratic versus the general market. i've been listening to everyone's comments this morning. it is tough to want to be able to fight some of the bigger themes that are going on in the macro level. biotech will be tied to that because we are a long duration asset in totality. but when there is great data and when there is going to be a meaningful improvement in the health of a population, in patients globally, that has an impact and can turn its way into a phenomenal outperformance. we talk about crinetics a 200% outperformance versus the biotech etf. during those three years that were quite difficult. so, yes, i absolutely believe stock picking, idiosyncratic nature, and themes.

oncology being a great one. >> i appreciate the time. michelle ross joining us from the sohn conference. we'll see you again. thank you so much. we'll have much more coming up from sohn today and another reminder about my david einhorn exclusive interview, greenlight capital. there he is. he'll be joining us at 2:15. he will take the stage about 1:30 and lay out his best idea and the markets on the other side of that. your second quarter playbook, they continue. piper sandler is out today with the stocks to own and stocks to e mmteow a thcoite ns bunch of the names, too. we'll trade them next.

all right, welcome back to the sohn piper sandler is out. we have ownership on the desk. they like microsoft. breaking news. kidding. we're not going to talk about that one. charles schwab you own as well as nextera. >> both those stocks were weak

performers. we own nextera. it's inexpensive, it's a utility, and has a big sustainable component. >> let's talk about some to avoid. they don't like your live nation, josh brown. >> okay, okay. >> you want to articulate once again for our viewers why you continue to? >> this is, in my opinion, one of the crown jewel companies in the experience economy. so if you think the experience economy holds up yet another year, there aren't five of these. there aren't even three of these. there are two and only one is publicly traded. and they pretty much have a stranglehold on the thing that -- one of the things that we want to spend money the most on, which is going to things live. so, in this case, it's not sports, it's music. it's a huge, huge story how the consumer just has not backed off. a lot of people said, okay, 2022 is a reopening. people will get it out of their

system. it's not the case. the amount of events is accelerating. the amount of money people are willing to pay because of dynamic pricing is accelerating. and taylor swift was a huge deal last summer. we'll have lots of huge tours this summer. that's why this stock is above 100. i think we'll get a new high in short order. >> weiss, they don't like goldman. valuation, risk, sentiment, expectation, governance, operating efficiency are the metrics that they use to go through these. you continue to like goldman? >> i love goalldman. we're seeing the ipo market open up a little bit more, and we'll see the secondary market. we'll see the private market, and that is high, high margin business. and that's what's going to drive it further. so, yeah, i think goldman. >> we're going to take a look after this break at some winners and losers by e mmthcoittee as well in the first quarter. we're back at sohn after this.

welcome back. we wanted to take a look back at some of the committee's q 1 winners and loser. we know about amazon and nvidia doing well, so i don't want to do those. i want to do health equity, ca carrie, up 23%. still bullish? >> definitely. it helps savings account, so you have a lot of employment, so employees can open savings accounts. and interest rates are higher than they were, that's good for health equity. they have a lot of cash on hand, and that should be good for the rest of the year. >> we talked about intel, weiss. asml up 35%. we talked taiwan semi.

what about transdime, up 24%. >> it's essentially 48 separate companies that the management has been acquiring, and no matter what plane you fly, they've got a part on it. and they have companies that they have a single part on the plane and they can raise prices. so it's a permanent compounder. >> archer daniels, down 14%. >> i don't own it. i bought it on the break, so i'm up 20%. and they'll settle the accounting -- >> still bullish? >> absolutely. i'm getting lucky now because of the commodity tailwind. but they'll set it will accounting issue. gd stuff. a quick break and come back with "final trades," next. power e*trade's award-winning trading app

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coming up 2:15, another reminder, our interview with david einhorn, he is presenting just about 30 minutes from now. and then he's going to talk about his pick with me. but let's do "final trades" in the 30 seconds we have left. steve weiss? >> dxo. you haven't heard me talk about it. they do well each quarter, and i think the live outsourcing it should work.

>> xpo has done great, though. >> phenomenally well. >> carrie? >> thermo fisher, it's retraced a big move, so you have a good buying opportunity. health care, services technology. >> josh brown? >> dqa. held up really well. >> all right, guys. "the exchange" is now. see you in a little bit. ♪ ♪ >> thank you, scott. welcome to "the exchange." i'm deidre bosa. we have a very big hour on deck for you. there's disney shareholder meetings just kicking off. the battle over the board room, that's about to be decided. we'll bring you all of the twists, the turns, the final tally when sit in, and what the results mean for disney's future. and alphabet's ceo is speaking this hour. we are monitoring that for any stock-moving headlines, and then david einhorn takes