orders. cue the qr code. that leads into the latest installment of my on the other hand newsletter. this week's debate, are doordash's results a sign it will grow or is it going to hit a wall? sign up using that code or type in cnbc.com/otoh and morgan, that's it. >> that's it. apple call, jobs report tomorrow, that does it for "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. stocks roar. yields fall. the nasdaq and s&p on track to have their best weekly gains for the year. while the ten-year backing off big-time from its 5% peak. should investors believe this mini start of november boom? plus, star bucking the trend. why so many -- starbucks i should say. so many companies say the consumer is cutting back, the coffee giant is seeing beverage and food orders soar. we'll go inside their numbers coming up. and later, lilly and nova's fat profits from obesity drugs.

the big gains from a new buy now, pay later. and full steam ahead for roku. plus, the apple conference call is coming up. all that and more in this jam-packed hour. let's start off with earnings from the biggest of the big. shares of about until the afterhours session are moving a little bit lower here, down about a percent despite the tech giant beating ing revenue and earnings estimates. the conference call just getting started. cnbc's steve kovaches has the details. >> hey, melissa. it was a beat on the top and bottom lines. let's go over the numbers. eps $1.46 versus $1.39. revenues just a slight beat here, $89.5 billion versus the $89.28 billion expected. and that's down 1% from the year ago quarter, right in line with

expectations from what apple guided towards, as you said, fourth quarter in a row of declining sales marking a full fiscal year of declining sales for apple. let's break down some of the more important segments, though. iphone revenues were right in line with expectations at $43.81 billion. and services, a new record for apple here and a beat, $22.31 billion versus the $21.35 billion expected. and then i got to catch up with ceo tim cook about these results. we dove into the iphone business and this record september quarter for the iphone, which is up 3% year on year, just for that segment. here's what he told me. quote, obviously, we launched the new iphone 15 family during the quarter. it's the best product lineup we've ever had for the iphone and we're excited to get those in the hands of customers as quickly as possible. it's still early and the iphone 15 pro and 15 pro max are still constrained and we're working hard to get those out there as quickly as possible.

broke that down a little bit more with cook, him telling me that it's not really production problems causing the supply constraints, it is high demand, so, they're trying to make as many as possible. and then the mac business, which is down a whopping 34% year over year here, to $7.61 billion in sales. i talked to cook about that, as well, him telling me, quote, i think that mac is going to have a significantly better quarter in q-1, in the december quarter. we've got the m-3s. we've got the new products. we don't have the compare we nonnonon year over year basis, so, i think it will be significantly better. a little color there on what to expect from the call just getting started, but as we always say, wait for the call, wait for the comments on outlook for the holiday quarter to see if apple can return to growth, mel. back over to you. >> all right, steve, keep us posted. steve kovach. apple stock down right now. dan, what did you make of the quarter? miss on china. >> china down 2.5%, and again, we've been highlighting tesla's

recent issues as it relates to china. listen, the quarter's fine. if you just look at -- the fact that the iphone number comes exactly in line is kind of interesting. and you look at that mac number and you say to yourself, it makes sense why they had that prime time event that they did the other night. i don't think consumers are rushing out for the m-3 chip or whatever. likely because the compares are going to be pretty easy they're going to do better into the holiday season. but to have the stock flat like this after the rally that it's had, you know, i would say that's actually probably not a bad outcome for the stock right here, because sentiment was pretty poor heading into this, and as long as the guidance, or at least the come pen tear is not too much worse than what we already see right now, i suspect the stock is -- >> and put it differently, if you sold this stock on the fact that, oh, it's their fourth quarter, consecutive quarter of declining revenues, the market knew that yesterday. so, we knew where we were going to be here. i -- i'll take a glass half full and say you've got services up 16%, they beat that number, you have an install base that grows

by the day. apple the stock, as an investor, is one that the multiple is moving higher. now, can it move higher from here, i'm not here to say i think it can. i'm here to tell you that when i see the services numbers be as strong as they are and the install base and the active install base continue to grow, that's an argument for the multiple of this stock. it rallied 7.5% into these numbers. the rest of the market's had a very big run. it's back above its 50. there's important levels for it. do i see it moving higher from here? probably not. but again, we know it's a market proxy and this market, today, we're going to talk all about that, it's apple's market, so -- >> dan and i were chatting in the green room about the results, and dan, you made the point, if these numbers crossed last thursday, it could have been a different reception in the market and the fact it is flat to slightly lower speaks volumes. it's a good price action given where we are, and it's a different market today, given what we got from the fed yesterday. >> 100%. apple has a china problem, i

think. $15 billion, the street was at $17 billion. to tim's point, services are now almost 25% of overall revenue, which is good, which is why that premium valuation is somewhat justified, i guess. i think the fact it's not moving here, people trying to figure out, we bounced from 165 up to current levels. what's the right price for the stock in i thought we could get down to 161, which is a 50% retracement. was that move to 165 enough? i don't know. it's going to be interesting to see how we trade tomorrow. >> not really a whole lot to add. i read through the report, i was like, blah, blah, services, iphones. i don't really care about anything else and that's what i was focused on. i think that's what investors were focused on. i think, again, they've defended their multiple, but the push higher still is to be determined. iphone 15s, i know they're saying it's a demand-driven cob strant, but that's still to be determined. i don't think there was much, maybe a couple of weeks in terms of the numbers we're seeing here. q-4 will tell the tale on that, and that on services is going to

drive it forward. >> the real question is going to be the china question, right? in terms of the -- the chinese consumer, so many data points about how weak the chinese consumer is. do they have the where with all at this point to spend on an iphone? >> they probably don't. and the fact that china was this weak and these numbers are where they are -- maybe again, you could say they did better. we are hearing from other people saying china is starting to pick up some steam. the oems are growing, but we know there's some political pressure on apple as a brand in china. by the way, is india the new china? tim cook saying all-time revenue record in india. really low base. not that tough to beat. but no question, demographics in india are so much better than china, and apple is going out of their way to court this country, and they're doing it. and they're winning. and i think it's important going forward. >> yeah, well, it's been important to them for ten years and they really haven't made a lot of ground. the fact they're manufacturing iphones there is a big step. you mentioned it's at a big level.

if you take a ruler and you go from the all-time high that apple made in early august and you attach it to -- >> by the way, by walk around with a ruler in my back pocket. >> you know who does? carter braxton worth. >> so many jokes you can make. >> all right. >> we won't do that. >> why would we joke? >> here's the deal. pretty well defined down trend. today on the close, it stopped right at that down trend. and the last thing i'll say about the multiple, i agree, that install base growing and the bigger mix of services, fantastic here, but this company's expected to grow earnings and sales 6% a year, this current fiscal year, trading 27 times. in this market, that does seem a little bit odd to me. >> for more on apple, let's bring in "fast money" friend, gene munster. great to see you. you are all bulled up about the active install base, record highs, it keeps the fly wheel going. the apple story continues. does it justify this valuation? does it justify a push higher? >> i think it does, melissa, and i think that gets lost in kind

of this in line-ish quarter, because if they continue to grow the number of active devices, that means that the revenue durability, the visibility continues to improve. and we've gone back and you've heard me talk about for the past year that i think this should be viewed as a consumer staples company. those multiples have come down, but they are surprisingly high relative to growth rates. they tend to trade the big ones, coke, proctor & gamble, clorox in the mid 20 multiple and they tend to be a 1% type of growing business. and n the case of apple, i think we're going to return to a 5% ish growth for a couple of years. and they have upside for other levers, clwhether it's related vision pro or something automotive. a level that consumer staple companies just simply don't have. so, put all that together, melissa, i absolutely think that this should trade at a higher multiple. i think a sustainable multiple in the low 30s is respectable, and growing a user base in this

macro environment is a difficult thing to do and they do it -- they do it quarter in, quarter out. >> services, as we said, almost 25%, gene, and it makes sense that operating margins are 30%. that actually, i mean, that's a reason -- that justification enough for the higher multiple, but i guess my question is, where can it go to? like, at a certain point, services is going to top out in terms of percentage of overall revenue. >> it's going to continue to go higher, 16% growth, of course, in the september quarter, overall business was down a little bit. so, this is becoming a bigger part. this -- it's just over 20% of total revenue. this could be a 30%-plus part of their story. it's going to continue to gain share. i think that was a surprising number, on the services. it's the best number since december of '21, and with the backdrop that this business is going to see a headwind from, developer push-back around app store fees and what's going on with google, and so ultimately, this continues to keep powering

higher. and i think, to answer your question, guy, i think it's going to keep going up. 30%, 30%-plus of total revenue. >> how do you think about the services revenue durability in a recession? how immune is it? >> it's been -- see an impact kind of earlier this year. we had growth of 8% in the june quarter, and, again, this is the best number that we've seen since december of '21. so, we have seen a slow back, if you want to kind of zoom back and look at the duration of what's going on with the consumer. so, it can be impacted. services can be impacted. there was a little bit of a difficult comp over the past year, because it was just so white hot over 2021, the services growth, as everybody was doing more stuff at home, so -- i think at the end of the day, the services business is growing at 10 to 15% and is remarkably durable when it comes to consumer softness. i think that's the whole -- my whole takeaway here is that this company is the fabric for those

users, can't live without it type of a product, and ultimately, those are just more opportunities for apple to sell, to increase asps, and to do that, in a profitable way. one last point here, the margins are remarkable. these are the highest margins that they've ever had in the midst of thaefrgeverything thatg on. >> 45.2%, a record. gene, thank you. keep us updated on what you hear from that conference call. >> will do. >> so, you know, it's interesting, if you look at the price target on the street. some are still wildly bullish on this. 240 is the highest price target held by two firms. is that -- >> look, i don't know about 240. that's obviously significant, what is that, 25% from where we are. i'll say this, there's enough for bulls here, for the price, the appreciation we've seen the last couple weeks, to sort of hold in there. china's a problem, though. they got to explain, like, what's -- is this going to continue to deteriorate or is there a bottoming process going

on? that's the first question i would ask. >> yeah, i would tend to think that it touches 160 before it touches that 240 level. with that said, gene makes a lot of good points. it has defended its home base, and that's really my takeaway. honestly, in my head, i'm probably a better buyer. >> the reason the stock should be defensive is, they're going to buy back a lot of stock and they're going to pay out dividends and they're going to continue to generate free cash flow. we care a little bit less. i -- the asps on the phone has been an impressive part of really the story from '21 to '22. that's what we wanted to see. now on the services side, again, apple care, you talk about all these things that really -- it feels like it's free money to them. and i do think that the install base is something that is going to continue to be a strength here. so, i think that can be somewhat resilient, because -- and i'd love to get the breakdown. what is that breakdown of the services number? we talk about services, how much of that is app store, apple care, how much of that is cloud

coverage, i mean, it seems like some of these areas are probably doing the heavy bulk of the lifting. >> yeah, well, their deal with google, that's something we've been talking about, too, is in that, and that is a high margin business. i think gene has it right. and gene didn't mention the one thing he gets excited about is vision pro, and we get it, high price point, this, that, whatever, he believes that is far and beyond better than whatever oculus facebook has out there, and that will play into the services. i just say this, i go back to what you said, mel. if this was a week ago, i just think the stock would probably be down 3%, 4%. and just think about how much google is down off a quarter that looked a lot like this. i'm not saying the stock should be down that much, but the mood has changed very quickly, but remember, it can go back the other way, too, very quickly, too. so, to me, i don't think there's anything that special about this. and you've been calling for 160, that's about 10% -- >> even without my ruler. >> yeah. >> do carry it in your pocket, though. >> all right, see, i mean -- i can't even believe it's you two

doing this. >> i'm not doing anything. >> you know exactly what you're doing. >> i'm just quoting him. >> what are we doing? >> let's get to the markets now. major indices closing at their highs of the day as investors hold onto their post-fed momentum. the s&p surging 1.9%. the index now back above its 200-day moving average with energy and real estate leading tad's gains. the nasdaq rising for a fifth day in a row, now on pace for its best week since november. the dow gaining over 540 points. meantime, long-term treasury yields are dropping sharply. the rate on the ten-year yield falling below 4.7% to its lowest level in nearly three weeks. but are the moves justified or will the risks come to roost for the market? apple defending its home base -- >> good sign. >> definitely. >> we'll see what happens tomorrow. there's a lot still to parse through. i didn't -- look. we had an interesting conversation a couple days ago. carter talked about yields in a bull market, yields going higher, but you'd see pull-backs along the way.

i didn't think you'd see 30 points in three, four days, which is effectively exactly what we've seen. so, i guess the move in the s&p, given where we sold off, makes a little bit of sense. however, i'll say this, since july high of 4607ish in the s&p, a series of lower lows, which we just recently made, and lower highs, which we're seemingly making now. if we get a close alove 4375, 4400, another conversation, but that's the level we have to breach. >> what i think is interesting about today is the day when the equal weighed s&p outperformed the s&p. you can do the math on that. that means you weren't carried by megacap tech. the last three months on payroll have been through the roof, and, so, good has been bad. and as you said, guy, that move in yields lower, though on october 1st, we're right back to where we were only a month ago, so, it's been so extraordinary that i think bad is good tomorrow. if you get any knockdown on this payroll number, markets are going to continue to rally and we're up 5.4% off that intraday

low on friday, and i think we're, you know, we're 20 or 30 s&p points from being at a place where the technical guys have to maybe say that towntrend is broken. >> well, the weaker number would justify the fed's stance, right? >> but think about it -- >> this is treasury action stuff, right? >> really? >> well, it's -- >> during the press conference, we saw the -- on the announcement in the morning we saw yields go down. we saw them regain and then during the press conference, they went back down again. i mean -- >> i agree. i guess, you know, get back to that technical side of the treasury move. >> but -- last month, we had a 336 and the pay patrol. expectation is 180. that comes in hot, what are yields doing? i think they're going back up. >> you know jobs are going lower. i mean, doesn't the market know that? i mean, i hear you. i just -- i find it hard to believe that the labor market is going to go to fresh all-time highs. >> seasonally. who knows? and again -- listen.

i go back to the fact that, you know, we've had a lot of data here. i think sentiment going into this fed meeting was for a hawkish pause, what they got was a dovish pause. if you start to have hot economic data again, i think you probably have a ten-year on its way back towards 5%. >> i tend to agree. i'll say this about the rally. if i asked you this a week ago, would you feel good about a market that was led by real estate and regional banks? would you tell me that's a positive? i think we would say no. i don't want to put words in people's mouths. i know we have economic data tomorrow. i know the fed was somewhat more dovish than probably expected. i don't think real estate and regionals is probably where we want to see leadership rotate into. >> all right. coming up, the golly locks period may be over for fintech stocks. our next guest says student loan data could be make or break for the industry. all things consumer next. plus, starbucks. the ceo laying out plans for

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there are 3,000, you know, provincial cities, as they call it. we're only in 500, going to 800 soon. there's a city in a province, it is a population of 700,000 people. there's no starbucks in there in 2024. >> that was the ceo of starbucks talking china growth with jim cramer. shares surging 10% in today's session after the coffee maker posted a big beat on the top and bottom line fueled by strong u.s. demand for pricier drinks. the company updating investors after the market closed about their reinvention strategy and holiday launch. announcing partnerships with apple, amazon, as well as microsoft. you can catch the rest of jim's interview at 6:00 p.m. eastern time right after "fast money." tim, what did you think -- nothing not to like. >> i had a christmas cup with my coffee this morning. they got the holiday cups out

there. >> of course they do. >> and feels a little bit strange in early -- the second day of november. but i thought these numbers were great, because the things they emphasized are things that give this stock a better multiple. they talked about the 33 million in dedicated users, and the active -- excuse me, the ticket sizes that are going higher, and the fact that digital and dr drive-through -- again, their core customer base, this was driven by north america. 2019 stack, they are up 250 basis points. international was weaker. so, for those people that are concerned about that china story, which, in starbucks' case, let's see. they're putting a lot of investment into china. i've been longer in the stock. i feel that there's still pressure on them. i think -- i get that people like me go in there and spend more and my daughter is buying the, i don't know, a light green colored -- >> whatever it is, it has to be north of $6, i guess. >> and she knows i'm going to

pay for it. so, i think there's pressure on it. the comps are impressive, but i think the valuation is something that could come down a bit. >> yeah. we were just talking about companies that are in china that were depending on china for growth and should they be discounted. star starbucks plowing money into putting a starbucks in provinces, and will that pay off or do you discount a stock for that exposure? yum china, totally different read on the chinese consumer yesterday. >> i think there's a discount that's warranted, if they are unable to offset it domestically. and they are able to do exactly that. so, if you look at the numbers here, revenue up 11%. same-store sales up 8%. the loyalty program, which aids in their cap, 14%, up to 32.6 million. and then the customer base that seemingly seems unfazed. i don't know -- i wish -- i think everyone wishes they had the starbucks customer. inflation what? pressure on the consumer what? undeterred. continuing to spin and i really

think that this is a blowout quarter. so, this is what i'm kind of looking for when i look at a bellwether within the portfolio. for all of those reasons, i don't think they deserve to be discounted with their china presence, though i will expect there to be, you know, some cash drag in terms of investment. >> we should point out that apple shares are down by almost 4%, 3.75%, expects year over year fiscal first quarter revenue to be similar to last year, according to the cfo. we are getting guididance here d not what it wants. it expects iphone revenue to grow on an absolute basis. we are seeing the stock react immediately on these -- on this news, down about 3.5% here as we're digesting it. >> talk about, like, changing just the tenor of what we saw over the last, call it two trading sessions. i know we're going to get into the way these things moved with expectations not particularly high, and i think this is the one that could actually do that.

if you think about it, again, from a technical level, guy talked about the s&p, where it got to, right to that downtrend, apple did, too. a lot of stocks, especially if we have hot data tomorrow, we have rates going higher, i think they give back the gains. one thing i'll say to you, tim -- >> matcha, that is what she is buying. the green stuff. >> it's strange. >> we have not seen that in a while, in a stock like that. it closed on a low, i suspect it fills in a bit of that gap, guy. >> north america story. bonawyn said it, tim said it, in terms of revenues. i don't know what they're doing to the consumer. clearly, i just learned -- margins -- operating margins were 23.2%, up from 218.5%. >> how much extra do you pay for your soy almond milk? >> i don't. >> he barely drinks coffee. >> i buy drinks for other people. with that said, how sustainable is that? that, to me -- that's the story.

margins are great. comps in china weren't terrible. valuation's not ridiculous. this stock doesn't move 10% in a day historically. all right, let's head to break here, we are still watching apple, down now after giving some guidance here. the latest headline here on services revenue expected to grow at a similar double-digit rate in fiscal first quarter as in the fourth quarter. we'll continue to monitor these headlines and the stock reaction. here's what's coming up next. weight loss winners. obesity drug sales fueling eli lilly and novo nordisk earnings. we'll give you the skinny on the beats that were anything but slim. plus, crunch time for the consumer trade. could fintech be the x factor this holiday season? the answer next. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. only the sleep number climate360 smart bed lets

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welcome back to "fast money." apple shares just off session lows, down by 3.3%. cfo is giving guidance. key one gross margins expected to be between 45% and 46%, which is close to where we are right now in the just reported quarter. "fast money" friend gene munster is listening in. they are giving guidance on iphone revenue, services revenue. and we saw the stock drop 4%. what happened? >> melissa, they guided revenue down by 5%, versus where the street was at for december. so, they're looking for revenue to be flat year over year. the reason is that they're

attributing this to last year we had a 14-week december quarter, this year, a 13-week. if this would have been a 14-week quarter, tim cook mentioned -- or luka mentioned that you can apply the guidance would have been 2% higher than the street, so, this brings the question, what were analysts thinking, and which analysts -- what percentage of the analysts factored in a 13 versus 14-week? i can tell you, this is something that we would track closely and i suspect the majority of estimates did factor that in, so, i think that this is a genuine soft guide. he did, luka did talk about part of the reason was the difficult comps. the ipad has difficult comps, the whereabouts with watch, new airpods that came out last year, and essentially, what they're setting up this to be is, you've got also 1% headwind from fx, there's a lot of noise related to the number of weeks and difficult comps and i think it's setting up for the march

quarter, if we can start talking about that, probably to be back around 5% growth from flattish in december. >> it seems almost disappointing for apple to sort of blame it on wall street analysts for not having counted the weeks on their calendar, which everybody has in advance, as you point out, gene. people knew how many weeks were in this quarter versus, you know -- that seems like a lame excuse. but in terms of -- your point that, you know, you are excited about the active install base hitting a record, how does this sort of, you know, flush out with that data point versus the soft guide they are giving right now? because obviously, that's not enough. >> not enough. the way i think about it is, a line that slowly goes up to the right, that's the active device base. tim cook mentioned it that grew nicely in the quarter. that was the word. so, it's probably grown a few percent year over year. and the way i think about it is, the demand in any given quarter is going to have fluctuation. some of it is based on product timing. we're going to have a great quarter with -- they'll have a

great quarter with a mac, i suspect, in december. they talked about that, but then you get the softness because of the product timing. but as that rising number of active base, that line kind of slow up and to the right, you're going to see revenue kind of, some quarters it's going to be above that line, some quarters a little bit below. i think the december quarter is a little bit by low. i would say this, investors are still going to sleep well, knowing that the franchise is in tact, it's just a lot of noise, at least, in how to think about the december quarter. >> all right, gene, thank you for the update. gene munster. >> thank you. >> apple down 3.7% right now. i don't know, what is your take on this, on this guidance and how it was given? >> i mean, $123 billion was the pexation, what i'm looking at here, they're guiding to 117, that's 5%. the way we used to do math, you guide down 5%, the stock goes down 5%. the stock's down 4.5%, something like that. you know, again, this is a mid-single digit grower.

this is the q-1 that we're in right now, trading at 24, 25 times. i want to extrapolate this. think about what expectations are for s&p earnings for 2024, up 12%, 13% or so. and to me, i just think that sounds unusually too large right now, so, to me, i think you can draw these things together. let's move on here. obesity drug heavy weights novo nordisk and eli lilly reporting results after the bell. the pair noting the ongoing supply constraints as they each work to ramp up production. lilly's ceo joined cnbc earlier today. >> i think a lot of the news is about mounjaro, we have half a dozen other weight loss medicines in the pipeline with different profiles, including one in phase three that could have as much as 30% weight loss in obese individuals. so, you know, we're a serial innovator in obesity.

>> so, both stocks outperforming their health care peers this year. is it still novo and lilly's game to lose? sort of feels that way, tim. >> there's no question. these mounjaro numbers came in better than expected. the coverage and the asp around the coverage is improving for the company. the capacity dynamics aren't great, but they're in line with what the company said. so, this -- the portfolio of those drugs that basically regulate what's secreted into the blood, and this is where it starts to get way over my head, but it's not just mounjaro. they have a full portfolio of stocks that are serving nuanced different needs within the space. so, i look at the multiple, and i say, no way. i will say that. i mean, i just -- at some point, it gets to a place, but they've continued to be conservative. these numbers today were absolutely bullish. >> agree. the multiple is a tough pill to swallow, but if you look at the rest of the space, all of those have struggled, just absolutely

brutal. and they're in a situation where they are going to struggle with repricing. i just think the whole corporate structure setup for those is very challenging, and, yes, these other two stocks are up 50%, 60% and you're reluctant to chase them, but i -- they are the only real growth engine that doesn't have a structural challenge sitting in their face. >> good news about lilly, and we pointed this out, you've had opportunities to buy these on significant pull-backs in the stock. we've seen 12%, 15%, 18% in the name a number of times over the last couple years, and we're probably going to be -- on the precipice of that happening again. each time, by the way, the selloff, we've had a new all-time high, maybe we'll see that again. but i guess my point is, i love the name, we loved it for awhile, i don't think you have to go flying into it today if you are just nush yating a position. coming up, roku rips higher. surging 30% thanks to an upbeat

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welcome back to "fast money." stocks ripping higher today as treasury yields retreated. the dow, s&p 500, and nasdaq closing up 2%. roku ripping more than 30% of follow through from their upbeat earnings last night. only its best gain since july, though. brought the stock back to where it was in mid-september. other movers. paramount and draft kings both higher on their latest reports. coming up, fintech front and center. consumers are forced to being take risks. we'll dive into that right after this. that and much more ahead on "fast money." alance risk and re. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector.

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- it's polite to thank someone when they do something nice for you, isn't it? well, how about when they do something brave for you? let's show veterans our gratitude. ask your local veterans affairs office how you can help. the more you know. welcome back to "fast money." shares of block surging off afterhours highs after posting revenue beats. coming in 8 cents higher than expected. the jump adding to a 7% gain during today's trading. all right, let's get to fintech here. affirm shares jumping 20% today after expanding its partnership with amazon. the buy now, pay later checkout option will become to small

business merchants just in time for the holidays. and it's a vital service for consumers right now. stewart soft is ceo of current, a digital bank. great to have you with us. >> thanks for having me. >> i read through the notes from the preinterview you gave and what really stood out to me is what you are seeing in customer base, people having two jobs. >> yeah, that's right. if you look at the fed data, you were talking about it earlier, the wage inflation is moderating quite stanley, and the -- america has sort of a tale of two cities right now, two groups, the wealthy and less affluent, and so, if you look at the current data right now, if you are having a paycheck over the last year, 20%, 25% of paycheck depositors have at least one extra job. for the 20% incremental from there have two jobs. that's 40%, 50% of payrollers on current looking for extra -- extra work, and they're trying to make that money go further because of inflation. >> how do you extrapolate that,

how do you think about buy now, pay later, in terms of their exposure to a very weak consumer? it seems like that's the same cohort that would use the service. >> i think that's right. you have to be careful with chargeoffs and the rest of it, but i think there's a very valid and valuable space for fintech right now that are offering extra liquidity at a very in need time. if you look at the big report that came out this week, saying $130 billion of fee debt, we have a trillion dollars in credit card debt. you have to assume, at least believe, a decent proportion of that money is misallocated. these are products, unsecured credit cards are not suitable for everyone. with inflation being where it is and the consumer less affluent, everyday american being stretched and trying to fill that gap, they are being forced into risks like risky credit cards and these things. and i think when you look at the paycheck advance that we have, these are really good products,

simple products to understand. >> delinquencies are ticking up, if you listen around the edges, american express, capital one. are you seeing similar? >> we're not. so, at current, we focus on many ot other things, we try to get the paycheck and focus and deepen that relationship. cap one and others have gone into banking, but what they've started with is revolving credit cards that potentially this product doesn't suit in troubling and tough times. so, we're not seeing the same kind of chargeoffs, and that's why. >> do you mind speaking about fee transparency and how that might serve the cob schumer, that might be looking for your service, or another affirm-like service, in terms of shoring up their finances, working capital, cash needs. >> yeah, the white house has been all over the fees and i think that's correct. every fintech has gone both public and private has gone towards a path of profitability

and that's from growth at all costs. so, there's been some fees that i think over time, at least for the last 14 to 18 months, have probably not been applied correctly in every single company. what i would say is that fintech has the customers mind share and good -- good will at heart and so despite all the regulatory oversight that we've seen over the last 14, 18 months, we are doing the right thing as an industry, we're providing valuable liquidity and i think when you look at junk fees and all this other stuff that the white house is coming out at, this is traditional banking. these are all names you are well aware of. >> stewart, great to see you. >> thank you. >> stewart sopp of current. paypal had a great day today. a lot of the fintech names had a great day. >> i was out at money 2020, this huge fintech event in vegas last week, i was out there was stewart, actually, and it kind of felt like there was a tide turning a little bit as far as sentiment. if you think about what we've seen in the public markets in the names that we're talking

about, and you see the bounces that they're having in relation to good news, it felt that way a little bit also in the private markets. a lot of private market companies out there, too. to me, it's interesting to see a stock like square up as much as it is after a guide up. we haven't had good news in a name like this in a very long time. so, again, my final trade the other day was in paypal. i just think it got really washed out. it's a profitable company and they're growing still, so, to me, i don't know, i think there's interesting values in the space right now. >> i'm long paypal. and they got a bunch of downgrades, which were equal to upgrades. the target price for all the street, that downgraded them after these numbers, the numbers were fine. interesting. >> all right. from fin tech to traditional finance, kre regional bank etf surging 5% today. best day since june, as treasury yields pull back. it's now on pace for its best week since january of last year. you know, sometimes these -- this group is referred to as a

falling knife. i don't know if that fall is over, guy, especially with the fed on the sidelines. >> i don't think so. i mean, obviously this move in yields helped considerably, and again, in absence of bad news, this is a sector that goes higher, but i'll say this, you know, if you look at the russell, the iwm had a decent day, but that's been rolling over. and a large component of that are small and regional banks. i don't think the worst is over. and the volatility in the bond market probably means there's some other tape bomb to fall at some point. >> yeah, probably some logic behind chasing the laggards. i can understand that. as i said earlier, i think it's tough when you see leadership from this specific sub sector. i don't think anything has changed about that space. i think it is a fed story, and that remains to be seen if that persists or if we see somewhat of a pivot tomorrow. all right, coming up, are consumers missing the bulls eye? target voicing concerns about the state of spending. we have the comments straight ahead.

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declining. in discretionary goods, we've seen seven consecutive quarters of both dollars and units declining, so you're buying less apparel, less items for your home, fewer toy. >> that was target's chairman and ceo brian cornell earlier on "squawk box," voicing his concerns about consumer spending. shares of the retailer were up today but have had a rough year, down 25%. and new forecast showing consumers are likely to spend a record amount this holiday season despite economic h headwinds. projecting sales to rise by 3% to 4% in november and december to a total of just under a trillion dollars. so, just how strong is the consumer here? is it really a target-specific story, perhaps? maybe they are just simply losing share to other retailers? >> they're not where you want to be. by the way, that's floundering, target. walmart made an all-time high today. the pullbacks become more and more shallow.

that stock continues to grind higher. and, you know what? valuation, it's probably stretched, you can probably justify it. i like walmart over target. >> you mentioned the food and beverage space and if you look at the spirits companies, and the beer companies, there's some struggles in there. and there's certainly some sense that the consumer is trading down. we've heard this in luxury, that consumer, at least, maybe some of that was an asian consumer, maybe some of it was a chinese consumer, but i think there's no question about it. the question back to target is, haven't you priced this in? we heard this. we know about their sales mix. and i think at that discount relative to walmart and that pair trade, we've done that here, i like target. >> november 15th is when they report, we'll get the full view then. >> funny, almost felt like what tim said about paypal, the downgrades were upgrades. he's saying this before earnings, i think it is kind of priced in and you set up for a potential for a rally, if it is better than expected. and i think you want to take ceos at their face value. it does seem like -- you almost want to extrapolate it, as good

as a handful of retailers are doing well, maybe you want to take your foot off the pedal in walmart shhere. >> are we set up if a rally? >> i think we are. but they have struggled to do that. >> meantime, we want to bring you expedia, live nation, paramount, draft kings all higher. carvana is also higher, coinbase, cloudflare markedly lower and let's get one more check here on shares of apple. the cfo saying he expects ipad and wearables to decelerate. tim cook saying q-4 performance was pulled down by weak mac and ipad sales. on generative a.i., tim cook saying, you can bet we're investing. we are doing it response bly. as far as the impact on qs, not too much. qs are down half a percent in the afterhours session. we see apple shares down 3% or more. >> talked a lot about apple, just quickly comment on draft

kings, i'm really impressed by the free cash flow generation. in a industry that's rationalized very quickly, they were spending everything they could on advertising and get market share. i don't know if you chase draft kings on this, because i think this is the kind of stock that gets stocked the minute the market turns. all right, up next, final trades.

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that was for our podcast, by the way. you can listen to us. you can listen to us, if you missed the show. time for the final trade. tim? >> energy transfer. et, ebitda by 8%, very clean beat. long this one. >> bonawyn? >> i don't like rate volatility. gdx gives me call. >> dan? >> i think consumer staples could work higher. just above 70 bucks. >> guy? >> eight blocks from here, our beloved new york rangers are coming home after a long road trip, mel, as we talked about -- >> dripping? >> excuse me? >> he's unbuttoning his shirt.

>> how is that? >> that's what i'm talking about. >> ranger hockey. >> there we go. >> at msg tonight. you'll be in attendance. psx got an upgrade. >> i like the pretzel rods and the beer. >> they don't do it anymore. >> thanks for watching "fast money." "mad money" starts right now. b. >> thanks for watching "fast money." "mad money" starts right now. 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 wants to make friends, i'm just trying to make you a little money. my job not just to entertain but educate put days like today in context. call me 1-800-743-cnbc. tweet me @jimcramer. i'm always telling you that nobody ever made a dime panicking. because the market does a very poor job of taking care of