let's look at oil, which has not been an issue in terms of inflation fears. able to get a lot more clarity on friday about whether we have anything, 140,000 jobs. 140,000 jobs. we can look at the dollar in gold, though, no, we can't. make sure you join us, "squawk on the street" is next. good monday morning, welcome to "squawk on the street," i'm carl quintanilla, jim faber is back. final trading day of september, q3, as we get set with a big week, jobs number, a potential strike tonight, futures lower. powell speaks this afternoon. ends with a china stock surge, notching the best day since

2008, on hopes for further stimulus moves. >> plus, it's a big merger, satellite tv rivals director tv. dish company, echo star reaches a deal with the largest paid tv provider in the u.s. the ceo will join me exclusively. that will be in the next hour. auto makers are under pressure this morning. c we'll be looking at the whole group. >> let's begin with markets in the rally. jim, welcome back. >> thank you. >> a lot happened in your absence. >> i get up, i'm in italy, and i get up on tuesday. to this bizarre baa baa black sheep meme, who's that from. from big pepper. if i call back, it would be divorce files, papers, those are a bummer, don't even think about it. but it was saying look, you got to go all in.

let's give him credit. he came on tv. he had been in for a long time. he was in the '70. i have to tell you when it dropped to the 60s he was there. he has every right to crow, and i talked with him this morning, he says, look, i hope there's a pullback, that's all i can say. i hope there's a pullback so we can do more buying. >> people throwing in stimulus. >> a lot that was good. a little negative. friday evening, we found know v -- the chip to china is saying no to it. david, we have been faked out many times. but the one thing that tepper said. what he said was it's very unusual for them to buy, then buy, then buy and positive and positive and positive. i know that they are very

worried about being downgraded from the msci index. people felt there was too much money lost in the market. the buybacks funded by the government. we don't have those. >> no, not right now. not right now. 2015, '16. we did in covid. there was a period where the fed was basically like buy anything you want. i forget what that's called. your point is a good one. we obviously talked a great deal last week in your absence about that incredible rally in chinese shares. and by the way, the impact it was having not just on chinese stocks but on companies that are closely related and/or selling a lot of their goods there, the oper operators being wind and -- >> las vegas sands, which is no longer. i'll tell you what, mgm, this is what i think is what people are

interpreting. they want to buy extraneous ones. now, of course they want to buy. but starbucks catches a bid every day. the problem was china. >> they have a lot of problems. we didn't notice starbucks moving nearly as much as the other china-related stocks. when i think act the big ones, they were -- >> or you think of, right, estee lauder had a big move. >> based on what. >> chinese consumers going to come back in some way, in a significant way. there are plenty of doubters still in terms of this package of stimulus measures that either has been announced or is expected will be enough, jim. >> they've all been failures because we have eunice yuan talking about $12 trillion. let me give you one i know you're going to disagree with.

and i don't mind that one bit, i have been away for a week. apple. >> what about it? >> no, if china were to come back at all, if apple had any luck in china, do we really care about whether verizon has good sales? >> b of a this morning, based on mutual fund positioning. funds appear better positioned for a head fake than a sustained rally. there's going to be long onlies t -- onlies that need to play. >> better hope for a pullback. what he's really talking about is he mentioned benjamin graham who was, you know, i know a lot of people think that a graham cracker, that's completely wrong. he's about value investing. >> warren buffett based his approach on -- >> one of their classes at

columbia. >> what's amazing, is when you go read the book. i had to read the book when i was at goldman. didn't mention harvard. what was really pathetic, it t talked about having companies with huge cash positions. >> it does. >> you want to see the baa b aa black sheep. so did ten cent, and on from there. >> they have to have a pull back. that's quite a month. quite a month. >> i can't say buy it at 113. what happens is if they take a day off and don't say something positive. how many times did they suck this in. this has been a great rally, a couple of days, and temper is not selling. maybe you have kind of an where

it doesn't move up. >> the other point b of a makes, beware of tax loss harvesting in october on names that would be sort of tangential to china, el, lulu, boeing. >> we know the mutual funds when they take their losses, october is tear heir month. one of the hid reasons october has been erratic. september is worse than october in terms of predictions. >> now september is over, and it was actually a fine month. >> we're going into some of the best two weeks of the year. >> up ten out of eleven weeks. we're going into this period that is nirvana. if you go back over the incredible temper experience. is that what we're calling that? >> it's universal. >> carl's going to actually do the boat ride for it. >> the panthers had won. that was in itself, seminole.

seminole move by the panthers. if they had been one and done. we don't know. it wasn't talk about how you have to get along everything. you know, japan. the only way you seem hesitant is the u.s. >> are multiples high. even when you back out. our highest market capitalized companies. we're 18 plus times of the other 493 of the s&p. that's not cheap. >> you mentioned apple is expensive. >> how about looking at the quarter as we wrap it up. 60% of s&p components outperforming the index, talking about the broadening we have been waiting for. >> the broadening no one cares about. i've got a quiz here for davis. >> again, no one ever calls you dave. number one performer s&p 500 in the third quarter. i'm going to give you a hint. one of the great lakes.

>> eerie indemnity. the insurance company. no one? >> can i move on now. >> how about pounds here. it was a very strong quarter, and obviously as we know, constellation, if you make a nuclear plant or recommission one, you're in a good place. >> how about this one, david? the number six, one, two, three, four, five. kellanova. snacks. plastics, snacks. >> that thgot a bid. >> he's very anxious to talk. it's been a week. >> i'm going to talk about dish and directv. echo star, the owner of dish is selling it to directv

essentially, but it's all the assumption of debt. it's a very complicated transaction, but looking at it from afar, you're talking about what is echo star, a highly indebted company. many doubts, frankly, about its ability to service that debt, significantly reducing its debt load, and perhaps more importantly, it's near term maturities, as it sdjetisons it cash flow and businesses. 20 million subscribers. both subscriber counts have been moving like that, as our viewers probably well know. you can take a look at echo star's stock price in terms of how it's responding. we told you some of at least the likelihood of the deal on friday. let's go through some of the details now. again, it's quite complex. >> take it slow. i have read it five times. >> but the ultimate goal here is

to provide -- for directv, there it is. and echostar eliminates $9.5 billion of face value debt on its balance sheet. direct is saying to the debt holders, we'll take it, but a 10% discount to the face value, and we'll take it on as our own debt, essentially, and if you're one of those debt holders, you're happy about that. why? because you're talking about a company that is going to be a little bit over two times levers, as opposed to one when you include the inner company stuff, probably close to double digits levered, or at least it was. that's a key part of the deal, and they're talking about of course cost synergies of a billion dollars a career for direct. now, direct is a private company, remember. it is still owning 7% by at&t, not for long, and 30% by the

private equity firm tpg, which does manage the business. had management control. that's all changing as well, by the way, because directv or tpg is buying the 70% from at&t for $7.6 billion. that will be over a period of time in the years ahead, and they will own all of it. that's been agreed to as well. it's a separate transaction. now, as for the echostar deal, that's where things get quite complex. but essentially all of this being done to significantly reduce indebtedness of the company and eliminate near term maturities, put them in a position where they can try to create that nationwide competitor to at&t to t-mobile and verizon in terms of providing a nationwide 5g wireless service. they have the spectrum to do it, the question is do they have the money and equipment and everything else perspective.

this gives them the runway potentially to do that. we will be discussing this in detail with the company oo's ce little over an hour on "squawk on the street." 5.1 billion in new capital is coming from existing debt holders, and i don't have this down there. they are also essentially refinancing an initial $5 billion in existing dealts. they are pushing that out. to 2029, replacing with some new converts, some new debt. and the $5.1 billion is secured by spectrum as well. it's going to have a lower interest rate. they're getting a 2 1/2 billion dollars loan led by angela gordon and a number of other firms. that loan is going to let them pay down the november maturities they have. that was scaring people of course. there are questions if they do that. that's off the table now, that is done. and then you see kind of the net result here. right? they reduce total debt by

$11.7 billion. the refinancing needs by $6.7 billion, and, jim, the hope is they reposition themselves. don't forget, they get rid of their cash flow, too, because of course that's the dish business. but they reposition themselves and i'll pose a question to you, as kind of a growth stock, where, you know, you've got to put a wireless company together fully. but that's kind of the way they want to be viewed. >> why would a bondholder create that? >> there was a chance it's going to go bankrupt. now, you have a much stronger credit profile and directv, which is going to be a little over two times leverage, not going to have to pay the dividends to at&t any longer that they have been paying. and have a billion, as much as a billion in cost synergies. you do that if you're them, take the reduction in face, why not. you move it over. you agree to some of these

things with echo star. they're in a better position to service debt. that said, you have to be a believer they're going roll out finally, and got an extension from the ftc, for the licenses and for the buildout for another three years, but you got to believe it's going to happen. >> well, look, maybe the government will favor a stronger competitor, putting us together, while i was away if italy, i bought starlink for my house. 50 euros a month. >> and that would seem to represent a significant competitor here. hence the worries about antitrust should not be as strong as the worries about antitrust 23 years ago. . >> exactly. >> i have been talking about this deal or at least a similar deal for a long time. take a quick look back in the way back machine. >> there's never been a story i

hate more. >> how about the at&t broad band story. you love that story. >> that i'm still affectionate for. it's starting to get on my nerves too. >> are we in shock, he's the chief guy that you told me about. >> he's a guy that makes his upper management share hotel rooms. >> and this is -- is it a shock that the echostar, it did prevail after it looked like just a shot in the dark with a bear hug. >> it is a surprise. it has a surprise. it would only be fitting as this has gone on for so long, this endless auction of jammys, that ultimately some sort of regulatory problem will crop up. that continues to be now the question for this deal, now that gm has agreed to sell, gm used di directv to echostar. >> never got there. that was directv, and they had a deal to sell it to echo star. and the government said no, and that deal died.

this time it doesn't appear that the position would be as great, but, jim, again, in this regulatory environment, it's hard to say. >> how much does it matter that directv lost the contract for football to you tube. >> i only say that because a lot of us had that strictly for the nfl. >> both companies have seen their subscribers decline dramatically. a dish from 14 million to 9 million. and direct is about 11 million. it had been as high as 20 at one point. obviously bought by at&t, at an enormous price, and then sold, and now you've got the completion of that transaction. they're going take in about 27 billion in total at at&t over time. >> and, carl, starlink, death star. >> starlink's a threat to

everything and everybody. >> speaking of that, we're going to get to some news regarding tesla coming up in the week. we'll talk with autos withis h warning out of stellantis, and aston martin. upgraded disney, downgrades of proctor, and jpm in a minute. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're

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the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

on this final day of the qu quarter jim mentioned s&p gainers for the quarter. take a look at similar names for the ndx, paypal, dash, tesla. constellation energy, a huge story as we watch the evolution of nuclear energy. we'll get the opening bell and cramer's mad dash after a short break.

let's get to our first mad dash of the week. we want to take a little paypal. >> after i praised you on echo star, your head got bigger. that tie was a disaster you're wearing. >> back in 2001? >> yes. >> i got to do it again. you had an interview with this guy, alex chris of pay pal. a lot of people didn't think of it. i watched it, and i said, holy cow, this guy is going to

energize this company. he's going to make new deals. make things fly with amazon, maybe he talks about cross border with china. well, david, this is the best performer in the nasdaq, and it should be. why? because a new ceo has come in and really energized this place, talking about venmo being involved, apple. and i have to just talk about how sometimes you can come in, and we saw what brian nickel and starbucks, a lot of it is because he came from chipotle. let's grind it out, and figure out new ways to make money and new deals. dan schulman had made new deals, and then the company fell. it's back because of this man. >> alex chris you're talking about. >> i think it was more towards the beginning of the year. >> but it's been -- you're right, and he did promise -- >> he did. >> he did say, you know, things are going to change. of course to your point, they don't happen overnight, and there's still plenty that hasn't happened yet. >> the interview was seminole

because frankly, i said, i got to look at this thing. he's been a disaster. no more. and i think he set the ground for a lot more good. i would not sell the stock. >> all right. as you see up 33% for the year. so we've got pay pal as a mad dash. opening bell in a few minutes. by the way, our crew at the nasdaq getting ready to ring that opening bell. look at them all. >> who is that in the middle? >> that's our president. >> it's the kc chief. >> melissa, becky, joe, you saw joe from 23 years ago. great group, we're right back.

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in just a few moments, cnbc will ring the nasdaq opening bell this morning in celebration of 25 years at the nasdaq market site, as you know, now the broadcast home of squawk box and fast money. interesting, jim, to think about how walking the wall, tom costello, back in the day. it was an important evolution in financial journalism. >> a lot of times i used to think that the journalist paper,

we became the so-called paper of record there and it's really helped. i think we do the same here. congratulations, everyone, in times square. >> let's get that opening bell. as we said, at the nasdaq, it is cnbc celebrating 25 years of programming at the nasdaq market site in times square. our president, kc sullivan, andrew ross sorkin, melissa, all doing the honors at the big board, resmed celebrating 35 years. >> a lot of people feel they may be challenged by glp-1 because it works on sleep apnea. when i deal with the company, i feel more confident that is not necessarily going to be the existential threat that i once thought it was, and a lot of that is busy mick farrell is a great ceo. he's a very inventive guy.

i'm not writing it off. i just can't do that. too good of a company. and take a look at the chart. the chart is about how people realize, wait a second, maybe it's not over. they can coexist. a lot of companies can coexist. abbott labs, by the way, today a giant trial start in st. louis. they lost the last one. i think they will lose this one, too. and then after that, a scale of victories. then they will be out of this jurisdiction from hell with the defendants. >> what do you make of stellantis joining vw, vmw, mercedes, today aston martin, what the overall cloud of what the chinese have done to the auto market. >> stellantis really hurt here. down 12%. look, these cars are $10,000 cars, and they're great. i don't know what to say. they're great. and it's kind of like star link. when you let them in, you really

are changing the whole dynamic of your union organized auto makers. and i think that china was smart. they felt that they could get a lot. 25% of the exports from germany go to china when it comes to cars. they got the last laugh. they sure did get the last laugh. and i think that everybody realizes it was a trojan horse. >> we should give the specifics, which are essentially, they are now pencilling in an adjusted operating income margin of 5 1/2 to 7%. they had been as high as in the low double digits in terms of previous outlook margins. remember, it's chrysler, dodge, jeep, maserati as well, a part of their lineup, guys, and, i mean, to what you have been discussing, obviously, how much of this is competition in various markets from the chinese, particularly their evs, which as we talk about almost

every day has increased substantially in quality. >> there's ferrari. >> that's a piece of art. that's the art market. >> i like that. >> and maybe it's something better than the art market. >> sothey did get the deal done with abu dhabi. >> how do we say that you can own ford? >> gm, overseas, i don't know. >> bmw, a couple of weeks ago as well. >> our own auto makers are not immune. >> this morning, axios has a piece that ford is going to start giving new buyers hr, and ev charger. if that catches on, they could extend that program further. that's a big up front cost. >> that's very good for eaton. i don't know, look, this whole thing is so fraught.

i don't want to delve into politics. i love our show. you need big tariffs to stop the chinese. >> i want to make a point. it's weakness in the chinese market as well domestically that is also reflected in these reduced outlooks, and aston martin as well, which sells or had one sold a number of their cars in that market. it's back to the talk about the weak chinese consumer. now, these recent stimulus moves will bring things. >> how about the upcoming tesla day, the tesla self-drive. >> the robotaxi day is a big day for that. >> i took waymo, and my executive producer was in the trunk, we were jammed. >> you mentioned the week before last. >> what i would tell you is waymo is so far superior to a human, i felt great. waymo had not been drinking. i saw foreman up graded.

waymo was not sleepy, not texting, as far as i'm concerned, mr. waymo, game, set match. i hope the tesla has something. >> it would have more than something, it would seem. >> i don't know if you have been watching musk versus mark cuban on x, it's sport between those two. >> musk has to share his every thought with everybody, doesn't he? >> yeah, whatever seems to come out of his mind. >> isn't he busy enough? >> i don't know. i have bristol myers on tonight. they have a new drug. >> and neui will say, the mood around deliveries is pretty good, stocks up 30% in six months. >> stock is a winner. the guy is a winner. i say that because he's a winner. i don't -- there are a lot of people who really are kind of not happy with his politics but happy with his products. >> the business front, he has an

incredible track record of success, to engage so fully in the political discourse, you wonder how many -- >> you have to separate the two. >> i don't know, i'm struggling. you have to separate the two. you just have to. >> yeah. >> many people will nod, i think, but, look, again, i don't want to get into it. >> you follow the guy every day. it's just a torrent of nonsense. >> it's so hard. i was on a plane with no internet service. but i still got letter x. like, you know, where there's no internet, he still works. i mean, i don't know, he's all anybody talks about for heaven's sake. >> somebody asked me, why don't we talk more about musk. i said, the musk hour. eisenhower, let's have musk hour. >> we could. >> he could talk musk for a long period of time. >> you know, hundreds of satellites. wait until they put that starship, they get the starship

going, and he can put out -- it can release so many hundreds of satellites at one time. >> right. >> he re-tweeted a comment he's on pace to be the first tr trillionaire and he can finance our migration to mars. >> okay. and then he can populate mars. >> what's the plan on mars? >> so much. so many fun things. >> i can show you real canyons. i've got raeeal estate, for you >> what are you getting for a three bedroom. >> we're left with things called theme parks. upgraded disney today. >> there was a mea culpa piece. >> i'm really stupid that i did that. let me tell you, whoever seems to run it, falls back on the possibility that theme parks are not that good. let's talk about disney plus

extending its paid sharing program. the best thing about this piece was this was a mea culpa. better macroeconomics, if you want macroeconomics underpinnings, you should go by stanley black & decker, home depot. disney has been moving up. david. >> we've got carnival with a nice double beat. >> that was really good and much better than last year. 1.7 net. >> we know what cruises increasingly mean to disney. >> they get more ships. david, the problem with disney, and i'm going to give you this to tee it up, kind of like the peanuts cartoon. what are we doing there? >> it's not a good business, jim. not a good business. i wouldn't recommend going into it. >> how about mba, that's the ticket? >> what about the nba? >> you buy the nba, everybody watches, they get rid of everything else? >> the nba is expensive, that's

for sure. >> our parent company, comcast, nbcu believed it was worth it and helped to super charge, perhaps. >> at the direct to consumer peacock streaming service. >> i almost said we. when is comcast going to get the money from disney. >> on the hulu transaction? >> they have gotten some obviously. it's gotten contention. not surprised to me. they have different valuation parameters, it's going to be a little while potentially. i haven't checked on it lately. >> dave zaslo with, what's that about? >> that's about sky. >> sky masterson? remember him. who's sky masterson? >> i do. i do. >> "guys and dolls," i played

harry the horse. >> i had it. >> i was lieutenant rooney, had like eight lines. >> can i talk cbs, guys? >> channel two or the drugstore chain? >> the drugstore chain. shares of cvs, now, there may be an activist in their midst, at least pfrustration on the parts of many shareholders, our viewers may know larry robinson has been a guest for years. that's the story. will they actually i? unclear. they will be meeting with managements in the near term. we'll be taking it from there, and following that. backing out for a minute, many might anticipate, well, the frustrations will be with the stores. we talked about walgreens and the incredible declines in the stock. in part because of problems in so many areas where people go in and take stuff off the shelves

and walk out, and they don't get arrested. if they do, they're out of jail in 12 hours. that's not the issue here. even though everything is under lock and key at my local cvs, and basically wouldn't buy anything, you had to press a button, and nobody ever comes. >> it's going to be qr codes. >> that's not the issue here. that is simply not. it's about the health care business, which represents roughly 75% of the company's profits. for example, etna, care mark, these are are the key parts of the business, right, the pbm and insurer. they mispriced 1.1 medicare advantage policies. cost them billions, to 3 billion in the medicare advantage losses. that's where if you are an activist, that's where your issues are probably centered. they put themselves in an over levered position. they paid 11 billion for oak street. this health care business. far above what the business,

again, those would be critical of the company would say. they had a guy named brian king come in. he was hired to run etna, and then he was immediately fired. he wasn't responsible, my understanding for the prying of the medicare policy advantages i just mentioned. a lot of frustration here to the extent there would be frustration, and it would show itself in the form of an activist is not about the retail business. it's not about the pharmacy business. it's about the health care business. >> that's really important. >> being mismanaged. >> karen lynch, she came on "mad money," and made it clear that every store that's left makes money. it's not about the stores. that said, all right, i'm going out on a limb here. >> they've got it down three times until the last year or something. >> they made some bad mistakes. i don't know how you undo these mistakes. fair sale them? >> or do you change management?

>> it was almost muskian, i'm going to jump in, though, that's the question. can this be resolved by current management, if yoou're an activist, do you push for changes because you feel as though they've mismanaged capital allocation, portfolio construction, and the health care system? >> do you think walgreens has done any better for heaven's sake? >> no, walgreens are relying on selling out of the floor than these guys are. health care is 75% of the business for profits. that's not the case for walgreens. walgreens has suffered from the fact that everything is under lock and key. >> there's a lot of scrutiny on her. i urge people to go back and look at my interview with her. there's a lot of good things to say and i think that i would like to see her worked with. rather than change. but, you know, i get it. i get it.

>> while we're on the subject of consumer goods, jim, this downgrade of proctor over at barclays. >> i did a piece this weekend. this is precisely the stock you should know going into the fed easing cycle. the last quarter was botched because of china. if you think there's great chinese stimulus, then even proctor benefits as a ge health care, which is up because they got approval from the fda. i would say proctor should be down more. pepsi is a trim of pepsi, and pepsi is not down. there does seem to be a reprieve for these stocks that are not the ones you're supposed to own in an easing cycle. really not. you're supposed to sell these nine ways to sunday. >> b of a takes caterpillar to 434, down a little bit here. what run the last couple of weeks. >> jim will be the ceo. when he came in, we're going to return money to shareholders. we're not going to do things because we should be in them.

we're going to do things that make sense economically. he came from a turbine side. the man has made part of his business infrastructure, but he's big in the data center. big. and that's, you know, by the way, so is cmi. it makes engines, i think that the hero ceo of this generation. people don't talk about him enough. he's sensational. just sensational. cowboy fan. nobody's perfect. >> but you are a fan of this old school economy. >> i think these companies have all -- they've moved so aggressively into the data center. they have been real winners in the infrastructure. they are big beneficiaries of what's going to happen as rates come down. caterpillars, the engine business has never been stronger. the bears have been crushed. just crushed by it. like a tractor ran over them, and then backed up and ran over

them again. you know, like, hey, you know what i mean? like wow. unassuming, terrific, came on "mad money" last time, told an amazing story. the bears continue to, i don't know why the bears even, like, they're in danger. they're not grizzlies. >> echostar shares are down about 12 1/2%. a less than positive reception. >> how could that stock be up in premarket trading? >> it's a very complex deal. people need to fully understand it. >> the answer is, i told people what it really meant, and that's why they sold. >> while we're talking the dow is down a couple hundred. chicago pmi is out, let's get to rick santelli. >> good morning, indeed. it's a good news, bad news story. we'll start with the bad news, this is the tenth consecutive month under 50. you have to go back to november of last year to find a number over 50. 46.6 is better than we were

expecting. that's the best level since june when we were at 47.4. as we look at interest rates, we're up across the curve, and there is some flattening going onment we're seeing some of the steepness getting taken out of the market. short rates are moving aggressively here. the two-year note at 361 is up a handful of basis points, and the ten-year, 377 is up two basis points. we continue to monitor all of that as treasury, knowing next week, we have important supply in the form of 3s, 10s and 30-year bonds. "squawk on the street" will return after a short break.

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time for jim and stop trading. >> one of my favorite analysts i followed for her for years at jpmorgan. she downgraded jpmorgan saying they don't have the upside on rate cuts. i happened to have such esteem for jamie dimon, i don't know if i want to do this. i think that it might be an opportunity to buy. but i respect her so much i thought it was important to point out that's why it's down. >> m.s. has made some impression calls on large banks this year. >> to go against betsy is a hard thing to do. when you're on a call and she's on it, everybody says thanks for your great work. >> they do up u.s. bank corp. >> that's interesting. i like wells fargo. my trust owns it. maybe get the cap lifted -- >> on assets. >> yeah. charlie scharf doing a good job there. jpmorgan downgrade. it's been a long time since i've seen that. best performing large cap stock in a banking group. anyone who followed the company

knows that wherever you go jamie dimon, he's revered and deserved. deserved. okay. my sister-in-law works there full disclosure. >> oh, yeah. >> yeah. >> i didn't know that. >> my father-in-law worked there. he's an economist. >> i guess i knew that. >> my parents did not work there. i don't think my parents were allowed there. >> in the brief time that we have here. >> my spot. >> i know well -- i'll let him have -- >> we're just living in it occasionally, right. . >> go ahead. >> now i feel bad. we're speaking the truth. take a look at shares of sass because it's down 18 point plus percent. >> you killed echostar. >> no, i didn't. they had a call at 8:30. the fact that it's solely about debt reduction, extending maturities giving them time to try to create and execute on

their plan for using all that spectrum to create a nationwide wireless service. they, obviously, already own boost mobile, but well beyond that. not getting a great reception. >> no. >> stock still up 38% this year, by the way. keep that in mind. we will have the ceo joining us in about a half hour. >> great reporting. i put it in letter x. boeing, people don't like the machinists, still a tough issue. >> we didn't mention longshoremen. >> bad for fresh fruit. really, really bad. i am excited about one of my guests tonight bristol-myers ceo bris boerner. he said i'm going to tackle the toughest brain, the chief spokesman for the american brain f foundation, and i said no, you can't do it the brain is too hard. i'm going to do it. he bought ka ruin into therapeutics and the first new drug for schizophrenia. i am so proud of this man.

anyone who does work on the brain, yes, great job. i got to praise him. >> all right. jim, we'll see you tonight. welcome back. good to have you. >> thank you. >> "mad money," 6:00 p.m. eastern time. dow a little weaker down 230, p wns&do about 7. we'll take a break and be back after this. when it comes to investing, we live in uncertain times.

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♪ good monday morning. welcome to another hour of "squawk on the street." i'm carl quintanilla with sara eisen and david faber, live at post nine of the new york stock exchange. we wrap up q3 today coming off a three weeks higher for s&p and nasdaq. busy week as we await jobs friday and jolts later in the week. powell speaks this afternoon. >> we are 30 minutes into the trading session, here are three big move eshs we're watching. the china csi 300 jumping 8.5%

on pace for its best month in a decade. alibaba and pdd seeing gains here in the u.s. shares of stellantis under pressure after the automaker cut its full-year guidance citing deteriorating global industry dynamics and increased competition from china and nvidia and the chips off the lows, but some of the biggest laggards across the s&p and nasdaq. more on the chip trade coming up. you mentioned it's a big week, and we've got a lot to look forward to. 1:55 we'll hear from chair powell see if there's anything new to trade off of there. tomorrow we get nike earnings. a lot it discuss there when it comes to a new ceo, john don know who the old ceo still going to be in charge, any macro tells on what's happening in china. they were early in seeing the weakness. on the economy it's a jobs week. friday jobs report, the jolts report, which has been proven very important in the fed's thinking about the tightness of the labor market, the potential strike on the ports coming as

soon as tomorrow and then, of course, the vp debate which i think is going to be interesting as we're trying to figure out what an economy would look like under one candidate or the other. i think we have to start in china because, boy, what a day. another 8% move on top of the big move that we saw last week. 6,000 stocks listed in china, 700 were limit up. 2700 names were up more than 10% today. volumes were at an all-time high. $380 billion changed hands. there's a lot ofitement here and a lot of bullishness. jpmorgan says fade the move until the november election because there's some risk there about what happens in china with tariffs and who wins and how tough it's going to look. it's more than short covering i think at this point because certainly positioning was a factor here. people are really optimistic. we did get some numbers out of china, carl. pmi, a little better than expected, still weakening. still not expansion because it's

below 50. the private sector read showed more deterioration. bad news is good news. they will have to stimulate more now that they're on the stimulus path. >> the official pmi was encouraging. the private was still a miss, right. >> it deteriorated. and the official pmi was under 50 and the 49.3, it was 50 in august, so showed a worsening. again, more stimulus. let's see. i mean the biggest quest on the durability of the rally seem to be fiscal, how much are they going to do, when are they going to do it, how commit ready they really to bringing the chinese consumer into the game? because that's been sort of the missing link. that's, you know, tbd, but we've heard some positive signals on that front. david tepper last week was excited about it. >> people have been looking at charts of hang seng versus the s&p and the swoosh up. higher year-to-date i think. >> china in a bull market like that. yeah.

there's a lot of catch up to play. it's been three years of under performance, and so we'll see if it's for real. there's the jpmorgan quote, fad fading. while on the subject of the election, interesting note we pulled out of the evercore isi research note today. you know the old adage that gridlock is good for the markets. markets want to see gridlock. they looked at returns back to 1928, and it was actually unified governments that performed better on an annual basis than divided governments. however, the upshot of the note was this time is different and because the two parties are just so dug in and so opposite, they would like to see gridlock in terms of what would be better for the markets and they go through a whole trump winners -- it's what you would think. deregulation winners like financials, oil and gas, red sweep they put in defense stocks into that basket as well. trump losers are the trade war industries that are hurt the

most like auto sector and agriculture sector. harris winners, renewables, evs, up with her continuing rollout of ira and other clean energy policies. the medicaid leveraged health care insurers that would help and then financials colon gas and ledged utilities would be losers under the scenario which gets exaggerated if one party sweeps. i think that that according to some of these research notes that's the biggest risk for the markets around the election. not necessarily the winner or loser, but what happens in congress because so many of these policies need to be enacted there. not tariffs. >> not tariffs. we made that point last week. so trump wins, and he follows through, you get the significant tariffs and we're all trying to bring people on to find out exactly what that is going to mean for inflation and a lot of other things. >> i think consensus it would be inflationary and drag growth and how much would he do is going to be more strategic, more --

>> across the board. >> across the board. just some comments from companies today, carnival out with earnings. we're going to talk to the ceo in the next hour. looks good. the bullish comments from the release phenomenal third quarter breaking operational records outperforming across the board, strong improvements were led by higher margins, same ship yield growth driving a 26% improvement in unit operating income. highest level we have reached in 15 years. going forward, they also see de demand in excess of our capacity growth leaving us well positioned. the sort of downside comment today, the more bearish comment comes from stellantis overseas and we see that in the stock. just the latest in a slew of european automakers to lower warnings. deterioration in the global industry backdrop reflects a lower 2024 market forecast than the beginning of the period. while competitive dynamics have intensified due to rising industry supply as well as increased china competition.

something to note, obviously. autos are a cyclical business. >> meantime, s&p down, nasdaq to end september in the green. s&p on pace for its fourth positive quarter in a row the first time since 2021. joinings here at post nine with more on the road ahead is ceo and cnbc contributor adam parker. hey, good morning. >> great to see you guys. >> how are we doing? >> good. you think this china rally is sustainable? >> i think there's legs to it. i think if you're a generous portfolio manager trying to beat the s&p 500 and you work at a big asset manager you probably bought something last week. you probably said let me get a casino, buy los aas vegas or wyr freeport. we've seen in the past when they do it, they can do more. i might as well add a few percent there. i think there's probably a good risk-reward to owning some of it. as you talked about just now, some of it was pretty beaten down and hated. people were short, that kind of stuff. so, yeah, i think it's a way to

get a little cyclical exposure. >> you don't sound overly excited about it. >> the challenge is when yo analyze -- we looked at the last time china stimulated and its averages kind of garbage sometimes they stimulated like in 2022 when raising rates, so it's hard to use the historical perspective and say it's a definite playbook buy the cyclicals. you have to looking at stocks in the u.s. that are quarterly. these shares or, you know, active last week and thought there was legs to it. i think casinos or copper maybe make the most sense with what i know right now. >> how about this notion that we're entering a couple -- little better seasonality but the overall notion that near term chop, medium term upside, do you agree? >> you know, whenever the consensus always agrees on something, i've learned that that doesn't happen that way. i think the worst thing is i mean i've learned this in the last 25 years, there's nothing worse than being a consensus bear and then you're wrong.

right. you come into september and think it's going to be choppy and the market has a good month, you know, so, you know, the best thing is you're a contrarian bull and you're right. i think everyone thinks it's going to be choppy. i don't see how october is going to be great. i don't see how we're going to get a lot of guidance off the q4 numbers for more than normal seasonal hockey stick in there. there's a lot that these companies need to tell you. you've seen some, i would say, real companies fedex, like ones that have broad implications, tell you things are slowing. stellantis, i should say it's not a real company. it's got real dollars and revenue. there's enough out of there to say i know it's slowing. the question is, will people care? we wrote a couple weeks ago 90% chance the numbers come lower, 10% they come up, 50-50 whether the stock market goes up or not. people will see through to the possibility of a better 2025. >> what about election risks which i started talking about -- >> i heard you. i was surprised. why today? we got a lot of wood to chop --

>> the debate tomorrow. >> you think -- >> vp debate. >> yeah. >> i can't think -- i'm -- i don't care. >> i'm looking forward to it. i would like know -- >> i don't care. >> i don't care. >> but your clients don't care? >> no. >> really? >> what i do all day talk to institutional investors. nobody is saying i'm thinking about the vp debate in terms of how i position -- >> the overall election risk policy like tariffs. >> totally. >> higher taxes. >> look, it is really hard to position a portfolio right now for what's going to happen november 5th even if we know anything on november 5th. >> we're not going to know anything on november 5th. >> i disagree with the summary of the note you referenced because when you go back to 1928 and you look at ddr, all the combinations for senate and house, what's the sample size on the sweep? two, three? >> there haven't been that many. >> right. for me to say -- >> interestingly they've outperformed. >> like 1940. that's the one data point.

i got to like -- >> you just got to wait until after the election or whenever we know who the winner is which probably won't be that day. >> reliable polling source. we've all learned that risk-reward positioning that isn't great. you have to say all right where can i dream -- what are equities? buy my dream, sell it to a sucker with a bigger dream later. maybe it's health care services. maybe they could have a lot of upside. it depends, you know -- i don't agree a sweep on either way is good for the market. i think then you get the risk of tail things happening on policy. so i guess i'm the consensus that the gridlock would be better, you know -- >> last week -- >> i'm not giving my political view. you get less cringy things happening. >> the notes say that too. >> experts on this stuff, 20% of american have extreme views.

the question is there any real policy in the middle that can get done and is it going to happen where we can get earnings growth dreams post the election? maybe. i think if you're a ceo or cfo you're saying why don't i wait a little bit to deploy capital, under what my three-year algorithm looks like. i can see a soft spot until post-election and then deploy the plan for a three-year view. i hate being the consensus it's a soft october but the numbers will probably come lower and if i'm a cfo why would i make a big decision until i have a better understanding let's hope by the end of november or whenever we know what the plans are. >> have you made any changes to 25 eps? >> we haven't, but we advise people what i told you, maybe add a little copper or a little casinos on china. i think it is a positive, and look, you still have this big incongrewty, the economy is slowing and the fed is going to stimulate, and all of us have learned you don't want to fight

the fed, but a challenge with that analysis is in the past, you also had balance sheet expansion and incremental fiscal stimulus. we're not going to get that in the next five, six, seven weeks, so i'm stuck looking at corporate earnings. i am excited about a lot of things that i think have pricing power independent of the economy. i see a lot in health care. i'm trying -- i've been sort of overweight that part of the market services, hospitals, distributors and other things because i think they're going to benefit from productivity. i don't think they have to do any hiring as they grow their revenue and all of a sudden a historical margin algorithm isn't relevant to the future. there's things to own. but i wouldn't say the train has left the station for the next 20% this quarter. it's going to be more complicated than that. >> it's been one of your favorites for while. >> lot of exciting stuff in there. we'll see. let's wait until the election -- let's talk about november 4th or 5th. let's talk about the 5th like the close. >> the rest of the world is

talking about it, adam. get with the program. >> not for the stock market which what is we do. more just on as a human being. >> i don't know. >> i think if you're -- think about you're managing a 20, $30 billion fund try to beat the s&p long only, i know you don't, you don't want to listen to what they're saying tomorrow night and think about the implements -- i think in infrastructure it could be good. industrial estimates aren't that high. maybe there's stuff to do there. find things where the risk-reward is positive and inventory is not high and valuation is reasonable. that's what i mean by the skew. banking on policy to impact the earnings, that would be -- that would be -- i don't know what drug. >> well -- >> i don't know what drug. >> seems as though it's going to be close so you can't in any way have a sense at this point. >> all 52-48 depending on which wrong poll you look at. >> adam, thanks. >> good to see everyone. >> adam parker. >> as we head to break our road map for the rest of the hour. a port strike countdown. less than 24 hours away interest

a critical labor walkout that could cost billions and impact the economy. we're going to talk to the head of the port of los angeles. tesla shares on pace for their best month and quarter of the year outperforming the rest of mag seven. what to do with the shares here. >> it's a deal decades in the making directv acquiring echostar's brekts broadcast satellite business, dish and sling tv. the ceo of echostar joining us later this hour. "squawk on the street" is right back.

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. east and gulf coast dock workers less than 24 hours from striking. some estimating the stoppage could cost the u.s. economy $5 billion day. some retailers anticipating a strike are redirecting imports to the west coast and joining us now, port of l.a. executive director gene surroka. great to have you back. >> good morning, sara. nice to see you. >> so you -- what are you seeing as we head into this port closure on the gulf and east coast? >> here in los angeles, our business is up 17% year over year. we've had an exceptionally strong peak season, and as we close out q1 today, it should be our best all time. >> because people are -- because retailers and other businesses are rerouting shipments?

>> several reasons. number one, the underlying u.s. economy remains strong. these purchase orders that go in from retailers and manufacturers typically start off the process 90 to 120 days before cargo makes its way here to the west coast. those numbers continue to be strong. on the ground, for about a year and a half now, folks have been a little bit worried about protracted labor negotiations and have told me they fractionally shipped some of their allocations over the past months to los angeles and long beach. we also had drought conditions in the panama canal limit the number of container ships crossing and the ongoing security issues in the red sea have cargo routing around africa, increasing transit time and costs. >> so what are you prepared for? are you expecting a bigger influx as these other major ports are set to close? >> we're running at about 80% of effective capacity, so still

have room to grow and all this cargo that's come through here during this calendar year has been moved quite efficiently. there are no backlogs, no ships at anchor here in l.a. >> what do you think this is going to do for the economy? that jpmorgan estimate of $5 billion per day, does that sound right to you? how massive is this going to be? >> even port closures for one day, sara, aren't going to help anybody. realistically these dock workers have gone through a cycle where the economy has changed, profits have been earned by companies that need to reinvest and these dock workers need to get paid. we hope for a swift resolution, make sure these folks continue talking. collective bargaining is really hard, but the economic impact, i'm hopeful, is very short and we can catch up quickly. >> yeah. gene, it seems like the last big story regarding ports that we had -- the market had to deal with would have been the port of baltimore and at the time the conversation centered quickly on autos and auto parts.

would you expect that to be the similar narrative, if, in fact, this goes on for a while? >> carl, these are ports from maine to texas, about 36 of which employing 42,000 dock workers. it is a really big deal. but again, trying to get down to the tactics of making sure that the workers get what they need, companies continue to bring in this cargo as a paramount importance, making sure these gateways stay open as we're on the doorstep of the retail holiday season adds another layer to underscore that we need to get this done quickly. >> do you think the biden administration will have to step in. >> oh, it's my understanding that the administration has been very active working with both sides and, of course, they have to. this is so much important to the u.s. economy, and we've seen even the atlanta fed come out with the revised numbers for q3's estimate. strong once again. any blip, any movement to the economy is obviously a big, big

impact overall. but what we've seen so far, steady as it goes. got to keep these talks moving in progress to get a deal completed quickly. >> right. we can all remember when you had your strike or what was it 13 days, and all those ships that just -- i mean it was only -- less than two weeks but it took months, didn't it, for things to get back to sort of normal? would that be your expectation were the same thing to happen here on the east coast? >> yeah. good morning, david. that's the basic math. a day out of work means probably takes you a week to clean up, a week probably means four to six weeks. that's all simulation and conjecture at this point in time. again, you know, any type of port closure means that it impacts the workforce, the families, communities, businesses around the ports that count on folks going to work every day. and while we did not have any strikes here on the west coast of the united states related to

our dock workers, we all too well remember those 109 ships backed up and took us the better part of eight months to clean up. different circumstances. cargo sitting at the port of l.a., using that complex as a warehouse because we were buying just in case, no longer just in time, this will be a little bit different, but again, making sure that the employers association, the u.s. maritime alliance and international long shore association, the ila, are at the table talking to resolve their issues around pay, robotics, and other work rules, is what has to be done right now. >> right. and yeah, for clarification, sorry, thank you, gene, for clarifying, you guys did not suffer a strike. i was referring, of course, to what you brought up, which was just what occurred as a result of the pandemic and the like. thank you for that. >> gene, i just want to dwell on your comments about the economy that you said, strong volumes, strong shipments, because the

economy is going well and try to square that with what we've gotten from fedex recently on the latest quarter they saw a macro deterioration and weaker than expected results. so is it because of the different shipping or different kind of products that you're exposed to, different kinds of the economy? >> yeah. that's right, sara. and different folks have scene outcomes that are unique. in our case on the surface transportation side, 90% of world trade moves on water. replenishing inventories has been key. the u.s. economy continuing to buy, and american manufacturing, kind of moving sidewayses. never fell off the cliff that some observers have said. what i have heard from folks like fedex and others, is that the intermodal cargo, the domestic transfer of cargo by truck, a little bit slower than they would like. some call that a freight recession. where we've seen the uptick is that intact ocean box, the cargo

coming from asia going to some 15 mid western distribution points is up year over year. >> thank you very much for giving us a real-time update. the executive director of the port of l.a. coming up we're going to have the ceo of echostar, i'm checking that stock, it is down some 18% on this very complicated and large deal that will bring dish and directv together. he joins us in just a moment. don't go anywhere. cy you no lonw you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we

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tough morning for nvidia and some other chip related stocks this morning. let's get to seema moody to talk about what's driving some of these declines. >> good morning, carl. headlines tied to china seem to be weighing on shares of nvidia down about 1.5% at this hour. beijing urging its domestic tech companies to stop using nvidia chips. this while bytedance is said to be moving forward with a huawei chip to build a new artificial intelligence model. it comes as the u.s. commerce department is expected to unveil new measures this october that would further limit china's access to u.s. semiconductors

including limits on sales of memory chips. now china remains an important market for the u.s. chip makers and chinese companies are reliant on nvidia with reports of smuggling chips in and accessing them through u.s. cloud service providers like amazon and microsoft and analysts including those at bernstein say further restrictions would be a headwind for the sector. the smh etf coming off three weeks of consecutive gains. we've had a positive month down right now about 1.5%. sara? >> thank you, seema. not helping the overall averages, especially the nasdaq which is down a little more than a tenth of 1%. nothing extreme. apple, for instance, is balancing it out gaining today. the s&p, there you look at it. strength in real estate, staples, energy, communication services, health care and utilities, weakness in tech, financials, consumer and materials. more "squawk on the street" plus david's interview with the ceo eaafr quk r right tea ic brk.

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welcome back. i'm silvana henao with your cnbc news update. the israeli military claimed responsibility for an overnight strike in beirut that killed members of a militant group in lebanon and gaza called the popular front for liberation of palestine. it comes as the hezbollah leader said today its fighters are ready to respond to any israeli ground invasion of lebanon. the death toll from hurricane helene is now approaching 100. one third of them were reported in western north carolina where entire communities were flooded with several feet of water. hundreds of people are still unaccounted for and more than 2 million people are without power across the southeast. accuwetter estimates the damage from the hurricane could reach

$160 billion. over 100,000 people in georgia just east of atlanta are sheltering in place today after a chemical plant fire sent a massive plume of chlorine into the air. businesses were also told to stay closed. local officials say the fire began sunday morning at a biolab facility when a sprinkler head malfunctioned. i'll send it back to you. >> we've been talking about this complex transaction all morning, of course. it is bringing together directv and echostar's dish to create a giant, so to speak, in direct broadcast satellite. take a look at shares of echostar down sharply. let's get more on this complex deal with the ceo of echostar hamid akhavan joins me right here. market not taking it particularly well. we'll get to that in a minute. let's sort of start off on why we chose to go down this road. why do this deal? >> great to be here, david.

thank you for the opportunity. look, i think it was the right time to do this is. i think the industry, the content industry, the distribution of content distribution industry, has been on a decline losing customers in a rapid pace to the streaming. i think there's been, you know, attacks by the programmers, by the new tech and it's the right time to bring the companies together to create a company that ultimately had enough ability to, you know, negotiate better deals with the programmers and bring smaller packages to the market, which consumers are asking. i think this was the scale game that, you know, kind of puts us in a level playing field with the -- you know, with the competitors in the market and i think so that's one angle. the other angle is we have a wireless business that is nascent and growing and we have a tremendous opportunity there. we couldn't feed that business properly. this was a challenge for us, and just the focus of the company being in multiple directions was also a management distraction. this is all of that in one.

>> i've tried to go through what is a very complex deal from the capital structure point of view, but essentially, it reduces your outstanding debt, and it puts your maturities further out into the future. allowing you to do what with this wireless business? >> this is the largest telecommunication market in the world by far and away. so much in this market with ai and additional technology advantages coming into the market. three carriers is not enough. i mean most other countries have more that are smaller, and i think, you know, there's a dominance between the three carriers that are there each having more than 120 million subscribers, and, you know, there's not much trading happening in a consumer space kind of plateaued. we are entering this market with a new technology wist a new attitude and a new ability to shape this market and we're going to take advantage of that. >> what do you mean new attitude? attitude may not be enough to

win the hearts and minds of consumers. you have to come with a product that will work at a price they are willing to pay. >> we're doing that. today we have a year worth of free service with no obligations, no contract, no trading, no obligations of any kind, come in, buy a phone, and you get one year worth of free service. i would like to see if the others can try that. see if the others can try that. it is a -- we are just warming up. there's a lot we can do in this marketplace. >> what are you going to do over the next few years? investors today are trying to understand this. they're looking at a company that is, again, going to reduce its debt, certainly, significantly, but getting rid of most of its cash flow as well. so how do you deploy capital to get to this position you're talking about where you can be a realistic competitor to at&t, t-mobile and verizon? >> we don't have any legacy. from a cost structure, agility perspective we have advantages others don't have. we have a 5g network with open interfaces and we can be nimble

and we can manage our cost structure better. plus the fact that we're relying on, you know, two networks nationwide roaming partners for us. we immediately and already have arguably the best coverage in the nation access to more towers than anybody else. we can concentrate our focus where we can make the biggest competition and concentration of our capital and success. the times are different than when the other guys were in the market. now we're walking in with those advantages, and just watch us. we certainly are planning to offer disruptive sglshs what plan are you going to offer this under? >> boost mobile. we're the first ones and i think other time others will come to the conclusion, they are not different products. 40 years ago when we started in the mobile business that's the way the segmenttation made sense. today that doesn't make sense. we think pre and post paid are preferences for payment and consumers want a choice in between and consumers want to

pay some down payment, whatever they feel like paying, pay the full amount, don't want divided. we have started that. for us it doesn't make sense to divide our money into two different brands, multiple brands >> how should we judge you from here then? before that, do you have enough capital and/or access to capital to fund this business plan that you're talking about? or you going to need to go back to the capital markets in some way from a debt perspective to be able to actually get to this promise land? >> we have certainly secured enough capital for now to have a good runway ahead of us, and much of what we discussed this morning came together, you know, in the last few days and few weeks. so we are just still in the process of digesting all of it into a new business plan, plus the fact that the fcc gave us great news in terms of making us more competitive, allowing us to make a bigger difference in this marketplace. we haven't digested that all into a new business plan. we'll share elements as time

comes on. we have access to additional fire power as needed to get our business, if necessary, to get our business to be most competitive and we plan on doing. >> you're in the going to be producing a great deal of cash flow from this business or is that not a fair characterization? >> that's a fair characterization, although in this business, revenues can grow relatively quickly if you add in a number of subscribers. we'll disclose that in time in terms of the projections -- >> you're not giving us any guidance here in terms of what your expectations are -- >> it would be too early today. as i said all the new has come together quickly. we're replanning our plan and next year we start sharing some additional -- >> what is the bulk of the capital spent on? is it more marketing or as much equipment and build out? >> until now until the beginning of this year it had been almost exclusively on build out and now that we have met obligations and still have obligations, obligations are manageable, more and more of our money you see

heading towards in acquiring additional customers and go to market basis. we have the mentality of next best dollar. where is the next best investment and i think for now, more of it will go towards acquiring customers than build out networks. >> still see ads on the nfl and things of that nature with the likes of the other carriers? >> you know, i think i look at every investment with, you know, return. i'm not sure we're ever going to go toe to toe and compete with the others. we'll probably compete, you know, more on putting our money on the distribution, putting our money where the value for the consumer is as opposed to more adve advertising. >> you want this to be a nationwide 5g provider. you have the spectrum to do it. the question is where you have the financial wherewithal to do it. >> we are nationwide. we covered 99% of the nation in terms of coverage. that's more at least on part with anybody else in the nation. i want to say that, we're as competitive as anybody else in terms of our offering, whether it be price, coverage, quality, we absolutely know that even by

their own admissions bestter thn some of the other existing -- but building additional network coverage that's a decision beyond meeting their obligation to the fcc we will need every dollar will be allocated based on is it better to have a portion of the network that is not as densely populated or customers. >> right. my parent company comcast and charter are competing. let's come back to a bigger question which i asked 23 years ago, the answer this time probably will be different, this is all dependent on the antitrust authorities saying to directv you're okay to own this business in dish. what gives you the confidence they will do so? >> times have changed in 23 years. this market is not anywhere near what it used to be. today if you look at just the streaming, the combination of the two companies it's -- it pales in comparison to disney, to hulu, to paramount, to peacock. the market has changed. every consumer first of all has

choice for streaming. there's broadband in the market almost available to everyone in the market. if you look at starlink anywhere you can get for $299 a connectivity through starlink. the market has changed. if you take a look at the two companies together since 2016 they have lost 16% of the customer business. >> not a good business to be in. >> if you think about it this is a market that actually benefits from having a scale provider so they can wrestle down with the programmers and the big tech to bring more affordable user packages to the end user and flexibility. that's what this company will bring together. i think the justice department will like that and see that as a better way for the consumer than it used to be. >> and ostensibly the competition you'll bring in the wireless market. >> we're looking forward to that, yes. >> we're looking forward to following the progress that you make and appreciate your taking time. thank you. >> thank you, david. >> over to you, carl. >> thanks. tesla shares beating the rest of the mag seven for change on pace for their best month and

quarter of the year. can that rally continue as we get deliveries on wednesday? we'll talk about that after a break. trend tracker is sponsored by cme group. i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one.

tesla one of the top gainers on the nasdaq for the quarter on pace for the best month and quarter of the year. that's ahead of the q3 delivery numbers later this week as some other auto stocks face some pressure after a big demand warning out of stellantis which did slash its full-year prafts forecast. here to discuss is rbc analyst tom nor ryan, 224 market and buy rating on test. i wonder if you think any of this goodwill around this month's delivery number is deserved right now?

>> we're also seeing it on a relative basis which i think is how most auto investors look at versus what's happening in the industry. the stellantis profit warn comes on the back of three other profit warnings from european automakers in the past couple weeks. i think a lot of folks are looking for safety. te tesla seems to be a place they can get that. >> some of the ev numbers out of france and germany for august were so horrible. is there a share shift happening over there? >> no. it's a complete market dynamic. you saw incentives get cut at the end of europe in germany. pricing is too high over there. you will get relief in 2025, though. these oems have to make a severe co2 regulatory cliff, so that will come back. that softness in evs is being felt very severely.

we think incentives will have to come back, especially in germany. that should help a little bit in 2025. >> deliveries this week, but then the robo taxi day the week after, and i wonder how much of this is optimism and excitement over that and starting to price in what that might look like? >> yeah. that's fair, right. the stock has run quite a bit. it's run, you know, past my price target as well, notably. so sure, folks are looking at optimistically on robo taxi and what that could mean, but that said, in the backdrop of what's happening in overall autos, i still think it makes sense to be constructive there and recall what's happening in europe, for example, next year that regulatory cliff, guess who these oems in europe are going to be buying credits from. tesla. so i think a lot of folks look past where the price is, the share price is, and looking more towards sentiment and the narrative or narrative is autonomy, sentiment is numbers

beating. the regulatory credits will be big and then energy storage deliveries look like they're going to be fine. on a sentiment basis, which i think is how the stock trades, i acknowledge it could be sell the news type event. robo taxi day. but there's enough inertia given how the rest of autos is trading it could still catch some support. >> does a return to the highs on tesla anywhere in your models right now? >> yeah. i mean, look, my models is very conservative. i don't include any optimist, which is by the way coming up a lot in questions. folks are starting to look at that. my robo taxi numbers, i think, are quite conservative. $400 billion of value could expand autos beyond the $2.7 trillion level. the upside is significantly higher than where my price target is, and definitely you can make a case, obviously, for where the stock is trading, but again, i don't think folks are doing the math on dcfs on this name, right. they're looking at catalysts

near term and there are several, and i do think folks will continue to be excited on the back of the robo taxi event. >> tom, appreciate it. we'll see what we get on wednesday. good to see you again. >> yep. >> wild ride for shares of carnival shares of carnival cruise under pressure despite song tr results. we'll break down the numbers, get a read on how the consumer is holding up. the ceo joins us next hour on "money movers." josh pgim investments. shaping tomorrow today.

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that's what i do. is that love island? a new poll shows the economy looming large among latinos in the upcoming election. let's get to steve liesman with details. >> this is big news. we have a new survey showing latinos are about as downbeat on the economy as the rest of the population. that could explain inroads republicans are making in what is a tight presidential election. 77% of latinos say the economy is just fair or poor. 23% say it's excellent or good. and that looks a lot like all adults from our cnbc august survey. the broader country.

and the problem for democrats is this is what democrats look like in our august survey. so, this latino democrat-leaning group usually looks a lot like the broader population. that could be a problem. 65% of latinos report their income is falling behind the rise in the cost of living with under a third saying they're staying even. just 6% getting ahead. that's a big change from 2022 when nbc did another latino survey. measurably worse than 54% who said they were falling behind in 2022. among those saying they're losing the most ground, women 18 to 49, a reliable democrat voting subgroup in here. florida, ages 18 to 34, and blue collar workers as well. among who those who say they're falling behind, the biggest personal impact was seen in groceries, reportedly 48%, followed by rent and mortgage and health care as well. the survey showing harris leading -- vice president harris leading by 14 points over trump

among latino voters. take a look at the polls leading up to 2020 election where president biden held a 27-point lead. so, that is narrowing. it's part of a broader trend. explaining these inroads, harris leads on several issues including abortion, who would best serve the latino community. trump leads on the economy and cost of living which keeps harris in front but shifting support towards republicans. carl? >> historically, steve, right, the democrats need to win the latino vote, right? i mean, a significant -- >> yes. >> -- margin, which is why this could be a problem for them. there was a great note on -- a great article on nbc about how both campaigns are advertising and appealing to the group differently, that it was more targeted from the harris campaign on issues, on traditional issues the latino community cares about. on more local advertising as well versus trump, which hasn't -- that campaign hasn't spent as much targeting this

group. >> well, it's interesting. you may not spend as much, but if you can target what our data show, sara, is that both businesses and politicians treat latinos monolithically at their peril. it's a very diverse group. it's a group, i think, growing more diverse, and as a result looking more like the broader population. at the same time, as we'll talk about in our coverage tomorrow, we have big differences among, for example, evangelical latinos, catholic latinos, young latinos and older latinos. it's a really difficult group, i think, to target specifically. >> how about as a turnout group, their level of civic participation when it comes to elections, steve, are they engaged? >> they are engaged. our data show they're a little less interested in the election than the broader population. if everybody else is a nine, our intensity on this was 8 or 7.5 on a scale of 1 to 10, but they

are definitely engaged and seem to be paying attention to the issues. and coming up with answers, in some cases look like the rest of the population, and so some issues, specifically immigration, they look very specific to the latino community. >> steve, thank you. >> pleasure. >> steve liesman. and with that, another incredible hour of programming concludes. don't go anywhere. our live market coverage continues right after this. but may be missing benefits they could really use. extra benefits they may be eligible to receive at no extra cost. and if you have medicare and medicaid, you may be able to get extra benefits, too, through a humana medicare advantage dual-eligible special needs plan. call now to see if there's a plan in your area and to see if you qualify. all of these plans include doctor, hospital and prescription drug coverage. plus, something really special, the humana healthy options allowance. your allowance. to help pay for essentials

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good monday morning. welcome to "money movers." i'm carl quintanilla with sara eisen on the floor of the new york stock exchange. today the ceo of carnival is with us. shares falling despite the beat on the top and bottom line. plus the ceo of the national retail federation as a looming court threat threatens retail. how to play the commodity sector as we enter the final quarter of the year. as for stocks, we open the week with minor losses and we've come back a little more from this early. nasdaq is down about 0.20%.