in the hour. >> yeah, intel still up more than fractionally after this point. the conference call starts in literally just a minute. we're going to be talking to pat, going to hear from him on "overtime" tomorrow about what's really behind this quarter and what's ahead >> looking forward to that also key inflation reading, pce tomorrow that's going to do it for us here at "overtime. >> "fast money" starts now >> live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight amazon headlining the busiest day of this earnings season. shares giving up their afterhours gains we're surrounding the action on that stock and the other names out with results tonight. plus, add to cart? the selloff in staples has brought names to 52-week lows. but one of our traders found a couple of stocks might be so bad they're good the names that they're watching coming up. later, consumer crunch two stocks sending signs that customers are struggling i'm melissa lee, coming to you

live from studio b at the nasdaq let's begin with another monster night of earnings. amazon, ford, intel and chipotle we have full team coverage phil lebeau, kristie unanimous partsinevelos, and kate rogers standing by. deirdre bosa has all the details on amazon's quarter. >> yeah, so, mel, the street just wanted more from aws, amazon's cloud unit. the analyst call kicks off in 30 minutes, but i did have the chance to talk to the cfo just a few minutes ago, and i asked him if he could say whether aws growth has bottomed. he said he wouldn't characterize it that way. that they're in a delicate situation and while cost optimization work is starting to slow, he said there are still companies that are joining that effort and that's really when the stock turned and gave up the gains it's really disappointing for the street, which wanted to hear that that stratrajectory had tu. we had mixed messages from microsoft and google

google said something similar that customers are still optimizing, and that's just another way of saying they're cutting costs, trying to save in the cloud. microsoft cloud, on the other hand, was stronger on the strength of its a.i. offerings amazon likewise has been pouring all of its efforts and billions of dollars into generative a.i. through its cloud unit, so, this could perhaps underpin sort of the street's opinion, and notion, that amazon is a solid third in this race behind microsoft and google that is generative a.i we'll definitely get more on the call and listen to that when it kicks off in less than 30 minutes. >> and fourth quarter sales guidance slightly disappointing, huh? >> yeah, absolutely. and this is the all-important holiday season, so, that's key, it relates to its core e-commerce business. >> all right, keep us posted >> will do >> more negative territory at this point in amazon stock it had been higher by 6% here. what do you make of this it's an interesting -- >> cost optimization i said it really quick that's the thing that sent

alphabet down 10%, 13% so, i think it's really important to say -- listen, a lot of folks were getting excited about maybe you were seeing the consecutive quarters of decelerating growth in aws bottoming out, and that answer from the cfo suggests that they don't have a lot of visibility right now you know why because their customers don't have a lot of visibility right now. i'm going to take it back to microsoft. yesterday, we talked about microsoft and those great results. think about this we also talked about this co-pilot 365, that they're going to start charging for it on november 1st what if those same enterprise customers are optimizing cost in and around some of the seats in which they license this sort of stuff for? so, what i'm saying is, we're not done yet we don't know about this and a lot of these companies have also been cutting costs as it relates to head count when you have reduced head count, you have reduced seats for these licensed software and the like so, i just think this is going to be a theme we hear a lot about, so, just, if you think about the last three days that we've had of all these major,

you know, companies reporting, it's like, you know, last quarter, these guys were good, this quarter, they're bad. i think it's going to keep ping-ponging until we get more visibility about the company >> what amazon is telegraphing with its guidance and the comments is that all customers, retail or enterprise, they are looking hard at what they are spending and that's not the message you want to hear in these stocks >> it's a message we've heard from everybody if you read between the lines and you read between the lines on housing and less projects and people are definitely pulling in but i think also for people that were expecting amazon to deliver a really decided vote to break the tie between google and microsoft, this one kind of came down the middle. and this really doesn't tell you all that much. people are encouraged by the operating out margin and that was really impressive overall. came in 300 basis points more than expected, but on the guide, they gave it all back. the mid-point implies that the operating margin is coming back

in just reading a couple of reports from the street that are coming in brent hill said something on his headline, 12% aws growth, just not enough to get the goblins away, as we are so close to halloween here so, anyway, i don't think these numbers are terrible remember, amazon has outperformed the rest of the space over the past couple of months after badly underperforming them some of this is just what we get to these numbers aren't great, they're not terrible, but the stock's done well. >> so, i think amazon is a company that doesn't really care where their stock is trading in the short-term so, i generally don't really give much weight to their guidance, because they sort of put wide guidance out there and i don't think they really care that having been said, it's a little bit disappointing i was hoping that they would be more on the microsoft side of cloud growth as opposed to the google side, but we'll see it's very cloudy right now i mean, there's a lot -- some things that came out good. we'll get to intel, that was a

surprise, but to amazon, i'm long, it's not cheap, for sure but i think the story is still intact if we have, you know, a weak fourth quarter, which sounds like we very well might, i think it won't be great, but the one thing i do wonder, if they mention temu, are they losing share there? >> right, to temu and shein. >> right, both i want to hear i'm interested to see if that's -- because they have not had a threat at all and i wonder if this is -- >> i don't think they lose any share. i think dan's been right to point out business spend is on the down slide if we look at gdp, we saw consumer, consumer is fine the business is not fine they're cutting back so, they're being judicious on their spend. but when you look at revenues, eps beat, stock ratcheted up quickly. >> then you look at aws, we're not even talking about e-commerce anymore this isn't an e-commerce

business anymore granted, they're killing it on the e-commerce side as far as real numbers, this is only about aws. if customers aren't spending because there's a geopolitical event or if there's something going on in the macro economy, that's a different story the consumer is still strong, so, i think we have to look at it in a different light. >> yeah, i -- you know, listen, i'd just say this. that operating income that you pointed to, i mean, this company is operating really well, right? it comes down to, what are you willing to pay, to steve's point, the north american retail business has never been valued at anything, it did outperform last quarter, they have better margins there. i think the street kind of liked it, but the stock is down 18% in nearly a straight line from those recent 52-week highs so, the expectations coming in were pretty low, despite the relative outperformance that you're talking about over the last year. so, like, when's the last time you've seen a trillion dollar, or a company of this size relative to the index sell off

18%, put up numbers like that, and then sell off? it just tells you about where investors are in this market, in a way, and so, to me, that leads me to believe that we're not done, and i've been talking about the lack of visibility a lot of these companies have, they were given a pass, it felt like, in the spring into the summer, but something turned in mid-july, right, when all of these companies, like microsoft and apple in particular, did not start -- they weren't trading well on good news anymore. and i think that's a big shift that we've seen from the prior six months >> that seems to be the chon thread here in terms of the reports we've gotten the companies that reported badly, missed, guided down, whatever you want to call it, got just wrecked, and the ones that put up good numbers didn't do well, either. microsoft on the week, it's like they are getting no credit for the quarter whatsoever, because they are flat at this point. >> so, this is all true. so, we're making a market commentary here. there's nothing wrong with these companies, there's nothing wrong with their profitability, they have a lot of flexibility, they could be buying back shares,

everything amazon is in this for the long haul, right? so, we're -- our market discussion is going to focus that the qqqs are about to go crashing through the 200-day, or so it appears, and this is after a period where so dramatically outperformed the rest of the market so, at least walking in today, nasdaq qqqs are up 32% on the year, equal weighed s&p is down four that's a 36% differential between the biggest companies in the world and how they've done coming into this -- i think we thought the bar was going to be this high and tough to beat two quarters ago for these companies. i think that's almost the surprise there's nothing here that we've heard that the economy is falling out of bed we haven't gotten any of the exciting a.i. kind of sprinkles out of amazon. i think we're going to hear some stuff on the call that talks about a.i. and i think they're well-positioned. >> let's get to gene munster, here to dig into amazon's quarter. what's your take on this quarter? >> melissa, i think we need to take two steps back and look at

this at the highest level, and the lens that investors are focusing on is growth. amazon just had a great quarter related to profits they guided their operating margin to december, if do the mid-point game, to 6% margin the street was at 5.2% back in the day, eight, ten years ago, that would have been amazon stock goes higher, but here we have it fading in the aftermarket. and i suspect it will go lower, because that key growth question and even though aws is only 10% of their business, it is foundational to how investors think about amazon as a growth stock. in other words is, amazon stock is not going to work until aws shows measurable improvement and i'm not talking about going from what it was this quarter, 12%, to 13% or 14%, that needs to step up to the high teens or even 20% because mathematically, you're going to have, as you are growing at 27% next year and google cloud at 23%, amazon is going to be losing share in

cloud. and that is just the signature cloud is kind of the signature, exciting topic now for investors. so mel, my overall thoughts are that this is all about cloud, we knew it going into it, and yes, there's a lot of good things, reasons to be excited about the company longer term, but until we see that meaning thrill and sustainablyaccelerate the aws number, i think it's going to be range-bound. >> the person that's running the company is the person that was running aws. does that give you more hope or does that make you more negative on the company, knowing that this is the best person there, and it's still not performing to your liking? >> well, i think just dire directionally, it's in the more hope category, i mean, the leadership understands that business infinitely well i think the challenge here is that to get it to reaccelerate is a hard job. they've talked about those investments and that's important

to kind of get some of those models on, but google is well ahead of where amazon is at in terms of integrating these models, and they're losing some steam in cloud it seems like all this is gravitating. so, steve, in other words, i think the issue here is almost beyond jassy's ability to control. they're doing the right things, talking about those investments, but ultimately, they got to really beef up what's going on at aws to try to play into this long-term, and it's going to take a long time to shift investors on to getting excited about a.i. and e-commerce. >> gene, it's karen. you have talk about their cloud position do you think that the pie is slowing me ing measurably or ist an issue of taking share to microsoft, i guess >> well, the pie is -- if you look mathematically at the three largest, it's basically flat acceleration from azure, 22% share. you had a decel from google, 10%

share, and basically a flat deceleration from amazon and they have 33% share. so, i think mathematically, it's basically flat that's understandable, given everything that's going on i think the opportunity around cloud should clearly accelerate. this should be growing the overall cloud market should be growing 20%, 30% for the next five-plus years. and so, i think, you know, this is -- investors -- it's just hard to get excited and get behind a company if they are perpetually losing share and all the good things that aws has done to get this leading market share position really doesn't hold weight unless they hold their market share position >> gene, keep us posted on this conference call, as you start to listen to it in about 15 minutes time gene munster with us so, it is losing, it didn't sound like gene thought it was too early for, you know, to declare a winner in this race so far. >> no, but it sounds like he's a lot more impress bid the

marginal share gain by microsoft. look, i think this -- to me, the numbers we've seen out of the three companies we just talked about, i don't think you've seen anybody necessarily eating anybody else's lunch i think this gets back to, i mean, cloud has gotten uber competitive. at some point, there's slightly different services we're talking about. software elements that microsoft is claiming, the a.i. ingredients they're all adding but this really is a tell on cloud, i think, at some point. i think this is part of what we have to grapple with this isn't gene, ultimately, we've been talking about cloud for two, three, four years, and those folks that are most exposed and obviously aws is the driver for the valuation at amazon >> all right, let's go broader tech near. the nasdaq dropping deeper into correction territory today, falling 1.7% to close below the 200-day moving average since march. the s&p 500 down over 1%, and now more than 10% off its 52-week high the dow also under pressure. dan, you see the underpinnigs

are really bad >> none of this is a disaster. all the quarters that we're talking about were pretty decent i think a lot of it has to do with so much positive sentiment as it relates to the entire stock market complex in the u.s. is wrapped up in a small group of names and we've been talking about this for months. if you looked at retail, if you looked at banks, transports, industrials, the list goes on and on health care. staples. utilities. they've all fallen by the wayside. so, this is the last bit to fall it doesn't mean we're going to crash. it just means they're taking the froth out of the market. if you look at the multiples in a lot of the more cyclical areas, they've been massively depressed. this is very similar to what we saw a year ago this week, when the stock market was making a low, that everything else other than these large tech stocks were trading well below, very near trough multiples, where the stock market usually troughs, in low teens. the differential, when you looked at the headline, if it's saying it's 18, 19 times, you're

saying, that's expensive, historically but again, it was these ten stocks we're talking about apple that's up 30% on the year, microsoft, amazon, google are still up 40% on the year. nvidia and, you know, up 180% on the year tesla is still up 65% on the year so, what i'm saying is, these stocks have a lot more to come in before we're done, in my opinion. the other stocks may start to show good relative strength, okay, so, the nasdaq 100, which is at 4100 right now, goes back and retraces back to 13,000, where it broke out during march, that april period, when we saw that flight to quality, then you might have great opportunities, like you mentioned last night about staples as your final trade, or something, utilities -- >> i wasn't on last night, but thank you. >> two nights ago. >> that was my final trade but -- >> great job >> there's going to be good stock picking opportunities, and maybe there's going to be a time when we spend less time on these stocks

>> there is a convergence in the underperforming stocks to catch up >> this is what -- we were talking about this on the half day call, which is, does money leave the market some leaves the market >> sure. >> all right, well, now i can put it in treasuries but some has to be redirected. even if it leaves the magnificent seven, where does it go there's a lot of choices now >> rsp this week, by the way, is doing better than the s&p 500, to the point of this catchup >> yeah, that was my point by saying, you know, plus 32 to minus 4. we can do that math. so, yeah, i think something does have to give i think you're in a place here where also you have to you understand that the rest of the market that has been doing nothing or down, and also was down last year, is reacting to interest rates up 500 basis points those are companies -- and what we've heard in earnings so far, i would echo what we hear from shippers, industrial companies, folks that are relying on funding, you know, they're getting their funding but it's not so good, they are funding one less project that's the story here. and the five or six or seven or

eight companies that have dominated this performance are ones that aren't reliant necessarily on callalcapital, tr growth is extraordinary. so, anyway, we've just -- we've probably closed the chapter, because we are now officially in correction mode, on really one of the greatest rallies in the history of the stock market in one year you have saw a 40% move in semiconductors, 35% move from that cpi low of october of a year ago it's no surprise you are giving back here. >> i just think the dynamics, the underneath this marketplace is always going to be the same thing. we're always going to be those seven stocks so, we're going to be in treasuries to take a powder, maybe in the russell i don't think anyone's dying to trip over themselves to buy small caps right now so, you might take a powder from buying those seven names, phew unfortunately, it's always going to be -- >> what does take a powder mean? >> you don't know what that means? >> take a breather take a knee. >> powder room, for that matter. >> take a powder, you take a break. so, i think it's always going to be about those names

so, whether or not you take a break, right, take a break and don't buy those stocks, passive investing is not going away, and all these investment funds, the 55 biggest global investment funds, are not going to get out of apple and microsoft to the tune we need them to get out of to change the dynamic of the market >> they were today, though that's -- that was an interesting thing to me. i looked up at one point and i saw apple down 3% on no news microsoft down -- >> a better setup for its earnings >> well, you could have said the same thing about amazon today. >> one last thing, what happens is, that fund says, oh, wow, apple is now x percent in my fund anymore to your point, they get a better entry point, but they are buying the same names >> okay, we're going to take a powder. up next, we're tackling the big move higher in intel bring you the latest on the conference call next. and later, delivery delayed. shares of u.p.s. hitting their lowest level in more than three years after results early this morning. what's behind the declines and how much can we glean from ts hi move "fast money" is back in two.

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great! solid! -greek salad? exactly! don't delay the game with verizon or t-mobile 5g home internet. catch it on the xfinity 10g network. welcome back to "fast money. we've got an earnings alert on intel. shares are higher by 8%. conference call under way. kristina partsinevelos has more on the quarter

kristina >> 18 minutes, had pat still speaking right now, but i guess dare to say the bar was set pretty low the fact they beat across the board, but this is the seventh quarter of sales declines. yes, we did see some improvement in q-4 outlook, which was great, and gross margins. so, we have a chart, hopefully you can bring that up just to show you guys how gross margins have been declining for two years, since 2021. there on the screen. and you can see on the right-hand side, that's the number we care about right now, 45.8%, much higher than the 43% anticipated. the company talked about cost-cutting, pc sales have been bad, but they're starting to improve. q-4 is going to be better, especially going into the holiday season and then you have data center revenues that sector was still a little weak on the call right now, pat did say that there was a wallet shift, which we already knew about, towards gpus, et set trashgs but they're starting to see norm am al levels in q-4 and they are still on track, four nodes in five years so they

can be like tsmc, a foundry by 2025 so, they appear to be on track with all of their goals, and that's why the stock is reacting so positively. >> i'm surprised at this huge jump given that data center was, in fact, weak, i would have thought that the knee-jerk reaction would have been, well, not up 8%. maybe somewhere between up -- >> i think the foundry business plays a role they have a new customer they didn't say who it was but that's showing that the two-year turnaround plan may be working, right progress in that data center weakness, we heard from texas instruments, tsmc weakness, so, it's not something that is necessarily very new at the moment, and yes it's hitting his company, so, i wonder amd could be next, too, in that sense. >> kristina, how much of this, you know, they are sprinkling in a little a.i. pixie dust the pipeline doubled in the last 90 days. >> from what >> so, it's a bizarre -- but the point is, they are trying to re-establish their former dominance in foundry, and -- but

also get to the places they want to be. and are you buying it? >> they are launching an a.i. cpu chip, and they said they are already shipping to customers and it's going to officially launch on december 14th. so, that could be -- am i buying, i don't note the specs yet, but you think -- there's so many competitors in the market, i do believe that a.i. cpus will be a good alternative, because they are cheaper than gpus they have to be processing data as fast, and that's what we have to see still >> k-parts, tsm, i think it was a couple weeks ago, they mentioned they might see smartphones and pcs bottoming and the comment you just made, is this something, is it enough to put together this, is there a narrative forming or is it just seasonal, do you think >> even gardner research, they put out the pc shipments we've seen several quarters, i should say, of declines, but they, too, agreed with tsmc, they didn't agree, they doubt know tsmc, but they see

impro improvements just for pcs data center revenue is a different story, because of that wallet shift to gpus, because i.t. spend is coming down, especially to seasonality, as well >> wasn't it just one week ago, we were virtually dancing on intel's grave, because nvidia and arm were going to go in together no longer dead all of a sudden up 8%. >> i think the gift that was given to intel was the way it came into this, the pricing they came into this if you look at it on a chart, to your point, the last couple days, the stock has been slammed. so, it's all on a relative basis. just getting back to those levels we were at a couple of days ago is it still in the same vein of aws, it was their game to lose, is it nvidia's game to lose when it comes to a.i. how many people can take bites of that? >> i think it would be the -- can intel lose its cpu game to nvidia because, to your point, last week, they made this announcement, nvidia, amd, both

companies declined to comment, but they are most likely coming out with cpu chips qualcomm announced the same thing. the issue, those three cpu chips are going to be based on arm technology arm is a competitor to the x-86, which is intel's technology. so, that is -- i'm flipping your question on its head -- >> circular. >> right >> i would get back to, also, what we're saying here, sentiment around intel and -- no one owns this stock. the institutional community doesn't like it. so many other places to go this is the reason, for this kind of a move >> kristina, thank you we've got a news alert here on a potential apple watch import ban steve kovach has the details >> yeah, this is coming from the international trade commission, issuing an order to potentially ban apple watches, of course, apple watches are made overseas in china and vietnam this is over a patent dispute between the health tech company masimo shares up nearly 12% on this headline they're trying to work on their

own smart watch. they've been accusing apple of taking its patents for features like the oxygen reader on the apple watch and the heart rate monitor and the ekg of the apple watch, violating some of their patents. this now goes to the biden administration, though, melissa, and they have 60 days to decide whether or not to institute that ban. some caveats here, it is unclear which models of the apple watch may be subject to this, if sometimes it's only older models that aren't on sale anymore or barely on sale anymore, so, that is unclear and what's also unclear is, this may only apply to apple watches manufactured in china. apple has moved a lot of manufacturing outside of china for the apple watch to countries like vietnam, so, they may be able to skirt around this, even if the biden administration issues the ban, but again, you're seeing masimo benefit from this. shares up nearly 12% >> all right, steve, thank you steve kovach apple shares down by about 0.8%. >> we were talking about china

banning government employees using iphones there, now we have our administration saying that maybe you can't bring, you know, watches in that are made in china. this does not seem like a great situation for apple. >> yeah. >> in the old days, apple just would have bought them, i think. >> right >> problem solved. it's a $4 billion company and -- >> right >> those aren't the days we are in anymore, though >> they don't really do that, do they >> no, not now google buying fit bit, that was a lengthy review >> yeah. >> chart on apple really 150 really looks like there's good support there. >> all right >> next stop. coming up, some big stock moves catching our traders' eyes results sending u.p.s. and valero lower why were investors selling out plus, chipotle on the move the numbers out of that quarter and the headlines from the company conference call. dare we say it was a burr reno blowout. you're watching "fast money" live from the nasdaq market site in times square.

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we come back to "fast money. stocks selling off as earnings continue to roll in. the dow dropping 250 points. the s&p down more than a percent. and the nasdaq tumbling 1.7%, closing below its 200-day moving average. capital one and deckers outdoor higher after reporting sketchers lower, despite arnings beat and enphase energy lower amazon's call is just getting started. we'll bring you the headlines as they start coming in. a few names out with results this morning that caught our eyes u.p.s. down nearly 6% after cutting revenue outlook. valero lower despite a beat.

altria sinking after reporting revenue decline and citing vaping competition that move, tim, you did not louvre >> i'm a shareholder i have a sizable position there, and frankly, i thought the stock had been derisked, and really, we know what's going on with cigarette volumes. we know the company's been charging more, and so, net net, it's actually meant they've had pricing power. clearly, they don't have a pricing power. they cut, you know, the full-year guide was cut by a penny and a half is that an 8% move in the stock? i don't know it felt like there's really an assessment about their business, though they diversified into a bunch of other investments i don't think the dividend's in jeopardy it's not why i own the stock, though i do own it as a yield play it is a staple and i think cigarettes, despite the declining marketshare, are investable >> all right, coming up, we're watching shares of chipotle after the earnings crossed the wire details next plus, a burrito barometer on the consumer what these two names are saying about how spending is holding

up the details when "fast money" returns.

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earnings alert now on chipotle shares are jumping, but lower after highs. high americanmenu prices helpin results. kate rogers has the latest >> hey, melissa. so, for the third quarter, chipotle eps better than expected revenues right in line same-store sales up 5% better than the 4.6% estimated by street account. this was due to traffic being up and higher transactions fuelling sales growth in terms of guidance, fourth quarter and full-year comps will be in the mid to high single digit range. open between 255 and 285 now stores as far as the all-important consumer conversation, brian nichol telling us the brand is strong in the last hour. take a listen. >> every income cohort, whether it's low, medium, or high, continues to really show an affinity for chipotle.

we're really excited about the momentum we have in the business >> so, no pull-back so far the company did not take any pricing in the quarter, but it did raise prices in recent weeks. that's something that, you know, they have kind of held back on doing, but they do obviously have pricing power and they're not seeing pull away so far. so, we'll see what the rest of the year holds >> what commodity costs are still rising, kate i thought a lot of them had been down >> a lot of them have been down, particularly avocados was something that we've seen come down but beef is something that is always a challenge for a name like chipotle and remember, they brought back something that a lot of people like in carne asada. in the most recent quarter, as well, they had a chicken that did last quarter, chicken is a little bit lower cost. it's that push and pull. but niccol talks about, we have the pricing levers to rely on and we are able to do it where we don't lose consumers. >> all right, kate, thank you. grasso, you like this one? >> do you remember the negative headlines way -- it feels like those are gone

so, brian niccol has been a tremendous operator in the space. all the new stores, i think 80% of them have drive-throughs. that tells you that they're expanding outside the city and what they haven't penetrated on is international growth so you look at the stock, looks expensive. i think it's got a lot more room to run >> a lot more room to run? >> i do. i think they are shaking share and people will always pay up for good quality food and i think he hit it on the head that every income bracket is looking for a way to get quality food afford bly >> i hear you. they are -- they are the example. like, they've set the standard there's no question about it i just don't know that the entire spectrum of their consumer can and they just said, we haven't raised prices in a year, we'll see how it holds up. so far, so good. the commodity dynamics, beef prices aren't coming down. avocados and cheese, i don't know dan -- >> she said avocados are gone.

>> i'm an avocado toast guy, is that what you think? >> nothing wrong with that, by the way. >> it's fine >> avocado toast >> the way mcdonald's fell out of bed from an all-time high just earlier this year to a 52-week low, down 18% from those highs, like, something's going on in this quick serve space yum did the same thing >> except for chipotle >> well, they had a gap lower. >> they're slightly different segments >> ish >> i hear you. again, i'm kind of licking my chops, i think i'm going to get mcdonald's lower i'm not sure i need to spend 50 times earnings for chipotle here >> chipotle. >> really? >> other companies facing a cloudy picture for the consumer in their latest reports. mastercard saying growth and travel in cross border spending helped boost growth, but signaling possible moderation in spending volume. the stock saw its worst day since june of 2022, quite a contrast from what we saw in visa just a few days ago

meantime, align technology missing on the top and bottom lines yesterday. slowing demand for orth don tick treatments raging on results with new patient appointments down more than 8% from a year ago. revenue guidance for the current quarter also weak. that stock losing about a quarter of its value today 25% in one single session. what do you make of these reads here >> well, we talked a lot recently about the consumer who finances things and what's happening with that. so, inviz line is not, you know, it's expensive certainly for the average customer so, that wouldn't be surprising that it was just -- it's just too expensive and financing it has gotten too expensive it's interesting to see mastercard and visa, you would think the overlap could be high in what they're seeing, yet they're seeing different things. capital one, better credit and then discover, worse you would think the overlap there would be big, but it's noisy. very noisy out there. coming up, believe it or not, we still have more earnings

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i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones a news alert again on apple. the tech giant responding to that ruling from the international trade agency that they violated the patent of masimo apple saying masimo has wrongly attempted to use the itc to keep

a potentially lifesaving product from millions of u.s. customers while making their own watch that copies apple. apple adds, they will appeal this ruling. we are seeing masimo shares hold onto gains afterhours. apple down just under a percent here. we've got an earnings alert on ford. shares are lower as the car company missed on the top and bottom lines and withdrew guidance phil lebeau is live from dallas with the latest. phil >> hey, melissa. we are about 40 minutes into this analyst call. no major headlines so far. jim farley talking about their continued push to prioritize hybrid vehicles as demand for electric vehicles cools off here in the united states couple of thoughts they missed on the top and bottom line in the third quarter. this is the problem we've talked about before one issue here is the warranty cost issue continues to be just -- it nips at the heels of ford, and that's one of the reasons why they fell short, along with the uaw strike. now, let's talk about each of the three divisions, and it is

more of what we talked about in the past there are two of them that are making money, internal combustion engine vehicles, as well as the commercial vehicle business both of those had another solid quarter. both earning $1.7 billion and $1.65 billion and model e, which is the electric vehicle division, they posted a loss of $1.32 billion. not a huge surprise there. so, as you take a look at shares of ford and you take a look at where the company is right now, keep in mind that the uaw contract, because of that, they're pulling their guidance they're not getting into details on this call but they have said that this strike will cost ford $1.3 billion. it will also add per vehicle, a cost of $850 to $900 now, how they're going to adjust to that remains to be seen you can't pass that all onto the customer they admit, they're going to have to learn how to become more efficient in terms of cost cuts, et cetera. finally, as you look at where ford is right now, there is one

headline from after this call and this earnings report, they are taking about $12 billion that they have allocated for ev investments, melissa, and they're pushing it out they're not scrapping it they're not saying we're not going to invest that $12 billion, but they are not going to be investing in the timeline they original i will laid out. they are going to be much more judicious in terms of battery plants, capacity, et cetera. >> all right, phil, just one quick question, you mentioned $1.3 billion is the cost of the strike to ford versus the $800 million that gm cited? why such a huge difference >> well, i mean, kentucky truck is a huge -- that's a big profit driver that's been down two weeks, relative to gm remember, gm, when they reported, they only had two plants that had been taken out and they were not of the size or scale or profitability of kentucky truck >> all right, phil, thank you. phil lebeau keeping us posted here on ford shares. anybody tempted by these

automakers oh, that's a hard no >> well, i'm positioned, so, i mean, i'm tempted to hold them and i guess the question is, getting settlement seems put some clarity back in the stock for ford this is a billion and a half annual cost by the end of this contract this is something. but seeing them stay, being fref flexible, and sourcing ev components, that makes sense as a guy that continues to not want to own tesla, but was very adamant and outspoken about the competitive landscape coming to get them, what's clear the competition can come, and i think there's great car cheaps that are out there that are going to do it and maybe have a better product than tesla, they can't do it profitably right now. that's really the story, buford, you know, internal combustion business -- gm, i think, still looks significantly sue peer yore >> uaw, the cost, just like phil said, removed guidance because they don't know what the costs are going to be. and we've seen that with u.p.s

u.p.s., when they settled their labor dispute, they still don't know what the knock-on effects are going to be. so, this could have knock-on effects for months, maybe even years later to a ford. >> all right. coming up, we're checking in on amazon. the conference call is under way. and we are listening in, as deepwater's gene munster will have the key takeawayso fa sr. "fast money" is back in two. meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive.

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we have breaking news on the sam bankman-fried trial. kate rooney has the details. kate >> court has wrapped up today, melissa. sam bankman-fried was testifying no jury in the room, though. so, you think of it as more of a dress rehearsal. we heard a little bit of what we're going to hear from the defense team sam bankman-fried calm, cool, collected. that was not the case when we just left the courtroom. the prosecution started their cross examination. sam bankman-fried was stall, he was rerouting questions. the judge was extremely frustrated by that he would sip his water bottle and try to take a second, ask followup questions the lawyers there saying this is going to take a lot longer if this continues the judge saying that it was an interesting way of answering, sort of scolding the defense team, saying that sam

bankman-fried needs to answer. he did seem to be buckling under pressure a little bit of a preview of what we're hearing in the coming days he's going to take the stand again, and there will be a jury in the room. they will be able to see that, but a very different scene from when the defense was going after sam bankman-fried to the prosecution. he did face the pressure today when he was on the stand, but we're going to hear more tomorrow >> should be interesting kate, thank you. kate rooney. let's get another check of shares of amazon, which have since bounced. up 2.6%. the conference call is under way. we're about 23 minutes in. gene munster has been listening in gene, what happened? >> well, melissa, we talked about aws and its importance, and the company is giving some optimism regarding this segment. they said that in the september, the month of september, they signed several large deals that in aggregate outpaced all of the new bookings in the quarter to date and so, that's not total remove the for aws in the quarter but,

they had basically three huge bookings that are going to be recognized in the december quarter. when you put all that together, the street's at 14% growth in december the analysts are probably going to have to raise their estimates. probably going to be 15%, 16% after hearing that comment that's the reason why the stock popped here. it is the pressure point on amazon, is aws the reason why they're saying they have won those deals is that since they have a leading market share, they've got all the data, and then the developers just bring the model to their data. makes a ton of sense that's been the take away from the call >> gene, i must have missed it those new deals, when do they get booked that's a '24 item? >> correct new deals get booked in the december quarter, so, we'll see that in aws growth in december so, analysts are going to have to raise their numbers for aws for september, we'll see growth going from, like, 12% -- excuse me, for december we'll see growth from 12% to probably 16% in december

>> so, they already -- they gave us guidance for the fourth quarter, so aws is better than what analysts think, so, there are other parts of the business that are weaker than what we think? >> ah, yes aws still smaller part of the business, so that 2% is probably comes a little bit from retail, but yes, that is correct that is a tradeoff that i think amazon investors at deep water, we don't own amazon, but that's a tradeoff that investors will like, because they have to nail it when it comes to aws to really keep investors excited about the a.i. growth story, and so, i think that, yes, it is a decline for the other revenue, but moving into the proper category >> yep gene, thank you. gene munster we're seeing a pop of 3.5% at this point. one of our traders thinks there's more than meets the eye with the staples group karen, you've been sniffing out some opportunities here? >> i have. i ended up with tell nova, after making fun of the name, which i

still don't like i think, wow, this is really goaten beaten up i know tim has been on this. 12 1/2 times earnings. 4.7% yield the street hates it. even who hates it has a higher target than where it is. so, i think it's really, really overdone we've seen overdone things rally like a verve rye sohn and at and t and this feels ripe and not a ton of downside and a good place to hide. >> yeah, in fact, klg looks really interesting -- >> the cereal side >> the actual cereal brand if you look at staples, look at the xlp, traded all the way back to that february 2020 level. remember how sexy i was to own spices >> you couldn't find cumin >> i got absurd. and the dynamics of what they were able to pass on hershey's announced today they beat, they gave a guide. they said glp-1 is not the end of their business. > nt,in tdes.

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time for the final trade tim? >> yeah. uh -- >> you forgot? >> it's that time. my old friend altria thank you for the charts this was a stressful day you stay there we know what's wrong with cigarette volumes. >> karen >> yeah, staying with the unpopular, i'm going to continue the trend. i like meta. i thought those were very good -- >> liking it to smoking cigarettes huh. >> it's a kid thing. >> yes

okay >> dan >> really quickly, because you guys took a lot of time. intel. the foundry win is kind of interesting. i wouldn't be buying it right here >> 8% here steve? don't think it's time to take a powder in cmg international growth is still on the horizon. >> thank you for watching t.as "mad money" with jim cramer starts right now "mad money" with jim cramer starts right now my mission is "real 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 a little money my job not just to entertain but to educate, teach, explain this whole thing. call me. 1-800-743-cnbc or tweet me @jimcramer at times like these when the market just keeps rolling over, dow falling another 252 points s&p tumbling