>> moving into heavy consumer action, if you're talking about that, the retailers that we just mentioned, american eagle and what not next week and then, of course, black friday's right around the corner >> black friday is right around the corner that is going to do it for us here at "overtime. it's been a mixed session for stocks we'll see what tomorrow brings >> we'll have to see "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight walmart wallop shares seeing their worst day in over 18 months despite posting an earnings beat was the stock already priced to perfection or this is company telling the true tale of the consumer plus, baba breakdown posting its lowest close since may after shelving its hotly anticipated cloud spin-off it was just yesterday that one trader said he was positive on the deal now, what is he doing with shares and later, formula for success. liberty media made a big bet on formula 1 racing six years ago has it paid off? and what could it say about the value of live sports i'm melissa lee, coming to you

live from studio b at the nasdaq on the desk tonight -- tim seymour, dan nathan, guy adami and kristen bitterly. the markets may have gotten ahead of themselves this week. shares of wall mart diving 8% they gave cautious guidance for the holiday quarter. but that wasn't the only reason for concern. new data showed home builder sentiment fell to its lowest point in a year. oil prices have dropped 5%, suggesting slower demand and weekly jobless claims rose to a two-year high so, does this mean that the soft landing investors seem to want to be priced into the markets may be a little harder than hoped? guy? >> yes, i mean, it's interesting. so, to answer that question, i think is yes the data suggests that things are slowing down the jobless claims is what you have to focus on this is now a trend, i believe, and i think we're on our way to somewhere between 4.5% and 5% in unemployment and it's not going to happen in a linear way

i don't think the market will like that. getting back to walmart quickly. the quarter one fine the only one that might have been disappointing, operating margins a touch light. it is what they said, the guidance and kudos to tim and dan who said this would be the quarter that the chasm between walmart and target collapsed i think it's the commentary, on top of what we heard from target that should be concerning from people >> think slightly more cautiously about the consumer versus 90 days ago slightly more cautiously that didn't seem to me like an 8% decline and yet it was, because of that valuation. >> yeah, but this is a stock that's been bullet proof on the way up and really difficult conditions and when i hear about a 300-basis point hit on grocery and i hear about disinflation in grocery. i said some things i'm going to get roasted on later in the show, but i said a couple of things in regard to walmart, this is a case where inflation is great for grossers. it's great for retail. and you have disinflation in

food you have deflation in general merchandise, which most people attach to target it gets back to a company now that's trading on '24 estimates, which will come down around 26 times forward, so, look, i love walmart. i actually they they have room for multiple expansion i think they've made a lot of investments in technology. walmart plus, advertising, they have new cash streams that are meaningful but this was, i think, guy's right. this wasn't really about the consumer and back to the data today, i mean, jobless claims, you know, remember, we were expecting bad data we wanted bad data to be good news we wanted actually stocks and bonds to trade in the same direction, but when you get enough of this bad data, is what you find is bonds go higher and stocks go lower. >> yeah, i would actually agree with that. in terms of the data that we saw and continuing claims, that's the data that we're looking for to slow the economy is slowing that is indicative of even a soft landing, that it's not a recession, but a slowdown. so, we want to see that come

through in the data. i think with the retailers, the most obvious thing to me is how they were priced coming into this so, how they were priced, that really drove the reaction. you had half of the retailers which got a bounce off the back of earnings, and it was really around inventory maintenance and controls around inventory. this was more about the outlook going forward. so, that outlook, which is showing a little bit of a weakness in the consumer, and a little bit of a slowdown >> they said that traffic was okay still, transaction count was okay so, the consumer did go into the store, though they may have been thinking more about what they were spending and sort of budgets. >> yeah, i mean, and that's something that we've been highlighting a little bit. that's the data that we've been seeing i think on monday night we talked about this poll that the ft ran, and consumers, at least ones that responded to this poll, are not even -- it's not just discretionary stuff it's staples, too. and i think you have to go back to september, the last time walmart was making a new all-time high. that stock sold off 9% over a couple weeks all the consumer staple stocks got hit. because the data started coming

in weaker as it related to consumer i know there were some other things tied in there, but i think walmart is interesting people use that expression all the time that stocks in general don't crash off of all-time highs. go back to 2022. this stock was trading -- it wa trading as an outlier to the rest of the stock market as the market was correcting in the first half, and remember, it came off of an all-time high and it had a huge gap. it was really in the dog house for awhile it wasn't until they got these inventory situations corrected, and then it was the beneficiary that tim's talking about, being a beneficiary as it relates to consumables and the like here, so, i don't know i don't love the fact in retail that there's very few names, costco is another one, that really trade as an outlier a lot of retail stocks trade particularly poorly. and i'll lump it into what's going on with lilly and what's going on with the megacap tech stocks there's a few stocks in each sector that have done well, and all the positive sentiment is wrapped up in them, and they have the ability to go the other way, too >> they suck the oxygen out of the room, the sector room.

so, if walmart and target are sort of the idiosyncratic stories, and the moves can't be read as a read on the consumer, per se, in your view, what is? what have we gotten that is the read on the consumer, if not the biggest retailer in the world? >> average ticket price seemingly going -- heading in the wrong way. they seem to be more, i guess, thoughtful in terms of their purchases, to dan's point. those are things that i'm looking at but the biggest read is going to be in the form of the unemployment rate going higher that's going to be where people start waking up one day, say, wait a second, unemployment is north of 4%, 4.5%, maybe we should be more cautious in our spending you know, people will start to wake up when those needles start to move, and they're moving right before our eyes, i think and my earlier point, i believe, will happen. it won't be a stair step higher, it will be a nonlinear thing that will catch people offguard. >> bank of america had an interesting note out today, using their own internal data,

looking at what they call pay disruptions. they know when people are getting paid, it goes into their bank account this is three months or more, they are not getting paid. most often, it is because of enemployment they are seeing a rise in pay disruptions, seeing it in high-end cobnsumers, and now mid to lower inc come consumers, an seeing a slower move in other jobs >> it's not just the continuing claims that we saw this morning, it's also the personal savings rate so, prepandemic, that was around 8%, now it's at 4% and so, you think of what that would mean to kind of get back to those healthy levels. some people say, well, a lot of the consumers have built up equity in their homes, they have locked in historically low mortgages, but that's not liquid so, when we start to look at the cash flows and credit card receivables ticking up, all of this is going to flow through into corporate profitability, and those are the eindicators we're looking at how are they spending, where are

they spending? >> corporate profitability, especially when you look at floating rate debt, too, is going to be under pressure if you look at the consumer, we talk all the time about household income and debt services as a percentage of household income, where credit card debt, resolving debt is, so, at the same time, we are really one not so great, hardly poor, job number away from effectively all-time low in unemployment, so, i think it's taking a little bit longer i just think -- dan's right to bring up that walmart and really, when walmart and target gave those warnings a year and a half ago, it was really a shot for the retail sector, less about demand, more about the strange dynamics of being a retailer in a post-covid environment. those smartest guys in the world in terms of retailing. but i think the message, whether it's been apple, home depot, walmart, target, i mean, target's story was target, it was not really about the consumer being better. it's -- look, we had consumption

trends coming out of covid that i don't think we're going to see again for a long time and a lot of it is just a relative markdown in those expectations >> and i'll just say, normally, on a day that you see, you know, we're talking about walmart down 8% and cautious on a consumer, when you see oil down 5%, you'd say, well, you know, maybe that should be something that acts as a bit of a tailwind for a consumer that is strapped. and then -- listen, there's a lot of cross currents. yields were in today, you know what i mean? mortgage rates have come in also, but at the end of the day, i just -- i feel like we're back to that place that we were six months ago, where a handful of stocks are doing a lot of the heavy lifting. i know there's been huge bounces over the last couple weeks or so, but to me, if guy is right on unemployment and that starts to tick up, the fed will start to cut rates not for good reasons, and they won't be supportive. >> the ten-year reed, 4.44%. if i told you that yesterday,

that we were going to be there, what would you say stocks would be higher probably >> well, because i know what happened, i might not, but i think -- look, we're fighting around this 4.5, breaking down this level, is this good for stocks and bad for stocks i think we all say, probably not good for stocks. >> i mean, that's what carter said for a long time, that should be moving in the same direction. rates are going to go down, stocks are going to go down. >> so, it's interesting, again, on the way up, rates were supportive of stocks until we sort of hit that 4.5 level and then stocks didn't like it, we got to 5, crescendoed. on the way down, stocks love it until we get probably to this 4.5 level, now maybe not so much an carter's said, there's a scenario where rates go lower, which is happening, and stocks do, as well, and rates are going lower, not because of inflation, you know, dragon has been slay

ed -- >> when we had chris on the other day, he said the commodity picture has not confirmed what the stock market wants to believe in terms of the move that you cited, in oil, for instance, or in copper, you could take a look at these and say, they're not broadcasting to anybody that there's anything great going on here. >> and i agree with that, dr. copper didn't give it to you, you're getting a rally in gold for all the reasons commodities are selling down i think it's a great environment for picking stocks we were doing that spread pairs trade thing the other day, that walmart/target spread is moving. it's moved 30% in a few days, moved 35 points. you also -- there's a handful of places, but stocks right now seem less correlated to each other. and it's an interesting time there's a lot of stocks that have been painted with a macro brush. intel really overperforming. up 60% since may so, there are plenty of places to be making money a lot of stocks have been punished in this environment. for more on what's ahead for walmart, its competitors and the

outlook for consumers, it will's bring in bill simon, the former walmart u.s. ceo you really have your pulse on the consumer, bill good to see you. you know walmart better than most people out there. what did you make of the guidance and their cautious commentary seems like they had to give that cautious commentary. we effectively got it from target in the form of their very, very wide forecast for the current quarter. >> yeah, sure, i mean, i think the reaction of the market was a huge overreaction, it was probably an overreaction earlier in the week when they ran up and certainly today. you know, it was a good quarter for them, a cautious outlook, which is probably necessary, because when you pull apart their report, you know, a lot of their growth was in food inflation, they're still talking mid-single digit grocery inflation, and that's what their food business was up and so, you know, you pull that out, they did really well in their health and wellness and pharmacy business, and their broadline, the hardline and

softline business was down similar to target, not as bad as target, but similarly to target, so, i think, you know, you're looking at a consumer who is starting to have to really be consid consi considerate of their purchases in a recession, and you heard this in walmart's announcement this morning, they buy deals so, halloween was really good, the promotional period was really good, but it slowed down after that my expectation is, they'll have a pretty good black friday season, you know, it's now elongated, but a pretty good black friday season, and it will slow down a bit. and when the consumer gets stressed, they buy deals and that's what we're seeing now, which is not a bad thing. bro broadly, it's a good thing, which might indicate the fed's action is finally starting to slow things down enough so that inflation will cool. >> hey, bill, it's tim so, you sat in the chair where even though your daily job was to focus on the operations, you

cared about the multiple of where your company traded. walmart trades at a premium. does it deserve that premium and i talked about advertising, talked about walmart plus, they've made a lot of investment in technology, and you say in your notes that investors kind of feel like they have to own walmart if they're going to own something in retail. why is that? >> well, i mean, they're a beast, right and, you know, just the size and the scale and the amount of investment that they've made in the last ten years is astounding, i mean, they've grown their top line $100 billion in the last, say, eight or nine years. and actually have a lower operating income than they did eight or nine years ago. what that really equates to is just a massive change in the company, in the infrastructure, their digital capacity and the businesses that they're building so, you know, it's a long run play, they're just going to be -- they're going to be really, really difficult to beat in the short run, you can bet against them, they're going to have to anniversary this food inflation and the growth they've

had from that, and that will be a challenge, but in the long run, yeah, they probably do deserve to be an outside multiple >> bill, you've talked about the self-inflicts wounds of target for awhile will this be the quarter, operating margins came in much better, inventories down 14% against sales growth only down about 3% will this be the quarter we say that target figured it out and that multiple should be, obviously not a premium to walmart, but it should start to catch up >> i do think so i mean, look, brian cornell is a great retailer, and he knows what he's doing, and, you know, it's really encouraging to see them get their cost structure in line and to be able to sort of get that managed, and really now all they're waiting for is sales to return, and look, it's going to be hard to be as bad as they were over the last 12 months in the next 12 months, so, they have much easier numbers to anniversary without all that inflation in it that walmart does, so, in the short run, you know, i think target's ready for a run.

>> bill, we spent a lot of time obviously talking about walmart and that grocery business and, you know, today, it just kind of struck me, kroger is trading at a new 52-week low and trades, you know, at a multiple much lower than that of walmart's what's the read-through on that? the margin structure is not that different. it's a low growth company, but again, it trades really cheap to the market and many of its peers. >> yeah, i mean, look, walmart is unique in that it's sort of woven together this grocery business and general merchandise business and a health and wellness business, so, they're kind of cvs, kroger, and, you know, target combined, and, you know, what happens when one struggles, typically another piece of business sort of steps up and runs it, you know, delivers for them. and if you look today in their release, i think they said their health and wellness business was, you know, up high teens, that's just a monster number

kroger doesn't have that so, kroger is probably dealing with the food inflation, and the traffic kind of transaction issues that walmart is, but they don't have that big monster business and the margin that comes from the general merchandise, so, i think that's the difference >> bill, great to get your take, thank you. >> you bet >> bill simon. and while we didn't explicitly ask on-air would you rather, he did say he would rather target over the next 12 months over walmart. karen and i were actually just discussing kroger in the car ride home last night >> oh, really? >> she said 58% of revenues at walmart are from grocery >> you guys really talking about that on the car ride home? >> have you ever done it >> isn't it time to talk about where you're going to have a cocktail >> tim, they get into the wonningiest stuff from the show. i've been there. >> anyway. we digress >> sorry >> kroger's is like ten. so, if you imput that onto walmart, with 58% is grocery, shouldn't it be much lower

>> kroger multiple, it has negative eps growth, so -- >> i guess >> negative eps growth so, it makes -- yes is the answer to the question, and kroger is a very kroger-specific story. it does come back to walmart at a certain point. obviously, this is the quarter that -- the gaps were closed, but is it a one-off thing? walmart traded 30 million shares today, six times normal volume i don't run too far from walmart on this selloff. i don't think. >> yeah, is walmart, kristen, defensive? in this environment? >> well, i think it goes back to what we were saying about how it was priced to perfection coming into this, and this delineation between how the retailers have been performing, and it's hard to extrapolate from that, that it's about the health of the consumer it's really idiosyncratic stories. but going back to what tim said earlier, the disinflation and deflation argument, i thought that was the interesting part of the commentary what they said that deflation could actually net be good, because it would reduce the cost of, like, the basic goods and

increase spending in other areas in general merchandise, so, you take that through and you say, okay, all of the signs of the slowdown, which could then lead to rate cuts, which then could be more stick laive, it's a stretch, but that was something that the market was trying to get their head around, as well. sticking with retail here, we have an earnings alert on gap, shares are jumping after a huge earnings beat after the bell courtney reagan has the latest >> gap beating on profit, revenues, and comparable sales the fourth quarter guidance is a bit conservative gross margin, 41.3%. well above consensus and the third straight quarter of margin expansion for gap inc. the street was expect comp sales to fall 9% old navy, which is the biggest brand by revenue, grew comps 1%. at let that down 19% for comps that is the smallest by revenue. i spoke to richard dixon ahead

of the conference call, which is going on right now he said month to date, we've seen modest improvement over our third quarter performance. and that's imbedded in the forecast the cfo added, the retailer is taking a prudent approach to competing during the holiday season dixon said the margin expansion was driven by lower promos, leaner inventory and the team controlled expenses extraordinarily well, with cash 100% more than this time last year it's all part of his focus -- excuse me -- to focus on reinvigorating the brands. of course, how would they do that in sales -- excuse me dixon said old navy and gap are making progress, but it's going to take longer at banana republic and athleta >> courtney, i have the same cough. guy? >> you have this huge double bottom it's at levels that we last saw, magically, this time last year,

in my opinion, if you've enjoyed this ride, which some people have, tomorrow's the day not to be adding to gap, it's to be getting out of it. coming up, inside the latest crypto craze we'll take a closer look at how close a bitcoin etf could be to reality. plus, a baba buzz kill the chinese tech giant plunging after disappointing earnings and a scrapped pinoff plan we'll dive into the numbers xt re "fast money" in two meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin.

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welcome back to "fast money. shares of ali baba tumbling more than 9%. the move coming after baba announced it was scrapping the pinoff of its cloud computing unit the company blaming the u.s.'s ban on exports to china, saying it is harder to get the needed supplies baba missed earnings expectations for the current quarter. you were just saying that it was under valued given the value of these spin-offs. >> yeah, look, and it is and was and sum of the parts on baba is as good as a subway token or something like that. especially when you consider the value that has been destroyed over the last couple years so, yes, i mean, yemd, msterday

view was this cloud intelligence group was going to be spun off this was something more or less has to be rubber stamped and approved by the government and something that made you believe they were focused on value creation, no value destruction i think there's more to this, i look at the move in the stock, and i think there's -- obviously 74 is your 52-week low the stock's danced around here it didn't have that big of a move last week frustrating headline they had announcements where they delivered 53% year over year revenue growth in terms of their international. we know what's going on with the chinese economy. wasn't a great day for china megacap tech stocks, either. look, yeah, frustrating. i've traded around alibaba for the last couple years, but i've been an investor over a long period of time, and this is exactly why people say china is uninvestable. think that's the -- frustrating is probably the word for it when you try to do fundamental analysis, it becomes really challenging. and the thing is, it really trades like a proxy for

u.s./china relations and when you look at the tech ban, as well and it trades with a very high beta to the chinese market. when you look at that, it's really driven by property, it's driven by gross merchandise exports. it's hard when you have the fundamental story to really see that play out in real time >> 30% of its market cap is cash >> yeah. right. which is part of why you should be kind of intrigued by this but i do think the focus is that the reason they're not going to spin this off is because of the u.s. government's risk in chips, and this is a company caught right smack in the middle of geopolitics don't get better. >> alibaba, this 78 1/2ish level has been support since early spring traded six times normal volume yeah, does it go a little lower than here, 74 1/2, i don't know, but if you are looking to build a long position, this is where you start. >> we could have played that fast fire music. nice time to go old school >> why not no >> let's do this like we used

to >> maybe when we talk about pfizer >> boom. >> a lot more "fast money" to come here's what's coming up next crude crushed. texas t falling to its lowest level in four months and that's bad news for energy stocks we'll go inside the oil patch's big move lower, and drill down on the hardest-hit names in the space. plus, the crypto craze is nearing fever pitch. we'll sit down with a top industry expert to talk all things bit and alt coin. to help make you some coin, next you're watching "fast money," live from the nasdaq market site 'lbeaces square. wel bk right after this ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds.

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money. november's rally taking a bit of a pause today, with the dow breaking a four-day winning streak the s&p and nasdaq staging a late-day comeback, to close just in the green cisco and palo alto tumbling after their weak guidance. palo alto sounded the alarm on billing numbers through the end of the year. applied materials moving sharply lower. the chipmaker saying in its earnings report it faces a u.s. criminal probe for shipments made to china's smic not sure what you want to trade here, dan. >> well, it is interesting seems like we're in the a different phase of earnings, right? multiple earnings seasons within this if you just looked at what we had to hear from tech stocks over the last 24 hours, it's not particularly great, geographically and different exposures and the like and tim's point about the alibaba spin that's not going to happen, some of our companies are squarely in the mix right here, and we're going to hear from nvidia next week, let's hear -- they've been tinkering a lot of those chips to get in and

around the export bans and it didn't seem that was addressed in this xi/biden meeting, either, so -- i think semis in general, you know, it does not trade rich, 20 times versus a market that's 18, many of its peers are trading higher. you know, it's fine on valuation, but this headwind is going to be sticking around. it's not going away for the chipmakers some of the other ones that trade rich, i'd be careful in this environment where investors are shooting first and asking questions later. >> i thought the palo alto commentary was interesting i didn't really understand sort of what their warning was in terms of the customer patterns, but within the company conference call, they were talking about how customers pay up front for the entire contract if you want to pay less for the contract, you're going to have a smaller contract so, durations are getting smaller. they don't want to commit that money up front, because of the macro headwinds. >> and speaks to visibility, right? that's just another way to say, we don't have the visibility,

we're more willing to pay more for less time than we are to go duration cisco, though, quickly, quarter was okay the guide, the second quarter guide was not good at all. and cisco's a really important company. and it shouldn't move percentage points like it did today to the downside, having being sold off over the last couple weeks, as well that's concerning that they gave that guide and the full-year guide. they clearly have some sort of visibility and theirs isn't particularly good. >> just going back to cyber security, we love that sector overall, and it's something, when you look at all of the long-term secular trends, certainly a buy-in belongs in portfolios, but the comment around billing, when you break down stock by stock, it is about net dollar retention and this ability to retain your clients and increase pricing so, when you start to see breaks in that, with a company that, again, priced to perfection in this type of environment, that's why we saw it give back some of the year to date gains >> yeah, and guy points out how important cisco is historically in terms of a tell on the

economy, but i think it goes back to two things with cisco. the good news is, they're going for cyber security that $28 billion acquisition is right smack in the middle of what they've been trying to do but their networking business was awful. and it's not really what we heard from juniper and other competitors in the space and again, the visibility in terms of what they see, they said something like they've got companies with 12 -- a product shift at 12 months or so to even implement those products shipped, so, they -- they have even slower growth there >> let's turn now to tesla the stock dropping nearly -- what was it, 2% by the end of the day today. elon musk once again -- 3% actually down 4% almost. the center of controversy stemming from his activity on x, the social media plate form he owns the headline on drudge calling him out for a reply he made to an anti-semitic post where he agrees with the content, calling it the actual truth. musk now facing a backlash from the anti-defamation league and fighting with the adl.

elon did not participate in a scheduled panel today. he was supposed to appear with salesforce to talk about a.i. and the future organizers said that he had a schedule change that prevented him from joining in person one more thing here, ibm this afternoon saying it has suspended global advertising on x. and just before 4:00 p.m., x's ceo posted this on the platform, saying discrimination by everyone should stop across the board. a bit of damage control, perhaps. regardless of what you think of elon musk, we're not here to dissect that, but these are controversial comments, obviously, a lot of people do not like them, obviously it puts the brand at risk, obviously. i would think. >> all those things are true let's look at it through the lens that we're tasked with. what does it mean for the stock? don't think for a minute there's not going to be pressure from shareholders who are in different funds and stuff. we don't want to have tesla as

part of our portfolio. that's coming to a theater near you. it had an impact today, obviously. that's not a one-day story people say, you're always -- i'm not always a hater i mean, back out the move from 100 the 300, which we saw over the last year, year and a half, this stock is down from its all-time high almost 50% >> look, elon has found himself in the center of controversy over things he's said in many different forms, and he's been tough lon. i think the issues with the stock and, again, i'm not -- i'm not judging whether he should be testify lon here or not, i'm telling you what we've seen in the past i think that the brand is something to be more focused on in terms of ev, in terms of the valuation, in terms of pricing, what we're seeing in ev brands everywhere that's the story it's pricey. coming up, bad, bad energy crude oil is at a four-month low and dragging energy stocks along with it. we'll break down the names and if anything in the space is worth a buy.

plus, we'll break down today's bitcoin pull-back and what could get it to move higher again. more "fast money" right after this when better money habits® content first started coming out, it expanded what i could do for special olympics athletes with developmental needs. thousands of bank of america employees like scott spend countless hours volunteering to teach people how to reach their financial goals. it felt good. it felt like i could take on the whole world. only sleep number smart beds let you each choose your individual firmness and comfort. your sleep number setting. it felt good. and actively cools and warms up to 13 degrees on either side. and now, save 50% on the sleep number limited edition smart bed, plus special financing. shop for a limited time. only at sleep number.

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money. bitcoin down today, but not out. the reason crypto rally is encouraging with a 40% move higher since early september how much more upside is there for the digital coin let's bring michael in great to have you with us. >> great to be here. thanks for having me >> the premise behind the rise in boit itcoin, eft is going toe approved by the s.e.c., there's going to be a lot of buying. why should we believe that new money will be attracted into bitcoin once the eft is approved, as opposed to capital? >> it's a great question you know, today, without having spot bitcoin etfs in the market, there's nearly $$30 trillion in advised wealth that need access to crypto. that need access to bitcoin. and by and large hasn't had access to it so, the spot bitcoin etfs will open the door to financial advisers, advised wealth, really

to have the opportunity to participate in bitcoin in a way they really haven't had before >> so, the $30 trillion number is just the assets under management in wealth accounts. it's not actually money that wants to go into bitcoin, so, in your assumption, what percentage of those assets want an allocation in bitcoin? >> well, we can start to play around with some numbers let's talk about what percentage of that universe wants bitcoin exposure, over what time period are they going to allocate to it, what is their target and you pretty quickly get to some pretty large numbers. >> michael, what do you think, again, when investors are thinking about diversify case, looking for the sorts of assets that have the potential to outperform over the long run, this is very new for all intents and purposes what do you think the bull case is right now into 2024 for having an allocation in bitcoin, whether it's in spot, you know what i mean, or if it's in an etf, that sort of thing. what is the bull case, where all

those trillions that are looking for a home >> i think for most investors, when they look at bitcoin, the thing that resonates with the largest percentage of them is really looking at bitcoin as a digital gold it's gold meant for a more digitized age. it's more portable,dy visible, greater utility. and that alone is a really large market that has not been addressed yet. >> michael, how about the broadening of this rally we talk all the time about the broader market is seven stocks, are we seeing breadth? your point is that you're seeing breadth across the digital asset space, and this rally -- bitcoin is up 120% in a year probably garden variety of moves that we've seen at different times, but how about the other parts of the entire spectrum >> it's a great question we are seeing from investors that they want to move beyond just bitcoin into other parts of crypto, but a lot of them don't even know where to start we recently introduced a new fram framework, and it borrows from sector investing in traditional

assets like act weties, but really helps investors break down the use cases, the differentiation amongst different protocols and will allow them to develop the vocabulary and the metrics to be able to monitor developments across crypto, not just in its two largest assets by market cap. >> today's selloff not withstanding, it appears each time a rate cut gets pulled forward, bitcoin goes higher in terms of the price is that an accurate correlation? >> you know, it's over a relatively short period of time, right? a lot of investors have been thinking throughout this year that a recession is coming, they've been looking at inflationary pressures a lot of investors have different views on bitcoin some of them have looked at it as an invasion fledghedge, but t are just positioned net long because they are excited about bitcoin as a new technology. so, it's too hard to say what the little knee jerk reactions are. >> so, you talked about the wealth market and the interest there. what are you seeing from the institutional market are you seeing continued demand?

especially given what we just talked about with rates. >> i think that the introduction of spot bitcoin etf will allow for institutions to participate, as well what's been interesting about crypto as opposed to other asset classes that came along before it, it was usually institutions who had access first, and then it eventually trickled its way down to retail. in the case of crypto, it went to retail first, and institutions by and large haven't been able to participate and certain ly having regulated will allow hem to participate. >> some of the arguments against the etf, the s.e.c. is wore rid ab worried about fraud and ma manip manipulation we saw the application, quote fake one, on behalf of blackrock, it was not true, and we saw xrp move 10%. what do you -- how do you think about that because i understand it's not as deep of a market, but this shows that it is so easily manipulated. >> you know, you see those types of misinformation, not just in

g toe crypto, but all asset classes. a simple tweet can see stocks move in one direction or another. it's a really strong reminder, as you are navigating the investment landscape, who you invest with. a lot of folks are thinking about differentiation, competition in the market. we're a company that holds ourselves out to be a crypto expert we've been doing this for ten years. we are operation allreddy to operate as an etf, and where you want to go for that exposure who you go with is really going to matter >> michael, thank you for coming by >> it's interesting. the reason i wanted to ask the bull case, it's been a moving target, right? we've been following on the show since 2017 or so and i think the way, you know, if you think about the size of gold market and why people buy gold or allocate towards it, at 700 billion market cap, it seems luke like it's here to say and mic michael's got his beat on a reason why. coming up, losing energy

the oil services etf dropping today. can it get its mojo back we'll ask guy. that's a tease other people, too. plus, formula 1 in sin city. why are ticket prices plunging ahead of the big race? we'll look at their finances ahead. stick around much more "fast money" in two. ♪♪ we're not writers, but we help you shape your financial story. ♪♪ we're not an airline, but our network connects global businesses across nearly 160 markets.

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all right, tandy, what's it gonna be, the drink made from whatever was laying around, or the one made with your drizzly haul? drizly! stock up today, sip well, tomorrow. drizly.

welcome back to "fast money. time for our move of the day the oih oil services etf dropping 4% and closing less than a dollar above its 200-day moving average shares at their lowest levels since july that move coming as wti crude also drops to a four-month low down almost 5% today, trading just below 73 bucks a barrel energy also the worst performing s&p 500 sector today so, we teased we were going to ask guy, so -- >> with glee, you teased that, by the way >> not with glee >> yeah, it was. so, as we get towards the end of the year, we'll start talking about, what do you -- >> acronyms. >> words >> so, mine is mojo. let's go, there it is on the screen >> how do you spell that >> mojo, tim

m-o-j-o. >> the os are somewhat interchangeable. >> they are. >> as they tend to be. oxy is one of them the j is jci, no good. but oih, i got to tell you, i felt like a hero a couple months ago. this thing seemingly was on a cruise control to 400, and it stopped. i'll say this -- the valuation now of the stock comprised -- mostly comprised at levels they should not be, regardless of where crude is i'll stand by it, although i don't look particularly good today. think this goes back to the macro backdrop, though, and this idea, if we are in a slowing economy, if we are worried about a recession, i mean, right now, you have supplies up in the u.s., you have energy demand down in china, and so, you're looking at all of these different signs, what has happened to the price of oil, and it's just a supply/demand imbalance. we had a spike based on geopolitics, but when you look at the macro picture, it's hard to be bullish at this point. >> i think it's -- for the most

part, a structural dynamic that isn't going to change any time soon i think the world actually hasn't invested enough in oil. i think there's going to be supply disrun ption dynamics foa long time. the concept of demand and the perception of a slowing economy always knocks it down. the most important thing is that these companies are run differently. and i look at schlumberger and their earnings power, and offshore drilling contracts that are going into place, and i -- again, it's volatile, but i think defensive, as we think about a market as we get into next year, energy's going to look very defensive. >> guy, you said you would stand by mojo. >> yes >> if we gave you special -- >> okay. >> to change one of the os >> this feels like "let's make a deal." >> change an o >> would you swap, no oil exposure, swap it for another oil name >> can i lever up? can i o-squared that bleep or no >> take out the j and just be moo. >> that's a good way to end. that's fantastic >> just thinking about it.

coming up, it's lights out on the vegas strip far formula 1 kicks off its newest grand prix this weekend, and it is also a topic of cnbc's latest documentary. we'll have an exclusive clip for you. more "fast money" in two

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welcome back to "fast money. formula 1 is taking over las vegas this weekend to unveil its newest u.s. race it is the latest move in a strategy to attract a new audience cnbc's sara eisen dives into the topic in our newest cnbc documentary. >> by early 2017, there was another major change to the sport -- u.s.-based liberty media became the new owners of formula 1. in an $8 billion deal. and what was the thinking at that point on wall street about the price? >> a lot of people, including us, thought it was a full price. it wasn't as if we bought it on the price. >> greg is president and ceo of liberty, which also owns stakes in siriusxm, live nation, and the atlanta braves, in addition to farormula 1 >> there are few places you can

own a league with the scale of formula 1, and the fanbase, but in many ways, it had been undermonetized there was an opportunity to better market it, to better capitalize on some of the revenue streams to go out and grow it in america >> that was always part of your plan, to grow it in america? >> america was always in our minds, yeah. >> there's never been a more exciting time to be in sport and we like to think in f-1 in particular >> after the f-1 acquisition, liberty began to transform the business rethinking its approach to media rights, digital strategy, marketing, really everything >> for more access into the world of f-1, check out "inside track: the business of formula 1," that premieres tonight, 8:00 p.m. eastern time and pacific on cnbc this goes to the bigger issue of live sports, need for live sports in terms of streaming properties and other channels like espn. >> look, there's no question that formula 1 is a global brand, there's no question that, in fact, this country is so underexposed to it relative to the rest of the world.

i like this move by liberty media. i'm a met fan. i don't like their braves team too much, but i give them a lot of credit. i think they're way ahead of the curve on this. >> didn't they do some, like, not doc, a show on netflix about all these cats and that got people excited, "drive to survive" or something? i got it in my ear >> really interesting. >> it humanized these people you see who they are people can wrap their head around it. this is come makes me want to go be like emerson fittipaldi google that name >> what you guys have done for trading. >> exactly >> that's what i'm talking about. all right, time for the final trades, up next.

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♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. time for the final trade kristen? >> i'm going xbi >> tim >> nice having kristen on the desk tonight >> yes >> and her accent. altria, mo a sum of the parts story, where unlike baba, you have -- >> you have a marching band -- >> that's what i was going to say. >> sounds like the fleetwood mac

tusk thing >> palo alto, i would wait to 220. >> guy >> let's just listen to the marching band real quick just a moment. >> appreciate the music. okay, final trade. >> gdx, them back to you. >> thank you for watching "fast money. see you back here tomorrow at 5:00 for more "fast. do not go anywhere "mad money" with jim cramer starts right now. go anywhere. mmd mmd with jim krrm starts right now. play us out. >> my mission is simple. to make you money. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now welcome to "mad money. other people want to make friends. call me at 1-800-743-cnbc or tweet me @jimkrrm.