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tv   Mad Money  CNBC  February 28, 2024 6:00pm-7:00pm EST

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>> i worked at shake shack, melms. happy anniversary to harvey schwartz. look at what carlisle's done over the last few months. he's gotten his arms around the group. cg. >> surrounded it. >> thank you for watchin"ft ne".g as don't go anywhere. "mad money" 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 some where and i promise to help you find it. mad money starts, now. hey, i'm kramer. welcome to mad money. welcome my friends i'm just trying to make you a little money. my job is not just to understand but to teach you. call me, tweet me at jim kramer. right now it is time to retire the term beaten raise. it just doesn't really capture
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what's happening. in fact, it's throwing people off because it's too much of a concept. now that we finished earning system. i've been thinking about it. i've been thinking about what to take away. it's the way we report on stocks. all of us. it's not working anymore. it's failing us. it's too quick, too inconsistent. too unrepresentative of a company's work. it's causing people to make false judgments that are false wrong judgments and we have to stop. we have to figure out what's going on with the terminal. because we need an approach going forward if we're going to make oney. the breaking news surrounding lowe's and home depot and you know both of those companies that's why these will be so closure. early morning both were widely
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on the lines especially their forecast. within a few minutes, there were several negative stories and we all know they were all ai. these stories were not false sort to speak. they correctly compared the numbers with the assessment. they failed to have an explanation. a miss by the writers. although in fairness the writers have to come up with something that describes the quarter or future better. you will hear that when we hear from work force. same thing happened this evening. it no longer makes sense for us to try to capture this story by using this beaten race concept. now, what makes this so bad, simple, the stocks of both home depot and lowe's have both been rocking ships since reported. the exact opposite what you
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heard those stories and headlines that came out instantly. that's why i'm so upset about this. the best you can sail i guess the negative headlines gave you a buying opportunity. you can argue those who sold deserve to lose money because they didn't wait until the conference calls. where they might have heard positives about how these two well home improvement companies are doing. and they're doing terrifically. the headlines this quarter have almost all been wrong. it was actually obvious. let's tackle what went on here at home depot before getting to lowe's. first you learned why the stock went up and not down. not in the headlines but in the conference call. not in the earnings released but in the conference call. home depot has been controlled by excess inventory in 2023 and
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excess inventory causes the earnings project projection. too little and you can't meet demand. home depot's were down 23 million, 16% versus last year. that is sensational. that was the metric. that means no promotions which translates into positive futures. and the forecast is better than expected until now. so what happened with the quarter? for that we have to listen to the executive vice president of merchandise. unfavorable impacts from january and february. that threw things off. their christmas occurs in the spring season. the clear out of the inventory
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allowed them to bring full priced goods. that's what caused them to go up. weather? yeah, if it hasn't been impossible many days in january to build in this country those numbers would have been really strong. try summarizing things. there wasn't much construction going on at minus 9. something the traders have done at all the stock market that simply don't care about. investors do. how about lowe's. they have a quarter that may have been extremely disappointed like this guy. again though the problem was the weather, january sales declined. amazing 7.4% but it was weather. marvin ellison told you the professional numbers were flat
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which unless you know the company it didn't matter. more favorable than was expected. the building parts were terrific, this was our best performing area with positive comps end quote. that's paint, dry wall. all doing well. big margin items and lowe's is adding a loyalty program for the spring. it'll be available nationwide just in time for gardening season. it's why the stocks are higher. now we know things were actually good not bad in the headlines where things were wrong and not bad. what did we learn that made stocks reverse and go higher. i think it's the amount of equity in homes. according to ted decker, 50% of homes are over 50 years old. fundamental housing shortage between 2 and 600 million homes. it's more important that customers have tremendous potential in an untapped
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balance sheet and equity position end quote. he's sighting 10, $10 trillion added just during the pandemic, in value. wow. that's the stuff that tells me get loan, you won't go wrong. that's exactly what investors did. it was a great buying point generated by the headlines. but you wouldn't know it unless you did your home work and had listened to the conference calls. today it happened again. i think the next rocket ship will be tjx the retailer behind tj max and marshalls. you would not have known because they're reporting a weak. the availability of high quality merchandise that they buy at insane discounts from
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crash strapped companies. availability of branded merchandise tonights to be incredible quote. at the end of the day there's more goods out there than we can handle, end quote. the closure of 150 macy's locations that we learned the other day will be a bonanza for tjx still one more reason why we still own this one for the trust. there's a lot of excess merchandise in the macy's deal. they're going to be great. here's the bottom line. i have no illusions about this issue. the misdirection will continue. but my job is to entertain, educate and help you make money. the best way to do that right now is to do the home work. listen to the conference calls and shoot against the writers. they're in such a hurry they can't get it right. but you can take the time to make the best well informed and hopefully most lucrative
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investment decision. clark and merrill clark. >> come on clark. >> is this maryland. >> who's that? >> tina. >> hooya. >> that is the wwe, with vince mcmann out and the new arrangement for raw, are we going the top roof or are we getting pinned? >> holy cow. that kid has horse sense doesn't he. i tell you, this is a tough one. i know it's involved with endeavor which is really hard to understand. i can tell you this stock has come down so much. and i know just so you know. i know from people, really i will go as far as to say who first told me that this one was great. why don't we just use like, stral selnik he said that wwe is great. i've seen it. i know how many people are excited about it. it's down too much. and i like the kid's attitude.
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very positive attitude from the kid. the reporters are in such a hurry that they get it wrong. but you can take advantage of their mistake. i'm getting a sense of how ai is pushing the company to new heights. i think this one could keep running. and what should you make of sales force, given the quarter, all i can say is i'm blown away. we're going to speak to the outgoing and in coming ceo. holy cow, i have to process this stuff. stay with kramer. don't miss a second of mad don't miss a second of mad money.
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there are no term contracts or line activation fees. and you can bring your own device. oh, and all on the most reliable 5g mobile network nationwide. wireless that works for you. it's not just possible, it's happening. what do i make of these numbers to get sales force. stocks up 83% over the past 12 months. but tonight's sales force reported headline numbers strong, modest top and bottom beat. there still was enough for the skeptics to nitpick about. sure sales force same time added 10 million at buy back. had life for the quarter, out
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your revenue guidance i think we can expect. the stock sold out in afterhours trading. and kept raising prices. generally sales force. forecasts are always very, very conservative. but you don't have to take it from me. let's check in from mark pena to get a better lead of the situation. welcome back to mad money. >> jim, hello from new york city. it's great to see you. >> i wish you were down here, it would be terrific because we could talk about how these revenue numbers are beautiful and we could talk about co- pilot. you just announced it and i would like to know already what's the fervor for it. >> welcome on over to sales force tower, you know where we are. i have never been more excited about what's happening in our company. especially with dale -- data cloud. we're seeing the fastest growth
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of any new product that sales force has ever had ever with our data cloud. >> you talk periodically about billions of queries and trillions of queries over large periods of time. what is it like with the query because it's better when you said 8% revenue growth. 9% which tires me. i would like to know about the actual customer experience. >> you can see jim, we had a phenomenal quarter with records and cash flow. we're projecting incredible numbers for the year. what i'm really excited about is the transformation we have gone on in the entire company over the last year. you can see that performance over the last 12 months is beyond expectation. it's beyond anybody's expectations. if you look at where we were since we first went on the show in 2008. i don't think either you or i
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could have ever imagined what would happen. now you see it moving forward as the third largest company in the world delivering tremendous amounts of customer success. it's really about exactly what you said. customers giving them what they need right now and that is the ability to imagine this huge amounts of data they need to deliver high quality experience. >> huge buy back, huge dividends. that's something i expect to see from mature companies. are you a hybrid now. some people say, doesn't know what to do with the cash? >> i think you know that we have many stake holders at our company. not just our employees, customers and investors and we're trying to serve everybody. you have to make sure you don't suffer any delusion which is why we're buying back.
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this speaks to the size and scale and company that we built with sales force. >> tell me about how your co- pilot is different from another co-pilot that i use every day. >> it's very different. because our co-pilot uses our customers data to make decisions. that's incredibly important. as you know, that data and meta data that serves so many of our customers whether it's amazon or whether it's ihg or even open table or even you know an amazing company like schneider electric, all of these companies their data and meta data throughout the whole company that illuminating. our co-pilot is deeply integrated into that data. our sales cloud, our service cloud, our marketing cloud. even tableau, even slack. these are amazing ways to talk
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to data. we have the ability to go and talk to data and provide insights. because that data is living with us every single day. that mean s we're going to give those companies a great experience. you and i have made restaurant reservations before we've even shown up at a couple of different restaurants and when you get there it's a great experience. but before you get there, you're trying to work with the system. does it really know me, does it understand what i'm trying to establish. we're seeing a level of artificial intelligence that is so usable. so easy to understand that our customers are having these amazing breakthroughs and ability to run their business. >> let's pigeon hole you a little bit. you're using numbers that tells you how you're going to be up 8 to 9% revenue guidance. people say, oh no, we want 9, 10. how do you appease those
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people. because what i worry about is there's a whole sheet of unbelievable numbers and there's an eight. because there's an eight suddenly you're not mark bentioff, what do i do about that. >> it's been an amazing run with sales force. we're adding huge software companies on to our company every single year. so i mean, we're the third largest software company in the world. we're now the second largest in japan. we're the number one enterprise app company in the world. we passed s & p. at this size and scale i'm very grateful for the ability to have the growth that we have. that's amazing. >> that's a real number. do people understand that's the real number? free cash flow. the company i work at what we talk about is free cash flow. because that's the number.
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i get one last question. schneider electronics. >> year 25 free cash flow growth. >> i understand. >> pretty awesome i think. i'm pretty excited about all of these. >> i think it's great. >> we can talk about margin is up. it's amazing. >> i was just going to talk about cig. they want sales force. >> they are great. >> absolutely, there's no doubt about it at open table. why does schneider need you? they're not, they're not individual facing. let's talk actually. isg has hundreds of millions of consumers who are working at our service and working with our co-pilot and working with our ai with einstein. jim, is doing a million transactions a week. the most amazing transaction software that does not only predictive but generative as well. and by tying together all of this data and meta data, we're really delivering to customers
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like ihg this ability to unlock all their trapped data. you know, i think that a lot of customers use all these amazing systems and we work with all these amazing companies like snow flake and data brix and microsoft and amazon. a lot of these data sets are trapped. they're not people who are using these every single day. they're done by data analysts. our customers who are on slack or all these things we have millions and millions and millions of users. we're then able to trap the data. we're reading all those data bastes -- bases. you're not going too much your ai success if you don't have your data and meta data to deliver the co-pilot. >> i agree with you. the quarter was excellent and i'm very grateful. i get the dividend and i get to
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give it away. thank you so much marc benoff. . thank you so much marc benioff. >> come back and find out where this stock is headed. cramer has the answer.
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you might have missed it in the reports last week but last wednesday we got a remarkable report from garman. went up to 137 as of today. its highest level since 2022. i've been following this since the show has been on and i'm a fan. it always feels like the decks are stacked against them. most companies are supposed to have a limited shelf life. their stocks can get hot but only for a while before they come plunging back down. remember gopro. the company is now worth less than 400 million. not at the highest at 1 billion when i saw a goat wearing a gopro on its head in hawaii.
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i thought, time to sell stock. garmin compete against the largest companies on earth. they have a number of smart watches for example that are against the apple watch and their navigation system seems to be better than the navigation you can get directly from your phone. for years it seemed like g armin should have been on its last leg. garmin became a play on the outdoors. as people got vaccinated the stock peaked then it got. in the last year and a half though the stocks gradually ground its way higher again from the mid-70s to 137. that's especially true over the last 10 months. so how does garmin do it? how do they keep putting up
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really good numbers? let's start with last week's top quarter. 14% revenue growth. came in better than expected. only the division came out short. year over year which makes speakers for cars but also homes. on top of that garmin up, more than expected. 340 basis points higher than anticipated that's incredible people. 27% increase. it was perfect. garmin's four year margin was
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better than expected. garmin is a long time serial practitioner of your pod. $130 million buy back. which is a vote of confidence. those are the numbers but how did garmin generate the numbers? that's the story. frankly it's not that complicated. like so many gadget makers, garmin suffered through constraints in 2021 and 2022. during the year availability continue to normalize while shipping problems have eased. those factors combined freed cash flow substantially. look i think they're innovative. take their venue smart watch. it gives users a complete
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picture of their health from sleep trends to activity tracking. they have won three separate awards including the best of invasion award for outstanding engineering. people buy stuff like this because of that. within the outdoor segment. garmin called out new under water diving technology. clearly a new solar charger. i love my apple watch but if that thing runs out of juice in the wilderness it doesn't navigate you any where. it would probably just be the one that i have here for garmin which is not plugged in. garmin's technology can do things like help you find fish. that's how i know the company. without it, let me tell you something, you would be fishing for fish where there is no fish. while the marine was slow, thanks to great products like their new sonar mapping gear and deep water mapping capabilities which i want to
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get this summer. the smallest two segments aviation and auto both had big wins. the aviation business had innovative products selected by vertical take off and landing aircraft company that is backed by a giant brazilian company. a lot of divisions saw such significant year over year growth to be a w. high quality, keep hearing that right. mostly domain controllers that help run electronics in a car. we've known it for roughly two decades. they are now over that. they've gotten over their supply issues. the real story, real story, the reason that garmin can't be killed is all about invasion and compelling products that can help you with your fitness training. your outdoor excursions. round of golf, your fishing trip. garmin doesn't have to make the
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best products for anyone. they need to make the best products for the niche that they're focused on. they're clever. they've gotten more expensive. that's a little, i don't know. but i'm okay with it, kind of. garmin deserves a invasion. could have been a flash in the pan because its consumer business is so darn competitive. but the company is so outrun that it's managing to keep winning year after year. and now that they got their supply problems worked out, i'm sure that their stocks have more room to run. okay, let's take some calls. let's go to steve in new york, steve. >> yes, hi jim, thanks for taking my call. >> of course. >> my question is on adobe. my question is on adobe and the
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recent sell off. i was wondering your thoughts. >> i've been monitoring it. i happened to talk to ben stodo. ben likes to talk to me and interrupt me. actually it's the opposite. i think adobe is the right level to buy. it's gone down a lot. tomorrow the sales force blew the number and i want you to take it. now i want to harrison in california. harrison. >> hi jim. how are you doing. >> all right. how about you. >> pretty good. thanks. i have an opinion on the ultimate big coin microstrategy. >> microstrategy is a good way to play it. let's say your kids and grand kids, in the end you want bit coin. you probably want etheriom. that's how you want to play it.
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now that this postcovid overhang is over, i think this thing can keep winning until the future. the clouds start sinking in the war room. i'm getting all the important updates with both the outgoing and the incoming ceos. all that we've been hearing about the, and we have lightning round so stay with kramer. so stay with cramer.
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what the heck just happened
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to the stock, it snow flaked. dropped roughly 20% after trading hours tonight. it was coming in hot you wouldn't know it from the action but the action was also real good. earnings almost doubled what the analysts were looking for. plus snow flake brought in a lot of business. unfortunately management came in low. and we found out that the ceo is retiring turning the company over to ramaswamy.
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>> hello jim. >> this is the moment right. you are the chair but you feel you've gotten to where it needs to be? >> yeah, it's certainly that but it's also having a great opportunity to have cross paths with somebody like schroder that we're able to move. been part of many successions in the past and they're difficult and hard and challenging. so i'm super super pleased to be where we are today. >> i know you're a friend of ours. you came in at 5.5 million. in hard bills. i think that's not bad. when frank retired was 67 and went to 759. what are your plans going forward to keep the momentum? >> our founders and bill snow
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flake to be the efficient enterprise data platform. that's a pretty good hits to bill. what's really exciting about the current is that we had so much ambition to do more. focused on the last year. so i think that it's a huge opportunity in the world of data applications and ai. that will keep me busy for many years to come. >> let me ask you what do you think about the idea that what happened, people say before i spent hundreds of billions of dollars buying unbelievably great cars from jensen, maybe i want to find out how it works. find out whether i can do something with the ai and see whether the expense, get a return on investment or not. have you been able to help customers already figure out if that's the best thing to do?
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>> so that's the magic of how we approach this problem and how we can snowfall. we did all the hard work so our customers did not have to go out and buy gpu or other complicated things. if you can write sequels you can write a line of code. people are happy that they can extract structured data from documents. we're also working on data, we've done the work. this is about any commitment from any of our customers. that's the part that really excites them. they know that generative ai is going to have a big impact. they can try it out without making big investments all built to snow flake the platform and that's the thing they're really excited by. we literally have hundreds of customers on the wait list for
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these products. >> >> that is very important because people are concerned. you once told me that will forecast looks light. you said in bill belichick fashion, jim, the forecast is the forecast. which told me, please. be a little more open minded. now frank on the rise of the data cloud you did predict this would happen. you said, you basically laid things out before knowing that we were going to have generative ai at the time. this is a different company from what you went to. but it has billions f dollars in revenue. before you go by, we're the right shop. >> this is really a great time and you know the conversation, i have said the guidance is the guidance. you know these things are just, you know blips on the radar. you've got to just watch what we do and what we report giving
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guidance for consumption companies. obviously is notoriusly challenging. we are in an actually fabulous place. we are in the company to come to enable and empower all your workloads, all your different personas and the enterprise and really extract maximum benefits from your data stakes. i couldn't be more excited to be sitting here today. just the future is super compelling to us. >> this is historically been. there is a seasonality to your business. this quarter has not been always the best of your quarters. can that change? i don't really understand why it's seasonal. maybe you can explain that. >> i mean, holidays are always tricky. and you know, there was almost like an extended two plus week holiday this year. because of that we came in
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pretty well with q4. then in terms of guidance, you know it's based on historical consumption data as you know the last two years have been tumultuous. we've also rated last year more than sort of previous years. but we have a ton of stuff that's going to be hitting ga, everything on ai and transactional scores. >> i'm glad you said that because it's important for people know that it is necessary you guys are pie in the sky. you're just the opposite. i'm going to give you last word because i enjoy your work tremendously. you have said over, jim i like three year, i like four. i like to give it all. would you go back or are you finally done, frank. >> no i'm finally done. i don't want to be one of those quarterbacks that don't know how to get off the field.
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i'm making way for better and bigger talent. >> he's still a big fan of the company and all of us. we're all truly truly grateful for what he's made snow flake to be. >> i'm thrilled you came on and introduced. it's great to meet you. i hope you come once in the future. frank, i hope to see you again ramaswamy ceo of snow flake. mad money is back after this. >> coming up, cramer takes your calls and the sky is the limit. it's rapid fire, next.
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before we get to the lightning round i need to let you all know how fired up i still am if the investing clubs annual meeting this past saturday. talking about the club's portfolio we had a segment going through the history of mad money. sharing some behind the scenes secrets and storied moments from two decades ago. it was by far my favorite moment. go behind the scenes. go to cnbc.com/flashsale to learn more. and now it is time to look
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at the numbers. and in the lightning round is over are you ready? steve, let's start with keith. keith. >> cramer how are you doing? >> i'm doing all right. >> all right. >> well i have a question for you about a stock that ironically ran up big the last few days. and i want to know with the company's improvement of their bottom line and keeping interest rates. >> you know keith if you had asked me before saying those things i would have said the exact same thing. it's doing exactly what you described our viewers are so smart. bingo, w. >> i hope you're having a great day. >> i'm having a good one, how about you? >> i'm hanging in there. there's a stock that is up, down and now back up again.
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i love what this company does and has a great earnings report this week. what is your the áp thought on transmedic. >> organ transplants are incredibly important. i think these doing well. let's go to bonnie in california. >> thank you for taking my call. a founding club member. and i was wondering what are your thoughts on bank of america? >> i think it's a very inexpensive stock. it's doing well. 20 times earnings. it yields almost 3%. i like that. i like that. bryan molehey is doing a wonderful job. >> jim a big warm weather booyah from phoenix. >> yeah, weather booyah i like
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that too. what's going on man? >> i've been in this stock for about a year and a half. just wanted to nope -- know what you're thinking about a long term. westo international. >> that ladies and gentlemen is the conclusion of the lightning round. >> i liked westo international. i don't know what's going on with them. >> cramer is not switching gears on one of the street's most reliable performers, next.
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i prepare like no one else so you can be prepared for any market. join the club and let me teach you the right way to invest. >> join the call now, flash sale offer for a limited time. go to cnbc.com/joinjim. i keep hearing negative
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chatter about how apple's electric card is some what bad. it puts you deep er in the hole, blah, blah, and oh yeah, blah. people love to trash talk apple and push you away from one of the most consistent companies out there. they did keep the team in place for years. they probably thought more and more people would go electric in increasing numbers and that didn't happen. cheaper cars, and more faster charging stations has not stalled out. think about the millions of miles with vehicle business and then remember how few areas even allow driverless cars. general motors has spent billions upon billions to improve their driverless technology. san francisco suspended the
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technology after a few accidents. the guy i spoke with for gm was so confidence when we road around town together. two months later, cruze driverless car permit suspended, sabat resigned. why would they want to get involved in this business? which brings you back to apple. do you think this is the time to go all in on self-driving electric vehicles. wamo just lost, gm wanted a piece of it. cruze has been a costly disaster for them. do you really want apple to follow them. i'll pass. i understand how apple gets pigeon holed and i think people understand that a car would make apple not just a phone company. in the cycle it was some what positive. apple is regaining popularity in china and that's good. if you're looking for a reason
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to buy apple right here right now. nothing does stand out. including this that i love which seems. with most companies i wouldn't be willing to take that gamble but apple is the benefit of the doubt. and you can see exactly what we've done with apple if you remember the cnbc investing club, we just own apple stock we don't trade it. i don't know when the lull will end. i don't know when the stock revisits 170, or even the 160s. what you do know is you're probably holding your iphone while you're watching right now or maybe you're watching on your iphone. i bet if i said to you right now, that you can't find your phone, i think even though it's in your hand you might have lost it. you might have a mini panic
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attack. apple stock is down. apple the company is working, working, working for you and i bet it will keep working until the stock turns around. which has been the story of this one for over two decades. there's always a bull market some where and i promise to find it just for right now our last call, full throttle. elon musk warning about chinese ev is quickly becoming a reality in one country, and we will take you there. a big update from paramount putting the entire media on notice. retail traders committing to prizewinners amid the a.i. euphoria. completely unacceptable the google ci -- that you ripped over the a.i. debacle. start and a very bitter aftertaste but

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