Latest / Sid & Friends In The Morning / Nicole Petallides | Business Anchor/Reporter Breaks Down the Market & Sid's Field Trip to the Stock Exchange

Transcript

Nicole Petallides | Business Anchor/Reporter Breaks Down the Market & Sid's Field Trip to the Stock Exchange · Sid & Friends In The Morning

• 0:00
  Speaker 1: I had not been inside that place in 25 years
• 0:03
  Speaker 1: since I did a show with Imus and Dick Grasso
• 0:07
  Speaker 1: was in charge. And I walked by every day and
• 0:09
  Speaker 1: every day somebody stops me. One of these guys who
• 0:12
  Speaker 1: works there said, we love you. Come in. So I
• 0:14
  Speaker 1: text my friend, Nicole Petalitas, who's great. She goes, I'm here.
• 0:18
  Speaker 1: Come on in. And the next thing you know, she
• 0:21
  Speaker 1: takes me on a 30 minute tour of the stock exchange.
• 0:25
  Speaker 1: She was lovely and sweet. And the guys were great.
• 0:28
  Speaker 1: And in the backdrop of all this was a terrible
• 0:31
  Speaker 1: day for the markets. Terrible. NASDAQ down, S & P down,
• 0:36
  Speaker 1: Dow Jones down almost 2,000 points. So I wanted to
• 0:40
  Speaker 1: bring Nicole on this morning for two reasons. A, to
• 0:44
  Speaker 1: tell us what the hell is going on, and B,
• 0:47
  Speaker 1: to thank her for being such a gracious host. Nicole,
• 0:50
  Speaker 1: good morning, sweetheart. How are you?
• 0:52
  Speaker 2: Good morning, Sid. I mean, you know, sometimes when someone
• 0:55
  Speaker 2: comes in the day, there's a real down day.
• 0:57
  Speaker 3: They say, please, please don't come back.
• 0:59
  Speaker 2: Don't come back. But I'm kidding. You had been to
• 1:03
  Speaker 2: come on one of the worst days. It was the
• 1:05
  Speaker 2: worst day for stocks in a year and a half
• 1:08
  Speaker 2: for the S & P, the worst since the pandemic
• 1:10
  Speaker 2: for the Nasdaq. We're in bear market territory, meaning we're
• 1:14
  Speaker 2: 20 percent off the highs for the Nasdaq. So it
• 1:18
  Speaker 2: really was a you know, big madness, chaos. You know,
• 1:24
  Speaker 2: we had upswing the day after the elections, right? We
• 1:27
  Speaker 2: were up 1500 points on the Dow Jones industrial average.
• 1:30
  Speaker 2: And then we were down 1800 points yesterday. So these
• 1:33
  Speaker 2: are massive swings and you got to witness some of that.
• 1:37
  Speaker 1: It was awesome. And you know, even though it was
• 1:39
  Speaker 1: a depressing day in the market, I never would have
• 1:42
  Speaker 1: known because I think you'd have to agree. I'm pretty
• 1:45
  Speaker 1: popular in that place. And every time you walk me
• 1:48
  Speaker 1: by one of your friends, they went nuts. Right.
• 1:50
  Speaker 2: I agree, Sid. You got a lot of friends and
• 1:53
  Speaker 2: fans down here. And look, I mean, what we're seeing
• 1:56
  Speaker 2: yesterday was an opportunity. So it does feel sort of
• 2:00
  Speaker 2: downtrodden when you have a down day like that. But
• 2:03
  Speaker 2: that's the day that kind of presents opportunity. I mean,
• 2:07
  Speaker 2: the guys love volatility. In fact, they were scooping it up.
• 2:10
  Speaker 2: I had my friend Stephen Orr say, I'm buying with
• 2:13
  Speaker 2: both hands. I'm going to sleep tonight. I bought Qualcomm NVIDIA.
• 2:16
  Speaker 3: Jay Woods was there.
• 2:18
  Speaker 2: He just played his clip. He was talking about, Micron
• 2:21
  Speaker 2: and NVIDIA, there are people who step in and buy
• 2:24
  Speaker 2: on days like yesterday.
• 2:25
  Speaker 3: So they needed a bit of a washout.
• 2:28
  Speaker 2: People were expecting some selling, but it's hard to stomach
• 2:30
  Speaker 2: because certain stocks in one day were down 10, 15, 20%.
• 2:36
  Speaker 2: And if that's your money... I mean, yesterday I saw
• 2:39
  Speaker 2: SanDisk down 20%. Seagate was down 15%. Irene was down 16%.
• 2:43
  Speaker 2: This is during the day. Taiwan Semi. Dell was down 13%.
• 2:49
  Speaker 2: So if you are too concentrated... In one.
• 2:52
  Speaker 3: Stock, this is why we always use the word diversification.
• 2:55
  Speaker 2: I know it sounds so boring. Boring is good. You
• 2:58
  Speaker 2: cannot be all in one thing, cannot have all your
• 3:01
  Speaker 2: eggs in one basket.
• 3:02
  Speaker 3: And so this is why they say diversification, because if
• 3:05
  Speaker 3: you were.
• 3:05
  Speaker 2: In those, you really got hit hard. If you were
• 3:07
  Speaker 2: in other things, I mean, the Dow for the week
• 3:09
  Speaker 2: is down a half a percent, right? That doesn't sound
• 3:12
  Speaker 2: like a big deal at all.
• 3:13
  Speaker 3: No. But, you know, the Nasdaq down 6%. And so
• 3:17
  Speaker 3: this week.
• 3:17
  Speaker 2: So it's tough.
• 3:19
  Speaker 3: It's tough to stomach these kinds of days.
• 3:21
  Speaker 1: I think the funniest part for me yesterday, though, even
• 3:23
  Speaker 1: though it was a tragic day in the market, was
• 3:26
  Speaker 1: when I exited the stock exchange. And I see these
• 3:29
  Speaker 1: people on the call on the street every day as
• 3:30
  Speaker 1: I walk towards the ferry on Wall Street. There's like
• 3:33
  Speaker 1: three or four TV shows out there, all these young,
• 3:36
  Speaker 1: attractive girls. And they started calling me over one by one.
• 3:39
  Speaker 1: The first girl calls me over. She's in a green dress.
• 3:42
  Speaker 1: She's got the cameraman right in front of her. And
• 3:44
  Speaker 1: the first thing she says to me is, so how
• 3:47
  Speaker 1: old were you when you made your first million dollars?
• 3:51
  Speaker 1: And I said, I'll let you know when I do.
• 3:54
  Speaker 1: But then she started asking me about stock tips, and
• 3:58
  Speaker 1: you had said something to me about an hour before,
• 4:00
  Speaker 1: and I said, five below five. How about that?
• 4:05
  Speaker 2: You're so funny. I'll tell you, inside the place, everybody
• 4:09
  Speaker 2: knew who you were, and you had a lot of fans,
• 4:11
  Speaker 2: and you were right. People were taking pictures with you, and,
• 4:14
  Speaker 2: you know, there's some great, great guys down here. They've
• 4:17
  Speaker 2: been down here for decades, you know, from Brooklyn, from Chicago,
• 4:20
  Speaker 2: Staten Island, from Westchester. I mean, this has been... You're
• 4:24
  Speaker 2: in the iconic financial capital of the world. You were
• 4:27
  Speaker 2: outside by the Buttonwood tree where they had the Buttonwood Agreement, right?
• 4:31
  Speaker 2: You're inside. This is a fortress. It is the most
• 4:34
  Speaker 2: special place you cannot get in unless you know somebody
• 4:37
  Speaker 2: on the inside, right? So it's an... unbelievable, priceless experience.
• 4:42
  Speaker 2: And by the way, I want your son Gabriel to come.
• 4:44
  Speaker 2: I heard he was interested.
• 4:44
  Speaker 1: Oh, yes.
• 4:45
  Speaker 2: We're going to have him visit.
• 4:46
  Speaker 1: Thank you for that.
• 4:47
  Speaker 2: And happy birthday for that. And Danielle and your family,
• 4:49
  Speaker 2: of course. And great marathon for her. But I'll tell you, outside,
• 4:54
  Speaker 2: you really crack me up how you're out there trying
• 4:56
  Speaker 2: to give some financial advice. The five below comment, first
• 4:59
  Speaker 2: of all, it's not below five, it's five below. That
• 5:01
  Speaker 2: came from my friend Erin Gibbs from Slate Stone. And
• 5:05
  Speaker 2: she came on yesterday to talk about something other than tech.
• 5:09
  Speaker 3: Right. And so she was.
• 5:10
  Speaker 2: Talking about Abercrombie and Fitch and Eat, which is Brinker.
• 5:13
  Speaker 2: They own Chili's and she had Five Below. She had Hasbro.
• 5:17
  Speaker 2: And some of these stocks are up 30 percent this year.
• 5:19
  Speaker 3: While nobody's looking. These are up 30 percent.
• 5:23
  Speaker 2: So that's the point. Sometimes they were down the year before.
• 5:26
  Speaker 2: And so that's how ultimately you do it. I love
• 5:29
  Speaker 2: also that you were mentioning some of the greats. that
• 5:31
  Speaker 2: I've worked with. I've been here since the mid-90s from
• 5:34
  Speaker 2: Dow Jones when I worked with Martha McCallum, whom I adore.
• 5:38
  Speaker 2: She was an anchor on Dow Jones and Maria Bartiromo,
• 5:42
  Speaker 2: obviously a great mentor when I was at CNBC. So
• 5:47
  Speaker 2: it's been an incredible.
• 5:48
  Speaker 1: And Roger Ailes. You started right there with Roger Ailes.
• 5:51
  Speaker 2: I launched Fox Business. I was the first voice on
• 5:54
  Speaker 2: Fox Business. I said, welcome to the new Fox Business Network.
• 5:58
  Speaker 2: I was anchoring there at 1211 6th Avenue. Roger came
• 5:59
  Speaker 2: in gave us a few inspirational words before we started
• 6:03
  Speaker 2: the show. The whole world was watching, and it was exciting.
• 6:06
  Speaker 2: And I used to anchor in the morning and come
• 6:08
  Speaker 2: down here during the day. So it's been an incredible run.
• 6:12
  Speaker 2: But a day like yesterday.
• 6:13
  Speaker 3: It's tough.
• 6:14
  Speaker 2: Why is the selling happening? I'm sure people are interested.
• 6:17
  Speaker 2: The concern is that the AI build-out has been so fast,
• 6:22
  Speaker 2: so furious, and that with the Democratic blue wave, that
• 6:26
  Speaker 2: it will have over-regulation and it will slow down or
• 6:29
  Speaker 2: be more expensive. And the truth of the matter is, look,
• 6:33
  Speaker 2: it was running maybe too fast. We've had so many
• 6:37
  Speaker 2: great years over the last 10 years for stocks, so
• 6:39
  Speaker 2: you can't cry in your soup this morning or your
• 6:42
  Speaker 2: cereal or whatever. But it just means it may slow
• 6:45
  Speaker 2: down a little bit. But Elon Musk has created hundreds
• 6:48
  Speaker 2: of thousands of jobs. The train has left the station
• 6:51
  Speaker 2: when it comes to the data centers. The economic growth
• 6:53
  Speaker 2: is evident. The build-out is huge. And so I think
• 6:57
  Speaker 2: that the president and House and Senate will work together
• 7:01
  Speaker 2: to continue to move this forward. That's based on what
• 7:03
  Speaker 2: I'm hearing from the guys that I speak with. They
• 7:06
  Speaker 2: still think that we'll still have the growth that we'll see.
• 7:09
  Speaker 2: Maybe it'll be a little different, but... It's not the
• 7:12
  Speaker 2: concern about the demand. The demand is there. It's just
• 7:16
  Speaker 2: that how we will handle the supply, how it will
• 7:19
  Speaker 2: all happen. And so the big picture, Ed Yardeni, who's
• 7:23
  Speaker 2: a great, well-respected guy on Wall Street, he has a
• 7:26
  Speaker 2: higher target for the end of the year on the
• 7:28
  Speaker 2: S & P 7,900. He has 8,400 for the middle
• 7:30
  Speaker 2: of next year, 10,000 for the S & P by
• 7:34
  Speaker 2: the end of the decade. A friend of mine, James Demert,
• 7:36
  Speaker 2: has 100,000 on the Dow Jones Industrial Average by the
• 7:40
  Speaker 2: year 2030.
• 7:41
  Speaker 3: Yeah. Wow.
• 7:42
  Speaker 1: Even if the Democrats take the White House?
• 7:46
  Speaker 2: You know what? This is not the first time you're
• 7:48
  Speaker 2: going to have, you know, sort of a lame, you know,
• 7:51
  Speaker 2: also the market likes some uncertainty because things slow down
• 7:53
  Speaker 2: a little bit.
• 7:54
  Speaker 3: But because you have, you know, Republican at the top
• 7:57
  Speaker 3: and then you have a Democratic Congress. So sometimes the market.
• 8:00
  Speaker 2: Likes they've now taken away the uncertainty on what's what.
• 8:04
  Speaker 3: It's OK, because it's.
• 8:05
  Speaker 2: Been like that. You know, this is not the first
• 8:07
  Speaker 2: year or the last year that you're going to have
• 8:10
  Speaker 2: battling things.
• 8:12
  Speaker 3: Right.
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  Speaker 2: Just look at look at what the Dow has done
• 8:15
  Speaker 2: for 10 years, 20 years, 30 years.
• 8:17
  Speaker 1: Even with Biden, even with Biden, it was going up
• 8:19
  Speaker 1: for for most of his day. I would ask you this.
• 8:22
  Speaker 1: What has happened to NVIDIA over the last couple of months?
• 8:26
  Speaker 1: Why is that in the 40s?
• 8:29
  Speaker 2: Well, NVIDIA definitely, I was just looking at NVIDIA, right?
• 8:32
  Speaker 2: So NVIDIA now one year is down about eight and
• 8:34
  Speaker 2: a half percent. So it has sold off. And part
• 8:37
  Speaker 2: of it has just been the movement of money to
• 8:40
  Speaker 2: other parts, right? We think of NVIDIA as this big
• 8:43
  Speaker 2: chip name. And so people were taking money out and
• 8:45
  Speaker 2: going to some of the other high flyers like Nebius
• 8:48
  Speaker 2: and CoreWeave and Iren and whatever. But NVIDIA is a
• 8:52
  Speaker 2: great long-term company. Dan Ives actually picked some names for
• 8:59
  Speaker 2: after the Dem sweep, he has NVIDIA on his picks
• 9:02
  Speaker 2: as one of the long-term growth names. I mean, three
• 9:04
  Speaker 2: years ago, this was $ 44. Okay, so I know people
• 9:09
  Speaker 2: left it at $ 240, but at $ 188, you still made
• 9:12
  Speaker 2: a lot of money.
• 9:13
  Speaker 1: For $ 44. Oh, yeah, a lot of money, yes.
• 9:15
  Speaker 2: NVIDIA is really number one. It is really... It's whole centric.
• 9:20
  Speaker 2: It has its own stack. It's something special. And so
• 9:24
  Speaker 2: most of the guests who come on, you just heard
• 9:25
  Speaker 2: two of them yesterday that I just quoted. They both
• 9:28
  Speaker 2: picked NVIDIA for the long term and then also in DNI.
• 9:31
  Speaker 2: So that's three right there.
• 9:32
  Speaker 1: Right there. Yeah.
• 9:34
  Speaker 2: I don't talk politics and I don't give recommendations. My
• 9:37
  Speaker 2: job is to stay really neutral and listen a lot
• 9:41
  Speaker 2: and then get it all back out in a succinct manner.
• 9:44
  Speaker 1: You know, your job is to make money for your clients,
• 9:47
  Speaker 1: which you do.
• 9:49
  Speaker 3: I don't have clients, but Schwab has clients and Schwab
• 9:52
  Speaker 3: does an incredible job.
• 9:53
  Speaker 2: You have to have diversification. You don't want to have
• 9:55
  Speaker 2: concentration risk. And I cannot believe you're not in the
• 9:58
  Speaker 2: stock market.
• 9:59
  Speaker 3: Is that what you? said earlier?
• 10:00
  Speaker 1: I don't make enough money to do that. You need
• 10:02
  Speaker 1: a lot of money to be in the stock market.
• 10:04
  Speaker 2: Listen, you can put $ 100 in.
• 10:07
  Speaker 3: Compounded interest.
• 10:08
  Speaker 1: You want to know something? I'll tell you a funny
• 10:10
  Speaker 1: story quickly because you've got other guests coming up. So
• 10:12
  Speaker 1: my son comes down yesterday. He's going to be 18
• 10:15
  Speaker 1: November 24th. He's a kid, 17 years old. Him and
• 10:18
  Speaker 1: my wife, Danielle, are in the market. They got this,
• 10:20
  Speaker 1: you know, the round robin. What do you call this thing?
• 10:22
  Speaker 1: The red robin, Robin Hood. So my son comes down.
• 10:26
  Speaker 1: He goes, Daddy, you want to the market without me?
• 10:28
  Speaker 1: I said, don't worry, I'll take it. He goes, you know, Daddy,
• 10:31
  Speaker 1: I'm making money today. I go, what do you mean
• 10:33
  Speaker 1: you're making money today? The market's getting clobbered. He goes, Dad,
• 10:36
  Speaker 1: I woke up this morning. I sold everything short. He
• 10:40
  Speaker 1: shows me he was actually up $ 324 for the day.
• 10:45
  Speaker 1: Everybody's getting killed. Gabe Rosenberg got up at 17 years
• 10:49
  Speaker 1: old and sold short.
• 10:52
  Speaker 3: Yeah, and he made money because we sold all day long.
• 10:54
  Speaker 2: And so you bet that it's going to go down.
• 10:56
  Speaker 3: And then, well, it's a bet, right?
• 10:58
  Speaker 2: I don't know how else to say. You buy or
• 11:00
  Speaker 2: you sell is the proper way to say it, right?
• 11:02
  Speaker 3: It's not gambling.
• 11:03
  Speaker 2: It's proper trades. But yeah, he did well. That's a
• 11:07
  Speaker 2: good move there. So he knew it was going down.
• 11:09
  Speaker 2: He knew. He knew. Yeah, and that's part of it too.
• 11:13
  Speaker 2: Whether you're a day trader or a long-term investor, I mean,
• 11:16
  Speaker 2: there's different strategies. People were in gold. They love gold,
• 11:19
  Speaker 2: but gold has sold off, but it's known as a
• 11:21
  Speaker 2: safe haven. So people at some point are going to,
• 11:23
  Speaker 2: they sold some gold because they had to cover some
• 11:25
  Speaker 2: of the losses yesterday, right? But over the long-term, gold
• 11:29
  Speaker 2: is of great play. You also had people who are
• 11:32
  Speaker 2: interested in crypto. They're waiting for 100,000 on Bitcoin. Clarity
• 11:37
  Speaker 2: Act is going to come back now. It's a bipartisan story.
• 11:40
  Speaker 2: So maybe in January we might have the Clarity Act.
• 11:43
  Speaker 2: You might see.
• 11:43
  Speaker 3: Bitcoin go back up. So it's a.
• 11:46
  Speaker 2: Day-to-day action, but you've got to be in it for
• 11:48
  Speaker 2: the long term.
• 11:48
  Speaker 3: You've got to be in it to win it.
• 11:50
  Speaker 2: You've got to be in it for the long term.
• 11:53
  Speaker 1: In the final 60 seconds, how has the market changed?
• 11:57
  Speaker 1: The market on a daily basis working down at the
• 12:00
  Speaker 1: New York Stock Exchange. How has that changed since we've
• 12:04
  Speaker 1: got a market now in Dallas? Other parts of the
• 12:08
  Speaker 1: country have their own Wall Street. How has that changed
• 12:11
  Speaker 1: the New York experience?
• 12:14
  Speaker 2: New York is still the financial capital of the world.
• 12:16
  Speaker 2: We set the prices in the morning and the evening.
• 12:18
  Speaker 2: The opening, closing bell are very busy. But yeah, there
• 12:22
  Speaker 2: used to be thousands of people down here. And now
• 12:25
  Speaker 2: you see there's hundreds and we're using computers. So it's
• 12:28
  Speaker 2: a really good mix of computers and the human element, right?
• 12:32
  Speaker 2: And so that's what's so beautiful about the New York
• 12:35
  Speaker 2: Stock Exchange. But yeah, people can trade in a lot
• 12:38
  Speaker 2: of different places and they have the opportunity to do that.
• 12:40
  Speaker 2: But this is still the place where in the world.
• 12:43
  Speaker 2: NASDAQ's pretty great, too. And we have the Texas exchanges,
• 12:47
  Speaker 2: the Miami exchange.
• 12:48
  Speaker 3: I mean, there's exchanges all over the world. But this
• 12:50
  Speaker 3: is still where George.
• 12:52
  Speaker 2: Washington was outside, went for the revolution, gave his first
• 12:56
  Speaker 2: speech in his inauguration. Francis Tavern's down the block. I mean,
• 12:59
  Speaker 2: this is the iconic place, not only for the building structure,
• 13:03
  Speaker 2: but also how many shares and millions and billions have
• 13:07
  Speaker 2: traded over the many years. I mean, this is still
• 13:09
  Speaker 2: the place. But yes, the trading volume has dropped and
• 13:13
  Speaker 2: the floor is less busy. But everybody's here because in
• 13:16
  Speaker 2: the middle of the day, a stock can move higher
• 13:19
  Speaker 2: or move lower or an IPO or news pending. And
• 13:21
  Speaker 2: so it can be extremely busy on any given day.
• 13:24
  Speaker 2: And that's what really makes us so excited. By the way,
• 13:26
  Speaker 2: I want to give a great shout out to my
• 13:29
  Speaker 2: dear friend, Family, friends, John and Margo Casamadidis, of course,
• 13:34
  Speaker 2: Chad and Emily, whom I love, and Lou and Dominic,
• 13:38
  Speaker 2: your whole team there at WABC Radio, whom I adore.
• 13:42
  Speaker 2: I'm glad to be on with you today, Sid. Thank
• 13:44
  Speaker 2: you for having me.
• 13:45
  Speaker 1: You've got to do this more often.
• 13:47
  Speaker 2: I've got to tell you. You know what? People who bought,
• 13:50
  Speaker 2: he told you yesterday, Jay Woods said, buy the SMH.
• 13:53
  Speaker 2: Those semiconductors, excuse me, are up about 4% right now.
• 13:58
  Speaker 1: So if you bought.
• 13:59
  Speaker 2: Yesterday, you're already making 4%. Sid, you know what?
• 14:02
  Speaker 3: You really got to invest.
• 14:03
  Speaker 1: The money for the long term. I will meet you
• 14:05
  Speaker 1: for lunch this week, and we will have that conversation, okay?
• 14:08
  Speaker 1: Sound good?
• 14:08
  Speaker 3: You'll have to come back to the stock exchange.
• 14:10
  Speaker 1: I can't wait. You won. You're great.
• 14:12
  Speaker 2: Come by anytime.
• 14:12
  Speaker 1: You're great, Nicole.
• 14:13
  Speaker 2: Great to hear all of you.
• 14:14
  Speaker 3: Have a super day.
• 14:15
  Speaker 2: You too. And Lou, thanks for the great songs always.
• 14:17
  Speaker 1: We love you, too.
• 14:18
  Speaker 2: Have a great weekend. Go get them.
• 14:19
  Speaker 1: You, too. We love you, too.
• 14:20
  Speaker 3: Let me know when you make the first million. Bye.
• 14:22
  Speaker 1: Hope you're still alive when that happens. Yeah, me, too.
• 14:26
  Speaker 1: She's so great, isn't she? Nicole Petalita. She really is amazing.
• 14:30
  Speaker 1: She walks that floor. She's the queen of the stock exchange.
• 14:34
  Speaker 1: That's it. She is the queen of the stock exchange.
• 14:36
  Speaker 1: Nicole does a great job.
• 14:38
  Speaker 4: Thanks for listening to Sid and Friends in the Morning.
• 14:42
  Speaker 4: You can hear Sid and Friends in the Morning weekday
• 14:44
  Speaker 4: mornings at 6. share it with your friends and listen
• 14:49
  Speaker 4: anytime at wabcradio.com and download the wabc radio app hit
• 14:54
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• 14:59
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• 15:04
  Speaker 4: you next time for a new episode so you never
• 15:06
  Speaker 4: have to wonder
• 15:07
  Speaker 1: What the heck is going on here