tomorrow. they're not the only earnings that we're getting in "overtime." we get criowdstrike, salesforce and a number of others. the dow did manage to eek out a new record close. the s&p and nasdaq finished higher, but the russell 2,000 took a breather today, as did the transports. that does it for us here at "overtime." "fast money" begins now. >> thank you, morgan. live from the maz dak market site in times square, this is "fast money." and here's what's on tap tonight. the final countdown. the markets in wait and see mode ahead of nvidia's mu-see earnings tomorrow. investors looking ahead to the next jobs report. is this a make or break moment for the rally? plus, big shot. eli lilly coming up with a new way to get its obesity drugs in the hands of more customers. the details and the ripple effects, coming up. and later, morgan stanley thinks coke is set to ko pepsi.

china putting a new cheap e ve on the market. and get ready for a steady stream of football. we'll explain that. good evening, everybody, i'm tyler mathieson in for melissa lee tonight, live. >> on the desk tonight, tim seymour, dan nathan, guy adami, and remotely, julie biel. wish you were with us. glad to have you. and we start with another historic day for the dow. the industrials eeking out a record closing high yet again. s&p 500 and nasdaq also modestly higher on the day. fractional gains there. the market largely in wait and see mode, with nvidia results due tomorrow. the a.i. giant up about a percent and a half today, almost 160% for the year so far. at the same time, the conference board reporting that consumer confidence came in better than expected this month. and that more bullish consumer may be lifting the fortunes of some travel names.

expeo expeople ya, carnival, and trip adviser all higher on the day. so, guy -- >> yes, sir. >> does the market slow grind higher feel -- give you a -- how are you feeling about it? >> i feel good that you're here, tyler. >> i'm feeling good. >> day two of three. i'm encouraged by the -- yeah, i mean, listen, the move off the august 5th low is staggering. here we are basically in terms of the s&p right back to prior all-time highs. i think that's encouraging. what i think is potentially worrisome is the fact that i think the vix is still going to be a story, and the market is doing this again seemingly on -- lack of real volume, i think it's just sort of this slow grind higher on the back of the anticipation of what we're going to see tomorrow and maybe in terms of the inflation data on friday. i'll say this. the setup for nvidia having rallied now almost 40 something percent from that august 5th low is eerily reminiscent of what we saw in april. i'm not as optimistic, but

everybody is focused on that. >> i think i was here on this set with you guys last year, this week, during nvidia's earnings and it didn't go well, if i'm remembering. it sort of stumbled. >> well -- >> went up and then -- >> and then it didn't stumble a whole lot more after that. >> no. >> so, the question is, what should you be pricing in for kind of prem medium term growth? we hknow we are around 75% growh for next quarter. some expectation that you start to see acceleration. year over year numbers for the progressive quarters. i think you're going to get to a place where the market needs to understand what's going on. the more important point for the market is -- is the a.i. spend so critical for the overall market story? that's why nvidia is the most important stock on planet earth, or whoever -- whatever we're calling it. there's a lot of hyperbole around it, but there's no questioning what's going on here. >> what does a.i. -- excuse me,

what does nvidia represent in this market, dan, and can the market go higher if nvidia doesn't? >> well, i think it can, actually. if you see some of the stuff that money is moving away from the mag seven and going to some other places, i don't look at the dow, you can put a gun to my head, i wouldn't tell you where it's trading, but it just made a new high. the only thing to suggest is the stocks are moving higher. when you think about nvidia, i think a lot of what these guys have said, it really is about expectations. as we get into the back half of the year, you're going to have really difficult comps. you can say up 100% this year and eps growth and sales growth with, you know, margins they've never seen before, you know, upwards of 75% is great. it might be as good as it gets for awhile. when you think about the guidance, they're likely to be in this quarter. they've been talking about being capacity constrained, they've been talking about the demand. we saw the capex numbers from their clients, when you think about 40% of their sales come from microsoft, google, amazon,

and meta, we all saw them raise their capex. the question is, whether they confirm this next iteration of these gpus, this blackwell chip, if it is going to be delayed and for how long? and then they can talk about the customer migration to these -- you know, so, to me, that's really the risk. like, the guy didance and what people are expecting in the back half of this year. because year over year, you're seeing massive deceleration in earnings. it's still up a lot year over year, but it's the decel -- >> couldn't the decel in capex in a.i. be positive for them, though? and negative for nvidia? in other words, at some point, we were starting to push around meta, we were starting to push around google when we started to hear the capex numbers. they're a bigger part of the waiting. i wonder. and i wonder if an nvidia failure, the other side of that, back to a lot of those stocks that are in the dow, but is rotation a good thing or a bad thing? nvidia's failure, does that lead to rotation and is that positive?

was that happening anyway? and that's a big debate, because since we had that cpi, i think it was july 11th, you could make an argument that megacap tech has been faltering relative to the rest of the market anyway, and a lot of people want to see that. they want to see the broadening of this rally. so, i'm not sure what it means for, say, a meta or a google or an amazon, if nvidia falls, it maybe means they're spending less on the a.i. that we don't know is necessarily priced into their profitability. >> well, you know, of those three that you just mentioned, google is the only one that's actually training a large language model. so, for google cloud and microsoft azure and amazon aws, they're relying on these models on their platforms where other companies are coming in renting that compute, for all intents and purposes. so, again, when we go back to q-2 earnings, investors did not exactly love the capex spend that we saw, microsoft sold off after their result, amazon sold off, google sold off. so, to me, you know, i think nvidia, if the guide is weak, the whole complex comes down.

>> julie, i have been seeing you nodding at different points during the conversation. jump in. >> yeah, no, i agree with dan. i think people kind of underestimate the impact of the customer concentration that nvidia has. and so, you know, were i a shareholder, the thing i would care the most about is, are we starting to see some broadi ibn in their business? because that derisks the situation. with nvidia trading where it is, it's fragile, right? when you have this level of high expectations, high levels of growth, it introduces some fragility into its ability to trade well going forward. and so, i think that's a really important question. i really do agree, though, it's -- in order for us to see a broadening and a healthy market where all of us on the desk have more conviction that this rally can continue, you have to see a broadening, not just in the market, but in the actual earnings. and what i continue to see when i listen to earnings calls is, there's still some timidness in terms of the health of the consumer and the health of the

macro and the geopolitical l landscape. so, that uncertainty is what causes these schizophrenic days where we have massive moves up and then massive moves down. there's just not the level of conviction that we need in order to have clear leadership long long-term. >> guy, you want to button it up? >> i will. nvidia is supposed to do $120 billion of revenue, $170 next year, which is enormous growth. in order to just fip, ijustify, that 160 has to double. if you think it's going to double over the next five years, as dan would say, have at it. if you think the acceleration is going to slow down, then in terms of price to sales, this is a very expensive company. all right, let's bring in stuart kiser. i note a couple of quotes. this is an unstable market, tricky environment, people are really on edge if there will be a soft or hard landing. >> yeah, i think that's the

case. basically, you had a 12 to 18-month period of positive economic surprise, what i'll call higher for longer, markets were able to deal with that, because growth was really positive. since late june, economic data surprise negative, economic data, momentum negative. the market now trading a bit of a growth showdown. and to julie's point and guy, as well, that's why you're getting this schizophrenia. as growth decelerates, you get near a borderline, at which the risks become really big you could go hard landing instead of soft landing. so, our view, risk/reward is just not what it was. >> and you think we may be in store for a -- a recession? >> yeah, our economists have a recession in the third and fourth quarter of this year. remains to be seen, obviously those get pushed out pretty consistently, but once you put payrolls down near 100k, the market becomes more fragile, and that's the situation we're in. >> so, with that in mind, we have a payroll number on september 6th, i'm not saying that means recession, i'm saying

what the market will do with that bad payroll number going into this month -- i've never heard more people complaining about the month we know as september and we know the volatility what do you think about that? >> it's a horrible month, no way around that. to your point of the payrolls, it's just that. once you get down around that 100k level, we saw it in early august. even if you were full conviction, we're going to soft land, you're still going to get a batch or a cluster of data that might look like a hard landing. and the market's just not sort of positioned for that right now, and that's one of the reasons we saw -- >> the market wants a soft landing. >> i think the mrarket -- >> in a few weeks, we went fra p from panic in the first week of august, now it feels like the market's okay. let me ask you this about positions. when you think about, like, the consumer staples and you think about utilities, just outperforming here, they've just

broken out, what does that tell you about, like, the way, you know, money is being positioned right now? >> yeah, one people are getting a little more cautious, and that is the stuff that's been grossly underowned. that would be the laggards. so, i think what you're seeing is rotation going on underneath the surface. julie mentioned earnings, the only push-back i would give her, the not mag seven really grew earnings this past quarter for the first time in about five or six quarters. so, i think some of what you're seeing there, yeah, people are starting to broaden out or kind of, you know, buy that second tier of stock, particularly if they have a defensive characteristic. >> cyclical over secular, because that's really what we're talking about, so, if the economy, if people with really nervous, like, you would want to move out of cyclical. >> yeah, i think that's right. health care and the staples is doing well. the secular challenge is the big question. if you believe, let's say nvidia, a.i. is a secular story, but it's hugely owned, it is the long position of the market, if you get a recession, is that stuff defensive?

because large cap safe balance sheet and secular, or at risk because there's a positioning element to it? and that's -- nvidia will be an interesting test of that. >> guy? >> what do you make of the consumer confidence? i get it's backwards, but this is on the heels of the unemployment rate starting to stair step. it doesn't really make sense to me that people feel as optimistic as they do against the backdrop of what we have seen recently. >> look, there's been a lot of moving parts on the consumer side. coming into last thursday, when you had walmart earnings and retail sales, i think people were concerned about after a weak payroll print what are we going to see? to your point, the sentiment numbers have held in pretty well. you could read the target and walmart and ross stoerls earnings one of two ways. either those are strong earnings, consumer healthy, or you are getting high income that are trading down and you could argue that's a little bit less positive. a lot of moving parts on the consumer side. the consumer credit stuff, we've been talking about that for awhile. i wouldn't call that necessarily new news, but i think going into

that retail sales print, there was a real concern about, what are we going to see from these guys through earnings? and to be fair, it was mixed. mixed but against a very negative backdrop, if that makes sense. >> stuart, thank you. >> thank you. >> julie, why don't you button it up for us. you used the word fragility a moment ago, about -- i guess in the context of nvidia, stuart sees the market at a rather fragile state. what do you think? >> yeah, i think the problem is that the data is still really mixed, and i think we can all recognize that, you know, the level of leverage that we've seen in the consumer is high. there is indication that the labor market is just not as strong as it used to be, and we have, you know, a government that has a lot of leverage, as well. so, that isn't a fantastic setup, and i think when you see the things that are doing well, you see investors forced to play into a.i., right? they have to. but they're defensively barbelling themselves with things like staples and utilities to try to protect on

the downside, if they can. >> all righty. let's get -- move to an alert on nordstrom. those shares popping as earnings beat expectations and revenue came in roughly in line with estimates. same-store sales for both the name sake department stores and nordstrom rack up year over year. the retailer did issue some cautious guidance, however, tim. >> well, i -- you know, it's hard to get terribly excited about anything that we're hearing from department stores in terms of that being a broader trend on the consumer. i think there are dynamics around the businesses that are nordstrom and the high end, macy's on the middle tier, that are more structural related to their business, how it's changed, how they've become more efficient, how inventory management has become part of it. i think there's an opportunity in these names. i don't think the message here by nordstrom in the afterhours is something that i'm making a big tell on the consumer with. >> guy? >> the margins were very good. operation margins came in 5%, street was looking for 4.7%.

so, good for them. here's the problem. i think tim is exactly right. i don't think this is a tell on the consumer and i don't think this means nordstrom is out of the woods. it's a trading call, but i'll say this quickly, their inventories, i think, next quarter you're going to see margins contract. inventories up 7% year over year. you don't have the sales growth, i think, to back that up. and unless something happens, those margins that they're enjoying this quarter i think will flip next. >> dan? >> yeah, we were talking about the tradedown to walmart and the like, you would think macy's would be doing better, so, maybe it is stock specific here, because macy's can't get out of their own way. >> julie, thoughts on nordstrom or the consumer? >> yeah, i agree. it's a stock specific, company specific issue. if you are giving consumers value, every consumer, be it high end, low end, is just looking for value, because it's so much of inflation has stripped that from us, so, you know, i can understand that nordstrom, particularly on their rack side, is able to deliver that, and those are the kinds of

names that seem to be doing better. >> bought this suit at nordstrom. >> it's obvious. very dapper. >> it's baller. you look like dick tracy or something. >> thank you. coming up, no insurance, no problem. eli lilly set to offer weight loss drug zepbound direct to consumers at a fraction of the list price, but there could be a catch. the skinny on that one, next. plus, amazon's new $100 million men, the kelce brothers, landing a landmark podcasting deal. what it means for an industry that is no stranger to dispatching cash, right after this. you're watching "fast money," here on cnbc. 'lbeig bk. ah, de, you gotta wk on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right?

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>> not exactly, tyler. this is a play to reach people who are on medicare and also who, you know, can't afford this drug and might be looking for a compounded version. so, lilly is selling vials for $400 or $550 a month. only the two lowest strengths are included in this, and this is all out of pocket. now, this gives lilly a way to reach those people that want to take the drug, but they don't want to pay $1,000 a month out of pocket and might even consider taking compounded glp-1s. and you're seeing that reflected in hims. lilly's going where the compounders are, online. they are making this offer available through their dtc platform, lilly direct. you need a prescription, but they already have a telehealth component, so, you could go to lilly direct, get a prescription, and get it filled all in one place. now, this still does cost more than a vial -- this does cost more than the compounded versions, so, will this

completely disrupt that market, probably not. but it's definitely something we want to watch here, tyler. >> so, as i understand it, unlike the -- so new, i hardly can call it traditional. but the other version of zepbound, which is injected with a kind of injector pen, this requires you, does it not, to use an actual syringe and you have to use a new one every time, right? >> yeah, so, the pen, which is the typical format, like it sounds, it's a pen, you click the button, and it injects you with the medicine. you have to take the vial, draw up the medicine with the syringe and inject yourself with a needle. it's a little bit more complicated, but lilly is betting that people won't mind, and that's what we're seeing now with the compounded versions that people are doing the same thing with a vial. >> angelica, it's tim. thank you for joining us. what does this potentially mean for both margins, because my understanding is that these vials are cheaper to manufacture, is this something that the analyst community can get excited about? because it's clear this does

seem to be broadening the market. >> yeah, lilly not telling us any of those details at this point, and we asked them if this will help alleviate the bottleneck, because we know the pens have been a bottleneck here, and they're saying this is still a complicated process, this isn't going to completely resolve the issues, because there are so many steps, but of course, it is a lot easier, at least it sounds a lot easier, to put this medicine in a vial than it is in the pen. so, we're going to be watching that closely to see how that is reflected in the margins. >> angelica, thank you very much. >> thank you. >> let's talk this one out a little bit. what about eli? dan? >> well, i mean, listen, they're clearly in the pole position here. we know that novo nordisk -- we have -- remember that jacobs manufacturing company, he was on the show, i want to say a few months ago and talking about building a new fab to create, i think, these pens in particular, i think, for all of these drugs, that is -- angelica just said it, that's one of the biggest bottlenecks.

they're getting production of the drugs, but eli lilly is a tough one. we know competition is coming from everywhere for a whole host of other reasons to prescribe this drug, so, to me, with the valuation, it's kind of hard. maybe novo plays a little catchup. maybe -- >> daily injection that you have to take? >> it's weekly. so, what they're doing is single vials for once a week and they give you the injection. it's weekly with the pen, but that's a really easy thing. you just put a piece of plastic, it tricpricks you a little bit. the issue with the compounds -- >> you have to measure it, get the bubbles out. >> sounds like something i'm going to be doing -- not. i'll say this. i mean, as eli lilly approaches a $1 trillion market cap, which is staggering, we've never seen anything close to that, it's going to force -- we've talked about this, it's going to force other companies to do something, i'm looking at merck, i'm looking at pfizer. but viking therapeutics, which

traded lower today in sympathy to the story we just did, they're in the cross hairs, and if you want to play a binary outcome, that will get you done. >> i think it's a triple digit valuation on eli lilly. correct me if i'm wrong, or if you even know, what do you think? >> yeah, at this valuation, everything really has to work well, right? and we all agree that this market is very large and has a lot of opportunity and is pretty meaningful, but the competition is not insubstantial, right? and the fact that we're having to resort to measures of people injecting themselves, it just tells you, a, how strong the demand is, and b, how desperate eli lilly is to maintain it and keep it and offset the compounders. i think longer term, you really have to -- we still don't completely understand what the long-term impacts are of people being on these glp-1s, and i think that's the part that's really tricky to be able to forecast and measure against. and when you have a valuation this high, that really makes it

hard to feel confidence about those forecasts. >> julie, thank you. we're going to go back to angelica now, with a statement on these drugs from the president, i understand, angelica. >> that's right, tyler. the white house putting out a statement talking about how they want to see drug prices across the board lower, and that the prices are still too high for americans, but they are praising eli lilly for this move today, saying they are, you know, pleased to see lilly taking steps to lower their price by offering a direct to consumer medication for less than half the price. this is a welcome first step for american families struggling to access these drugs, but it is critical that drug companies lower their prices across the board. obviously it's a pretty big to see a statement from the white house about something, and we will reach out to lilly and, you know, keep reaching out to see what else we find. >> angelica, can you quickly clarify for me what a compounder is, and how they operate, pause these are branded drugs that are

presumably protected by patent. is a compounder a -- a little individual who is mixing drugs in a vial in a store in clifton, new jersey, or what? >> it could be, but they could also be in a much larger scale. and, you know, compounders exist to help fill a need maybe a person needs a special dose of something or a little bit different of a formulation than what's currently available when you go to a pharmacy. but at the same time, compounders can exist when a drug is in shortage, so, that's why you're seeing so many compounded versions of these drugs, because wegovy and also zepbound have been in shortage, and now the question is, what happens with zepbound off that shortage list, can they still operate at the level that they have been in lilly will tell you no, but that's why you're seeing a proliferation of these compounded versions. so, they are not exactly a generic, but they are sort of a different -- >> a different way to skin the cat, i guess, is one way you would say it. >> that's horrible expression.

what you're doing at home. be-yu. >> i have two cats. i love them. >> you don't want to skin them. before we get out of here, i would encoukocourage you, maybe crack staff in ec can put this up, but tv's melissa lee did a wonderful documentary, dan, what was the name of that? >> "big shot." >> yeah, she will explain compounders. >> she exmrplained it? >> find it on cnbc.com. or your favorite podcast store. >> all right. >> there's a lot nmore "fast money" to come. here's what's coming up next. a big plow for cannabis. inside a new legal hurdle killing the industry's buzz, and pushing a decision on rescheduling back until after november's election. plus, china is stepping up its ev game. why a brand new offering with an eye-popping price point could spell trouble for tesla. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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it takes the election out of the -- out of the issue here. the move quashing hopes that weed rescheduling could be fast-tracked this year. what does this road block mean, tim? >> well, fast-tracked is a really tough process in a process that i think ends prohibition after 50 years. so, i think from a procedural perspective, this shouldn't be that much of a shock to both cannabis investors and people watching it from the outside. i'll say, it's a huge disappointment, the cannabis market traded in that regard, and there have been plenty of opponents that have popped up. this deck two hearing is something that i think is important. the most important detail here is it now pushes rescheduling to a new administration, or, sorry, at least post-elections, whether it's the administration that includes kamala harris or whether it's a trump administration. what i believe is the opportunity is, i don't think either administration wants to get in the way of this. i think if you think about cannabis reform and the cannabis

reform that went on under the trump administration, i would argue it was maybe even more momentous and not in opposition from the trump administration. i think trump has proven to be very opportunistic on political footballs and this is one he wants to carry, if he is the next president of the united states. it's a big blow to cannabis stocks. just put this in perspective from the price perspective in market. cannabis stocks, august 28th, a year ago, effectively, nobody knew rescheduling was going to happen. there was speculation, but that news became headlines august 28th-29th, and you had a whole series of ups and downs, but cannabis stocks right now are trading only about 25% north of where they were at their lows a year ago, before this was a possibility, and this is more than a possibility. to me, this is something -- >> likelihood it's going to happen. this is a delay. >> i think the genie is out of the bottle. the public has spoken and i think the dea has to go through this process. there's speculation that there could be opponents, one or two, inside the dea, but at this

point, i think this is pro procedurally -- what has to happen based upon the magnitude of this decision. >> when the genie comes out of the bottle, is there smoke? >> sometimes they call it a bong. i mean, i don't know, i'm guessing. >> you have no idea. >> that's what they say. >> bash rbara beden. unbelievable. "genie in a bottle," christina aguilera. coming up, china's ev push is revving up. why the newest offer ing from xpeng could be a threat to tesla. plus, some pop if your portfolio. coca-cola hitting an all-time high on a big call from morgan stanley. the details on tap after the break. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

oh, what you all don't hear. welcome back to "fast money," everybody. the major averages closing out the day modestly -- modestly in the green, as investors await nvidia's earnings tomorrow. the dow gaining ten points,

closing at a new high. the s&p added nine, the nasdaq was up by 29. meanwhile, shares of supermicro earlier today, after hissen berg research disclosed a short position in the company. the report accusing supermicro of accounting manipulation and sanctions evasion. supermicro has been one of the major winners in a.i. this year. dan, what do you think of that? >> well, we were talking about the results a couple weeks ago. they had a huge margin miss, i think they were 11% versus last-year-old at 17% and we were just saying 11%, one of their competitors is dell, they have double the margin, 22%. so, let's see why this the happening, is there a lot of pricing pressure, is there less demand? you know, as far as the accusations, i have no idea, but again, i would just say this, at some point, we're going to see some funky stuff in this generative a.i. trade. we just haven't seen it yet, and maybe these are the guys. >> all right. let's go onto china now.

cranking up the heat in the global ev race with a new ride that is equipped, it says, with a.i. the chinese ev maker xpeng taking the wraps off its competitor to the tesla model 3. >> tyler, xpeng celebrated its ten-year anniversary by launch, its mass marketplace. the mona m-03. it has similar dimensions as tesla's model 3, but much cheaper. prices for three versions range from $16,000 to just over $21,000. the founder had high praiz for nvidia, and unveiled xpeng's own self-developed intelligent driving chip, the turning. the chip completed trial production last week and that one turning chip is three times as capable as chips xpeng is using today. the turning is designed specifically for a.i. demand and large models. the big question, though, will these cars sell?

on the q-2 earnings call, xpeng said it sees the m-03 as a high volume car. the brand is supposed to be heavy on a.i., which is why it's called mona, or made of new a.i. tyler? >> eunice, thank you very much. dan, a thought here on -- >> heavy me. i'll just say this, you know, the model 3, for tesla, is probably in line with the average price of a car here in america, about $45,000. when you see the low cost chinese, even if you throw big tariffs on them, they're going to be competitive. we've seen a huge thawing in demand for evs. the chinese at lower price points might be the trick. >> julie, any thoughts on ev and the china market for them? >> yeah, i think this is a pretty tricky position for tesla to be in and why they have been pushing so aggressively on chinese tariffs. they recognize that the production of these cars can be done very cheaply and these businesses don't mind having

very, very thin margins. and so, any kind of competitive threat, be it domestic or china is problematic for tesla, particularly when it's still at a valuation that is not on par with the rest of its automotive peers. >> eventually -- this is kind of a table -- eventually -- isn't it inevitable that at some point chinese evs are going to make their way into the u.s. market? >> one would think, unless the -- unless this geopolitical -- unless things get racheted up even more so under another administration. one has to wonder what's going to happen in terms of them coming here, but our stuff going there, what does that mean for apple and starbucks? >> strategically, as a consumer, i mean, unless there's a strategic issue, you know, why shouldn't they be? and -- getting back to what really plays right into at least what trump's playbook was in his last administration, he's articulated in, in fact, he is elected, is that tariffs are

going to be the big part of it. chinese is making his job easier, dumping steel, metals, wafers, all over the place around us and inside of this country. so, of course they're going to tariff it. >> democratic party is onboard with some -- >> sure. >> i'll say this really quickly. 50% of tesla's cars are made in china. they just dropped in market share in the last quarter, i think, below 10%. they have a huge china problem, whether it's selling the cars into europe that have tariffs, selling the cars into canada or here that have tariffs. the tariff war seems to just be getting started. all right, coming up, has pepsi gone flat? morgan stanley says there's another soda it is sipping on. the details on the pop power play, next. and big mo for big mo. we'll dig into altria's massive run. can it keep spoking? >> you different say that, did you? >> straight face. >> i said it. >> that was great. >> we'll be back itwn o.

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all right, welcome back to "fast money." coca-cola, all-time high today after morgan stanley replaced

pepsi with coke as its top beverage pick. they reit rated its overweight rating. guy, what happens next here? pepsi isn't -- i think of coke much more as a pure beverage company. >> right. which is why i think in the world of glp-1ed, which is why they're doing as well, and pepsi, that has snacks, fritos and what have you, not doing as well. it actually makes sense. but larry mcdonald, who comes on this show from time to time, had an interesting tweet earlier today, and he pointed out that the last time, or the only times in history that coke was this overbought on an rsi level is into a recession or out of one. clearly, we're not coming out of one, so, it becks to ask the question, what does the market see right now in names like coca-cola? and quite frankly, the way it's been trading over the last couple months, not a parabolic way, but in a tech type way makes it really interesting to say, hmm, maybe the market is sniffing something out here.

>> is coke's strength here domestic or international? >> i think it's international. i think their domestic business is holding serve, but the demographic internationally, latin america -- >> when you travel internationally, you do not see as much pepsi as you do coke. coke is the brand -- >> it's the real thing, you know, and i -- >> nice job. >> that's a good slogan. >> that's what we do here. it's one of those names that would have been easy to malign. meanwhile, the five-year growth on this for a company that hasn't been extraordinary in terms of top line growth has been one of the best stocks in the market from a risk/reward perspective. all right, from soda to sin. tim -- >> thank you for calling on me. i appreciate that. >> you highlighted altria, up over 30% this year. pains a big dividend, nearly 8%. why do you love? >> well, first of all this is a stock that's been behaving like a growth stock, even though most people own it for either the

div, some of the certainty around the defensive nature of what you have, with consumer staples, and even though we know that tobacco business is slowly drying up, their investments in certain, you know, first of all, into booze, into spirits, into other places, has been extraordinary. the most important dynamic here, they continue to buy back stock. they have a pile of cash, and so, not only did they last week just raise the dividend another 4%, it's now paying $1 per quarter, $4.08 a year on a 52 -- you can do the math right there. that dividend yield is north of 8%. and it's behaved like a gout stock. between the buy-backs and what's been going on with the underlying business, they are growing their top line kind of mid to upper single digits, which is something you hadn't been expecting. i've been long this name for a long time. it's been kind of an annuity, but a name getting exciting from a valuation perspective. >> julie? >> yeah, despite the large move, it's still very, very reasonably priced. and i think this gives investors an opportunity to have something that's kind of defensive.

still has opportunities for operating leverage, and you are -- you get to enjoy a nice dividend, so, you know, while it's -- for some shareholders, they're not able to own guns and cigarettes and that sort of thing, but you know, it is an opportunity to own something that is quite durable in terms of its earnings. >> i'll say this real quick, we're approaching levels we last saw in spring 2022. and what's going to wind up happening here, to tim's point, the dividend yield will come down on the back of the stock going up, so, when it gets to, like, a 4.5% dividend yield, whatever that means for the st math, it means $63 or so, that's where you pull the rip cord. >> old school block. coke and altria. >> we're old school guys, tyler. you picked the right team. all right, coming up, everybody. touchdown. amazon is picking up jayson and travis kelce's podcast. how this deal will impact the

streaming landscape. we'll be right back.

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are scoring big. jason and travis kelce are taking their podcast in the new heights to amazon's wondering network in a massive deal worthedly mort more than $100 million over three years. and from one streaming giant to another, netflix popping more than a percent. ev evercore raising their price to $50. netflix has two nfl games already on the calendar for christmas deal. there's a lot in the podcasting world that just doesn't make a lot of economic sense to me. >> well, taylor's boyfriend has done pretty well for himself. >> yes, he has. >> listen, this is about advertising. this is about having exclusive rights to this, and it's not just audio, but it's also video. when you think about $100 million, a company that had, i don't know, $60 billion in net income last year, you know, it's kind of a rounding error and building out this advertising strategy. they did $50 billion in ad

sales. high margin for them. we know that retail is very low margin. >> the fact that netflix is going to have two nfl games on christmas is huge, so, again, you think about, what are the drivers for netflix? and this is core to mahane's upgrade. that's guy's term. i'm using the term. he dubbed him that a long time. >> good job by you. >> broke out today. i think it made a new all-time high. finally got through the prior levels. valuation -- maybe a little stretched. never really made a huge difference. that pull-back was a great opportunity to trade it down to levels where it needed to hold. disney continues to just absolutely run in place. they can't get out of their own way. probably closed at 90 bucks today, so, it's netflix's world and continues to be everybody else. >> what do we think of the world of podcasting and the payments, like a jason bateman gets a huge -- >> got time for bateman.

>> yeah. funny. >> some of these things are really good and some of them are really not good. i just did a long drive, i listened to julia louis-dreyfus -- >> did you lose a bet? >> no, i didn't. >> hold on. >> some were good, but not all. >> we know this -- >> some of the guests are boring. >> we're not boring. "fast money" podcast is probably -- >> it's doing well. >> some of the biggest audience out there. i think. >> media consumption trends are changing. these guys want to meet the audience where they are. there's still importance on tv and -- >> meet the audience where they are. that's nice. >> good terminology. >> you listen to podcasts, don't you? >> every day. >> for those of us who grew up and live in the new york area, w cbs news radio -- >> went away. >> on sunday night, wayne kavitz said good-bye. radio is cislifling, but audio thriving, right? >> well, listen, i know boomer

and carton and all the guys -- they're huge "fast money" fans, they're watching right now, but there's certain radio that continues to kill it. there's nothing more intimate for the listener than radio. you feel a kinship as you are in your car. >> you do. >> there's a relationship. >> you do. >> so i'm not -- >> guys at wbab. >> yeah, long island's own. >> they're great. they continue to rock it. >> julie, any thoughts on radio? >> yeah, i mean, i think, like, i have always felt that we should have background checks for every single man who wants to start their own podcast. it's just -- the proliferation of very mediocre podcasts is a widespread problem. i'm happy to see more concentration and good content rewarded. >> yeah. good content will always get rewarded. good content is king. thank you, julie. all right, be sure to watch the 2024 nfl season kickoff next thursday, september 5, the day after my birthday. >> yeah it is. >> we'll make sure we -- >> ravens play the chiefs in

kansas city, available exclusively on nbc, you knew that, didn't you, and peacock. for more on the nfl's private equity bid, a reminder, you can catch chief's ceo clark hunt tonight at 6:00 p.m. eastern on "mad money." their letting pe, private equityin t lgu, toheeae. up next, final trades. ( ♪♪ ) because this game is for everyone. okay, team! oh, thank you so much i couldn't have done it without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories

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>> dan? >> u.s. dollar seems oversold. you play it long. uup. >> tomorrow, we'll explain the super group game, but the people at home don't know. >> they want to. >> you're back tomorrow. >> i'm back tomorrow. >> freeport-mcmoran, copper turning. >> all right, folks. thank you for watching my mission is simple. to make you money. i'm here to level the playing field for all investors. there is always a market somewhere and i promise to help you find it. "mad money" starts now. hey, i am cramer. welcome to "mad money". i'm trying to make you a little money. my job is to educate and put everything in context, so call me at 1-800-743-cnbc. who is nvidia? what is she that