little bit of attention to that. we know, we've talked before about the impact of war and instability on a stock like that. what are you wondering? >> how quickly they can ramp production to meet demand. that's going to be the key. supply chain has been an issue. are we moving past the worst of that? it would seem perhaps but we'll have to watch. >> that's going to do it on jury trial overtime," "fast money" starts now. >> indeed it does, from the nasdaq live market site the heart of times square, this is "fast money", and here's what's on tap. melt up monday. stocks roaring higher to transports, retail banks, and even beaten down staples rally. is this the start of a lasting rebound or maybe just another head fake? plus, an earnings edition of trade it or fade it, we'll break down at&t, procter & gamble, tesla, netflix, ahead of their results later this week. and later, why lulu is

rebounding from the downward dog days, and bitcoin's big bounce, what's driving the crypto climb, and a serious snap back for snap. i haven't gotten to you guys yet. is it a surge or just just poof, just disappeared like that. i'm tyler mathisen in for melissa lee. on the desk, dan nathan, and guy adami, we start with the market jump. the dow up 314 points, blue chip index now up six of the last seven days. nasdaq and s&p 500 bouncing more than 1%, wall street embracing earnings season optimism and shrugging off those rising treasury yields which were higher today. among the biggest winners, retail, the s&p retail etf rallying almost 3%, solid rebounds, since it's been down nearly 8% over the past three months.

a lot of those names really limping. another encouraging move higher in transports, rising 2% today, transports struggling since hitting 52-week highs over the summer. and these gains today came even as yields ticked higher, so could this be the start of a season-ending melt up for the markets? what do we say here, tim? take it away. head fake or hmm. >> look, it was an interesting day if you look the at ten-year, essentially yields back up again. we we're, you know, 15 bips off the scary heightings. you had a day when equities should have responded to higher rates. you had a day after big moves in oil and things royaliiling the market. if you look at the s&p, the market dynamics are interesting on the reversal we made on the payroll low about seven sessions ago. it was a day when it could like loo yields were going to go higher, and equities have

responded. i think there are reasons why equities should be having problems with higher yields but i think the dynamics around a more benign fed, and we know higher for longer. we are hearing from banks, and we're not hearing about a deterioration credit yet. it's enough for equities in a seasonal dynamic that works. we're 4% off the lows. >> if a year ago someone had said to you the ten-year is going to be 4.7 and stocks are going to be where they are, would you believe them? >> not really, and the other point i would add to that, crude oil at 87 bucks, the u.s. dollar at 106. you have, again, a lot of inflationary inputs that are kind of, and guys have been hinting at this for months and months, really staying pat. the idea that the fed is going to get inflation down to 2% anytime soon or whatever that target is, however you measure, it doesn't seem likely to me. again, that's why i think stocks here in and around the 43, 50 range are kind of curious to me, especially when you consider the fact that two years ago, they were basically trading at the

impact same spot when interest rates were far lower. last point i'll make, over the weekend, when i open the "wall street journal", i saw this article pointing at me, saying concession is no longer the consensus. economists, it's fallen below, you know 50%. i think the lower that that probability of a recession gets is the higher likelihood. >> there will be a recession. >> yeah, and stocks are topping out. tim has been on the trade the last couple of weeks, thinking seasonally, the natural progression might be higher. >> a two handle low in the vix suggests the market was waiting for something cataclysmic happening. in terms of what we look at, nothing happened to suggest the market should cascade lower. i think that was part of it. and again, i want to be careful with my words. we understand what's happening is awful. that move to me speaks to what i think people were positioned for. i think it's a position thing. but with that said, you can't

underestimate the strength and resilience of the market, 4,400 in the s&p, and to answer your question, absolutely not. >> i would have thought it would be pushing down towards at least 3,800, if not lower. yet here we are within whisper, 10% or so of an all time high. >> 10% of an all time high, and close to 5% on the ten-year bond. >> i think we have all been speaking to the dynamics between yields and equities. that doesn't seem to hold up. really what happened is we saw at least the preliminary banker needs to come out. those came out positive, and we tend to extrapolate what's going on with the banks, and extrapolate that to the economy. so that's why you saw more or less the economically more sensitive pockets of the market rally like we did today. i would argue that we should probably rethink that line of reasoning. i think now -- >> the banks are -- >> with the banks essentially being, you know, a barometer of economic strength, i just think there's a lot of things that

have changed. we've spoken about some of the geopolitical risks but i think the situation we have here is that we are starting to see higher credit card balances, likely deteriorating credit. this goldilocks situation, when's the last time we had rates in this situation. you can't remember it. we've had free money for the better part of the 15 years. so with qt, and you're also seeing what's happening on the back end of the treasury, in terms of the issuance we continue to have. it's a matter of time before we see this trickle down effect. the fact that we would see higher for longer, that's a recent phenomenon, we have fought the fed all the way here. and we're finally starting to sing and dance together, and i think it's just a matter of time before that song and dance changes the tune of what the market is doing. >> i know you asked the question, and you said something interesting, i want to pose a question to you. the reversal you have seen in jpmorgan, from its highs on friday morning, and bank of america, and citi, how does that

make you feel in the context? i know you're kind of, you know, bullish of the bank stocks. does that make sense to you, and do you worry about how those stocks, you could say, look at wa wells fargo, it's traded well. i'm curious how you're putting that in the context of the early season. >> banks are behaving like the beaten up retail. retail underperformed since 7% since august. banks had a horrible run. staples, they have had a horrible run, a lot of discretionary, i guess i'm not doing cart wheels over banks. i think that jpmorgan has proven their profitability in this environment is unparalleled, that their premium probably deserved, but when you talk about citibank trading at .5 to tangible book, i think there's some opportunities there. i am concerned about some of the things you're talking about. i'm waiting to hear the banks tell me that things are starting to trickle. maybe it's too late to the downside on credit. a lot of the market outside of google and facebook and all of those other ones that we know their names, guy, i won't

mention them, we've seen a lot of pain in the markets. this is a market that if you remove those seven stocks, a lot of stocks are 52-week lows or near it. i'm not terribly shocked we're getting a bounce here. also i think we've had a chance to look into the abyss. >> so what got into retail today? >> i think you have a case here where you're starting to get some preview into whether this is holiday season or not. i look at names like dick's sporting goods, or children's place or i'm looking at my screens here, and a lot of the, you know, abercrombie and apparel retailers, stocks down 30, 40, 50%. seeing a bounce today. >> you say your credit is getting more distressed, right? >> i think like the undertone of credit is getting more distressed. credit hasn't widened out. which is the part that's a bit scary. when you have banks that are going to continue to ratchet up provisions for write offs, so, you know, until you start to see the actual portfolio of holdings at banks really starting to get

ridden down, that's what's going to be there. we did this thing before where the banks started to take additional provisioning and then release that provisioning. you're going to have to see some follow through there. that's going to be canary in the coal mine that essentially says, listen, behind the scenes, there is this wound coming. you're not going to have a trillion plus dollars of credit card debt, delinquencies, not translate into credit. we haven't seen the last turn of events there. >> what is the big earnings report that you guys are going to watch for the rest of the week? what are the two or three? >> big one this week? that's a good question. maybe dan can answer that. >> i'm interested in american express after what we heard from lvmh, and as we're talking about credit, we know we have been hearing lower end retailers talk about kind of some warning signs. we have seen that over the last month and a half. we saw department stores talking about increased chargeoffs, that sort of things. let's see what american express has to say about a higher end consumer.

i think that speaks to what we were just mentioning. >> we're going to do one of our famous trade it or fade it segments on earnings coming up in the week, but i think the companies that are probably the most interesting are some of the ones that have the most interest rate sensitivities, and those that have also been the gratest beneficiaries over the years. staples, some of the telecom stocks, things that have been largely dogs, they're going to give you some read on the strength or the lack thereof of the consumer. i think from a stock picker's perspective, i think there's probably a lot to do in here. >> our next guest calls this the most complex market of this year, julian emanuel has been on wall street for three decades. it's a long career, the senior managing director at ever core isi, thanks for being with us. >> good to be here. >> why is this the most complex market of your career? >> you set the table the last few minutes, and i want to pose this question. if a year ago you knew we were going to be at 5 plus percent at

this point on fed funds, could you have with any confidence said the economy would be doing 3% and even more importantly, could you have said that weekly jobless claims would be hugging 200,000 week after week after week showing that there really is just this unbelievable resilience? >> so how do you explain that? i mean, how do you explain what you just described? >> so the way we explain it is to acknowledge that the kind of stimulus that we saw in 2020 and 2021, and the fed was still buying bonds during a portion of 2022, is unlike anything that we know except for world war i and world war ii, and it was so much that, in fact, all of this tightening is still really only working off the residual effects of the stimulus. there's still a trillion dollars worth of excess savings out there that's keeping the consumer going. >> so versus the tightening taking place now. >> the bond market is everything. i thought, again, maybe it's

through my lens, but the move lower in yields on friday, it seemed to me people were positioning for something over the weekend. quality in the format of bonds, that unwound today, which says to me, yields want to go higher, yieldings should be higher, but they haven't impacted the broader market, what's the line of diminishing margin returns when things get dicey? >> we have seen it to a certain extent. it got to the point that all the hype around ai, a lot of which we think is justified in the long-term, but all the good news was priced in. the wall of worry was beaten. stocks and yields were rising, and then that stock now with the ten-year yield sort of, you know, trying to go to 5% and staying below there, it's okay, and in our minds, sets up the precondition for what we think is a fourth quarter rally to 44.50. but i think if you get

materially over 5%, it's the rou round-of-phobia. >> the reason where we have in the market today is the pile up of the stimulus? are we still getting stimulus in the economy today from the ira or moneys being appropriated to replenish ukrainian stocks and now maybe money that will go into the israel-hamas war? >> so there's certainly an argument to be made for that, and i think one of the challenges in this dysfunctional place that's known as washington is whether all of these bills are presented, can be passed, you know, increasing the deficit further. but buy and large, you're really just at this point where the stock of the excess saving, the stock of that accumulated stimulus is still large enough so that it's only being worked off as opposed to tightening, as

opposed to more stimulus. >> when you mentioned this deficits, and again, so the question about further fiscal stimulus and the like, some of the smartest minds are concerned about the deficit, keep expanding pre-pandemic, the fed balance sheet was at 4 1/2 trillion, up to 9, worked to 8 or so. when you think about this, okay, so fine, a consumer has excess savings of a trillion dollars. it's been shifted from one place to the others. consumers might hold up this time around, but is there a concern about these fiscal deficits? i keep hearing the big dogs here keep mentioning this, you know, paul tudor jones was on the air, they keep mentioning this, and sooner or later, chickens have to come home to roost. >> we in our collective investing lifetimes have probably been focused on this issue as a question of when, not if, for probably 20 years. and frankly, if you had shorted bonds in response to that trade, you were a consistent money

loser. that's no longer the case, and i think when you look at the past 30 days in particular with this gridlock and the dysfunction in washington, that's part of the bond market saying that deficits matter now. >> julian, thank you very much for your perspective. a complicated time to be sure, appreciable it. let's trade what julian just said. you go first. >> why why don't you take what he said and apply it. >> you've got the push pull in stimulus, and the quantitative tightening essentially trying to work off. it's a matter of time, as i said before, so i would report that qt is going to flow in. i actually think bonds, at least intermittently, you can probably short those and expect to make money on the long end of the curve. i would also probably be looking at trading the short intermediate portion of the treasury curve, and i think in terms of the more economically sensitive pockets of the market

where we have continued to see things hold up, the consumer excess savings, i would probably expect that to rollover, neutral to short. >> 4450 on the s&p by the year end, does that sound reasonable to you? >> we're right there. 70 points away. it could happen tomorrow, quite frankly, and we have seen that before. it's counter intuitive to everything i was taught and raised on in terms of the market, but the market has a way of putting on the most pain for the most amount of people. you can't deny everything going on in the bond market, the credit markets, hyg, not trading particularly well, has an impact on the broader market. coming up, oh, snap, the social stock surging after a sneak peek at next year's user targets. numbers in guy adami's smap scsnap scores. bitcoin hitting the highest levels since august, is crypto

bulls eye a potential etf approval. what ark invests cathie wood had to say about it all. don't go anywhere. "fast money" will be back in two. rz i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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welcome back to "fast money," snap gone viral, shares surging almost 12% today after a leaked internal report that the company's target for its 2024 daily active users will be higher than wall street expected. cnbc's jeulia boorstin has the details, leaks, leaks leeks wow. >> gk up 12% after the verge published the internal growth targets, the company confirming to us that these are what they call, quote, stretch internal goals only and that the memo circulated internally last month. these goals include aiming for 20% year over year advertising growth. 14 million snapchat subscribers by the end of the year, and $500 million in non-ad revenue. they're targeting 475 million daily active users in the fourth quarter of 2024. now, take a look at snap's stock chart, it has been a roller

coaster 12 months now, the stocks down about 5% in the past 12 months. the company does report a week from tomorrow it will still be interesting to see how that comes out there. t tyler, it's worth noting, last year around this time, a similar memo leaked, ceo evan spiegel saying the company aimed to grow 450 million users by the end of this year, as of last earnings, they were at less than 400 million. it looks like they will likely come up short from last year's goals. >> let's move on, we'll talk a little snap in just a minute. julia, the twiaylor swift era's movie premiered, did o you see it, and did the swifties pull through? >> i did not see it. i want to see it. they pulled through as in this was the biggest concert movie of all time, $93 million in the u.s. alone, the 7th biggest opening weekend for domestic film so far this year. yeah, it's huge.

i feel like people got maybe a little bit over excited, and the estimates on friday were inching up, and i was hearing even $130 million opening weekend, so not quite as high as some were hoping, but still a record setter for sure. >> but it was a good weekend for taylor, she was all over the place. she was in new york. didn't she do "saturday night live," right? >> she had an experience on snl. this film is going to be in theaters for another three weekends, and also, remember, they pre-sold $100 million in ticket sales. that was as of a week before it opened. a lot of that is for the theaters in the coming weeks. >> travis kelce got the door for her. it was all very nice. young love is a nice thing. julia, thank you very much. >> it says, let's trade it, dan. i don't know what we're supposed to trade here. trade kelce? >> i'm a swifty, no doubt about it. my daughter, ellie, she's all over it. she converted alex, my other daughter. i'm all in on it.

>> let's talk snap. stretch goals, and i think there was a lot of analysts who were out by saying the stretch goals that he put out last year at this time, he didn't achieve too many. i think it's aspirational to get a half billion daily active users. there aren't too many platforms that have that right there. listen, the stock is hated by the street. look at the way it gets traded. look how many analysts rate the stock a buy. less than 20% or so. short interest nearing 10% or so. any closer to like kind of profitability, and hit more of the goals, it's a $16 billion enterprise value. if you believe the stuff about twitter, x advertising, that's really the key here, and julia mentioned, we're talking about a half billion dollars of revenue. that's x advertising. that would be a good sign for the country. >> it would shock all of you, i'm not a snap user, just loo looking at it, you would say

that guy is a snap. what is the nonadvertising revenue that they have? >> subscriptions. >> to what? >> they have their spotlight, you know, if they're trying to monetize spotlight. they have had this dr ad tech upgrade. the story here is that analysts have been downgrading this company into whatever this whisper was. by the way, these whispers stim sometimes are not an accident. the stock trades under three times, priced to sales. how high was it? >> over ten years. >> it's about profitability. they didn't make money. they lost a little bit of money this year. so, you know, where are we going to be on ebita in '24? >> those are numbers that the street is probably taking the pessimistic road. >> folks at snap should be calling you any minute now, if you're on that platform. >> they need the influence. >> i don't know who katie is, but bar the door. >> influence, as you know,

because you visited. i was an early pinterest report, but they report on october 30th. either analyst day the end of september, it went very well, the stock was higher. piper piper jaffray did channel checks suggesting things would be good. you're talking about 30% eps growth for a company trading at 25 times. it's not outrageous, and you have some activists sort of snooping around. i like pinterest in the earnings on the 30th. >> snap, i'm here, call me. there's a lot more fast to come. here's what's coming up next. could crypto winter finally be thawing? the big move in bitcoin and what cathie wood had to say about a potential etf, the details ahead. earnings, we've got you covered, banks, streamers and more. how traders are playing the names on deck. you're watching "fast money," live from the nasdaq market site que.imes sar we're back right after this.

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. many people think the fact that the s.e.c. shows to ask questions is a change in behavior, and therefore i do think hopes are rising that a, or a number of bitcoin etfs will be approved. >> that was ark invest ceo and cio, cathie wood earlier today on the s.e.c. potentially aapproving a bitcoin etf, after unconfirmed reports that the commission had approved black rock's application for a spot bitcoin etf. this is driving bitcoin. >> it is, and another leak.

a leak that was taken down, but, yes, i think it's a matter of time before you're not only able to trade futures but you're also able to trade the spot. i think that's why you saw the reaction that you saw today. i would also let it be known that gold has actually been rallying as well. and i just think the macroeconomic and geopolitical situation that we have going on, the entire for a flight to quality, and something to combat inflation is likely another reason why you're starting to see a bit of strength in the cryptocurrency. >> 28,000 and something for bitcoin is 30,000 the next stop, guys or easy? >> it ticked up there today. >> oh d it? >> yeah. >> the first thing i would say aid a about bitcoin is it's remarkable, some of the headlines and politics, and even some of the fallout still coming from ftx and whatnot. but you're right, every reason why the market wants to buy gold, they should be wanting to buy bitcoin, and the other dynamic that i think, and i remember our friend brian kelly

saying this back when we were talking about the early days of the fed hiking cycle, when you want, when you expect the fed or when the fed is done with the cycle, you're going to start to see bitcoin move, andi think that that, because on some level, people have always felt that this was the defense against the fed, and, in fact, once they're done, they're going to get easier, and it's time to buy. >> yes, sir. >> in the department of things i don't have to worry about, ferrari is accepting bitcoin to buy cars. this is something i don't have to worry about. >> yeah, because you pay cash. here's already got two. >> no, no, no. >> it's not coincidental that the all time high in bitcoin was, i think, november, december of '21, just when the fed announced they were going to start to obviously change course, and more than cut in hatch since then. the lack of volatility over the last year is interesting, 27,000, seemingly for the last seven or eight months. the question you have to ask, did bitcoin trade well today on the back of this news or trade

poorly. we spiked up close to 30,000, gave a lot of it back. >> would you buy a bitcoin etf? >> well, i think the notion of why it's rallying today is that a lot of people would buy it if they could buy it in, let's say, their iro or something like that, right? so a lot of people don't want to mess around with a wallet. they don't want to buy it with lots of fees associated with other things. assuming it's an easy onramp to do it, and i think that's the excitement about it. listen, you know, they've tried to kill this thing in every which way, and it's still a half trillion dollar market cap. that to me is pretty fascinating, so, again, i'm with these guys, if you take out that 2021 double top that it got above 6,000, it just looks bottom left to upper right. i'm not telling you to go buy it here, but if you're inclined to buy gold for all the reasons people like to buy gold, i'm not one of those people, i would rather buy this. >> yeah, neither of them have a cash flow behind it. but whatever, people buy it, goes up in price, and you say, going lower.

>> good luck with the fingerrar >> you got me, i'm done. earnings season ready to kick into high gear, and we're going to hit the names in the best way we know, your favorite game, a game of "trade it or fade it" in this week's biggest reports. that is next. plus a pfizer follow up, the pharma stock rebounding after slashing guidance last week. more on that move and how the rest of e ccthvaine stocks are getting jabbed when "fast" returns. with voya, considering all your financial choices together... can help you be better prepared for unexpected events. voya. well planned. well invested. well protected. (all) ♪ toooo youuuuu! ♪ (sean) i wish for the amazing new iphone 15 pro! (jason) sean! do you mean this one - the one with titanium? (sean) no way i can trade this busted up thing for one. (jason) maybe stealing wishes from the birthday boy is not your best plan -- switch to verizon and trade in any iphone and get the new iphone 15 pro on them. (sean) what!?

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welcome back to "fast money, money," everybody. the dow jumping more than 300 points, led by nike, the s&p and nasdaq both climbing more than 1% or thereabouts. shares of vista outdoors tumbling hard today, down nearly 24%. the company selling its sporting products business in an all cash deal valued at nearly $2 billion. vista saying the deal is the next step in the plan to split the company into separate entities, which was announced in may. instacart receiving a number of bullish initiations from wall street today, but still closing in the red. that stock now down more than

17% since its ipo. and lululemon stretching more than 10%. that's good. more than 10% to its highest level since 2021. as the retailer gets ready to join the s&p on wednesday. tim, your thoughts on lulu? >> i'm short the name, so i didn't love this move this is a move that clearly is a technical move. it doesn't change the valuation, people are rallying the stock on the peloton move, which i don't think moves the needle. i don't see the dynamics in lulu's discretionary. >> great company, nice growth. >> let's see what it does here, a breakout pass tells you something to watch out for. >> lululemon, when i go to the malls, there are two stores that are always crowded, app and will lulu. >> what mall do you go to, do

you want to dox yourself? >> what's your go to? >> i don't go to the food courts. >> sbarro? >> no, i don't go to food courts. everybody go to kava? >> that company went public. it's pretty good. >> moving on, earnings. >> you're learning a lot today. you know, i don't snap. i go to kava. >> the ferrari. >> earnings season, i pay cash for my ferraris, earnings season ramping up with 11% of the s&p 500 reporting results. big names, netflix, tesla, and more on deck before the weekend hits. so we thought this would be a perfect time, a perfect time to play america's favorite game. >> trade it or fade it. >> that's right. trade it or fade it. earnings edition. let's jump right in. netflix out with earnings on wednesday after the bell. guy, trade it or fade it? >> you know, you would think i

would say trade it given my love of netflix, but it hasn't traded particularly well. it bounced today, the tape was good. i got to tell you, the last few months indicate that maybe there's some pain ahead. i love the company, not in the short-term, i will fade it, tyler. >> let's move on to at&t, reporting on thursday. trade it or fade it? >> i'm fading this one. and listen, i know there's an argument to be made for the catch up trade and its had underperformance, i know it has a strong dividend yield, none of those are compelling to overlook the fact that they struggle with free cash flow. i don't want a situation where you have to go to the public markets and raise. if you're not generating in a meaningful way, i don't have room in my portfolio. >> telephones for you, tim? >> at&t has been a rough trade. i think you traded here. i mean, we know what's happened, they have had their lunch eaten by t-mobile. if you look at postpaid, though, the entire sector looks like it's in an interesting spot.

the predatory nature means there is an opportunity for the core business to do okay. i think the core business is their ability to pay this monstrous dividend. i think it's a benign setup for the sector, and i think for that, at&t has been moving higher. >> procter & gamble set to report on wednesday morning. trade or fade, dan? >> i think you can trade this one, down 10% from the targets here. taking a turn off the multiple which we thought was a little fat. take out the interest and a name like this for the dividend yield that it has, and maybe the selloff over the last couple of months has been enough. i think it's fine, probably some of the concern about these glp 1s, and some of the consumer staples is probably a little over done. i'm trading this. >> trade or fade, roll with the tide on png? >> nicely done. color me curmudgeon. i'm fading this one as well. i don't know if they have the ability to continue to raise prices, and for the simple fact that the staples have been a richer pocket of the market with a very low beta and low growth,

so i just really don't see a compelling reason. dan's probably right. these have gotten crushed recently, and you may get a bit of a balance: i still, just in terms of deploying capital, it's not a place i'm looking. >> next and last but not least is tesla, it reports on wednesday afternoon, trade or fade, tim? >> i'm going to fade. you know, my religion is typically to fade this one, and it's not because of price cuts, i think it's, first of all, auto dynamics are not great. i think the entire sector is tr addressing some of the profitability issues. chart's not bad. don't like the valuation. >> guy? >> i agree with everything tim said, and much to the consternation of people that are long or the bulls of tesla, i'm going to say trade it. to quote, i'm not going to be fooled again with this one. i've seen it too many times they report some benign number, and stocks up 8%. >> i'm fading this one, if you think about last quarter, and again, the stock is up a lot into that print there, but that

was a disappointing quarter. deliveries were difficult. the numbers in china have not been good in september. down 11%, and margins expected to be probably 17 1/2 or so, so to me, i think this thing has risk. probably down towards those recent lows, 215 or so. >> lots of information there. thanks, guys. coming up, covid crumble, big pharma flopping today. what's ailing the group? those details and the trades next. plus, schaub soars, the brokerage popping as higher rates boost their business. we'll dive into that financial, the financials on that name ahead. stick around because we've got more "fast" in two. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud.

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an earning morning call sent shares higher today. an ang angelica peebles joins us. fill us in. >> pfizer providing investors with maore clues about the covi b by cutting the sales by $9 billion, coming from pfizer's contract with the u.s. government. it should fetch a much higher price than it's been getting. pfizer executives saying negotiations with commercial health insurers are already underway, and tyler, pfizer also saying it's assuming just 17% of americans will get a covid shot this fall. the company will provide an update of the actual total by the end of the year. until then, pfizer was cutting costs, slashing $3.5 billion in expenses, a welcome move on the street today as investors wait to see how demand shakes out.

tyler. >> where do most of those expense cuts come from, is it labor, where is it? or do we know? >> they're saying it's across the board, and we're not exactly sure, you know. they're saying it will be r and d, they're still working on their combination shots for flu and covid. and they are saying that they're not touching the cjen acquisition, the $40 billion acquisition of the cancer company they're working on. we know that those cuts will not come from that. >> angel ica. thank you very much. let's trade it, what do you think of pfizer? >> you heard it here. i've been saying i'm encouraged by acquisitions like oncology and whatnot. those aren't going to pay here. the point is the street's happy and upgraded today on the cost cuts. 3 1/2 billion dollars, you put a floor on eps, allowed the street to raise their estimates. they have been looking for some reason, it's not terribly exciting news but you can't tell me before we got that update on paxlovid and commercialization

and government contracts that people were very bulled up on this. in fact, it's clearly yesterday's news and the stock continues to get punished by each new headline. this is one where the stock benefitted from the headline. >> on friday night, i actually said, tyler, before we go, ig thought that friday night duirt after they dropped the news was uncool. maybe it was the right thing to do, gave the street or investors the weekend to look at things and work things out. maybe i stand corrected. doesn't make me want to run out and buy the stock. that 31 1/2 level, 32, i guess that's okay, but they're challenged here. >> anyone else on pfizer, going once. >> expectations for earnings next year are going to be what they were pre-covid, you know what i mean, so you have baseline stuff to work with. the oral glp 1, i think you were mentioning, it itim, on your pf, you have expectations, they

probably seem achievable here. i was looking at it over the weekend, you know what, if it gets to 30 you probably close your eyes and buy it. it didn't get there. >> their core business is one that people have now got to go back and reassess, and i think they have. they have looked at the future. there's growth drivers, glppixi dust. stocks rallying to kick off the week after reporting better than expected profits. we'll dive into the numbers. d atot investors excited over the ceo's comments. more "fast money" coming right up. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

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welcome back to "fast money," shares of schaub closing up 4 1/2%. the discount brokerage posting better than expected earnings before the bell, cutting full year revenue outlook, however. the ceo told "squawk on the street" that higher rates helped the quarter. >> for us, higher rates work out quite well because as clients begin to further reduce their movement of cash, we're able to reinvest at much higher rates. higher for longer is good for

schwab. >> been a bumpy year. >> we have been talking about this with the banks, the competition for deposit rates and the like. schwab after the regional banking crisis was put in a penalty box as deposits were expected to move as rates were going higher. there was also, you know, fear of what might be next after that. there's a couple of issues there. clearly the stock has acted very poorly since their q2 results. to have this sort of commentary and bounce, i'm not chasing it here because it kind of did the same thing three months ago, and gave it all back. to me, i'm glad that we don't have any problems. we're going to hear from other banks that might have similar commentary, let's see how they react. that's why i had the question for tim, how do you feel as an owner of the stocks, how they have acted in the last two trading days, to me it's not that impressive. >> it's not, and up 2.6%, money center banks, doesn't make me want to go by regional banks. before svb, credit dynamics,

commercial mortgage exposure, some of the dynamics in terms of their cost of funding, there's nothing here that says, i think you need to buy these banks, and again, if i'm doing a would you rather in the banking sector, i'm staying in money center banks, the balance sheet are fine, there's quality to them, not away from them, even though, less, it appears schwab has stemmed the tide of outflow for now. >> let's stick with the banks for a moment, as bank of america and goldman sachs report before the bell tomorrow, morgan stanley, host of the regionals are out on wednesday. this is going to be a huge week for the financials, what is your trade on goldman? >> you know, i would still probably be a better buyer if i have to pick between buying and selling. i don't want to short in front of this name, but you know, the deal flow, that really concerns me. time and time again, goldman have improved themselves experts at creating trading revenue, i'd be a better buyer. >> anybody have a quick thoughts

there? >> goldman doesn't get rewarded for fixed income commodities, typically doesn't reward them. they report the stock trades lower. you're at a level where maybe some of the bad news is in. bank of america has been an unmitigated disaster, maybe a relief value on people looking for a valuation play, and they say things that can assuage the concerns out there. b bank of america is at best challenged. >> the bar is so low on goldman, and we have put a lot of bad news and noise around the core sto story, which if you look over a one-year basis, you can find numbers that will support any argument. goldman hasn't underperformed the s&p on a one-year basis, i think there's been a lot of pressure in the ceo's office, and whether that's warranted or not, i think the expectations about their core business are extremely low. >> all righty, we're going tdoo some final trades when we come back. we'll be right back. what do you see on the horizon? uncertainty? or opportunity.

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. [ bell ] here's a treat for you, a look at tim seymour and members of

the charity organization, a leg to stand on, ringing the closing bell at the new york stock exchange. you have been working with this charity, and there's a fundraiser coming out. >> it essentially raises money and helps execute on corrective surgeries and prosthetic limbs for kids in emerging economies, gets them to these procedures. changes kids' lives at a time when you really are making a difference in their lives. so what's fun about it is wall street gets together and guys like me who are musicians and probably don't deserve to play at a sold out bb kings or hard rock cafe in times square, there's an event every year, called battle of the bands, and there i am. i was a young man there. >> never quite seen you like that. >> it's great, and it's fun to be involved, but i'm telling you. >> you look like bon jovi, right? >> thank you. >> anyway. it's really a tremendous charity, and his crew, he's a

wall street guy. it's wall street coming together. people, you know, it's easy to vilify wall street, this is a case where the community comes together and has been changing kids' lives for 20 years plus. we have been playing there for 16 years. this will be my 17th year. a legtostandon.org. it's a lot of fun. >> thank you, tim. way to go. let's go around the horn for final trades. tim, you get to go first. >> let's go to those biotech stocks, ivb but how about biib, biogen, valuations that are undemanding and balance sheets that are encouraging in this environment. >> i understand they're a strength today but i have not bulled up on the xrt and consumer discretionary, fading that one. >> how about you, dan. >> tesla, i'm not a buyer into this print. >> you said it was your religion, i thought that was interesting to say that. >> my religion. >> what you said earlier, i'm not surprised. >> listen, the fundamentals have

been deteriorating for this company, in their auto business for four quarters. >> remember the movie "eddie and ymr cruisers," that's tim s seou >> that's my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you some money. my job isn't just to entertain but put everything in context. call me at 1-800-743-cnbc or tweet me @jimcramer. investing isn't easy but can be