Buy Tech Dips? 6/23/26

**SPEAKER_1** (0:00)
At Edward Jones, we believe rich isn't about having life all figured out. It's opening yourself to all the possibilities. That's why your dedicated financial advisor provides long-term planning built around you, meeting you where you are, and helping you get closer to where you wanna be. So no matter where you're starting from, you can move forward with confidence. The key to being rich is knowing what counts.
Let's find your rich, Edward Jones, member SIPC.

**SPEAKER_2** (0:30)
Trading at Schwab is now powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. Access new online courses, insightful webcasts, articles, engaging videos and more, all curated just for traders. Plus, guided learning paths with content designed to fit your unique interests. No sifting to find exactly what you need so you can spend your time learning to trade brilliantly. Learn more at schwab.com/trading.

**Scott Wapner** (1:00)
I'm Scott Wapner and you're listening to Cnbc's Halftime Report. The podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.
Carl, thank you very much. Welcome to the Halftime Report. I'm Scott Wapner, front and center this hour. The latest in the markets, the chip stock sell off. SpaceX trying to find its footing after a few days of selling. We're trading all of it with the Investment Committee and joining me for the hour today, Joe Terranova, Brian Belsky, Kevin Simpson, Josh Brown. Take you to the market, show you exactly what we're doing. We certainly have come off the worst levels. Dow's positive now. Nasdaq has been the flashpoint of weakness, no doubt, all morning long, but those losses are about half as much as they were early on. You're still down about one and two-thirds percent. We're going to get to all of that in a minute, I promise. I do want to start though with a new buy of a blue chip, I mean, a fallen blue chip. How would you refer to Nike?
Josh Brown, I'll let you talk about it.

**Josh Brown** (2:05)
It's the worst stock in the market.

**Scott Wapner** (2:07)
Yeah.
The guy who does the best stocks in the market picks what he says is one of the worst. It's true.

**Josh Brown** (2:13)
I don't do that. Yeah.
I'm not a value investor. I'm not a value investor.

**Scott Wapner** (2:17)
So you bought Nike. So you bought Nike. It's down 6% this week. It's down 33% year to date. It's down 50% from its all-time high. Tell me more.

**Josh Brown** (2:29)
I took half a position. If it comes down another couple of bucks, I'll take the other half and then we'll see what happens. I don't, as a rule, I don't spend a lot of time on the 52-week low list. Certainly I'm not looking for stocks that are trading at 11-year lows, but that's where Nike is. This thing is trading where it was in 2015 There are a lot of good reasons why, not worth spending time on it. Everybody understands the negatives. The China business is a mess. There's a ton of competition. They've had some missteps on some of their sub-brands, over-reliance on the Jordan franchise, Air Force One, Air Max 95 Like we all, everybody on this desk, everybody in the building you're in, judge, can go through the litany. I understand all that. But the stock is at its worst drawdown ever since coming public, ever, 73% below highs. Now you might say, it should be, okay, well, it is. So congratulations, you're as good at reading news as I am.
It is, however, looking like some people are coming in at this level routinely. It bottoms here in April. And so far, that bottom seems to be holding. So maybe there's a trap door and the real bottom is 32 I don't really know. But what I will tell you is this. This stock has not had a positive year since 2021 It's been down five years straight. It's been annualizing at negative 19% a year, annualizing at negative 1% a year for the last decade. This is very, very rare. And they report a week from today.
The earnings will be terrible.
Everyone knows that, though. That's what's in the consensus forecast. 2% decline in revenue year over year, 13% decline in earnings. But let me get to my point.
There's big insider buying in this stock in two waves. In December of 2025, Tim Cook, yes, Tim Apple, who is a board member, bought 50,000 shares, increased his own stake by 90%.
Another board member, Robert Holmes Swan, bought 8,700 shares. Elliot Hill, who's the new CEO, bought 16,000 and changed shares, which is a million-dollar open market purchase. And then in April, they bought again. Tim Cook bought 25,000 shares at $42, and Hill bought another 24,000 shares at 42 So these are people who have operational insight into what's going on in the business. And what I could tell you, I might be early, I think they nailed it with the NBA playoffs and the Knicks.