large. >>eally looking forward to that. and tomorrow, we're going to have the ceo of samsara, efficiency play, cloud for logistics. that stock up double digits afterhours. curious how energy plays into that, as well. you know, it did last quarter, we'll see. that's going to do it for "overtime." "fast money" starts right now. live from the nasdaq market site ithe heart of new york city's times square, this is "fast money." here'shat's on tap tonight. a november to remember. from semis to small calls to regional banks and beyond, it's been an off the chart month for the ocks. did santa make his deliveries early, or are more presents coming down the chimney? plus, drama at disney. will iger give in this time? a live rept just minutes away. and later, new highs for salesforce and the back of earnings. a pair of social stocks surging

higher, and a record-breaking month for oil producers here in the u.s. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we start off with the market surge. 520 points today, closing near highs of the day, hitting a 52-week high on its final day of the month. lower than expected inflation numbers and salesforce contributing to the gains. the nasdaq climbing back from a triple-digit deficit to end the day flatlined. it's a november to remember, the nasdaq climbing 10%. semis up 15%, regional banks soaring 14%. small caps up 9%. the ten-year treasury yield plunging more than 40 basis points to 4.3%. so, what happens next here as we kick off the final month of the year? a lot of fed officials have signaled it is likely that the last rate is behind us, guy. >> i think it probably is.

if you are been long stocks, a lot of people on this desk, even dan has talked about qs and twos. i have not been butbullish, butm not now. but i understand sort of what's going on. and that markup in the month end is almost comical, but it comes in the face of 18, 19 months of leading economic indicators deteriorating, a job market that's seemingly wavering here. the data is getting worse while the market is getting better. and i understand. i get this stock market is not the same as the economy. i understand that intuitively. what i have trouble with is the gap between the two of them is growing every y. >> but is there really a dichotomy or something that needs to be reckoned with? because we're seeing the slow un that's what the fed wanted, but we're not falling off the cliff, than's what stockwant. it's sticking the landing. so, have we stuck the landing? you're going to say no, but -- >> you know what i always say. a rri strug kind of landing.

not the most elegant, but got the job done. we won't eveknow that we missed a recession until, ght, eventual there will be one at some point and people say, well, th's the recession i was calling for. it does seem a little goldilocks which is a littlscary, data that just a tiny bit cool, earnings that are good and the fed being sort of, you know, out of commission for now, that's a great setup. and then you got a lot of chasing into year-end. i -- the last, don't know, 20 minutes of the market were just a meltup of kind of ridiculousness, crm was up, i don't know, ten, nine mething? that could easily be reversed, but i think there's still some momentum going into year end. who knows for next year. this -- this is just kind of chasing. i don't think things have fundamentally changed very much. >> here's the good news. if you are long and you caught this rally, by the way, guy, you are way too nice. i was not constructive on stocks. over the last month and a half, i really thought when we were

down 10% in the s&p 500, i thought there was a good opportunity for a washout. to me, i wanted to see it get overdone. i didn't think down 10% from those highs was really overdone. and it was led by a lot of the names that had gotten us there, the megacap tech stocks, and i thought going into q-3 earnings season we might have a final push lower that would start to discount, not too different than last october, when things got a bit overdone to the down side. it didn't happen. caught me way offguard. the one thing i'll just say here and, if you are long and you caught this rally, a 13 vix is kind of giving you the opportunity to stick with the stuff, if you are inclined to buy protection, do stock replacement, that sort of thing, and again, who knows what's going to happen over the next week or two. this felt a little unnatural over the last week and a half or so. if you ask, like, what's going to happen next year? i look at the equal weight s&p, it's up 5% on the year versus an s&p that, market cap weight that's up 18%. i look at the russell 2,000, i mean, it's up 2.5%.

and it's down 10% from this year's highs. it's down, you know, 25% from its 2021 highs. so, there's parts of the stock market that are saying something different about the economy, different than what i think the market cap weighed s&p does and i know we can do shows and specials and all this kind of stuff on that. at some point, that will matter, you know what i mean, in 2024, if the promise of a.i., if all this stuff doesn'teally turn into, you know, profits that justify and s&p trading at 20 times, which is definitely very heavily weighed towards those top ten stoc in the s&p 500. >> if we've seen the peak in rates, tim, then why can't the russell 2,000 find some footing here and continue to rally? i me, a lot of -- a lot of sectors were worried about the impact othe fed rate hikes and if we've seen the worsof it, in terms of where rates are going to go, then we should have some fuel for these rts of the market. >> well, i'm not sure we've seen the high in rates, but i do

think 've seen the fed max out in terms of what they're going to do at thehort end othe yield curve and fed funds. and i think if you -- as everyone has said here, it was kind of a tale also ofwo different months in november. so, you had the first half of the leadership.e, was all about it was all about what got us here. it was all about, i think, a dynamic where it was defensive, moves higher by, y know, by those leaders. if you look at the cpi number of november 14th, since that point, you've seen at equal weighed s&p really outperform. that was a cpi number that i didn't think was going to move the markets and i think it's the most important thing that happeneduring the month. other than a couple days ago, when the fed's waller, who has been one of the more hawkish members of the voting fed, pretty much acknowledged that not only is -- >> well, obviously difficulty with tim. i'm sure he's still talking somewhere.

let's -- >> i just wanted to add, i think the activity today out of the nasdaq, right, out of the magnificent seven, seeing other things starting to catch up in, we see banks that have had a bid, the iwm, which, a month ago, was 10% lower, i mean, not a month ago -- yeah, about, three -- a month ago, let's say, 10% lower. so, maybe this rotation that i've long been expecting, maybe it's upon us, because some of those are getting -- >> yeah, but the russell is, like, okay, microsoft or apple's market cap is greater than the russell 2,000. you know what i'm saying? just think about that. so, there's 2,000 stocks in that index of small cap stocks, so, like, to me, you know, it's more interesting to me about what investors are saying about small caps and their opportunity to do well in this economic environment, like, that's my two cents there. i don't really think that's significant. and so money's going to move back into the banks, the money center banks were hurt when rates went from 4% in the ten-year to 5% in a short period

of time. and those stocks were making new 52-week lows, and they were making new lows, obviously, to their svb lows from march. okay, you get a snapback there, but that's not a leadership that's going to work. energy hasn't worked for a whole host of reasons, so, i just don't know where the leadership is really going to come from. it needs to be broad-based and i think the megacap techs are going to have to participate. going back to the highs in july, it was microsoft, it was apple that led us off the highs down 10% from those highs and those stocks outperform to the downside versus the major indices. i don't know, i feel like, and tim said this, he started the week off and said this, that the leadership that got us to these highs, got us back to these levels, is likely going to be the leadership, if we are in another bull market, they're going to continue to lead us. i don't see all that other stuff making up for what these companies can do, you know what i mean, and the economy, but also in the stork market. >> speaking of tim. m is back. and can speak for himself. how exciting. yeah.

i don't know where y lost me, buthank you, dan, and i'll just say this, ao, the dollar is another big part of the month. the dollar lost 5%, so, not only does that have implicatn for multinationals, but a lot of implications for risk. >> let's break this down then. >> yeah. >> the nexmonth. into year-end, versus 2024, guy. >> i think given what we saw this month would make perfect sense to see a little bit of a give-back early in the month of december, which starts tomorrow. that would make logical, would be logical. you might see then at the end of the month, start to get that markup like we've seen. 24, almost by dedefinition, haso be challenging. think so much of this rally is predicated on bad news being good news and it gets the fed out of the way and gets cutting early next year. be careful what you wish for, because i don't necessarily believe that's going to be a good thing. and you mentioned small caps briefly. i think they employ north of 65% of people in this country are employed by small, medium-sized

businesses. most economically sensitive. they are starting to feel the pain, if you listen to the conference calls, you can feel it. the unemployment rate starts ticking up, it's not going to be great for them, and not great for the russell, which isn't great for the economy, which theoretically should drag down multiples in the s&p. >> that all makes sense, you can paint a very dark picture and it seems like a very -- seems like an intelligent picture -- >> a picture that was painted also a year ago -- >> yes. 100%. >> and still hasn't comeo fruition. >> thougthe fed did do quite a bit of lifting during this last year, so, that -- and still in the fa of it, the market did okay. i think what you're saying makes sense to me. i ju don't know that the market is going to care about anything but rates. that the fed is gone is just a, you know, that's the -- >> but why? >> maybe it should be -- >> think about this, in july, august, the ten-year got above 4% for the first time in a very long time and went straight to

5%. and now it's back at 4.35%, okay, so, like, the economy didn't have a whole heck of a lot of time to deal with a ten-year there. i know mortgage rates, you know, moved up and whatever, but the fed funds rate hasn't moved since july. you know what i mean? that felt like a bit of a blowoff, to me, in ten-year yields. so, i think it's more likely that rates stay higher for longer until, and if you go back to 200 7, when they paused on the cycles, they paused, and e everyone thought, well, the fed's done, and if they lower, it's going to be good for risk assets. it wasn't good. when they had to lower, they had to lower really aggressively, right? and so, i'm not -- i don't want to try to say there's calamity coming, but make no mistake about it, what happened in march was a calamity in the banking sector, but the fed came back to help out, and that really sparked a rally that i think got a lot of folks -- a lot of folks

offsides about what was tually happening, what was countering qt. i don't know what's lurking in 2024, i just know from history, and we were just talking, guy and i, andto mike wilson. and he thinks what investors get wrong is that the pause in an inflationary environment is very different. when you start -- when you start lowering. and we still have inflation, even though these inflation readings are coming down, they're still up year over year and especially after the year that we had in 2022. >> well, what is the one thing i'm most afraid of, which is, we have not addressed this issue of out of control spending in the united states. by the government. and so, we saw that phenomenon of huge expected, right, qra, that was just mind-boggling. then the next one, the cadence was better, and so, bonds further out the curve did better. it wouldn't be in any way surprising to see that be a real issue coming up next quarter. >> if you think there s an

overhang in terms of bond issuance, imagine what is to come. >> right. >> that's my fear. >> all right, well, stock market rally may be on borrowed time. our next guest sees a rebound ahead in the benchmark ten-year yield. jim bianco runs bianco research. we just saying how maybe it's all about rates, and if that's the case, then this is bad news for investors who are bullish, who are long. you're saying 5.5% is where we're headedn the ten-year? >> yeah, i was on with you a month ago and i said, the ten-year is gointo 5.5% and it's been a terrible month for that call, but i'm still there at 5.5%, say in the first half of '24. and the reason is, i don't think we're gointo have a recessio and i ink th the ilation rate is bottoming sowhere around 3%. so, if you've got twoish t threeish growth in the economy, which is what it's beefor the last five quarters and projected to be in the current quarter, and say three on inflation, that's 6% nominal growth. put a little fudge factor in there and i got 5.5% in the

ten-year note, because the ten-year yield should somewhat approximate where nominal growth is. so, that means that the economy, interest rates should probably bottom out here in the next month or so, and continue to move higher. whatoes it mean for stocks? i heard you talking about this earlier. i think the biggest problem stocks have right now is, there is an alternative. 5.5% to 5.25% money market funds. dr. jeremy seigle just finished "stocks for the long run" and he says over the ng run, the stock market should, over many, many years, give you an 8% return. well, if i could get 5, 5.5 or so, i'm getting two-thirds of that with no risk. so, the stork market's really got to do something better than erage to get people interested. and all we've seen it do so far this year is get people interested in a.i., because if you take the a.i. stocks out of ths&p, or the s&p 493, they're

dir collectively up 3.5%, or less than cash. it's not because the economy's bad, i think it's because the competition of higher rates is a problem. so, if rates move up in the first ha of '24, that hurdle is going to be bigger for the stock market. >> is a backdrop to your call on -- for rates to go to 5.5% that the fed is done, jim? and rates go higher anyway? >> yeah, i think the fed is at least done. i don't think that they're going to be cutting rates. i'll point out that it's been almost 35 years since the fed has cut rates with core inflation above 3.5% and we're at 4% right now. so, unless there's a serious deceleration in core, i don't think they're going to cut rates at these levels, and i wouldn't be surprised if there's talk in the first half of '24 of one more rate hike, just one more. but that's just one more. buff i'm really more emphatic about the idea that all the rate cut talk is a little bit p premature. the idea behind that is,

interest rates, you know, the bill ackman real rates at 2%, 2.5%, is going to be punishing for the economy. i don't see that. i think the economy can handle 2%, 2.5% real rates. it did before qe, and it will now. and that's why i don't think the fed will see any urgency. >> jim, you talk about this, it sounds like this is a rates going higher is a good situation for the economy, for all the reasons you just stated. the move to 5.5%. but does something break on the move to 5.5%? i mean, servicing the u.s. dealt at 5.5% is a much different environment than where we are now. a lot of things can happen that are bad on that train north of 5% on its way to 5.5%. >> 100% agree. ben per unanimous key in 2019 said economy expansions, which we're in now, or no landing, don't die of old age, they're

murdered. and some murder weapon has to show up, whether it's covid a spike in gasoline prices or crude oil, or financial crisis, or some unknown event comes through and murders it. >> so, yes, there are potential murder weapons out there and we can't predict those, but short of a murder weapon, i don't think you're going to see that type of breakage of the economy, at least at this level. you point out about higher interest costs for the u.s. government, and that's true and that is an issue. that as interest rates go up, the u.s. government has to pay higher interest costs. but on the other side of the equation, businesses are improving their financial position because of this, because more businesses are seeing an increase of interest to income over interest expense. their cash that was earning them zero is earning them five, and as a group, businesses are better off because of higher rates because of those cash flows from income. then they aren't being burdened by those expenses. there are big offsets to the government right now, in terms

of they're benefiting. >> jim, always good to get your thoughts. thank you. >> thank you. >> jim beiibianco. tim, do you think something breaks if we get to 5.5%? >> se. and we're starting to see signs of ts in private credit. i think there are places where you do have corporates that are highly levered and have been feasting on and have business models that don't work in an inrest rate environment at 5.5% 5.5%. if there's three components of what took rates higher, those three components, at least right now, haven't changed at all. and i think tes, long rates, go higher, as well. again, you're talking about inflation that may be, you know, maybe it's -it's come in, we had a nice pce today, but we're still ll above, and services dynamics and the cost of services, jamie dimon said this on the deal book panel he was on, it was fascinati to hear that, and the bottom line is, ceain things, i don't think,

are going to go a lot lower from re any time soon. the central bank lack of buying continues. and yes, we have another quarterly refunding announcement, and there's no question, when your expee has gone from a couple hundred billion, that sounds like a lot, but it's gone to $600 billion for our government, that's a big deal. and i think that's something that over time, it's why i love gold. some of these long-term charts, look, 15 years ago, we sat on this sw, we had smart people come on our show and tell you that the fedas going to, you know, free money was going to be the end, and the minute they had to pull it back in, it was going to be a disaster. well, it didn't happen overnight, and it's not going to happen overnight. but there are trends here that i think have changed and are not reversing, and they include long-term interest rates. >> let's get to tesla. the ev mer delivering its first cybertruck. this is elon musk entering the event, driving a cybertruck onto the stage to raucous cheers. the 45-minute live stream was

filled with muskian hyperbole. he said the truck is their best product. he showeit canithstand machine gun fire and high-powered arrow attacks. just in case you're in trouble. tesla shares extending their slide inhe afterhours. let's get more on this launch and the pricing from phil lebeau. hey, phil. >> hey, melissa. this may be the first time we've heard the name al capone used to sell truck when it is introduced. but that what elon musk does, and that's what he did this afternoon. you saw some video when he was driving into the event, they delivered about a dozen ber trucks today. these were the first people who are taking ownership of these trucks. the base price, by the way, starts at basically $61,000, but those aren't delivered until 2025. no, i think the ones that were delivered today, i think these were the fully loaded cyber beast versions, that's just my guess at this point.

we don't know for sure. the top price on those, just unr $100,000, $99,990. you mentioned the shooting a gun, a machine gun into the side to show that the stainless steel nels are bullet proof. there it is. they also shot a glock into the side. and it kind of has that vibe, if it's the end of the -- of all times, you want to have the cybertruck. maybe that's a good selling point, as well. 11,000 pounds.e towing capacy, the payload capacity, 2,500 in terms oelectric picku willevelopuicklyver ti rely hast so far. througthe thd quarr, rian's r-1t is ahead othe ford f-150 lightning. and the gmc hummer, super bowl ads, lebron james, it's a niche

hicle. tesla, their delivery guance, melissa, is for 1.8 million vehicles this year. they'll deliver a few more cybertrucks, they're really not going to move the needle in tes of deliveries. certainly not this year and not expected to next year. if they hit full production as they expect to in 2025, it will be about quarter million annually. and that'sf they hit full production. melissa? >> the truck really does feel like it has "the road", apocalyptic nature to it. >> sure. >> a car you want to be in if you want to survive the end. in terms of pricing, it's between the r-1t and the ford f-150 lightning. does that matter, are these really csidered competitors or is this so nichy that it sort of -- >> no. i say this is -- this is a complete niche. look, hats off to tesla, because you want to make a polarizing vehicle. you don't nt to make jus

anher ordinary-looking pickup trk. if they did, i'm sure they would sell them, but i'm not sure that it's what teslneeds wants this time. they nthe cybertruck. it starts the conversation and tes lal tesla is targeting the 20% of the pickup truck buyers who have lifestyle buyers. they're driving it around in cities or in suburban areas, move things around.ing it to they're using it to make a statement. a style statement. and that's exactly what you get with the cybertruck. >> all right. phil, thank you. phil lebeau. feel like you are champing at the bit. >> what are you talking about? so, the biggest trick the devil, elon, ever pulled, was convincing -- >> you called him the devil? >> it's a quote. >> okay. >> convincing people whole would never buy an ev to buy an ev. think about that. okay? so, if you are buying it, if you

have a lifestyle buyer of that cybertruck, you know what i mean, most of those people are not buying evs. they're in the market -- >> they are -- >> they're his fans, but that's the trick that he's pulled. it's genius. it's absolutely genius, okay? so, like, okay, let's just look at the numbers. last year, they earned $4.07, 25.5% gross margin. this year, they are going to do $3.10 on an 18.5%. auto margins are lower. next year, all this stuff better really happen, right? because they better be able to actually raise prices again, they better be able to get efficiencies for some of these new products and the like here, and get those margins up again, because if they don't, and the margins continue to languish down here or lower, okay, so, revenues are supposed to grow next year by 20%, but earnings are not going to get back to peak, okay, unless margins, obviously, continue to go up. so, again, if you are just thinking about this as a car company, you understand what i'm saying? like, that's how -- that's how we look at stocks. isn't that how you look at

stocks? or is it just the cult around him and the trick that he was able to pull, getting pele who normally wouldn't buy evs to buy evs. >> are you saying that none of the other businesses have any value? >> no, i don't know what the other businesses are. i know that adam jonas upgraded the stock a few months ago. here's another thing. we talk about relative performance all the time. this stock entered the s&p 500 three years ago. you know where it entered at? the same price it's trading right now. >> yeah. >> okay, so i'm st saying, you know what i mean? it hasn't performed particularly well over the last three years. >> but aa trading vehicle, it's been amazing, right? it went up to, what, 400 plus. the range has been amazing. since it entered the s&p 500, has been immense. you could have made a fortune. >> that's the vehicle. the trading vehicle. >> yes. >> that's the vehicle. >> karen. breaking it down. >> yep. as she does. coming up, the force awakens. shares of salesforce surging. how strong cloud demand is driving the action nex and we're watching all that

afterhours. shares on the move after reporting results. we have the details on that quarter straight ahead. asmoy"s ckn o.ere. "ft ne ibatw

the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. welcome ba to "fast money."

sales force floating on cloud nine today. numbers topping estimates. the software name ading the dow and the s&p today. its gains adding to the stock's already monstrous run thisear, noup almost 90%. sales force still down 18% from its all-time high hit two years ag but take a look at that run. just this year, guy. >> it's -- today, the move, i thought, was to $240 this move to $250 sort of puzzling a little bit. i guess it makes sense. e quarter was fine. actually valuation is someat reasonable. especially theact that they are seeming little focused on cost wh that said, it traded five times normavolume today. you have to believe, with now the gap that's been created to the upside, you're going to get an opportunity to buy this cheaper. >> for the past three quarters or so, revenue growth has been 11%, 10%. going to be 10% in the fourth quarter. they're cutting back a lot, including on sales and marketing. they've even launched a buy your own software kind of thing on the amazon web services

marketplace. is this a company that is poised to reaccelerate revenue growth, though, at this point? what do you think? >> yeah, sure. have at it, people. listen, the way that -- i saw about 15 stocks like this gap up to new 52-week highs this week after earnings, and, again, you know, it just seems to say something about investor sentiment, where they want to be positioned, and if you think this stock is a lag guard and it's growing double budgets earnings and sales and trading at 26 times, i mean, there was a time when people thought that was expensive. i don't think that's expensive anymore. >> right. >> i saw they filed a mixed shelf this afternoon. i don't know -- i mean, why not? you always should, i guess, but i don't know -- you know what was interesting. there was a brent bill interview, i don't know if you saw it, he was talking about he thinks they can do much more -- much higher margins. that they've got a lot more to do. ill was sort of surprised with how bullish he was. i don't own it, i haven't looked at it for a long time, but that

was some impressive -- it was up yesterday during the day, as well. >> right. >> on this. coming up, the auto strike may be over, buft ford is still throwing on their hazards. details next. and we're watching ulta afterhours. could the name be a good primer for your portfolio? we'll debate that next. you're watching "fast money." back right after this. the award-winning trading platforms. bring your tras into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical sties. tailorhe platforms to your unique needs with nearly endless customation. and track marketrends with up-to-the-minute news and insights. trade brilliantly with schwab.

welcome back to "fast money." stocks closing out a november to remember. the towdow rallying more than 5

points on the day. the nasdaq closing in the red, but still up nearly 11% for the month. shares of ford dropping 3% after the automaker slapped an $8.8 million cost on the auto workers labor deal. and some afterhours movers to mention. ambarella jumping despite an earnings miss, and ulta higher after a beat on e top and bottom line. karen, i know you watch ulta very carefully. >> yes, do like ulta. they started novemr $100 lower than where they are now. >> wow. >> which is kind of amazing. so, this -- this pe of the stock is lower than it has been in a very, very long time. they are growing morslowly than they ever have been, so i understand that, but it was just way, way overdone. this quarter was very nice, it wasn't, i mean, this reaction is a lot, but i think the reaction is, wow, we were just too conservative on the name, right? this below market multiple for a

company that maybe should be something higher. ani think the story of estee lauder was weighing on it and th came out with a very different outcome than estee lauder. there's a lot to like here. margins were better. the guidance was a little better. maybe they beat that. the loyaltprogram was up, that's a good thing. so, i just feel comfortable owning it here at a higher multiple, because i think ople take this story off the table of, you know, maybe they've totally lost their way, which is not at all the case. coming up, oh snap. snap and pinterest moving higher. how you should trade them next. but first, more drama at disney. nelson pents looking to make some changes, starting with a few board seats. what ceo bob iger had to say on moy" wn asfight,he"ft ne returns.

welcome back to "fas money." nelson peltz reigniting e disney proxy drama today. he requested multiple board seats after disney appointed morgan stanley ceo james gorman and former sky ceo jeremy derek this morning. this move coming after bob iger addressed the potential r a proxy fight at yesterday's deal book summit. >> there's a qualification level

that is required to sit on the disney board, and the board will make the -- not me, the board makes decisions about who is qualified and who isn't qualified to be on the board, and if nelsoofficially requests a board seat, i'll sure the board will go through a process to determine whether he is -- where should have a role on the board or not. >> cnbc's julia boorstinas news on that and the dividend coming back. julia? disney is reinstating its dividend. paying 30 cents a share for the second half of fiscal 2023, payable january 10th. now, all this comes after nelson peltz's try-ia saying he will seek two or more board seats. he said that the addition of new members will not restore

investor confidence or address the root cause behind the significant value destruction and misstepshat this board has overseen. disney rponding, noting its track record of delivering billion in cost savings, $2 billion more than its original taet, adding that the world's appointments of gorman and derek just yesterday reflect a focus and strategic growth initiatis, the succession planning process, and increasing shareholder valu disney also flagging that ike pearl mutter owns 78% of the shares that peltz claims a beneficial ownership of, warning that mr. pearl mutter was terminated by disney earlier this year and has voiced long-standing personal agenda against disney ceo bob iger. so, the next moment to watch is tuesday, that's when the window for board nominations opens. we may hear from peltz about who exactly he's proposing for his board seats that he's looking for. melissa? >> so, the point being made is

that there's bad blood, but he owns the shares, so he can vote or push for whatever he wants, it really doesn't do anything to the argument that he's a major shareholder pushing for change. >> exactly. he is a major shareholder, but what disney is doing in that -- in that note, in that comment in their press release is that they're saying, don't forget that this is someone who was fired, he has bad blood, and he doesn't like bob iger. and so, they're sort of saying that it is, perhaps, about sour grapes, though, yes, of course, he does own those shares. so, some interesting personal dynamics behind the billions of llars of shares and everything at stake here, melissa. >> all right, julia, thank you. julia boorstin. tim, what's your take on all this? >> i -- you know, bob iger likes to run the ship as he likes to run it, including culture and, you know, a lot of friendlies on the board. clearly. if you look at disney stock performance in november, it was

one of those stocks that actually did really well. again, relative to disney's performance over the previous three years, so -- is there momentum in the stock? we got some sense in the numbers that you've seen some not only bottoming in the dtc business and actually some improvement, and possibly even in the profitability of that at some point, but it gets back to valuation for me on disney. and there's a lot of different ways you can value it. typically, you are valuing the experiences part somewhere in the 15 to 16 times. you put some type of a sales multiple, street's anywhere from four to five times on the dtc business and you are left with the rest. that comes very, very cheap, certainly inside of, you know, six times ebiebitda. that's the story for me on disney. it's hard to see where a lot of growth is coming from. the dtc business and the trends overall coming out of this quarter for all the media companies i thought were better. and i think they're getting better at disney. cong up, jeffrey says it is time to snap into these two stoc. why they see something

interesting setting up here. plus, crude crumbles why is bck gd seeing red today? the trades and more when "fast ney" returns . another excuse, i mean, reason for my family to crave a little pizza time. well, i've got one. my cuisinart indoor pizza oven, ready to bake up some bubbly, cheesy, savory sauciness with that perfect artisan crispy crust in about five minutes. it's great for snack time, dinner time, gamtime. me time. anytime.

it's always time for home baked pizza.

welcome back to "fast money." shares of snap and pinterest topping the team today on a jeffries upgrade. the firm boosting both stocks to buy. it's been a strong month for snap and pin. snap up 42%. pinterest over 35% dan, the s is a top performer in yo acronym. >> there you go. it's interesting, i'll just say this, they are both at 52-week highs, they've both come a long way, but they are both down a whole heck of a lot from their all-time high. i'll say this about snap. when you look at their margin structure, they are only expected to grow rev nufenues l low teens. >> it is no that compelling, versus anterest. so, if we are playing would you rather -- >> we are now. >> i'd said pins. >> you also like pins. >> yeah. >> where were you on july 14th, 2022? about 5:17?

>> probably here. >> exactly. that's exactly where you were. i mention that because that was the day the news broke that elliott had an 8% stake in pinterest. the stock closed at 17, trading north of 20. we talked about it then. the quarters have gotten better since. the margin expansion this quarter is remarkable. now analysts are getting onboard. i think i saw $48 price target with somebody. i think it's got a 40 handle for sure. you stay with pinterest. by the way, my pinterest page -- >> your pinterest page is, like -- it's a time capsule. it is a timeapsule bause it has not en toued since the day you did it. >> that's karen finerman. that's dan. >> i was there. >> look at that thing. >> that's you. look at tim. tim. >> and that's, like -- >> who is singing? >> bieber, i think. >> there's your iron maun. it's a time cap sum. >> anyway. all right, up next, the demand boom for energy, a record production boom here in the states, too. this is as opec is trying tout the flow of crude. how all this impacts oil prices and oil stocks?

top analyst paul san ksee key i the house to give us his thoughts. more "fa money" back in two. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management arneeded most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. the first time you made a sale online with godaddy was also the first time

you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

nice footwork. man, you're lucky, thatwatching live sportsst. never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network.

do not miss a cnbc special report. charlie munger: a life of wit and wisdom. remembering the late legendary investor. that is tonight, 8:00 p.m. eastern time, right here on cnbc. wti reversing sharply today. investors remain skeptical that today's announced opec-plus production cuts of 2 million barrels per day will come to pass. this as u.s. production hits its highest level in history. for a closer look at what is at stake, sankey research president paul sankey is here with us on set. >> hi, melissa. >> i don't know why you're not ceo of this thing. >> of sankey research? i'm the janitor, i'm everything. you name it. >> it was strange, this proposed cut was not mentioned, and other countries come out with their own plans for cuts. i mean, that's sort of what was not convincing about what they wanted to telegraph to the markets? >> yeah, it wasn't convincing. it's already a problem when opec is cutting and they've already cut and as you say, they've got

a huge problem with u.s. production levels. it's extraordinary. and what you've got to remember, the u.s. industry is planning on 60, and they are delivering this, you know, 13, 14 million barrel a day type number, which is incredible. it's a real problem for opec. if you look around the world, guyana, there's maybe some concerns there at the moment, but basically guyana, canada, brazil, which is part of the opec conversation today, are all delivering growth. we're only two or three years from, you know, $40 oil in 2020, negative oil in the u.s., and yet we're seeing this just extraordinary performance from the industry. and it's a problem for opec. >> so, if opec cannot bolster this price, what is the floor there? >> that they flood the market. we've been saying, saudi just needs to flush this thing out, and in that case, saudi would then take some of its spare capacity, most people think saudi pacity is around 11 million a day, 11.5 million a day. they are doing about 9 at the moment, so, they canned a 2.5

million barrelinto the market for six months and just flush it. >> the m&a around the space has been remarkable. we talked about it, exxon, chevron. we heard from oxy. marathon petroleum with a whisper, psx, we talked about elliott taking a stake. i think that stock's at an all-time high. some of the downstream plays are starting to show their mettle. thoughts on that? >> well, they consolidated, right? and that's what the upstream industry is doing. you need -- i'm going to dinner with a group, the ceo of ch chevron. what they're doing is very aggressively consolidating with the rest of the industry to make it just more efficient, you know, economies to scale. in the u.s., you only have three major refiners, right? and it's -- you mentioned earlier, shell has pulled out, you know, bp's much smaller, et cetera. the big guys are a lot smaller, as well. so, the industry has consolidated. it's performing well. and the elliott letter that you referenced to psx was about the

underperformance relative to marathon petroleum. elliott took significant action to make it more efficient and shareholder friendly. they are essentially turning their attention to psx. there's not that many deals that can be done still in u.s. refining. there's not that many left. we have, like, 6,000 upstrea companies, a lot of them, obviously, are tiny, but there is still major potential for deal. d the latest is e oxj je f around the idea they are going to buy crown quest. so, we could get another deal. it was in "the wall street journal" yesterday. we could get another deal tonight. >> so, this flush, what does that look like? and it's -- it would theoretically be for a short amount of time, but the impact on energy stocks, i would imagine, would be pretty immediate. >> well -- >> so much lower. >> it's precedented. it happened twice in the last ten years. 2014, saudi said, if you don't

cut, we're going to flood. they flooded in 2014. o oil was $110, it basically went in a straight line to 50, thanksgiving opec meeting, it was 75 when saudi announced the flush. it went down to 50 in january, bounced and you hit 27 the following year in february of 2016. and then, of course, you had the covid flush, which was truly crazy, where oil went negative, so, you know, that didn't work out great for the price. so, yeah, it could be pretty dramatically, and you've got to take the price down to the level where you stop the u.s. growing and i'm telling you, they're plning on 60. you have to take it below 60 in order to really change behavior. now, of course, the writ count is falling, but production is not, which tells you there's productivity gains. so, its a tough one. it really is. it's a naughty one for opec, as demand is more than likely rolling over here. >> paul, thank you. thank you for stopping by.

run to your dinner. >> thank you. everything at sankey research. tim seymour, are you -- would you be worried about a flush? >> sure, of course, cause again, we've seen those correlations befe. one thing i'll say, in a euroan integrated, they are a lot more efficie than the u.s. ones. if you look at tte and shell, royal dutch shell, they break even after those big divs at $4 oil. i think for investors, if you pick the right ones, there's great opportunities here. up next, final trades.

icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you c rise from pain. icy hot.

time for the final trade. let's go around the horn. tim? >> international paper, the number one container board producer in the world is pushing through prices as are its competitors. i think the stock is going to continue to move higher. >> karen? >> yes. even though i liked ulta, i love the valuation even here, but wait three days, a lot of analysts are going to come raise targets. >> dan? >> yeah, i've been bearishly positioned in the u.s. dollar

via the uup. i want to flip that. >> two goals in the garden last night. >> magic. >> we had a great conversation. you and i. >> i know. >> mpc continues to trade well. >> thank you for watching "fast money." "mad money" with jim cramer starts right now. "mad mey" wi jim cmer starts now. my mission is simple. to me you moy. i'm here to level the playing thers alwa aulmarket . somewhere and i promise to help you find it. "mad money" star now. hey, i'm cramer! welcomto "mad money." other people want to make frnds. i'm st tryg to make you some money. myob n jt tonterta but to ecate and teach y. so call me at 1-800-743-cnbc or tweemejimcrar. out th the magnificent seven, in with all plex,