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Market check: Travel stocks mixed, Netflix stock rebounds, startup stocks struggle

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Yahoo Finance Live’s Jared Blikre breaks down midday trading in the stock market.

Video transcript

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. The markets starting this week down. Joining us to break down this morning's early trading action, we've got Yahoo Finance's Jared Blikre who sprinted over from the New York Stock Exchange.

JARED BLIKRE: Ooh, I'm out of breath.

BRAD SMITH: Your glasses didn't even fog up.

JARED BLIKRE: Thank you. No, Warby Parker. Let me tell you, I love the glasses. Not the biggest fan of this stock, but I love the company. All right, let's take a look at the YFi Interactive here. We got the Russell 2000 in the green. That is about it. The NASDAQ down another 1%. We're going to have to see what happens tomorrow. As I'm fond of saying, the week, it doesn't really start until about 9:30 to 10:30 AM on Tuesday. But today, we have energy. That is up nearly 2%. That's XLE right there.

And you take a look at some of the things that are moving today. Well, we got a mixed picture in travel, as was reporting earlier at the exchange. The airlines doing somewhat of some positive action here. American up about 1%, United up about 1.8%, but Airbnb down 5%, Marriott down-- excuse me-- down 2%.

And let's take a look at some of our sentiment leaders here. MJ, that is the cannabis ETF-- haven't mentioned that in a while because it hasn't been perking up, but that looks like one of the few things that is in the green. Also KWEB, the Chinese internet ETF, that's also in the green. BETZ, biotech, but really not a whole lot happening here. We have ARKK, the Ark Innovation ETF, that is down 3%.

So let's take a look at what's been happening inside there. This is a very different look than what we have been seeing over the last three days. It was last Thursday that we saw a lot of these names perk up. You know, Shopify, for instance, Coinbase down 9%, Twilio down 6%. A lot of these names got a little bit of a pickup. So let's see what's happened over the last three days since then. And look, they're still holding on to some gains here. So we'll have to see if the trend can reignite. But as I said, I'm going to give that until tomorrow, guys.

JULIE HYMAN: Yes, so you can't judge a trend by too short of a period. Let's take a look at some trending tickers, because I know you have been watching those for some interesting action.

JARED BLIKRE: Yeah, so let's go to our trending tickers here today. It's not going to be Twitter. I think we talked enough about that last week, but we are seeing some movement in a number of these markets here. And please populate. Sundial, all right, Spirit, you guys have been handling that. Wix.com, data storage, Netflix, I love this chart here. I'm going to get to Occidental Petroleum in a second, but let's check out Netflix because we do have a fledgling base down here.

This is a year to date chart. It's pretty ugly when you look at it on a longer time frame. You have to go back about five years to see where we have seen these prices before. But we are hitting some pretty big levels here. So I'm not saying it's the all clear right now, but maybe we have the beginning of a fledgling rally here.

Now, Occidental Petroleum, Warren Buffett buying more of this company. I want to check out the market cap. It is now $62.4 billion. He has enough cash to buy the entire company. I was talking with Bill Smead of Smead Capital Management, and he said there's about a one in four chance that he could just shell out and buy the entire company. And it probably wouldn't be that bad of a deal because look at what they've done on a year to date basis. They are up 130%.

But let's go back in time, another 10-year chart here. It's taken a long time to claw back the losses since we had that huge decline in 2018. And for that record, a lot of the shell companies have just been shellacked since 2015. So they're raising capital, they're returning capital to shareholders, and they're being very careful about their investments. What does that mean for the price of crude oil? It probably means there is a little bit of a bid under it. Guys.

JULIE HYMAN: Is it--

BRIAN SOZZI: Did-- oh, go ahead. Go ahead, Julie.

JULIE HYMAN: I was going to say, Bill Smead is a longtime Berkshire holder, is he not? So he watches Buffett very closely.

JARED BLIKRE: Yes, and I had a webinar with him that I conducted about one month ago. And he was very bullish on the energy sector, huge tailwinds throughout the end of the decade. He was actually very bullish on oil one year ago. So he's sitting on some nice gains there. Great value investor and definitely a Warren Buffett aficionado.

JULIE HYMAN: Yeah.

BRIAN SOZZI: Jared, can you pull up SoFi real quick? Piper Sandler operating the stock. They're looking for 48% upside.

JARED BLIKRE: Well, you know, good. We'll see if that happens. Here is SoFi. Let me get to a max chart. Like a lot of other IPOs-- and this isn't a reflection of the company. It's been a bad market for new companies that have to raise capital, especially in this rising interest rate environment. So you can see, they are mired in the bottom end of their range right now.

And that's about all I can say for this stock. Now you give-- the Federal Reserve is raising interest rates. What's going to happen in this rising interest rate environment as the cost of capital goes up, unfortunately-- I'm not saying about SoFi in particular-- I think a lot of these startups, a lot of Russell 2000 companies simply not going to make it.

JULIE HYMAN: It's hard to find companies that entered the public markets last year that are higher now.

JARED BLIKRE: The subway companies, as you like to call them, yes.

JULIE HYMAN: Yes, the subway companies that had those--

JARED BLIKRE: Monday.com.

JULIE HYMAN: --nice logos on the subway, yes.

JARED BLIKRE: Warby.

JULIE HYMAN: By the way, Sundial out with earnings today. That's why those shares are up 17%. Wix was out with earnings, too, and the shares had been down much more. And now they are-- I think it's number four there. And now they're recovering a little bit.

JARED BLIKRE: There is--

JULIE HYMAN: They're still down on the day, but not--

[INTERPOSING VOICES]

JARED BLIKRE: There's that bulging bicep, Brian Sozzi.

BRIAN SOZZI: Yeah, you know what? I'm just going to quickly note here, two shares of SoFi costs the same as one pound of inflationary deli meat.

JULIE HYMAN: All right.

JARED BLIKRE: That's what I would expect from Brian Sozzi right there. Thank you.

JULIE HYMAN: Yes, exactly, the hard-hitting statistical analysis. Thank you so much, Jared. Appreciate it.

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