Trading days of what is shaping to be a weak month in quarter. High pressure this morning after it offered weaker than expected. Sanjay mehrotra will join us later this hour. And a Company Named ryan cohen as ceo. Lets begin with the markets. We mentioned what the yields were doing today. Jim, 50 basis points. I said that we would have the d inversion and that you couldnt really be excited about the stock market until the 20year, which is at 4. 1. It is now at 4. 98. Crosses over the feds fund rate. That would be where you can finally say this market is getting interesting. It is oversold. But we cant seem to find any supply of oil near 100. 100 is supposed to bring out some supply and in the oil companies. But i dont want to give up here because this run has been so bad and it needs to consolidate. Heres what i will come up with. We will have a test, i believe. I actually know the time, 1 43, 1 42. Thats when we bottomed yesterday. Actual time of day. That was yesterday, youre saying. I got to 3 00 to get this stuff right. Of course, the dog relieved himself because he thought it was time to go outside. In the bed, no less. Thats too much information. It happens. It should not happen. That should not happen. Sorry. No, i was bad. Can i just go back to what i was doing . Yes. All right. So what happens is that you cant get bullish until we retest those levels. And i didnt like the fact that the futures bounce between four and five, their next akeout. Cant buy the top. You have to see if that was a natural level that hold and sellers really stopped. Otherwise, youre just coming in based on the fact that october is strong after a weak september, but it is not october yet. So thats what im looking at. I want to see a retestable low. David, i have to tell you. When oil spiked yesterday and the yields went occupy and then the market went down. And then with yields going higher and oil going higher, the stock market went higher. That has not occurred. So that told me that maybe the capitulation is probably in hand. We cant say, hey, were off to the races. We have to go back to the level and find out what happened. And the levels, if you want to check, spf hit bottom at 0. 63 at 1 41 p. M. And hit bottom at 14. 43360. That was at 1 40 p. M. If those hold, i think it might be a fun time. Ill get wegovi for all. We have to talk about wegovi. Yeah. Why wouldnt i just want to own im ready to take tenyear money and get paid for the next ten years. Thank you very much. Okay. That is a yield that i could not have even imagined would be available. Okay. Lets say you were in that booth and you were ordering a grand slam, which is one of the great bargains from dennys. He talked about it, and he has this vision. Would you say, im hearing this guy, but im getting 5. 0 risk free. Well, no. I dont want 500 risk free. I want i want nvidia. Understood. There are always going to be great opportunities. And if you can take advantage of them, good for you. That said, a certain amount of my allocation is going to go towards this asset class. Certainly. The dollar sign is saying our viewers want more than 4. 76. They dont get up in the morning and say, you know what, that will make up for how much money i have to spend when i go to bloomingdales. They want to get rich. The head of uaw who wants to make everybody poor by the way hes doing this thing, i actually want more people to be rich. I dont want the rich to be poor. The rich are not cool acts, and im not lennen. We want more people that are rich. Thats the problem. If you want to stay rich, you buy the 20year because you only need to get rich once. But if you want to get rich, the 20year is a passing fantasy. A lot of rich people do have their money right now. Its timing. A lot of rumors on the cusp of retiring. They might want to take a pass on nvidia and lock it in. There are always a lot of people that will say, id rather be rich than not rich. That yield being able to me for the coming nine, ten years, being rich already and maybe facing some sort of a fixed income and or living off a fixed income might not be the worst thing in the world. If i were a poor man what is the saying . By sunrise, sunset. These are not exclusive things. But the point is how many people are going to be allocating or perhaps not interested in allocating towards the stock market when they have an opportunity like that. I would say this is a balanced moment where you should commit to that, and i have not been in favor of it. But that does not mean to the ex exclusion of finding the next tesla stock that doesnt go down when the news is bad. I just think that everyone should have a mixture. You are either watches or youre not. Im not bringing in new viewers by saying this stuff. If you are kramer, you want us to help you make money, no. But you also want theyre not flying. Its based off of that. It can spread to that and get a really good corporate. Can you get a good ngo. Thats two days in a row now. That is the holy grail if you are in a high tech state, is to have a lot of 5. 0 ngos. Right. As far as levels go, 200 days, about 4,200. Do you think we need to do that far . Goldman takes a look at what happens when you do dip below on a 3, 6, 9, 12month basis forward . Im betting on holds. You have to have a view that it holds or that you have to put more money in the 10 year, in the 20 year. At a certain point, you have to look at howthings stand. I really do think you have to understand it. This is a historic run in treasuries. Historic, quinnck run in oil. If one thing goes right. Now jp morgan, you know, i suggest that you take away remove your shoelaces, get rid of your tie. Is it that bad . This is like the apocalypse for twothirds of the people, threefifths of the people in the country. You got student loan. Thats the cares act. They dont care anymore. You have the big five. Of all the things that you have to spend money on, infrastructure, theyre all up. So were now like 2019 was a house of dion period versus now. 20 rates of credit cards. There are signs of inflation starting to abate. Why isnt that a positive . Meanwhile, sara comes on every day and talks about the deficit and talks about supply issues. Maybe theyre real when it comes to the bond. No, i think that do we have any sound from the ceo of costco, which, by the way, is the third of the big three retailers. I think we have him talking to you about shrink. Is that interesting to you . Well, let me give you the shrink. Sometimes you put toilet paper underneath the cart and forget. Other times you are trying to get the watermelon spaceship on the selfcheck. They dont grease it ahead. You said watermelon is one of the things. Theyre not losing much money. Yeah. Inflation went from threefourth the previous quarter to twoone. Why do you think i said make a stand . Because of that. Because i think that were coming to a level where if we get more unemployment now were back to the 18month high in unemployment. You got low unemployment, you get a little more default, especially with student loan, and you get more deflation across the board, then jay powell could come up. As sara will tell you, it is the markets, the 10 and 20 year supply. It is not jay powell. But i do think that you can make a stand. I really do. Were going to do that for the club. There is a good piece this morning about t. Rowe shorting treasuri treasuries. If the terminal is going to be five five, why shouldnt the tenure go to five five . I think it duoes go to five five. I dont know before that crowd. Largest on record, you want to say, oh, ill just go with those people . The record is usually wrong, right . Yes. You have to play contrary to that. Okay. You also said just now you think it would go to five five. I said it would deinvert. That means recession. I said those people are charlatans. You still see them on air. I think they should be wearing placards that says i got the whole thing now. Now were about to deinvert. The scary thing, to davids point, what if data does start to roll and it gets weak and the issue is about supply and deficits and downgrades keep the long end high . I think what you have to do is say that all those things are going to cause the fed to hit the lower end, take the short end down. Look, thats a disastrous scenario. I would come back and say there were four times in 1980 dont you give me this 2000 year. 1980 and 1998 where you made money exactly in that situation. Quick rising rates going from five to seven, and you made money in those. So theyre four times historically. Why should i say gain more . I cant because i traded in periods where you made money. Sara could be right and you could make money. By the way, it wasnt even that hard. What are you doing . Im looking at something. What are you looking at . Im looking up something for the next block. Chatgpt on how people felt about you. Sorry. Didnt go well . Thats what im trying to figure out here because i was thinking about things that might fuel. I was thinking, oh, the internet bubble. Oh, technology, oh, we have an ai. We do have to get out. I want to make sure when they added obviously voice and image to chatgpt, but they added a lot more and no longer limited to 2021. Thats not unimportant. No. Thank you. You know, amazon has got no shrink, right . Does that figure into her rockefeller thesis, standard oil number two . I dont know. What did she write in her first who was the journalist that kept coming after you . Tarbell. Im interested in seeing what she did the first year of law school. Third year i killed it. I put a lot of calls on the gulf deal. I crushed it. What did she do in her third year. I said, is this still going to pass . She wrote the amazon thing in her second year . 2017. I mean, she must have been top flight. But who made money on antitrust, her or me . I know who did, but wait a minute. I dont know what she made. Jim is right. We have a lot to get to this morning. We will get to micron and talk about some of the obesity drugs this morning. Theres meta, the airlines, gain stock. When we come back. In the u. S. We see millions of Cyber Threats each year. That rate is increasing as more and more businesses move to the cloud. So, the question is. Cyber attack as cyber criminals expand their toolkit, we must expand as well. We need to rethink. Next level moments, need the next level network. [speaker continues in the background] the network with 24 7 builtin security. Chip . At t business. On the quarterly basis, theyre up 300 in less than three years. The maker of them up 30 this year. Lily makes mangaro. A good look here at the demand at least. Yeah. I mean, look, when you look at novo nordisk, they do not have the copy. Eli lilly does with mongorno. Which is why the trust owns a huge amount of eli lilly. I will say the studies going on are far wider than obesity and far wider than diabetes. Those considered heavy drinkers, which is two drinks a ight. There will be studies on smoking. There will be studies on what it does with the copd. Now, the one thing i think people have to recognize is the Insurance Companies i think will end up paying for it because it is so revolutionary and it gets your bhlood pressure down. Can downside is all the stuff you liked. I dont know if we have the charter. This is a chart of wegovi upside down. There is a note this morning. Theyre way behind on this. There is a piece about nestles saying people are eating less, theyre wasting less. No. People are taking wegovi. There is a sense of unworldliness among the snack food people who never saw that you cant eat one. Not just one but one. Yep. Nope. Its the impact of these drugs we have yet to fully appreciate. By the way, again, there are certain things. Listen, there are side effects. Older people when you lose 26 of your body weight in a year or onethird of your weight loss is muscle mass, thats not good. They have a new one that will just attack the fat. But youre right. Longer term impact, we still dont know. You know, this perhaps takes longer to digest the food which is why you dont have the increased appetite. But overall, these are seen revolutionary. The obesity epidemic in the country. And the people who are obese are very bad risks when it comes to insurance. So they will want to do this. And there is a constraint. It is not there is not enough on the marketplace. But i think they will separating people who are actually needing it because of medical and people just trying to lose weight. There is a real Health Crisis here thats met because there are a lot of drugs that gain weight for you. The humanity is issue is fuelling the sales right now and for people that have the excess income to be able to afford these as opposed to the broader population where there would be a Bigger Health benefit. There are also people that say i lost all enjoyment in eating. I mean, if you eat an m m and you like food, you will just say, this is like eating coal. I dont want it. I cant imagine that. A hershey bar. I will just keep exercising. The people who take drugs, this is for nondiabetes, people that take drugs that cause weight gain. The biggest drugs in this class. I have been saying this by far. But you have to understand, many drugs cause weight gain. So they want you immediately on these in order to keep you from gaining weight. Fascinating. Were just getting our arms at it. The opening bell coming up in a couple minutes. One last look at the premarket here as we kick off a very busy thursday. Dont go anywhere. 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Power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. E trade from morgan stanley. This is Spring Semester at fairfieldsuisun unified. They switched to google tools for education because theres never been a reported Ransomware Attack on a chromebook. Now theyre focused on learning knowing that their data is secure. all right. Lets get to the mad dash. Opening bell seven minutes for now. Were standing for the first time this week. Yes, it feels great. I always like to refer to the market cap. I will let people at home take a guess before we tell them. I dont think its up here. Tell us what you know. Okay. Matt ross wrote a piece with jp morgan, probably one of the most passed around pieces i have ever seen. It is a lengthy piece about how the consumers just taking it to the consumer whether it be student loan, whether it be gas, whether it be the insurance, whether it be the financing charges. And so theyre trading down. So where are they trading down to . Tjx. A little bit off. A little bit burlington. But i think that this comes out as the winner in this piece. One of the reasons why we have much big positions in tjx is because the macro head mounting versus 2019. The antidote is this. Now, when you speak to retailers, theyre very envious of these guys because a lot of people dump off. Theyre good merchandisers, but they like are shocked themselves at the price of the merchandise. So i think people should guy this stock. I dont shop, except i do go to tj max right here. And the answer is 1 100 billion. 1 100 billion, twice the size o market. Theyve got home goods, which is terrific. By the way, just want to be clear, if you want to get the thanksgiving plates that i use, you have got to go now. One year i went a week before thanksgiving, and the clerk said, are you kidding me . That stuff sells out in october. Now, costco is bringing in Christmas Trees now this week. Im not ready for that. Its not even halloween. Now, i got a pair of jeans two weeks ago, 14. I sold them for 30 at an online retail. It is the thrill of the hunt. They do not have ralph lauren that i have seen so far. We have opening bell five minutes from now followed by an exclusive from the ceo. Sanjay will join us in minutes. Stay with us. The opening bell is brought to you by nuveen, a leader in incomes, alternatives and responsible investing. Down in the premarket despite this fiscal q4. The chip maker Current Quarter loss that is wider than analysts have been expecting. But revenue guidance did receive consensus. Sees recovery ahead for memory and storage. We will talk exclusively with sanjay in a few moments. And the free cash. What bothered me the most about this was that a lot of people thought they would say this quarter wasnt so good, but the forecast was great. Which is why the stock went from 68 to 64 at one point. This is where we have to grill sanjay. Sometimes hes overly exuberant. Sometimes hes downcast. We have to see where he is because this is not a typical ceo. This is a ceo who is passionate about his business, but sometimes hes so passionate is my critique. Hes coming on with us shortly so meaning, this is what i want to know. By the way, this is not negative. You want people to be excited you are coming. But he is so bullish about the bottom and so bearish about doing well at the bottom. So we have to find out this is a conundrum. Its an enigma. Lets get the opening bell here. Celebrating their 50th. Here is the big order, Equity Residential celebrating its 30th anniversary. The wife of late sam doing the honors. We think about sam all the time. He was always a level straight shooter that lets say you put the sound up for him because theyre fearless. Theyre fearless. Also involved in 12 ipos at the New York Stock Exchange. Involved with 12 Different Companies that went public, which i think is a record at the nyc. I would love to see what he would have said today about return to work, turning Office Buildings into housing. I mean, issues that he probably would have given good color on guidance on. Isnt it great to hear from someone who is not afraid to say something. He would say things that a lot of us had on their minds. Yes. One of those guests you always want to listen to because they werent worried about what they said. They didnt have a general counsel in their ear. Mark cuban, elon musk, they will just no holds bar. Always