>> a lot of investors need apple. it's the second largest stock now in the market. so it's still obviously important. we'll take you right up to it $172 is where that stock is trading. i'll see you on "closing bell. i'mdomdo dom i'll see you on "closing bell. i'mdom dominic chu the fed was less hawkish than feared, so what does that mean our guest says you don't want to get caught with fomo she's here with what she means and what she's buying. shares of freelance job platform upward on higher earnings and stronger guidance the ceo joins us with the trends she's seeing and the clues that may provide for tomorrow's big jobs report.

and here comes apple our trader is poised to take a position in it she tells us what she's watching on that name and two others. that's ahead but we begin with the markets. generally speaking, we're talking about moves to the upside overall at the highs, the dow was up about 45 points, down eight at the low. right now, the dow up 150 points, one half of 1% gain there. 38,060 the s&p 500 is at 5,038, up 20 points, so half of 1%, as well the nasdaq up about three quarters of 1%, 130 points to the upside, 13,736 the ten-year note yield, 4.51 the last trade there if you look at that treasury complex overall, broadly speaking, yields have been lower across many parts of the yield curve. of course, throughout the course of this week, a lot of it has to do with the fed announcement for

rates just yesterday the two-year note yield, 4.0 % and the 30-year long bond, all of this ahead of the big jobs report and the focus today is apple the second biggest stock in the s&p 500, the nasdaq 100, is now getting slated to report their results after the closing bell it's been an underperformer year-to-date $172 a share, sitting right at its 50-day average price on a rolling basis. that's been a cap, if you will, over the course of the last three or four months so you'll see whether or not they have a breakout today and by the way, apple options market are implying what could be a plus or minus 4% move in apple shares after it reports results. so traders at least at this point are pricing in a slightly

more volatile report than over the last eight times it's done so we begin with the latest read on the labor market jobless claims coming in at 208,000. by the way, look at that, it's unchanged from the prior week. at the lowest level since mid february as we count down to the big april jobs report tomorrow, the next guest isn't seeing much weakness in fact, he says april is setting up to be a better month than the month of march. let's welcome back evan sohn, chairman of recruiter.com. evan, we've seen a slew of data, especially when it comes to employment numbers, wage numbers on balance what do you think that sets up for tomorrow for non-farm payrolls >> it is very tight market everyone keeps saying that it's a tight market we saw the recruiter index, which we do monthly. salaries were about 48% -- sorry

16% said unchanged so really, very little changes on the salary levels you look at the report, 15% fewer quit rates than a year ago. so 3.5 million people quit in march, which is down 15% from where they were in march of '23. so hiring was at a 10% difference year over year less but really, really interesting to watch that the salaries are stable that tells you that it's going to be harder to get people to leave their job to take another job. we saw a very significant number of candidates through the recruiter index having two or more jobs in the past two years. so there are jobs that are out there, even though the open jobs -- we saw from the job report, ticked up by 1%. what was interesting, dominic, was that the number of jobs that were remote only actually doubled from 11% to 22% of the

jobs that the recruiters are working on this is another indication of a tight job market so while i might want to create a culture that has either an in person or hybrid environment, i'm going to have to go outside my geographic area so the number of jobs recruiters are working on increased from 10 jobs in march to 13 1/2 in april. so there are jobs there. these are the knowledge worker jobs we saw the salary -- the average salary of those jobs increase from that $80,000 to $100 to $100,000 to $150,000, which is that knowledge worker level. >> let's start -- there's a lot to unpack here we are concerned about inflation right now, and people look at the wage numbers and how many people are quitting their jobs to take new ones, hopefully with

higher paying aspects to those jobs they're moving into we're starting to see signs oh of that slowing down people aren't hopping as much and getting higher pay that's good for the inflation story, but you're telling us at the same time, it's becoming competitive in other parts of the market to get workers in the door what exactly is the kind of counterbalance there what's tipping the scale one way or the other and with that, if it's going to be that way in the coming months, is there any sign that we would look for that says that this is reversing course at some point down the line? >> excellent question. i don't think it's reversing any time soon. we saw ai related jobs increase 24% march to april so companies are hiring, they're just getting very particular in what they're hiring. if i need those ai jobs, and we saw some sectors increase by over 100%.

so really significant going on there on the ai hiring it's going to be difficult you know, what really moved people a lot a couple of years ago, the job hopping economy as you were talking about, was the increase of wages. if salaries are going to remain stable, why would i leave a job? i'm going to leave for a better work/life balance. maybe they're letting me work remotely, et cetera. that's what's changing what you're seeing in the hottest job category, while health care and medical are this the top category, it actually went down by 8%. that's really significant, because if you looked at the bls numbers every single month, the job data that came out was showing it was being pulled by government and health care jobs. so these -- the health care market represented about 33% of the jobs in the recruiter index, down 8% from where it was a month ago. >> not just that so you mentioned -- i would like

to dig into that more. what this data suggests, where the activity is. you mentioned the positivity, but it seems only certain jobs in the economy that can be done on this kind of remote or hybrid basis. it isn't in manufacturing or industrial where people have to make things but the knowledge-based areas of the market so as we look at these job stats how much salt, grain wise, do we have to take with it if it's just telling us what certain types of industries are doing with their jobs, furemote or hydride, versus other aspects of the economy? >> i think health care -- you're seeing health care allow a hybrid environment where you work in the office a number of days, whether that's the more knowledge worker involved in health care or other practitioners that are dealing with patients in a telemedicine persp perspective. people are adopting to where the

labor is that's all about contract labor. when you can't find fulltime labor, you move to contract labor. and i think what's really important to look out for are the ai jobs. that's a very big increase we're seeing that -- an increase in the fashion industry even so in other industries, so there are jobs out there the job market is still -- it's still open jobs. just you're going to need more particular in finding those actual talent, which is why the recruiters and the staffing as an industry didn't make it to the top five, but it's in the top ten. so that's usually a leading indicator of what's to come in the market >> all right evan, thank you very much. we'll see you sometime after the jobs report comes out. all right. we've got a news alert on pioneer natural resources. pippa has that story

>> the fcc has decided to send allegations against the pioneer founder to the justice department according to a report, accusing him of trying to co-lewllude with opec which increases prices at the pump for americans. the ftc officially gave the green light on that merger this morning, but as part of that, exxon agreed that scott sheffield would not join the born of exxon as initially was the plan now, earlier today, pioneer said in a statement that they disagreed and were surprised by the ftc's complaints against mr. sheffield. dom? >> thank you very much turning back now to the markets, fed chair jay powell less hawkish than feared, sending rate cut probabilities up a little bit, but the first cut is not expected until the

end of the year. where does that leave investors? our next guest says it should not leave them on the sidelines. joining us now is julie beale, the chief market strategist and portfolio manager at km anderson i'm sorry we couldn't get the video link up for you, but take us through the rate picture right now as you see and why people and investors should not stay on the sidelines in this market >> right i think if you look at the outlook overall, if there's a lot of balance, we have a strong employment, wages very strong. sentiment is getting a little softer, and that's a function of oil prices but we also have a trillion dollars of credit card debt, we have a deficit that is more in line with 7% unemployment than 4% so i think there's a lot of puts and takes. what that means is there's not a lot of leadership in the market, and not a lot of conviction one way or thor.

what we think is it's hard to understand what the outlook is going to look like for the next 12 months. you do want to stay invested there are enough positives to support that, but we want to focus on quality so you're protected if the economy weakens. >> that quality, where do you find it, julie is it defensive names, is it in real estate? i mean, it seems very uncertain given the rate outlook >> it's less about sectors and more about the individual companies and the competitive dynamics that they have. so businesses that have low levels of leverage are really absolutely critical in this environment. it doesn't matter if it's small cap, mid cap or large, you want a pristine balance sheet but i think right now as i look at earnings, there's a lot of volatility in earnings which signals to me that investors are using the rate picture to kind of decide where they need to be. so i think right now, the place you want to be is in companies

that have durability to their earnings not necessarily just very strong growth these are companies like -- i think where you have a lot of durability to the earnings, you can count on them in a way that you can't with some of these higher growth companies. >> if you take a look at the leverage thing is very much a part of the story right now, given the fact that certain companies that rely on debt markets may be dealing with higher interest rates. i wonder, are your clients asking you whether or not they should be gravitating toward other income areas of the market, like corporate credit or even junk debt >> absolutely. i think it's interesting to be an equity investor right now when you have opportunities for fixed income in the six, seven, eight, nine, 10% that's equity like returns for investors. so if you're in equities and concerned about volatility, some of that is very compelling i think my concern is most of

these, you know, a lot of this debt was raised in the absolute best of times. so i have a little bit of a concern that some of this junk or private credit may not be of the quality we would hope so so absolutely, there are good opportunities to be had in the fixed income markets, but you still have to have a focus on quality. >> okay, one last thing before we let you go. you mentioned this theme of being invested, staying in the markets overall. just how big, julie, could any potential drawdown be in terms of not scaring somebody? could it be 5%, 10%, even deeper than that this time around we've seen some volatility that gives some investors some pause. >> absolutely. look at the last three years i don't think anyone would have predicted the drawdown that we saw in 2022, neither the rally in 2023, right so i think that's the real challenge for all investors, not just professional institutional investors is the ability to sit

on your hands when there is this volatility don't just sit there, do something. we believe don't just do something, sit there own the quality names and sit through the volatility >> all right julie biel, thank you very much. we'll get you on here soon this time maybe we'll see you on the video link coming up, who says denim is dead contour brands, the maker of lee and wrangler brands, is hitting a new ll-time high on the back of a big earnings beat we'll speak with the ceo coming up next about the quarter, their forecast, and how denim is paying dividends for investors plus, a second c-suite view. you heard it from the head of freelance wharf platform upwork, higher today on the heels of their results. we'll get that ceo's take on the labor market and tomorrow's non-farm payroll report. "the exchange" is back after this

welcome back to "the exchange." shares of kontoor brands hitting a record high after they beat profit expectations, shares up 11% so far this afternoon, trading just below $69.69, their intraday high. this is the parent company of wrangler and lee brands and

raised its full-year outlook, despite a tougher backdrop still, revenue slid 5% this fast quarter and could see a 1% decline for 2024 let's dive further into those results with the ceo scott baxter scott, thank you very much for being with us. i see you're wearing the products i see the denim on there right now. talk to us what's drive thing record result here denim is a big deal, basically you and levi strauss, the brands that everybody knows and understands. what is it about denim that makes it such a good business right now? >> it's the casualization. thanks for having me on. it's the casualization of what's happening around the world as we have come back to work and people are casual, denim is acceptable, and we make a great product. on top of that, we're in other categories that are driving our success like outdoors and t-shirts, things like that >> this is a denim -- you know,

a denim dynamic, if you will, that has been brewing for quite some time now, and maybe skyrocketed because of the pandemic and everything else going on what is that crashiasualizationd going to look like, and how exactly do you capitalize on it with lee and wrangler versus other denim brands out there >> i think it's got a long way to go. the key is you have to stay ahead of your consumer and think about what they're looking for so you have to have a strong insights business, which we do a great example of that, our lee consumer, the male lee consumer indexes to golf and watching and playing golf so we kicked off a whole lee golf line the past month and it's done exceptionally well out of the gate. it's got a lot of legs globally, but it's not just denim for a company like us. it's tops, it's t-shirts, outdoor, all types of different

product that make up the full and entire portfolio that keeps us rolling we think it's got a lot of momentum and legs. part of that too has to do with the brand. we have our leaney wilson collection coming up, and she's helped us design that because she has a passion for apparel. so that type of brand and bringing those things to the market keep us in the forefront. >> those are a lot of different styles you're talking about laney wilson, rodeos, a yellow stone watching audience. you just mentioned a new golf focused line for lee where is that growth coming from, as you look at these different vertverticals, where you see the most growth coming from >> i think north america, our biggest market, will be a strong driver going forward we have some nice collections coming up. our momentum is strong we have smaller businesses in

europe and asia, but they're coming on nicely asia and china have come out of the pandemic very nicely, so we're positioning that business to do very well. we're investing in that business very significantly, too. europe has been more difficult in the last year or two, and we're hoping that comes out towards the end of the year. we do see some green chutes. but north america, that is an important market driving our core brands, lee and wrangler. >> one of the things that i mentioned levi's before, only because they're bigger in terms of market cap in terms of you are, but they also trade at a premium valuation. they have about three our four valuation points higher than you. they have emphasized their direct-to-consumer verticals in the past and how that's a strength of their operation. can you take us through what your strategy is, is it mostly

still department stores and other stores selling your product? >> yeah, actually, it's the biggest opportunity for us throughout the globe, really we were more of a wholesale business when we spun out five years ago. and now we have this platform from d to c, both hard, physical stores and also e-commerce both are smaller businesses relative to our pure set, and that just creates a bigger opportunity. so we've been investing heavily in both. this coming year, we'll be building stores in north america, in asia, we're going to be refurbishing a ton of stores in china and then our e-commerce platforms have grown significantly here over the last five years but the key is, they still have a lot of room to grow, because we still have underindexed in those areas, and it helps us to talk and communicate better with the consumer when we had that one on one relationship with the direct-to-consumer store business >> i would be remiss if i didn't

ask one final question, because you are such a consumer focused company. i would like your take as to what you think the state of the american consumer is we've been seeing some mixed signals in this market it seems as though this is a -- maybe a transitory phase about going between consumer strength to relative weakness is the american consumer strong? >> the american consumer is in fairly good shape. i do believe it's going to get better i think we'll see inflation ebb towards the end of the year and going into next year our folks are still working, which is important there's been some wage inflation, which is important. you set up that dynamic and things look good for '25 in addition to the fact that someone like us, the bulk of our products are sold between $20 and $40 and used for recreation, so people need our product that bodes well for us when you can buy a trusted brand at a valued price >> scott baxter, thank you very

much please come again and see us soon >> you bet thanks have a good day. coming up on the show, peloton is erasing its earlier gains after reporting a wider than expected loss of 15% workforce reduction plan and a ceo change again. we've got the details coming up next and here's a look at some of today's earnings movers. allstate slightly outperforming the other two insurers that reported meantime, zillow is down 6% after forecasting weaker than expected second quarter sales. and doordash reporting a first quarter loss the stock is now flirting with its worst day on record. back after this. (♪♪) (♪♪)

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welcome back to "the exchange." markets are generally higher right now. you can see here the dow just up about 2/3 of 1%, up 240 points the s&p 500, 5,052, up 34 points, about three quarters of 1% and the nasdaq, 15,795, 190

points to the upside that tech trade up about 1.25% here are some of the movers. qualcomm is leading the nasdaq after giving guidance that beat estimates, up roughly 10%. now let's go over to pippa stevens for a cnbc news update >> before the donald trump hush money trial took a lunch break, the defense started their cross-examination of keith davidson, the former lawyer for stormy daniels and karen mcdougal the defense tried to paint him as unethical, saying he made a clear helping clients extort money. white house officials say russia has been shipping fuel to north korea over the limit set by the u.n. and there could be new sanctions as a result. this comes after a u.n. payable that monitors the sanctions against north korea. the russian and north korean

u.n. officials have yet to respond. and the lander survives a third lunar night. even though it wasn't survived to survive the frigid conditions, japan's space agency says it's monitoring the lander's condition to see which parts could be deteriorating as it continues to endure the environment. dom? >> thank you very much for that. time for a little show and tell, where we show you a chart and then tell you the story. now, peloton is giving up earlier gains after announcing a wider than expected loss of 15% workforce reduction and the exit of ceo barry mccarthy. but let's take a step back and look at how we got to where we are today. remember, that stock stumbled out of the gate, falling 11% in its public debut after opening below its ipo price of $29 a share. less than six months later, the pandemic hit big deal for peloton in january of 2021, the stock closed at a record high may of

that year. the company then recalled all of its treadmills over safety concerns and announced plans to build itsfirst american factory. but that stock continued to struggle about nine months later, founder john foley stepped down and they introduced chief financial officer barry mccarthy as the next chief executive, highlighting his experience with managing subscription type models in his first year as ceo, he cut peloton's workforce by more than half, and then last february, after eight consecutive quarters of losses, he told cnbc, he was ready to pivot from trying to keep the company alive to growing it shares are now down nearly 80% in 15 months and now down 90% under his tenure and 97% from their all-time closing high. so peloton shares a volatile ride over the last several years. coming up on the show, apple

has yet to post a positive month in the year, and our traders have been profiting off that decline since late last year we'll look at how to trade it into earnings and whether apple can break out of its recent slump. as we head to break, here's a look at some of the names falling to new 52-week lows or worse, including cvs health, mosaic, penn entertainment, et si, as well. we'll be right back after this [crowd chanting] they ignored your potential, dissed your achievements, and mocked your ambition. but it's not the critic who counts, and you know that. from the beginning, you couldn't be stopped. ♪♪ breaking resistance with every swing and block. ♪♪ your game plan never changed.

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welcome back to "the exchange." shares of upwork are higher after stronger than expected quarterly earnings, and both second quarter and full-year guidance the results strong enough to earn it an upgrade from analysts to a buy rating from a prior neutral. saying impressive client growth is a harbinger of more good things to come so let's talk more about this. joining me now is hayden brown, the ceo of upwork. great to be with you, and great to get your thoughts, especially when it comes to the jobs related economy. we had evan sohn give you a shoutout with regard to hearing what you had to say about the jobs market.

he mentioned that you were a contract work platform some folks call you a gig work platform take us through what you think upwork is at your point in the company's history. >> thanks, dom what we do is we serve clients and talent with the most cutting edge ways to work now. we solved the problem that so many companies have around how to get access to the skills that they need, the flexibility they need in terms of their workforce, and so many executives are looking for cost savings, access to relevant skills, especially this new world of the ai economy. they're looking for workers that have those skills or doing any variety of work but using the cutting edge ai tools coming to market now so we're solving all of those problems for businesses, using freelance talent, and also payroll talent so we do it all for businesses working in the most modern ways.

>> you opened the ai door, so i'm going to walk through it at this point it's not just ai in terms of the types of jobs that your clients or customer base are moving into to help companies with it's also that upwork is embarking on an ai journey of its own. can you take us through what upwork is doing with regard to this artificial intelligence craze and what upwork's role is, how is it using ai to transform itself into the next generation, evolution of what upwork can be? >> yeah, this is a huge them for us we had a big release this week with a number of features coming to market. we launched uma, which is the mindful ai that is powering the intelligence behind a number of key features on our site, such as our best match algorithm. but uma is also the first step towards offering our customers an intelligent work companion

that can do many more tasks for them, as they're going through their upwork journey our vision here is offering a solution that lets customers go from an idea to an outcome, from a dream to getting that delivered, using artificial intelligence on upwork so the release we had was just the beginning of that journey and bigger vision. i'll also add from our talent perspective, we already see that upwork freelancers are using artificial intelligence tools at a tremendous rate. internal surveys show that 54% of freelancers are using ai tools on a regular basis, and that is massive compared to only 20% of freelancers on average in the broader economy, and only 9% of internal corporate employees using these tools. so the talent is already at the cuttings edge of using these tools and technologies, and we are super charging this by doing partnerships with all kinds of the most premiere businesses that are offering these tools

and putting those tools in the hands of talent, so that they are the most productive, effective, and the most skilled, because we are building the fascination for the most ai empowered talent in the world. >> so it sounds like you're putting tools in place for potential freelance workers who would use your platform to better, more efficiently use it. what does that mean, the executive assistant type or co-pilot, i don't want to brand it, but the co-pilot type approach to this, what can you get benefit woise from being a freelancer on upwork, and how do companies get the benefit, as well >> the benefit for talent is evident. when they get preferential access to tools like our upwork chat pro, which has intelligence built in, to complete jobs faster, to get assistance using their own data around the work that they're doing every day on our platform, it lets them earn

more money, save on the tools that they would to buy in the free market. so it helps them build their businesses more effectively. for clients, they're looking for the best solution forsal talent that they need for today's economy and they want to save in terms of getting work done effectively. they want to get productivity from their workers so upwork is the destination when thak find those sought after-skills and it saves them from having to uptool internal populations of employees. >> hayden, just a few moments left here, what's the hottest part of the jobs market right now in your mind >> on our platform, it's the ai skills category. we saw it grow 50% in the past quarter. that is on top of quadruple growth last year so this is a huge them that will continue to be in place for some

time >> all comes back to ai. hayden, thank you very much. see you again soon we've got a news alert now on paramount julia has the story. >> a source close to the situation confirms that sony and apollo together made a non-binding expression of interest in discussing a $26 billion all-cash offer for paramount global so what this means here is that they reach out and say this is what we would want to pay, can we talk about it so my source tells me that apollo and sony understand that pair mount cannot engage at this point because of their negotiations with sky dance. those are set to expire this week they could also be extended if paramount and sky dance decide to extend them but they wanted to put this offer out there and say hey, we want you to know this is what we're thinking about, can we talk about it? this letter was submitted to paramount by "the wall street

journal. we have confirmed those details and we'll see if we get any comment. for now, a no comment from sony and have not heard back from paramount. >> this is just about the dollars and cents? is it just about the highest price tag, or is this about which suitor, potential suitor, is the best fit and a balance between that and price >> i think it's the latter, dom. because this is such a different structure, a full all-cash offer versus what is a merger between sky dance and paramount. you have sony, which has its assets you have sky dance, which owns 50% of some of the key ip that paramount owns such as "top gun. so these are very different types of struck tures of deal. there has been a lot of talk about how sky dance may be sweetening their deal for the minority shareholders and how

that might influence the deal. shareholders, if they feel like whatever deal happens is not in their best interest, then they may file a lawsuit so a complex decision tree here for sure but right now, we have sky dance and paramount global in those negotiations now paramount global knows what the other option actually is, or has a better since >> one more point before we let you go here. the reporting that's been done has also been because of that merger aspect between sky dance and paramount, and there was a question about valuing what sky dance is as a company and what it brings to the table how will that play out, given the fact that we have this potential deal brewing with sony and apollo >> i think that's part of the equation here, and all part of figuring out what this new company is, is it a publicly traded stand alone entity, or is it folded into this sony business, and you have to

understand that sony has this huge movie business, as well but sky dance's assets are smaller but more specifically aligned with paramount, in that they do own 50% of "top gun" and the like so very different types of companies. a newer and smaller media company is sky dance coming up on the show, the close arguments in the government's anti-trust suit against google started today it could be months before we get a decision, but the case might be having a big impact on the search giant that story is next by the way, berkshire hathaway, have you heard of it annual shareholder meeting is this saturday. cnbc will be there live coverage is 9:30 a.m. eastern time big coveragerom ah foma. "the exchange" is back after this you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo.

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closing arguments in the landmark anti-trust trial between the justice department and google started today the doj accusing google of abusing its power to maintain a monopoly in the business of search engines deidre bosa is here taking a look at the challenges ahead to have the tech giant and this case overall dei, this is a big deal, because it could be one of those precedent setters for big tech >> exactly the closing arguments happen today. they're important, but the ruling is weeks or months away that may ultimately matter less than the damage potentially already done to google's market position if you take the examples of microsoft and the anti-trust trials in the past, they won those, but they lost momentum in the market it's still too early to tell if that's true for google, but the fear is the same could be true of google and generative ai. and it's been hesitating or second guessing itself take a look. these are just a handful of the chat bots that are available to

consumers. while google's search generative experience sge, it remains in beta mode. the company talks about moving boldly yet responsibly a big part of the reason microsoft made such a large investment in openai is it felt threatened by google's lead in generative ai. a report said that apple is working on an ai enabled safari browser. that could be in response to another finding from the doj trial. that google paid apple $20 billion to be its default search engine in 2022 so even as the doj looks at google's search dominance, that could impact google's position in the next phase, which is gen ai >> let's talk about the competitive dynamic. i'm on my instagram feed, owned by meta. as i go to the search bar, the search bar says ask meta ai anything this is becoming ubiquitous

across big tech. who has the lead and how successful can they be >> it depends on what you mean by the lead. who has the best technology, there's a leader board on a site like hugging face that tells you. but for the consumer, it doesn't matter they're all all going to basicay do around the same thing you don't necessarily need the most advanced version. then you look at something like distribution nobody really comes near google, right? everyone uses google search many, many times a day, billions of users what does it do with that distribution can it leverage that to sort of get away -- to get ahead and put its generative ai into the hands of the billions of users the example you brought up, when you opened your instagram or whatsapp or your facebook, any of the family of apps meta makes, they're utilizing their own distribution also with billions of users. they get them using and experimenting with generative ai that's kind of the at-issue

here, right? can you get it in the wild should you get it in the wild? there are, as we know, so many issues and problems with hallucinations and misinformation but it is a race here. google is trying to balance that responsibility with being bold while the regulators are already looking at it. >> by using the ai tools, we're giving all these companies more information by which to tame their models with. >> that, too. >> dierdre, thank you for that. coming up, near-term options in apple shares imply a 4 t% moe on either side our guest sold late last year. shares are down year-to-date the price level she sees for apple in the near term that's coming up next. inve >> announcer: "tech check" sponsored by -- sometimes they need help cutting through the noise, to ensure fresh investment ideas keep flowing,

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welcome back time for earning exchange. we have apple and cloudflare on the docket we have danielle shay, trading for options at simpler trading we'll kick off with the headliner, of course it is apple. the tech giant reports after the closing bell today

the street is watching for, of course, iphone revenue, and china demand amongst other things you've been bearish on apple so far this year, and you've been correct, to be fair and to give you props. how exactly are you trading apple today? when is enough enough? can the bulls have anything to hang their hat on? >> so when you look at apple and you look at the way may cap tech has reported this year, we've seen tickers that have beat eps estimates and continue to trade lower. that's been the trend with apple, as well i think that apple is under quite a bit of critical resistance and with about a $6 expected move, i expect it to trade into the lows on the year. here's the thing, if it breaks the lows on the year at 165, it could flush down to 160 or 150 i'm bearish this stock. >> next up is hershey. cocoa prices are falling 20% but hitting a record high in the month of march just one of the rising costs that could pressure margins. edward jones is writing that

hershey could respond with increases or have smaller pack sizes. what is the trade on hershey, danielle >> i'm noticing the implied move in the options market is about 4.5%, but this stock typically only moves around 2% generally with this stock, what i do is i come in and sell the at the money, put some calls by outer wings for protection, and just trade the ball crush overnight. i will note, however, if it trades above $200 a share, that's where investors need to be on the lookout. that's where the trend could change in the stock. >> all right that's the trade for hershey the volatile cocoa trade, as well finally, cloudflare. go they set the full-year guidance, quote, as if no new business was signed in the first quarter at all. while the firm says it is unlikely, it is cautious, keeping an eye on annual recurring revenues and product cross-selling, as well cloudflare, a big name for the

tech trade what is the trade here >> i like cloudflare i own this stock it's add a recent bullish trajectory last quarter, it gapped up 21% i think there's a shot here that this thing can trade higher. i will note that this quarter, we've seen a lot of disappointment, even when companies beat what i'm doing with this stock, i'm holding it to the long side. if it breaks out above 95, which, by the way, with a 15% implied move in the options market, it is entirely possible, i'm going to be adding more long shares at this price point >> 95 is the level to watch there. intraday right now $87.67. danielle shay of simpler trading, thank you see you soon. >> thank you. that does it for "the exchange." "power lunch" is on the other side of this quickre bak market holding on to tractional gains right now. we'll see you tomorrow

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