Stephanie Link, Chief investment strategist, Hightower

Nike reported and disappointed. Shares falling 11% today. She was terrified going into the quarter, which wasn't terrible. Expected flat revenue growth, yes, but profits beat her expectation. But the outlook was not good. She expects they'll eventually reach around 10% growth, but doesn't know when. They have a product cycle in 2024, but that will take time to get into the system. It's dead money for 6 months or more. This remains 27% up from lows. Is taking profits, though is not buying other stocks during this rally. Expectations, especially over margins, were so high going into this report.

Not a cheap stock, but are benefitting from excess inventory of recent years. They increased their comp guidance last quarter from 3-4% to 4-5%, unheard of for them. Has owned this forever. They have pricing power. Buy on the day they report earnings, because it always sells on the news.

She's been trimming this given its strong run. Up 193% this year, but remains cheap at 24x PE and 25% revenue growth which she expects to grow fruther next year. 

Trades at 24x forward PE, up because of the VMware deal which is 30% accretive and gets them 50% software exposure in recurring revenues. Not worried that this has run up so much this year. Likes it a lot and owns a big position.

Is flat on the year, despite this rally. Trades at 1x book. Net interest income and expenses for the quarter are in line. Expects the results of their fees to be mixed, but expects more cost cuts as it waits for fees to rise.

Owns a big position.  Their November loan balances were up 15% while delinquencies up only 50 basis points. Trades at 16x forward. Likes this.

She sold Chevron to buy more SLB, which is the #1 player in oil field services. Traeds at 17x forward PE. They raised guidance three times this year, yet shares haven't moved. Their technology is not appreciation.

She sold Chevron to buy more SLB, which is the #1 player in oil field services. Traeds at 17x forward PE. They raised guidance three times this year, yet shares haven't moved. Their technology is not appreciation.

Likes it for the infrastructure build-out. Costs are falling while supply-demand is tight. 

Overall, she remains optimistic about the economy. Consumer spending, making up 70% of the economy, remains robust, even though the latest travel data shows a decrease in U.S. travel and retail data has been declining too.

It trades cheaply at 9x PE with earnings power of $12/share. They have a $30 billion backlog in auto. So, the Apple deal runs out in 3 years, then they can switch to supplying autos to drive revenues.

Is underweight it. It trades at a high 29x PE and they reported -1% earnings decline as well as -5% in revenue and -2% in iPhone sales, -20% in iPad sales and -7% in Macs all in the last quarter. What are you getting with this? Well, the free cash flow, gross margin expansion, opex under control. But 29x is rich. Would buy on a pullback.

Volatile, up 110% before today, now 120%, trading at 80x forward PE. Is this a car or auto company? Their gross margins are going down and lack pricing power (are lowering prices).

Disney had no choice, because with a deal Disney's revenues would have been hit hit by 2-3% or 6-10% in EBITDA. And they have to bid for NBA and it have made it harder for DIS to restore their dividend. That said, she doesn't know the terms of the deal.

Sold it to buy Amazon but still likes KDP, which has a better long-term story than Pepsi or Coke, which trades around 23x forward PE (KDP is 19x). Likes KDP's 5% volume growth and M&A.