burke dempsey from wedbush. >> thank you, jon. what a week it has been. yet another winning week across a string of them. though the markets were flat, we got a short week next week, but a lot of important data coming as well, especially when it comes to earnings from the banks. that's going to do it for "overtime." "fast money" starts now. live from the nasdaq markets in the heart of new york city's times square this is "fast money." here is what's on tap tonight. earnings season officially under way, the big banks kicking things off, the results showing consumers and businesses are still relatively strong, but will this year's forecast tell a different story? we will debate. plus a day of turbulence, airline stocks hit hard despite delta doubling its profits last year, the carrier trimmed its forecast and investors punished the sector. later inside tesla's no good rotten week. united healthcare's unhealthy returns and julie and mike close

out our 2024 acronyms. one hopes they are on track for the year, the other is feeling brave. i'm courtney reagan in for melissa lee coming to you live from studio b at the nasdaq. on the desk we have tim seymour, steve grass co, mike khouw. the money center gets getting things started. citi bank up half a percent after reducing the workforce by 10% over the next four years. wells fargo seeing its worst loss since last may, logging a billion dollar charge related to severance costs. with the big banks in the books investors turn their eyes to next week when we will see results from investment firms, regionals and names in tech, industrial and energy. we wondered which of these names will give us the best read on what's in store for the markets and the economy this year. tim, you get to kick us off. >> we will stay with some banks because we will hear the regionals and credit cards. dfs, discovery, i care a lot

about what's going on with dq and nco trends. what's going on with the consumer? will we hear more? certainly their audience would be the folks that might start to give some insight into this that. this is a company that there's new leadership, arguments they will sell their student loan business, should improve their capital ratios. loan growth is important to understand the strength of the consumer if we listen to what the big banks told us collectively their eps grew by, you know, collectively about 11%, i think people if you told us a year ago they wouldn't have expected that. so the strength i think will surprise people to theup side. outside of the banks, you know, you look at ppg, you're talking about a company that's very much involved in the industrial space, paints, coatings, things that are relevant to the housing sector and construction sector, i think these numbers will be solid. i think you're going to see -- it's more about are thishe getting more back to normal versus is it just about normalization? i think some of those trends might be decent.

then there's schlumberger, i like the energy sector, this would be one of the pillars i would keep for this year. i think their earnings power in '24 could be better than '23. i think this is a case where eps is recovering to where we were back in '16, '17, '18, which means the stock is cheap. >> gives us a good setup. what do you think, steve? >> so when you look at the banks, going into the banks, they were predicting that the bank revenues would be down 3% to 4% and if you carved out the insurance arm of the financials, they said that it would be down around 9%. that's a big number. that gets everyone's attention. once we hear the earnings now and we are talking about net interest income. >> right. >> and everyone across the board is saying it's going to be lower. jpmorgan, the darling of the space -- >> but it makes sense, right? >> so it depends on whether you expect three rate cuts or six. >> right. so where are you going to call in? >> because wells had four, i

think. >> jpmorgan, i believe, said six. jpmorgan is always basically setting the bar really low for themselves and jamie is always historically negative on the economics and the macro data and everything. so he thinks that rates will stay higher for longer, thinks inflation will be sticky. i think as smart as he is, i think he dresses down the window. so i think we're going to have inflation not as sticky, i think we're going to have rates probably fall a lot quicker than people think they're going to fall, we have the pc -- we've talked about pci, ppi but pce is running at 2% which is where the fed wants it to be. i think we're going to be surprised to the upside with the market because we're going to be surprised to the down side with inflation. so i'm looking at a stock interactive brokers, which is hidden under the radar name, no one talks about, no one thinks about on a relative basis lower market cap than the rest of the space, but they pay an incredible amount of interest. >> okay. >> where the normal banks that we think about the money center

banks don't pay a lot of interest so we wind up looking -- how many times have you looked at your bank account statement and you're still -- interest rates are higher and you're still not earnings anything, paying higher on credit cards but not earnings anything. ibkr does a masterful job of doing that. the price tarts are higher, i think the highest is 128 on the street. i'm looking to see if these guys can outperform. >> that's good. i like the under the radar names. gives us education and some homework to look into. mike, what do you make? we have a lot of earnings still on deck, i guess, some of what you learned from today and what you expect for next week. >> yeah, i mean, so i'm taking a look at jb hunt and i'm also interested, like tim, in discover financial. starting with discover financial and tim kind of touched on this, you know, one of the things that we've seen obviously are rising revolving credit balances. i think when we look at discover and this isn't so much because i

think we ought to be looking to buy the stock but i think it's an interesting read on what's going on with the consumer because they tend to appeal to maybe not the top tier of credit worthy revolving credit borrowers. if we start to see credit losses there i think that that will give us a better sense of whether we should be concerned about these record revolving credit levels in general and the strength of the consumer in general, especially also in light of what citi announced today with their big layoffs. if you start seeing layoffs and you start seeing rising revolving credit balances and you start seeing some increases in charge office or losses i think that's obviously something to pay attention to. jb hunt also, i think, can be kind of an interesting thing to look at in terms of the broader health of the economy. now, freight usually is and freight hasn't necessarily been in a great spot. we saw a big material freight bankruptcy in yellow obviously some time ago. they are well-positioned if it does turn around. they're running an asset light

model and i think that's also interesting. they have good positioning in intermodal. but, you know, really what we want to see is what management has to say and what they're kind of looking at. they are poised if we do see a rebound in freight to benefit from that. >> that makes a lot of sense. i see a lot of different reads we can have there. julie, what are you watching? >> i'm really paying a lot of attention to the investment banks, goldman and morgan will be reporting and i'm really curious for them to talk a little bit more about the m&a environment. there is a lot of pent up demand, a lot of these portfolio companies owned by private equity they have to move around. their lps are waiting for some kind of liquidity events and they haven't been able to go ipo some of these assets so there needs to be some movement and some trading. so we keep hearing from some of the boutiques, there are a lot of discussions happening, you know, we're waiting for a better more favorable rate environment, it's harder to do deals. now that we're starting to get a little bit more of a favorable rate environment i'm curious to

see what happens. i was at the jpmorgan health care conference and everyone was talking about we are all talk being deals, this is a great business development opportunity and i think we will see that on the strategic side, but until private equity is really unleashed, i think that's what we really need in order to move the earnings for those types of investment bank businesses. so that's where i'm really looking. >> absolutely. deals have not been plentiful recently. we are all waiting for when that tide will turn. there's also a volatile day for oil, crude prices surging more than 4% topping 75 bucks a bare really before settling at under $73. the moods come amid rising tensions in the red sea but even in today's gains both commodities were down for the week. how vulnerable is oil right now? steve, what do you make of the situation? we're starting to hear some companies which we will talk about i suppose a little bit later say, look, this is going to be a problem for us. >> you have a -- i don't think it's going to be a problem because i think we always -- we play the game if you knew

tomorrow's headlines today how would it react in the market? if you would have told me what was going on in the red sea i would think that oil is up at $100 a barrel. >> okay. >> so i think that, yes, when you couple it with what's going on with the u.s. now getting involved with iran through proxies, however you want to phrase t i think that's a problem and i think you're starting to see the immediate reaction, but as far as the real level of where oil is going, it's going lower. and the reason why i say that is we have a supply glut. we're producing at historic levels and no one thought that that would happen in a biden administration. probably his own adminisadminis, own party hates the fact that we are pumping at historic high levels. whenever opec decides to cut, it's cut out of desperation. they are all lowering prices, you don't know who -- and they never adhere to it. so russia could cut, saudis could cut and they wind up pumping oil into the marketplace. so there's always way too much

supply so whatever they do, you take the opposite side. granted this is a geopolitical event right now but if you look at the stocks, the exxonmobils and chevron he is of the world haven't bounced with oil even balancing this little insignificant amount of price, but you haven't seen the stock reaction. >> tim, you brought up schlumberger earlier, energy i think was the leading sector today. what do you make of what's going on and the price there through the commodities? >> red sea in the short run, steve has talked about the bigger chess game that is the oil market and the involvement of iran and certainly iranian exports and whether they will be let back into the market, whether we're throwing them back in the box. i think saudi and opec plus are pretty well coordinated here. yes, u.s. production is high, but the bigger issue for oil and if you think about the move around 72 bucks before we saw a spike here and really where it's a really i think pretty strong six-month support it's been a view on the economy. i think ultimately, look, you can't have it both ways.

the economy that right now is showing a stubbornly strong labor market and eps growth of 11% at least what the analyst community says for '24 is not an economy where oil prices will suffer on a lack of demand. every year people forget that we build on aggregate demand around the world in terms of oil. more consumption, especially in emerging market nations like india, indonesia, parts where there are serious oil imports. back to schlumberger, the company has never been -- first of all, they are a technology company, they are efficient, they have innovation, they are someone in the middle of the oil services space that really is the only i would say global player that is worth investing in here. their earnings power growing 15% roughly year over year, i think will translate into much higher prices. i also look at the relative -- i think utperformance of the underlying securities to the oil price, that to me is the story for 2024. >> mike, i want to grab a comment from you. >> yeah, i mean, well, a lot of

the oil production that steve was alluding to is north american oil production and, you know, if you are looking for oil basically access to that market in terms of oil services for north america i think halliburton is an interesting play. to steve's point also i think, you know, if you just take a look at the price action in these stocks and in the underlying commodity, they aren't really speaking to a longer term strong economy. in fact, i think they're kind of giving us the exact opposite read here. and, you know, i think it's dangerous when we look at some economic strengths like unemployment, for example, which is still looking pretty good at the moment, you know, the backup in unemployment can be severe when basically the economy slows down. so when you're looking in the rearview mirror like that i think it's hesitant. if you look at these commodities they're not pricing in a really optimistic outlook looking out six, 12 months, i think. >> we brought it up earlier but this morning's producer price index coming in slightly cooler than expected, a contrast to

yesterday's cpi print. today's numbers are becoming inn cressingly more relevant. steve liesman has the details. why is that? >> it's because the ppi affects the pc -- i'm going to explain that in just a second. i think the bigger news is the fed is losing the battle to hold back the march towards march rate cuts. data breaking towards lower inflation and wall street economists backing up where the market is in pricing in those march rate cuts. arch today's better than expected wholesale price report barkley changing the outlook to a march cut, previously had been at june and said rates will decline to 4.25 to 4.50. jpmorgan making a bold call writing, it's all over now qt, quoting bob dylan for those who might be paying attention. tapering qt as soon as april. the producer price index coming in below expectations minus 0.1. suggesting little inflationary pressure up the sly chain, prompting economists to estimate

the core pce will be 2.6 to 3% when it's reported january 26 and year over year even 1.5 to 2% on a three-month annualized basis. that is darn near the fed's target, even below it. so what happened to the march rate cut? they rose by 10 percentage points 69 to 79, they are pretty pretty sure right now. the ppi is far more important than yesterday's slightly disappointing cpi numbers, core pce is what matters for the fed and this data will increase the pressure on policymakers to ease soon. guys, you have two more pce reports, two more pce reports, two ppi reports they come before march. supply disruptions and higher energy prices in the middle east or from the conflict in the middle east. if we keep going the way we're going it's going to be hard for the fed either not to cut or to concede cuts are on the way. >> steve, you have these three numbers, i'm saying three because you also do this nrf tracker and we talked about the deflation that you saw there

which was ahead of the cpi print and then you have the ppi today. so if you put it all together, i mean, which one should we really be focusing on? they don't all seem to be telling the exact same story. >> well, certainly cpi had some unusual numbers in it that caused people to raise their eyebrows just a little bit. the used car price right side on the way up, data suggesting it's on the way down. the rent in the cpi still high, we have lots of market-based data showing that rents have been coming down. what happens is the pce is believed to be a more accurate picture of what's happening in the economy on an inflation basis because of how they change it, because of different things that they put into the calculator. i would follow that. and in part courtney we don't have to worry our pretty little heads about any of this stuff because that's the one the fed follows. that's where i would go. >> okay. so we listen to what they tell us on that one. steve, thank you very much. >> pleasure.

let's trade t tim. >> by the way, steve's head is pretty. >> very pretty. >> we have a ton of fed speak next week. if you think about what the fed's agenda has been since the last fed meeting and we saw it in the minutes is to tamp down the expectations of rate skuts. we had a hawkish fed cut, we have new york fed williams so i think is someone you should be listening to and there's a lot of fed speak. this week was a fascinating week. i think earlier in the week when there's components of that cpi data that were somewhat hawkish and you had some jobless claims until that tell me the labor market is extremely strong, look, rates went down this week and rates went down in the face of massive issuance and that's impressive and it may speak to what everybody is saying here about the neft iblts of what the fed s i think what we've lost track of and investors just kind of lost track of this overnight is the shear amount of deficit spending that needs to be covered and the shear size of refunding that's going to go on in global bond markets around

the world includes ours. this is all we thought about in october. this is all we thought about when rates hit their peak and yet nobody is talking about it. and i think it, it makes sense that the economic path we're getting says rate cuts but deficit supply and issuance is a big problem. >> that's a good point. julie? >> one thing that stuck out to me in steve's reporting is now we have 80% of the market expecting a rate cut in march. if it doesn't get it the tantrum will be substantial and it will have i think pretty big ricochet effects. there is a lot of pressure on the fed but there was a lot of pressure on the fed to raise rates, too, and they waited a very long time to do that. i appreciate that the market thinks they can bully the fed but they tend to do whatever they want. they are a little bit like my toddler was. i think it's like -- i think it makes sense, but i think that they are not really looking for inflation to just kiss 2% and then start cutting, i think they want some sustained reporting that the fed really -- that

inflation really is at that 2% rate. >> i'm going to remember that, the fed is just going to look at us and say you are not the boss of me. >> exactly. >> bullying is not nice. no bullying. >> if you are a toddler, you still win, you know? >> they always win. >> always. coming up, tesla tumbling and united healthcare under the weather today. we will dive into new prices in china and a disappointing earnings beat dragging the names down. plus, major turbulence hitting the airlines, we will unpack the outlook. "fast money" will be right back. >> announcer: you're watching "fast money." here on cnbc. we will be right back. knock, knock. number one broker here for the number one hit maker. -thanks for swinging by, carl. -no problem. so what are all those for? uh, this lets me adjust the base, add more guitar, maybe some drums. -wow. so many choices. -yeah. like schwab. i can get full service wealth management, advice, invest on my own, and trade on thinkorswim. you know carl is the only front man you need.

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old school grit. wanna hear a fun fact? elbows are impossible to lick. i meant your own elbows. you don't settle for bad internet. that's why you have the xfinity 10g network, with ultra-low lag for better streaming. wish you would have been more specific about your elbow. only from xfinity. we expect to see an inflection point in the first part of this new year in terms of our domestic unit revenues turning positive and also corporate travel is up. again, it finished the year strong and it's picking up again. we are now probably back almost 90% of pre-pandemic levels and continuing to build. that was delta ceo ed bastian in "squawk box" earlier today. delta trimming its 2024 earnings forecast and shares plunging nearly 9%. that was the stock's worst day

since march of 2022. the rest of airlines dropping with it. american, united, alaska air facing major turbulence today. the faa also announcing plans to audit boeing's production line bringing that stock down 2%. tim, airlines were a part of your acronym last year, not so much in 2024? >> look, i like delta, i actually think that's not going to surprise people. this pull back is to be bought. their guide was conservative, i wouldn't even say it was awful. i was surprised at the reaction today but that guide was below previous guides. so there's a lack of confidence and trust in theairlines. i refer to them often as trading stocks, this is the perfect day to tell you that. i'm not sure that they are often trading on fundamentals. delta is a $49 stock on an ebitda of five times which isn't expensive which is where it's been trading over the last four or five years. you see variance in even that valuation range. today was an ugly, ugly day for

airlines, they had gotten out of the gates pretty well this year, i think this is weakness to buy. >> there are costs you're concerned with, steve. >> i think labor costs have all through the whole transport sector, labor costs are vital to their business and i don't think there's enough attention paid to t i don't think corporations actually talk about it. they mask it with supply chain issues. i think the overarching thing with the airlines right now is delta is definitely best in breed but when you look at them on a performance basis, no one has knocked the cover off the ball so you have to look at it -- you have to trade the market that is in front of you right now. so to me it has to do with the max jets. delta doesn't fly max jets but alaska air, that's 20% of their business. then if you look at united air, it's 8% of their business. so if delta doesn't have any exposure to the max jet i think that you're safe buying the dip in delta. if you have to own them. >> okay. fair enough. well, there is a lot more "fast"

to come. here is what's coming up next. >> announcer: tesla in turmoil and an insurance stock in need of some medicine stat. should you buy the dips in these stocks or avoid them like the plague? we will debate next. plus, china in focus, press economic dat out of beijing and pivotal elections in taiwan could make an impact heard around the world, even in your portfolio. a top expert joins next for key insights on how to navigate the headlines. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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♪♪ ♪♪ ♪♪ ♪♪ ♪♪ welcome back to "fast money." a couple buzz kills today, tesla

and unh both sinking. tesla first, the ev maker dropping nearly 4% after cutting prices on some models in china. the stock at its lowest level in two months. tesla confirmed reported that it would temporarily halt most production in the berlin factory due to supply chain constraints because of what's going on in the red sea armed conflict. that is making things difficult for them. mike, i believe this is one of the first companies at least in the united states that trades here that has drawn this direct correlation to what's going on in the red sea and the impact on its production. >> yeah, i mean, i think that's obviously a little bit overpressure. tesla is interesting in the sense that they respond, you know, just looking at the china price thing first, respond much more proactively i think than most of the conventional auto makers do when they decide they want to ramp sales, they cut their prices aggressively and what's interesting, too, of course is because they don't use conventional dealer franchise dealer sort of market arrangement and sell direct to

consumer, they have a lot more flexibility on this front. i still like the company in terms of the business model. i still like the company in the sense that they are able to make profits, you know, manufacturing and selling electric vehicles where others cannot. i do feel, though, that -- and the only thing i don't really like about it is that we're not in a market i think that's really rewarding the biggest growth stocks the way it did in 2023. i think there is a rotation that's been going on basically since the tail end of september towards value and, you know, basically the rest of the s&p rather than the sort of magnificent companies, if you will, and i include this in it. that i think is really the biggest headwind for them. i actually think if anybody can be nimble enough in their business to navigate this they're this. >> steve, what do you make of the move in tesla today? >> there's been fundamentals that have moved tesla price, where in the past it was based on are they the only ones who can produce or survive -- it was a rates issue with this type of

company. now they're still the only one who can produce vehicles at scale in the ev space. where ford and gm can really compete and where toyota has competed has been the hybrid issues -- the hybrid cars. so looking forward i think tesla will be more about charging that's where they're going to actually monetize that. i would wait, though. technically i would wait for that $200 price level on tesla before jumping back in. >> okay. you are at 219 now. united health down more than 3%, the biggest drop in seven months. the stock basically responsible for the entire 118-point drop in the dow today. unh reporting a beat on the top and bottom line this morning, higher.than expected medical costs weighing on the stock. julie, what do you make of this money? this is a big name, an important one to think about in thehealth care space and obviously a really big weight on the dow today. >> yeah, and i think the big weight is the weight, right, it's a function of people are still trying to figure out how

glp 1s are going to get paid for. i think that this one is at the center of that turmoil, understanding payers, employers, who is going to cover these costs. it's a challenging environment to be able to navigate well. there's so much pressure and they're very much in the crosshairs of both rising costs but also frustration and challenges with just running an insurance business. so for me fundamentally this is not one that's super appealing. >> tim, what do you make of this one? a lot of opportunity, though, for the glp 1s. >> i'm long united health. i think that some of this is sideways news. i also think that united health has been such an outperformer over the last three to five years, the valuation, though, isn't terrible here. on an earnings multiple you are around 22 times. i think when you consider where allocation is going more towards health care, what we're seeing towards big pharma, united healthcare doesn't surprise me there's been some relative

rotation out of names like this but ultimately high, high quality and a name that continues to grow earnings. that's part of the reason why it's deserved a higher multiple. the growth is actually quite impressive relative to the peers. >> what do you make of united healthcare and what we learned this morning? >> we also own united health. that, what was it, 18% increase in costs obviously was a little bit of an eye-popping number, but here is something else to think about, so this is a company that has traditionally traded at a significant premium to the broad market. right now it's trading at or maybe at a slight discount, you know, i think it was tim that mentioned at the outset that the s&p forecast for earnings growth is 11%. here you're going to get in the neighborhood of 13 to 17% over the next two years. you're getting it at the same multiple as the s&p or lower in the -- so basically the health care provider space which has historically been quite stable. this is a well-managed company. if you buy it or sell it right here i would have to say buy it.

>> interesting stuff. okay. united healthcare down more than 3% today. coming up election this is weekend in taiwan and fresh economic data to have a huge impact on china and the global economy. we are sitting down with a top expert to talk through the major implications. plus a luxury let down for burberry, the fashion giant falling hard after slashing the profit outlook numbers and whether the luxury trade is due for a wake-up call. that's coming up next. >> announcer: missed a moment of fast? catch us on the go, follow the "fast money" podcast. we're back right after this. (clock ringing) go. and go and go and go. (tense music) but what if you. (tense music) stop! you work hard. it's time for a bank that'll work hard for you. everbank performance savings is built to put your money to work with some of the highest rates in the country. going, that's what got you where you want to be. we're the partners for your next move.

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welcome back to "fast money." stocks finishing friday mixed but ending positive for the week, the dow down about 118 point and the s&p 500 and nasdaq closing barely positive. bitcoin etfs sinking in their second day of trading as investors test the waters on this brand-new suite of crypto trading vehicles. steve, you've been poking around in these names, i know there was some pain felt early on. what do you make of what happened this week and what are you doing about it? >> the gray scale ethereum trust was good and the bitcoin etf was bad to me in the last two days. you have to have the risk

tolerance because when you 're trading these type of things they are based on the price of the underlying cryptocurrency and with the volatility that we've seen bitcoin was up so dramatically you had to in theory get that pull back. even when you're trying to play that pull back they're so outsized these moves, for the retail investors that doesn't have a coin-based account that is trading on the side of his regular equity stocks, i think it takes some risk tolerance vetting, if you will, to get used to these moves. i'm in it but i'm trading it like crazy because it's just -- it's not one of those set it and forget it's. you feel like you have to add and sell on a bounce. it's put my trading ideology to task. >> i think this is going to be fascinating. see what we learn. we are in the very early innings of this, just two days in. we will move on to china. voters heading to the polls saturday for taiwan's hotly anticipated presidential election with the results

expected to have major implications for the relationship with beijing. more weak economic data coming out of the mainland with cpi weak weakening. for more on all of this we're joined by the coo and managing director of china beige book. let's get started with the taiwan elections since those are coming up right around the corner. what are the current expectations and then what are the implications of that, particularly as it pertains to this contestable relationship with china? >> the expectation is that if the dpp continues to be in power you will get a very aggressive reaction out of china pretty much right at the outset. we've already been seeing the spy balloons, we've been seeing the fighter jets in taiwan air space, we get to see inch of that. the military maneuvers get more aggressive. which is risky, think about accidental war breaking out. the secondary component is economic punishment.

the economic coercion coming out of china, potentially tariffs, potentially a trade war, certainly maybe even getting rid of the concessions on certain items that taiwan enjoys today. it could get pretty hot pretty quickly. kmd comes into power, maybe not so aggressive, the long run looks risky still. >> so either way we could be in potentially for more turbulence between this relationship. >> yes. >> what can you tell us about this economic data looking at the q4 data that's yet to be published. >> we have released our own economic numbers on china and what we are picking up number one is this, the economic recovery after covid that we expected to see in china, you got some of it, it was disappointing but even that is completely over. the real estate market is in deep trouble, consumer spending is down massively. manufacturing is holding on, but that's about the extent of the good news there. >> so i guess the question for markets is have we priced china

effectively? clearly structurally this is a different economy than it was, it's probably going to continue to be a deflationary force even though there is a lot of onshoring which is inflationary. i guess my question is do you think the administration and in terms of stimulus and in terms of what they can do to at least jump start this economy is going to be meaningful in any way in '24, but we are the markets guys but do you think people overreacted to china in terms of the macro? >> yeah, i think markets right now are just betting, those who are betting positively on china are betting on stichl lus. my message is stimulus is china is going to be probably a lot smaller than those more bullish outlooks are expecting to take place. a lot of it i think the problem is pushing on a string. monetary policy easing has been happening for over a year, credit costs have been falling rapidly, it's just not making a difference. the property market is still not able to find a bottom. companies are not borrowing out there. >> it's interesting because this is a week when japan after 37

years finally got to all time highs again. i'm not going to compare them but there is a credit dynamic in the housing bubble that blew up in japan. this is what happens with a credit crisis, it's a cancer that takes a lot of time to clear through. sounds like you think some of that is at least the dynamics there are part of this. >> yeah, i think that's absolutely true. the property story will be with us for several more years to come, we will get more developers potentially blowing up in years to come and we're never getting back to property as the big growth it used to be. >> we're always looking for the unknown, things that are going to happen, the things that are the black swan event. this has been telegraphed pretty accurately going forward, but to tim's point there has been a bounce coming or we've thought there was supposed to be a bounce coming. is there a chance that this -- we're going to see an off the cliff approach with china this year where -- will they rush in with something? it seems like it's a very

desperate country, very desperate economy and it feels like everything is failing. do we know the real depth of this? is there an outlier event in your mind? >> i think there is a more disappointment ahead for sure. not necessarily catastrophic. but if you want to look at the upside, by the way, for a second, you could see that in the second half of this year the property market actually stabilizes and maybe that does have a positive effect on chinese households. so we can't completely discount that. the thing to go back to is china is not coming out with billions and billions of spending a dollars worth of spending happening in the economy and then the type of big stimulus we used to get back in the day. >> thank you. i'm sure you will have a busy weekend. stay close to us and we will follow-up soon. >> tim, what you do you make of everything? >> it was acronym week.

it was more of a proxy for china. if you look at the k web and the biggest tech companies in china, this is essentially an etf that has been basing and essentially been doing nothing but grinding sideways to slightly lower. i think that bodes very well. at some point, again, there is mean reversion, at some point the earnings dynamics with a lot of these companies are extremely attractive, we know it's not always about that. >> fascinating names, coming up, more trading acronyms. we're revealing our final two trader acronyms after the break, one is facing the market head-on the other is thinking about racing. you won't want to miss this finale. and burberry raising an alarm about the consumer. why they can't seem to catch a break.

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unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. welcome back to "fast money." we've been unveiling our trader acronyms so today we are sharing our final two. julie and mike. julie, what are your to 24 trader acronym? >> my trader acronym is track because i'm going to try to stay on track this year, which isn't always very easy for me with the adhd that i have.

starting with transunion, a lot of what i'm trying to think about are big secular themes that can support growth in 2024. transunion has a lot of exposure to the availability of credit with their scoring and being one of the few bureaus that exist out there. i think they benefit from a better interest rate environment. a is has aspen. they have a great grid asset, i think we will see a lot of grid infrastructure spend happening in 2024. re really need to modernize our grids, they are a mess. the first c is certara. it is kind of a stimulation software business for bio simulation, so as we see more drug development move more and more into simulation in silica, i think this is a company that benefits, they're well-positioned and lodged in the fda. and then the last one is cooper. cooper is a contact lens company, what they have that's really unique is this miopia

management contact lens that you can give children to offset the impacts of their spending more time indoors. i think that will rise in p prom prominence. >> i like these names. these are names we don't often talk about. mike, what's your acronym for this year? >> i think people should be brave in 2024. b is for bitcoin, so of course it got a little volatile around this etf launch but i think you have to think a little bit about money flows, you know, it's going to be a little slow for the uptake. for those that haven't been able to participate and i still think bitcoin will test the all time highs. r is for the residential mbs, so that's rmbs or a play on real estate i suppose but really it's on the credit side. really i think the benefit is that i think you could see a decline in the 30-year fixed that's a benefit, on the duration side, and because the average bond portfolio that

contains residential mortgages number one in many cases they're secured by government guarantees but in addition the prepayment risk is not an issue in declining rates that's the refi, that's where you get negative convexity in your fixed income portfolio in something like a mortgage portfolio that doesn't exist here. you will get 5.5% it is protect and i think it will benefit in the decline in the rate spread between 30 years and the 10 year. a, take a little license here, is for the chemical symbol for gold, au. but au does happen to be the ticker symbol for one of the gold miners. it mate not be my favorite gold miner, you might be better numont. i still like it this year, especially if rates come down because i think that's been one of the headwinds. v, is for value. i think you can play this if you want to just fairly purely by

doing vtv, which is a value etf. united health which we talked about earlier is actually the second biggest constituent. e is for emerging markets which is an etf like eem. that will give you exposure to some of the names tim was talking about in china. if we do see lower rates that will be a headwind to the dollar on relative basis and also emerging markets is trading cheap to the s&p when you take a look at how those valuations typically have compared. >> okay. track and brave, we have a lot of time to talk about these. >> the whole acronym game has been twisted upside down. mike is a smart guy, i love his picks but choosing a for the symbol for gold, come on. >> au. >> i'm the only one that picked tickers -- >> hang on. i picked them. >> two of us. >> v is for ctv. >> great ideas, but you didn't play the game. >> b is for bitcoin. >> all right. good points, made by all.

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we have a news alert on the sec. chair gary gensler commenting about the x hack earlier this week. what have we learned? >> we did gate a statement on that x hack where the sec account was taken advantage of by an unauthorized party and gained access to that account and then tweeted about an approval of a bitcoin etf a day before it was actually approved. gary gensler saying that the sec takes cybersecurity obligations serious, commission staff are addressing the impacts. we did get details on how this happened. they said the unauthorized party gained control over a phone number. they say there were two tweets, one of them was just bfc, the

symbol for bitcoin, that was later deleted. this unauthorized party was also liking certain tweets. we're getting details on what went on with that unauthorized party but they say they are coordinating here with appropriate law enforcement and federal oversight entities including office of inspector general, the fbi and department of homeland security. so an update here on that incident we got earlier in the week. back over to you. >> very interesting. kate rooney, thank you very much. steve, i mean, obviously we were talking about bitcoin earlier in the show. what do you make of these new developments? >> how is that possible that the sec -- >> we were talking about the two-factor authentication which they didn't have at the time, we are not sure if they do now. >> i think it's crazy to me. take it to pal low alto and any of these cybersecurity stocks. i don't understand how the sec can get hacked t doesn't make sense to me and confuses the overall markets. god forbid any of us got hacked on our twitter or whatever wouldn't be such a big deal but

when the sec gets hacked you would think they would have a firewall. >> there have been other hacks on other platforms that have been considered safe. even pr news wire was hacked, put out a press release supposedly by walmart approving ether as a transaction. it can happen and went out on a legitimate source. we are trading on information very fast. >> and it tells you why crowd strike is up 180% off the lows and where the multiples for these companies consider disturb not skimping on cybersecurity and if you are you're toast. it will continue to evolve. that's why i think -- and adobe is a great example. but i think there are a handful of these companies i think we've seen that the multiples on some of the others have fade -- they are a lot more expensive though. i'm long crowd strike. i think that this is a multiyear

growth story and i think that they are going to live up to that growth multiple. >> mike, what do you make of what's going on here and are there companies we should be invested in that hopefully will put in some guardrails so this doesn't happen at least not so easily and to such important accounts? >> i think any of the third-party supports that are offered to companies like ours, actually, in the financial services industry that help us sort of comply with cybersecurity issues, it's interesting to see because everybody else who is on the desk right now noknows if you a if the financial services industry we are always getting continuing ed about how you -- >> wow, he just got hacked. >> shoot. >> somebody didn't want him to say that. >> oh, man. there he is. okay. thank you all. coming up next, we have your final trade.

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it's time for the final trade. mike khouw, you start us off. >> i said value stocks, united health is a value stock, the second largest in the btv index, united health. >> looks like you're getting it for sale today. julie? >> saia, a transportation name that's great quality. i would take a look. >> tim?

>> courtney, thank you for joining us. i'm going to take mike's a and turn it into gold valleys. >> and steve. >> the a in my wage trade is amgen, much cheaper than the others in the space. >> that is an >> mad money starts now. >> hey, i am jim cramer. it's a very special countdown to kickoff. i'm coming to you from chiefs kingdom. king of the super wild car kingdom. taylor swift is