Pete, ill begin with you. We got to 464. Were right on the doorstep and pete, it seems no maertter you throw at apple, the stock continues to go higher i think it comes down to fundamental story. We talk about the fundamental story all the time but the reality is, they crushed it again in q2. When you look at the revenues and the earnings and the beats they made there, the double digit beats they made, its extraordinary. The other side is how about when they came out with the less expensive 399, the se model. That was another genius move then, its not just the services you look over at the wearables you combine those two and you not too far away just those two entities. You put thoeds together. They are close to 20 billion and the iphone brought in 26 billion. When you look at this from a fundamental perspective, youre looking at a company thats clicking on all cylinders and you still have 5g and the split. Theres different elements to this trade that tells me the stock can get up and through that 2 trillion level even though, pete lays out a bunch of reasons why the stock continues to rise. You sold it and theres conversation in the market around some of these high flyers as to whether its time to lighten up maybe its hard to do that because of the catalyst that pete just mentioned. Yeah, i think i sold it it 100 points ago which is bit painful. Invetsing is hard. You have a reason why you buy and a reason why you sell. People thought maybe apple had a big enough move. Boy, were we wrong the mull approximate expansion in 2019 had only been trumped by 2020 i think thats the perfect example of fundamentally its revenue still arent growing that much. Its really hard to step to side of sentiment i think as long as were in this new normal where these Big Tech Companies have pristine Balance Sheets they are growing apple had really good growth in europe as well about 20 this last quarter the stock probably continues to go higher. Jim, the points that brynn makes are not wrong. Its just that momentum has carried it and run over the critics, any of the naysayers and nonbelievers it continues to run them over. I think you pointed out 467 is the number for it to reach 2 trillion thats based on share count of june 30th. A month and a half they have been buying back shares. Their share count is lower we know they generate a ton of cash flow and buy back shares. Some of that momentum is fundamentally deserved by the amount of cash that the Company Generates and that it recycles into reducing share count. However, saying that, there are risks. You mentioned or i think you alluded to some of the antitrust issues that are out there. I tend to think thats not going to come to pass. Everybody is in the cross hairs of the regulators and if everybody is in the cross hairs then nobody is the other thing is look at qualcomm you go back 20 years, people said its anticompetitive and they still keep Winning Court cases. They just won one two weeks ago. I dont think theres any legal liability that can be pinned on apple. Theyre just being competitive sdp what happens if theres changing to the app store structure and the amount of money apple takes. That would be a negative. Does that have an impact on how the stock could go however you think this unfolds, whether it gets to a courtroom or not. Of course it could be negative if the government starts to score points on apple, that would be bad it would be bad for the whole tech sector. Right now the government is punching at air, as far as im concerned. Were approaching this 2 trillion in market cap any reason to use that as a lighten up symbol if you get to that level look, i get the reasons why stocks going up. I dont know if once the split goes through if people use that as a reason to sell. It seems conventional wisdom Social Security a reason for the stock to continue to go up rightly or wrongly what do you use the milestone for, if anything, if youre an investor i think you use it for the same thing that you used the trillion dollars and thats breaking through the ceiling, scott. Thats exactly what youre going to be doing at 2 trillion it will be others in the growth space that will join apple above 2 trillion. I dont think theres any reason to sell there. All the reasons that identified so far are very strong reasons to stay with ownership of apple. On jimmys point, i would point out i had a conversation with andrew about a year ago regarding apples ability to bundle its subscriptions i think ultimately youre beginning to see the signs of that thats going to remove some of the risks surrounding its services business. I dont think ultimately it will significantly increase the momentum that they have been able to exhibit in services over the last couple of years lastly, as it relates to the stock split, that is a good thing for investors. Specifically, small investors that dont own their stock keep in mind, small investors maintaining a capital size in their portfolio of somewhere around 10,000 you dont own apple and youve got a 10 c,000 account you split the stock and theres a diversification advantage to that where its only 1 . I think thats where theres very strong support for what apple is doing, once again, as think split the stock so many times prooefeviously you look at what apple is doing today. You look at tech the nasdaq is out performing its almost like a statement the nasdaq is making and some of these tech stocks is not so fast everybody is lining up i think thats not accurate i think when you look at value, i think that financials are a big part of the value but i think financials will have head winds. At tend of the day, the 30year moved up significantly as soon as it moves back down and its very low any way, i think financials could get a pop and you could trade thoeds they will struggle over the next few years. They have done terrible since then i think to lean into some of the value names makes sense. To do a wholesale rotation will have a huge underperformance and have really bad consequences our conversation with katy, she was telling joe that its lining up not be a believerer again in the value trade you have more notes. Tom lee was on with us friday as he raises his s p target and says value will be in part what gets you there you have other notes out there morning talking about that too mkm. They say recalibrate and shift away from technology everybody wants to make the call the question is are they going to have egg on their face after they make it yeah. I got to tell you something, i dont understand why we already know some of this we know theres multiple trillions of dollars been sitting on the sidelines i think its a really sharp mood last week. One of the traders was talking about something. I dont know its got to be a rotation as its allocation. Allocation from those that had the money on the sidelines into some of those areas where they feel comfortable because of this big tech move to the upside. Why cant it be a market where tech continues to move to the upside and we see value participate. Tech continues to move to the upside i think for a lot of right reasons. Apple being one of them but i think that because of that, why cant both work at the same time thats the one part that puzzles me is everybody thinks that everybody has to shift. What suggests can they can even do well they had nice runs before scott, its jim the only answer to that is theres got to be mma activity i said this when tom lee was on. Its the only thing that can change the narrative from these value rotations from being absolute head fakes. You need to see real money coming in. You havent seen a full flood. Youve seen a bit in term of the energy space things like chevron, texaco and war lren buffet buying bank of america. My point is maybe, pete, its not going to happen until you get a vaccine. The market we know looks forward. Word of a vaccine doesnt mean we have a vaccine. Its going to take six months, maybe it takes nine months maybe it takes longer than that to vaccinate everybody who wants to be vaccinated theres your look ahead. Why would you plow money into epicenter stocks or reopen stocks until you get the announcement that a vaccine is here and one has been approved with the allocation of money coming back, they are probably comfortable with the idea at some point in time i think those time frames make a lot of sense opinion its probably not right around the corner it could be three months out or even longer. Now would be time you might be wants to position. We talk about this just last week we were talking about you do want to approach things when theres ploods blood in the str theres a catalyst i do think its what you said. A vaccine. Any kind of drug that will be something that we can look to make ourselves be able to come out of this pandemic and feel a little more comfortable and travel and restaurants and all the different bars everything we talk about each and every day on here. If there is something out there like that, maybe now isnt such a terrible time to be looking because a lot of thoedse, yeah theres been head fakes. Theres been opportunities you have to be patient dont think this is happening tomorrow, next week or in the next couple of weeks this is something that is likely months out, maybe half a year or even more out. Positioning, its not the fools way to do it i think its the right way to do it if youre picking and selecting the right companies that have the Balance Sheets thai theyve got the fundamentals and havent had the buyers coming in maybe sometimes i think its okay to be one of the early buyers in those kinds of names positioning has been cautious youre coming into what had i mean august is one of the worst months of the year we come in there we hear all this historical facts and figures say its going to be a rough month but then you get, this pick up in value stocks and cyclical stocks youve got nvidia reporting this week from the growth side. Kramer was talking about looking ahead at nvidia. System of the groups working in the market now and what he calls a grand slam for the markets lets listen to kramer august was supposed to be so bad. Were going to get an inkling when we see nvidia this week i think we koulgds hacould haved slam of retail being positive. We have industrial being positive its a grand slam. Joe, what do you think about that i think im positioned for it hopefully jim is correct on that. S p growth was unchanged on the week there was not this great rotation as it was being pontificated out of growth into value. You have to maintain those growth positions they are the economy right now because of the up tick that we experienced in interest rates, thats where the money came from it came from high yields and you saw investors searching for some form of opportunity and they found that opportunity selectively in value on the belief there were better economic numbers and that potentially theres a better outcome that relates to the vaccine. Its not at the expense of growth did you say at the beginning och your answer here when i asked you what you thought that youre positioned for it, for what cramer calls a grand slam if so, what does it mean what does a positioning look like for people who are watching and listening as it relates to me, you mentioned before on the show, its 29 holdings im at my max in terms of holdings i have kept docusign i have kept lululemon which i know others on the show, i know pete owns it i have kept those growth names ive stayed with them. I believe tom lee will be right. The market will elevate above those february 19th highs at 33. 93. I think its going to be preindicated on better economic news, strong consumer and retail earnings in the coming week and a half brynn, you have some interesting moves you have been making on the consumer, retail front. You sold ralph lauren. You sold Las Vegas Sands you sold square. You sold lending tree. Is there anything to glean from that in a broader sense or all individual stories for the reason you sold those . I think first three when you have the ralph lauren, Las Vegas Sands, i really bought those like an epicenter names. This is where some of those value names can be value traps i bought ralph lauren around 80. I sold it in the low 70s i think this morning it was around 70 if you buy these names early and they sell off, youll be in a hole i felt like i could spend that risk budget better i bought zimmer. I bought flow serve. For those names i wanted to reposition as it relates to lending tree, i think thats an interesting name that had been more of a technology darling with a square and paypal about a month ago it started falling off a cliff. If they do start breaking down because these are all expensive names. I think you have to be prepared to step to side and recalibrate with other names were learning about a position in square i want to have a conversation about and brynn teed this up perfectly for us value, versus value trap and center in on the financials for that conversation because the other, what i think is really interesting, is from the 13 fs from berkshire they trimmed the largest stake in wells they cut jpmorgan by 62 and they completely exit the stake in Goldman Sachs. We talked about the 13day buying bing from bank of america too. They are not out of all the the financials but they are out of a lot. Whats the statement there about the trade in and of itself per sooeceived value or value tp its interesting. I think its important to talk about. Jpmorgan is an interesting one everybody talks about jpmorgan its the Gold Standard and still struggling to hold above 100 a share. Their trading was out standing they add great Earnings Report yet the stock after a quick bump to the upside wasnt able to hold any of those gains and quickly, descended down again back toward the 200 level. Im motte sure why he exited that one we also do know he put on a huge, he continued to add to that position in bank of america. I happen to agree with him i own bank of america for a lot of reasons it trades still below book value. I think i understand some of the rationale for mr. Buffet on why hes got the big position. If i had a chance, i would love to find out what was the thought process because i thought they did everything right i thought ternings report was outstanding. Im not in Goldman Sachs. It causes me a bit of hesitation now to put a position in there because he must have seen something that caused them to take the entire position off jim, you own it and you were caught bysurprise by this move i was i dont think warren has any insight into nonpublic information that the rest of us dont. Maybe he likes bank of america more than anything else. Theres nothing in goldman s sachs that says this is the time to sell it. He is clearly bearish on the stock market and the economy hes not committing capital. That to me is important. Hes got now these two, joe, i dont want to say bloated positions but apple is huge. Hes got a big bet there he has more concentrated positions now. Im just wondering the statement in and of itself about the reduction in the banks particularly jpmorgan. You hardly have anybody come on this program and say anything negative about jpmorgan, right cramer did it recently it wasnt negative about the company but the stock. Now youve got buffet and berkshire taking down their jpm stake by some 60 plus percent. Isnt the actions of mr. Buffet and his entity kind of indicative ov the market overall. You use the word concentrated. Thats a great word to use arent we all becoming more concentrated in positions like apple. There is not the broad base dispersion its very isolated i think hes reflective of the Overall Investment community i obviously disagree as it relates to jpmorgan, Goldman Sachs and Morgan Stanley for specific reasons for each of those businesses im not going to reiterate pete mentioned before one of the reasons related to goldman s sachs hes not the first person to ko come out and present a bearish view theres been many others you know what, they have been right to do it this is somebody who was a big believer in that space and just like we had this conversation about the airlines when he became a believer, it sort of validated, it was like the Good Housekeeping seal of approval it must be validating this trade and now they have significantly trimmed their stakes in the banks whether its buffet induced or the people who manage those portfolios, its still a statement in and of itself that berkshire is all but exiting most of the significance of their Bank Holdings except for bank of america. I think when jay powell says were not going to think about think of raising rates for two years, a lot of these are important. The rate market is really important. Its probably the least important for goldman. When you look out where what matters to a lot of these big financials, its interest rates. They will be low for a long period of time i do think youll get a pop in financials once we get more clarity around the vaccine once you get that pob, i think they will under perform so many sectors of the market. I thaug it wought it was a goode you do own goldman as well. Its worth noting that too lets take a quick break well come back and talk about this mystery chart its down more than 20 this year there it is. However, theres a new bullish call on the street today saying it is a no brainer buy one of our investment econocomm members have been telling you that for a long time is he right . Walmart, home depot, target and lowes reporting earnings this week well get you set ead tahofhe numbers when we come back in two minutes. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Welcome back lets get the headlines. A warning from russia from the Trump Administration a senior official says moscow must respect the sovereignty of neighboring belarus. Hundreds of thousands of people are taking to streets against demonstrations of what many are called the rig reelection of its awe tor tear yan leader. New york state will allow gyms to reopen at 33 capacity and masks will be mandatory. Less than 1 of covid tests in new york are coming back positive jason wright is the First Black Team president in nfl history. He will be leading the Business Operations of the washington football team. Wright says finding a new name will be a long process with a lot of input from fans you are up to date ill send it back to you appreciate that thank you very much. Mention that bullish call on our mystery chart. Its General Motors. Deutsche bank adding it. They say its a no brainer its our call of the day jam said its a no brainer for a lot of months. Now finally they are kaccatchino you. The no braining part is what gm should do they are saying spin out the electric vehicle division. They have products that are selling now. If you stripped out the autonomous vehicle, which is cruise, those two divisions would be worth the market cap of the stock today. We have done this analysis many times. The problem is, you actually have to have gm do it. I hope at this point years into this that gm is finally, sounds like maybe they are getting the message they need to split up the company. It could be worth about 19 billion. Thats what the market cap is today. Youre left with the so called stub piece which is the sedans its the pick up truck, the pick up trucks, the pick up trucks. Thats easily worth 20 billion. Thats where i get that from the market like what is youre saying. Stooe steve even listened do you he finally bought the stock after debating you for it on the longest period of time he bought gm on july 15th. Well see where that goes. The biggest retail names are getting ready to report earnings this week. Home depot and walmart report tomorrow foot traffic by some estimates in home depot was up 35 since april. Also maintaining an out perform. Analyst expect strong sales growth and camps three times current expectations last month best buy said it saw ecommerce growth up 255 . Since then, at least 15 analysts raised their target price on stock. Its blown past many of those targets. Its trading about ten bucks higher than the average target the stock is also up about 26 on the year and almost 70 from a year ago scott. Thank you the challenge with best buy was in the wake of earnings, staying with best buy which would appear to be at a rich valuation. I give that example because i think thats whats going to occur here be home depot i stayed with best buy im going to be staying with home depot home depot checks the boxes. I think specific to home depot, lets not forget the importance that this company has now as it relates to esg investing its the reason im staying with it i would welcome a pull back to add to the position. Pete, i know you like target. Everybody knows that whats the most important thing youll be looking for within that report . Yeah. Last quarter we already know those numbers were extraordinary. It was the digital that really stood out. Have they been able to take those new customers. Its a huge number around the app. Its a huge number going to target. Com and the rest. Are they able to convert those customers into folks that are willing to go to other parts of the store. The parts that have margin i think they can if you go to the Home Division or some of the areas of the kitchen appliance. Thats where the true numbers are. It was the groceries, the toilet paper and paper towels thats not where the margin is now i think target can really shine. I think the conversion process was already there. I like to check it out to see whats going on. The food traffic has been extraordinary at home depot, at walmart, at target at a lot of these names except for others it looks like they are getting slower thats just a quick analysis of Walking Around checking whats going on and looking into the parking lots and the rest of it. We appreciate the update. Next, gold mining stocks on pace for their best day in paabu four months. Well talk about that coming up. Lets show you the s p sectors s p is a few points way from the closing high again were back after this. See you in two minutes this selenite grey is so pretty isnt it . Wow. Jim could you pop the hood for us . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. Change is certain every single day. Even in the pandemic, ive learned a lot about myself as a business owner. You know, pulling yourself out of the tough times and pushing through things. Its so exhausting, but if you really want it, you can have it. You just gotta sacrifice, you know . What do you look for when, i want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Welcome back the gold miners are rallying today. Lets get to bob with the trades no big surprise, bob, as the why theyre on the move. I think mr. Buffet and berkshire surprised some people. We have two of the best to comment on whats going on here. Dave, a little bit of a surprise that berkshires investment given mr. Buffets comments in the past that gold is an unproductive asset is this the start of something new. Are you seeing investors starting to get religion about gold and gold stocks, in particular gold for sure has been an etf story. We had 734 tons going to gold etfs in first half of this year which makes first half better than 2009 which was their annual record its entirely etf store. Its worth pointing out that global gold demand is actually all really down. This is being a market being driven entirely by the etf buyer. At the same time we have supplied 15 off because we had disruptions in mining. Were starting to see more activity in the miners and the junior gold miners as they jockey for position and investors continue to look at gold as a safe haven asset i like junior gold miners here. What should investors know about investing in gold, stocks versus investing in gold and is there some difference between the junior gold miners and majors as dave was chatting about. When youre investing in stocks, youre investing with management youre investing with a company that has production facilities there are certain risks that go along with investing in company which is oftentimes successful by the performance of its managers physical gold is held in a vault. The etfs that have the gold have it certified and protected in the vault. Depending on why youre buying, maybe they underperforme eed historically the major difference is theres physical gold sits in a vault and gold Stock Companies are run by managers. Gld is the sixth largest etf in the United States its got 80 billion in assets. Much happened in the last six months could this be 100 billion etf by the end of the year absolutely. Gld has that sort of name brand recognition. I dont really see any reason to expect this to go in any other direction. Gold still has that safe haven quality people are looking at. We all know we have a tumltuous six months ahead of us mr. Buffet complains gold is not a productive asset it didnt give you earnings, dif densds and like bonds it doesnt throw off any Interest Payment you see the interest in that coming up, at 1 00 p. M. , more on gold etfs and on lean Retail Stocks that are up 80 right now etfedge. Com cnbc. Com pete has unusual activity. Well find out his latest trades rba i30ecds machin. Pete, what do you have for us today net. Cloud flare this is a stock that was a 15 stock back in the lows in march and it pushed up to 45 earlier today the stock was trading just below 39 a share we were seeing some pretty nice active buying in there they were buying the august 42 calls. They bought about 7,000 of those. They were only going between 25 and 50 cents at the time stocks a little higher now i like these its going to be very, very shorts term. These expire friday. Be very careful and understand that this is a very short term trade. Secondly, ive got unp last week on friday i used this as my final trade with you guys. It was because i seen some unusual option activity. Its hit four times since last tuesday. Today they are going after september. They bought 2000 of the september 195 calls. They were buying those calls and selling it further up strike call to get the price dounswn a little bit still expecting to see a pretty nice move to the upside in fairly short period of time. Stock was trading underneath 195. Any push up bovr that and starts to get close to 200 and the options start to fly thank you gas prices are pulling back after hitting the highest level of the year earlier today. 35 move in just a month well find out how the future traders are playing that straight ahead on the half experience the joy of a bigger world and a highly connected lexus vehicle at the golden opportunity sales event, lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Time for the futures outlook. Natural gas hitting its high of the year its still up 36 in the past month. A heat wave making its way through parts of the country for more on that move, partsof country. We bring in jeff kilburg. Its a onetwo punch. The surge is mostly recovering, but we see california with a rolling blackout due to that heat this is part of the puzzle where were at highs im looking for a retest of 225, but i want to be mindful, that may high around 250, traded at 248. Whenever you see a move like this, theres a lot of momentum. Were seeing the momentum wane in natural gas right now, but this is high volume. When you see high volume, you typically have the opportunity to be nimble short term this is the futures outlook. Joe tarrinova, do you have a thought on that since we have jeff kilburg here . I do. The equities i have purchased in the last four weeks which would be eqt, cnx related to natural gas, they could do the pullback jeff is talking about. Look at the eqt today, they trended significantly lower based on natural gas right now its a nickel unchanged on the day so i think eqt and cnx are longer term plays. The supply and balance is going to narrow going into 2021 and thats going to awake n the natural gas Sleeping Giant thats absolutely right that curber production, thats going to keep it right on. Jeff kilburg for us tomorrow on the half, dont miss our interview with one of the most exciting golfers on the pga tour. Justin thomas will be here hes numr e beonon the fedex cup rankings, number two in the world. Were back after this. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. I keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Weve just been finding awe kand however we connect,ng. Whether its over the phone, online, or in your office, were here to listen and provide solutions that help you run your business better. Because the decisions you make have far reaching implications. And a relationship with a Corporate Bank like pnc can provide just what you need. As one of the nations largest banks, pnc brings customized insights and a local approach. To make informed choices now and in the future. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Welcome back weve been on s p record watch as the index has been trading above its alltime closing high set back in february its right about there now 3386. 15 is the level it needs to close above. This is the third day or so weve gotten right there or above that actual level, but we havent been able to close there, so well continue to watch that 3386. 15 is where that needs to close above to get that closing high we want to touch again on General Motors, now better than 6 in the shares from Jim Leventhal at deutsche bank, they called it a winner. We did see shares of General Motors moving higher you were talking about some strategic moovves that the compy may want to make talk about that again for our viewers who may have missed that as we watch the shares, pretty much highs of the day, at 6. 5 that is the no brainer of this there is some Corporate Structure to be done here. Split the company up and youll have a nice part of the company that estates trading at multiples heck, not even multiples you need to compare to tesla or nikola to have this thing be worth the sum parts of 60 billion versus the 4 billion market cap right now hats tipped to deutsche bank, but we need to see them execute on this. There is some talk that theyve been far more alive to this than they have been in the past its a big day for General Motors up 7 in one day, you dont normally see it, that sort of move its up 7 , as we said, just shy of 30 now for shares of gm. Jim, thank you lets do final trades if we can. Brynn, im going to begin with you. Why dont you start us off my final trade of the day is teladoc. They were in the 250s, today its in the 190s teladoc and others are expected to grow. A good time to buy a Growth Company that the market doesnt like right now pete, whats your final trade . Im going to give you electric vehicles. Im going to give you nio. I like it and i bought in. Joey, what do you got ollies bargain, i think it goes to 110 which was the previous high. Jim, quick, a name . Clevelandcliffs rallying with Industrial Metals thanks, everybody, for watching the exchange is right now. Yes, it is. Hi, everybody. Thank you, scott strategists are scurrying to keep up with its pace. Were looking at projections on whether stocks are becoming unglued from reality plus, up in smoke. Why one analyst is warning vaccine stocks could become the next hot stocks. Well dive into it as robinhoods value explodes, well speak to one company who calls it unethical and wants changes now
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