it's only a couple of projects, morgan. there's still a lot that are going on, but it's enough that basically they ay, if we don't get the lng from the us, we're going to have to get it from qatar, or maybe even russia, because russia, while the pipeline got blown up, morgan, if you find out who did it, let us know, they still produce and sell a lot of liquefied natural gas via ship. >> all right. brian sullivan, thank you. a lot of theories about that one out there. we got university -- university -- we've got michigan consumer confidence tomorrow, we got bank earnings tomorrow, and a market that finished fra fractionally lower today. >> got to tune in for sure. a lot of smaller tech stocks that did pretty darn well. >> all right that does it for us here at "overtime." >> "fast money" starts now. >> john and morgan, thank you very much. live from the nasdaq site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight.

i'm melissa lee, coming to you q-3 earnings kick into high gear tomorrow with banks releasing their results. what can we expect from the financials, and from the rest of the market? and, rates are on the rise. yields on the ten-year hitting their highest since the end of july, after this morning's cpi report. the inflation and fed implications, coming up. plus, big action in the options on nvidia. the chart master says it's time to buy uber. the state of the commercial real estate market from the ceo of a $10 billion investment firm. all of that is coming up this hour. we're all ready, i'm kelly evans in for melissa lee, from the studio b at the nasdaq. and on the desk tonight, tim seymour, dan nathan, julie biel, mike khouw -- did i screw that up? >> khowu -- >> i'm sorry. and leslie is here, as well. big banks reporting results in the morning. bank of new york and blackrock

also on the docket. it has been a strong year for many names. double-digit gains, jpm up 25%. but can the good times -- good times, tim -- >> good times. >> good times here. can they keep rolling? less lee slie picker here to discuss. >> great times with both of you ladies here. let's get that out of the way. >> really fun. q-3 earnings themselves, everyone is looking past those, because they're expected to be a little bit weaker, a little choppier, but the number one question that analysts have is future performance, beyond that, rate cuts can be a headwind for banks profitability in the near term, because floating rate loans tend to reprice downward more quickly than the rates paid out on deposits such as cds. that gap is expected for q-3, but most analysts are urging investors to focus on that medium-term trajectory. morgan stanley said specific commentary on deposit pricing is likely to drive, quote, outsized reactions during earnings,

driving hirer bank stock volatility. but on the flip side, a lower recession likelihood, coupled with cheaper financings should bode well for the m&a pipeline. and corporates will get more regulatory clarity that could potentially help c-suite confidence for doing bigger transactions. even though estimates indicate little choppiness in the 3q reports, the markets appear to be looking past that. the financial sector hitting a record high yesterday, though slightly in the red today. we'll get this first read tomorrow when jpmorgan, wells fargo, report before the bell. >> how important, tim, is big bellwether this time, not so much, always a big bellwether, big banks, the regionals. where is your brain at? >> often with jpmorgan, we are trying to get an economic read. jamie dimon is offering delive -- often deliverings that. banks have been sold into these

numbers, and the question is really if investors are seeing some change in the regulatory environment, or their ability to give back capital, et cetera. but banks are coming into this on a run. banks have outperformed. regional banks were up 13%. they've been one of the best performing sub sectors in the s&p. so, that's really the question. i think the bar is very high. i think the net interest margins are going to be under close watch. i think with a wells fargo, this is a bank that, in the last three weeks or a month has had some of that cap lift off of them by the regulator, and that's part of why wells has outperformed. i think it's why wells can continue to outperform. >> dan? >> yeah, so, the money centers are not particularly interesting to me. they are all off their highs from july or early august. when i think about what's going on there, there's a lot of uncertainty as it relates to the rate environment. what i want to focus on, and i just spent two days with a bunch of bankers, vcs -- >> good times. >> private tech people. they are all hoping that this

ipo window opens up in 2025. they're actually pretty confidence about it. >> why isn't it open right now? >> well, you would think, though, with a stock market at all-time highs. >> exactly. >> that you had, you know, 25% returns last year, 20% -- it's just not ready. valuations. >> startup companies, or? >> a lot of the focus just turned to generative a.i. and they're not going to go public for two, three years, if many of them get there. so, when i think about some of the stuff, the backlog of some of these things over the last few years, there's going to be strategic m&a there's going to be private equity. morgan stanley, goldman sachs. morgan stanley is about to break out of a four-year consolidation. goldman sachs looks like it's about to break out. >> and that's -- >> you buy them on any pull-back. >> tuesday/wednesday. >> you find them less the money centers. >> you like them, even though we don't have a big ipo market. the credit markets have been crazy strong. >> you buy them in anticipation.

>> julie, what about you? >> yeah, dan stole my thunder. that's exactly how i feel. i'm much more interested to hear what's going on with the investment banks. >> i'm not really interested in banks broadly speaking, because there's not a lot of differentiation. we've been doing a lot more testing the waters meetings with private companies that are getting ready to go public. it's like their training wheels meeting as they get ready to talk to mean, nasty investors like me. and what i'm seeing that's encouraging is actually the quality of these companies is better. and they have a little bit more religion around profitability. but if they are touching anything with a.i., they've been given a blank checkbook in order to spend. it's a little bit of a mixed outlook. but what is really there is that most pe portfolios are very long in the tooth, as far as being able and needing to trade them. so, i think that will lead most of the investment banking activity in the near term. >> and mike, just to point out something that piper noted the other day, those shares are up

60% year to date, and there is this expectation that investment banking is back, and that deals are going to be made, because rates are coming down and maybe the ipo active helps at the margin. are you seeing any activity around these banks, or, you know, advisory firms? >> well, i mean, i would probably draw a distinction between morgan and goldman. morgan has focused more in recent years on asset management. i think that's a business, essentially, that james really got them into, and it's served them very well. their revenues are going to be hinged pretty closely to asset prices generally, and where are we with asset prices? they're elevated. wie we're very close to all-time highs m when you have kind of these record levels, our expectation should be that morgan stanley's revenues are going to continue to do well. goldman sachs is going to focus more on the issuance side, on investment banking, sales and trading, that sort of thing, so those are the kind of things that you would look forward to for goldman sachs in the year to

come, more so, i think, than you would in morgan stanley's case. and just looking back at the money center banks, one of the things i would point out is that all money center banks aren't equal. we've seen that bank of america, for example, hasn't done an exceptional job at managing their treasury portfolio, you know, their htm book has a lot more duration. so, when you start to see, you know, if you're going to use tlt, just as a proxy for long-term rates, then you can see that, you know, that htm book hasn't been doing well, but it's going to look okay when they report, because, of course, those rates have been falling, but as we look ahead, you have to keep an eye on the long-term rates. and whether or not you actually market that, people still care. >> it's something to tuck away when you see the ten-year going up to 4.11 and hearing fed officials how maybe they're on hold in november. the kre outperforming in the third quarter still lagging year to date, so, maybe -- up 14%,

kre up 7%. what's the word on the street around people looking to the big banks versus the regionals, kind of into year-end? >> a lot of that has to do with a catching up. kre was under pressure for a long time, after the regional banking mini-crisis, shall we call it, from the spring of 2023. and there was all this concern in a higher for longer interest rate environment that we would, number one, go into recession. and number two, that credit quality would deteriorate as a result of higher interest rates. and there's some examples, some kind of anomalies there, but by and large, credit quality has held up much better than most people expected. >> you can make an argument credit spreads are as tight as they've been in years. so, again, even when equity markets were at all-time highs but bond markets were selling off, commodity markets were telling you the world was worried about growth. >> exactly. >> right, and that's been a positive sign for the stock market, too, despite a lot of the recent hiccups. the ten-year yield is

hitting its highest level, after this morning's hotter than expected cpi print, but our next guest still believes yields are coming down, so, good news for mike's b of h right there. so, i was talking to brian weinstein earlier in the week who thinks the upper end of the ten-year range could be 5.5%. that's out of consensus, for sure. katie stockton is one that thinks maybe we're going back into the high threes on the ten-year. where do you fall? >> i'd say probably low to mid threes, kelly. by the end of this year, call it 3.75, next year, 3.25-ish, but it hinging on the fed. if the fed says, hey, we're likely to cut fairly aggressively, yields are going to come down. so, it's been a lot of the talk from the fed, it's pushed up rates both on the front and back end. >> dan? >> yeah, how restrictive do you think the policy is right now? we have gdp that's tracking ahead of trend in 2024, we have

unemployment that, you know, i guess the fed indicated 4.4% by the end of the year, that might not happen here. so, when you think about where yields are, where you think they're going to go, is it partially because of the rate and where it is as being restrictive and they're worried about, obviously, sending the unemployment rate higher and the economy lower? >> policy is restrictive. think about what the market is telling us regarding the end of the fed cycle. 3.35, 3.40, that's a big number. the fed would tell you neutral is about 2.s 2.90. this is quite high of the beginning stages of an easing cycle. things are not that great. that's why the fed is cutting. and for the market to it is there at 3.35, policy is too tight. >> julie, you want to get in here? >> yeah, what i'm curious about, a little bit piggy backing off of what dan said, what should our expectations for economic growth really be if we assume that, you know, higher rates really didn't hamstring the economy i think the way people

expected. should we really expect it to reflate dramatically on the downside? >> shouldn't really expect a recession, but things could tip that way. if you think about the probability of hard landing, soft landing, maybe hard landing's 25%, 30%, something like that. so, it's not a given that we're going to get a soft landing. the fed is looking pretty good right now, but there still is not quite the buffer is fed officials would like you to hear and think about. they want to see a bit more room until they get too excited. >> michael, how do you balance the volatility, though? vix is elevated. and that can be for a lot of -- there can be distortions there. i know you at least throw out the the possibility around the election, a result that's not clear. help us understand if you think markets overall are positioned for that, and is the vix telling us something that maybe we don't see? >> markets are not ready for that. the rate market is saying, ook, vol is going to be high around the election, and people like to try and hone in on one day, but we don't all vote on one day

anymore. it's not the way things work. so, what's the chance we'll actually know who the next president is going to be the night of november 5th? pretty low. and who controls the senate also low. so, i think you have to prep for a period of extended volatility. it's just a day or two where we're left hanging, not such a huge deal. but if that stretches out to be a week, i think that's a pretty major risk-off event. s&p is down 2%, 3%, bond yields go down a lot, that's -- my call is looking better, so, i wouldn't mind seeing that. >> you'd be a buyer of treasuries here across the curve, really? >> i would not take a ton of risk, but i'd want to be long at least a bit. so -- and preferably, more toward the short end of the curve, keep that duration relatively low, and if it hinges on the fed, why not focus on the part of the curve that's most impacted by the fed. >> then you'd have to -- think you think that are going to be cutting pretty significantly? >> i do. i think the talks a skipping a meeting makes no sense.

you can't say, we kind of misread the data, the data are puzzling, we'll just wait -- that's not a good message to send. >>all right, michael, thank you. julie, you want to trade it? >> yeah, no, i think looking at the -- looking at the ten year, it's really hard to have a lot of confidence where direction of rates are going. my biggest concern is just that there is so much enthusiasm, and i see this particularly in small cap that's like, oh, earnings are just going to go way higher. and the thing is, they weren't that necessarily impacted by the higher rates. and so, i think there's a little bit of a disconnect there, and i'm worried that the enthusiasm isn't going to get met. >> all right. mike khouw, you want to add anything on the way out here? >> well, i think, first of all, inflation can be more persistent than one would expect. and we have other drivers. i think julie was asking the question a little bit earlier, you know, about the economy, and the fact is that we are running a $2 trillion deficit, official 2.2 trillion real, probably, that's 7.5% of gdp.

so, if you're wondering why the gdp numbers look the way they do, even if the multiplier is low, which it typically is, when unemployment rates are low, it's still material. that can also be inflationary. so, i don't know how much lower than 4% i would expect the ten-year to go in the short-term unless we're really looking at something fairly grim on the growth side. >> people who see it on that side would say, maybe the short end is safer to be. we're going to take a quick break, but coming up, amd is unveiling its latest, greatest hope in the a.i. race. we have all the headlines, next, with amd shares under pressure. plus, the state of corporate real estate. can this beaten down industry expect a turnaround in the near future? we'll dig in. you're watching "fast money," here on cnbc. we'll be right back.

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nvidia's blackwell. kristina, what did she say? >> well, amd really has come a long way from not making gpus, barely making any money in 2023, to an estimated about $5 billion in a.i. chip sales this year alone. so, lisa suh did launch amd's latest a.i. chip, available this year, set to compete directly with nvidia's h-200 chip. but that particular nvidia chip has been on the market for three years already. so, i asked lisa suh if it's just a constant game of catchup. listen in. >> first of all, the market is moving very, very quickly, you know, if i just say, you know, our mi-300, which has been on the market now just a little bit less than a year, was competing against the h-100, which was the previous generation. it's done phenomenally well. >> su wouldn't talk exact price, i asked her about that, but said the total cost of ownership, tco, for their current chips

would undercut nvidia. amd also announcing a fifth generation cpu chip, so, think of that for doing the general tasks on a computer, claiming they now own over a third of the cpu market, which was once dominated solely by intel, gone are those days. a new a.i. pc chip and increase in their total addressable a.i. chip market to $500 billion by 2028. much of this news, though, was largely expected from all the analysts out there. there was no new customer announcement, and yet some criticized the fact that amd's latest a.i. chip compares to an older nvidia chip with blackwell coming to market, that's nvidia's latest chip. so, the ceo, lisa su, did insist the market is still nacennacent demand will continue. that seems to be the trend from all of these chip ceos and a.i. leaders. >> kristina, with this kind of out of the way, what would be next on the horizon for amd investors who might be hoping

that there's some more positive catalyst into year-end? >> it's just a constant, the next iteration of their chips, also, the software they men mentioned. amd wants to provide the entire rack. you have your cpus, gpus, the software that goes with it, designing it with their new acquisition of zt systems is another example of how amd really wants to provide a turn-key solution. the problem is, almost every company wants to do that. even hyperscalers, aws is working on this, google is working on this, meta is working on this. so, i think in the next four to five years, those are going to be major threats to these chip companies that are -- are leading the pack right now. >> true. kristina, thank you so much. kristina partsinevelos out west. and tim, to -- to me, the biggest surprise was looking at the charts and seeing amd shares are up only 11% year to date. 11% for the company that's supposed to be second in the race next to nvidia, which is a multitrillion dollar companies chose shares have more than

doubled. >> yeah, there have been some structural questions about where amd is, and where they can compete, but you're absolutely right. in fact, a month ago, amd was down on the year, which is crazy when you think about what's been going on in the space. even if they are a distant number two, they're underperformed year to date. i think there's an opportunity -- i'm long amd. i do think also just in kind of core data center, they've been taking market share and the margin story there is impressive. it's not cheap. and it never has been cheap. and i think the question really is, if there's a whole lot of hype around a.i. that is -- is priced in, you know, amd probably trading where it should right now. >> julie, what about you? >> yeah, no, i agree with tim. i think it's a function of being able to balance the fundamentals, where nvidia is clearly, clearly dominant, and you have to keep in mind that when you're building a lot of this a.i. software, you're using their language in order to do that. and that's created this huge moat around their business, and it's hard for amd to reply kate that enthusiasm and just that language.

it's a real switching cost. but there's no company that's so glorious, so good, that valuation doesn't matter. and i think at these levels, it has to be a concern. and amd is a fast follower, potentially has the ability to kind of continue to broaden out the offering of what a.i. in infrastructure looks like. >> all right, 37 forward pe, 49 for nvidia -- >> nvidia's customers would love a second source. lisa su has been talked about this $4 billion to $5 billion from their gpu that should compete, but they just don't have it yet. and so, they're still expecting to kind of guide to that, they keep talking about a tam that -- >> tam. >> announced new customers, and tim is right on the cpu front, they've done really well in the data center. i think a.i. pcs are going to be a thing, and they're well positioned there, but that's not going to justify the multiple. the other thing is, you know, you'd say with the stock down as much as it is, and it's only up 11% on the year, that there's

high expectations, but right now, if you look at the out year, 2025, there's expectations for 60% eps growth, and about 30% sales growth. and that just doesn't look particularly likely. that's why i think you have the underperformance. >> so, you wouldn't take this -- >> at some point, it's going to be derisk. at some point, they're going to say, we're not going to hit that $5 billion number. >> i think some of it was derisks over the summer. if you think about the sentiment year over year, least year, they're announcing the mi-300, and no one cared what it was, they just heard the name and they heard -- probably a 350 tam now, it's now 400. that's totally fair. dan's right what we haven't seen is the entire semi space properly derisked. that will come with a market scare. the growth companies, if you look, semis have been outperforming the general market over the last month. even at a time when tsh-- it's d

of that barbell. you've seen stuff that's a little bit more value-oriented, banks, but then the high end. semis have picked up the pace again and are outperforming the s&p for the first time in three weeks. >> nvidia almost made a new high. mike khouw, what are you seeing in the options? >> well, i mean, envidia is always the busiest single stock option, and on its own, it represented 9.5% of the total u.s. option volume. the call volume was up 20%, that's an increase of 500,000 contracts over the 20-day average. the busiest contracts that expire next week, so, ignoring the ones that expire tomorrow, were the 135 and 140-strike calls. 135 calls traded 80,000 contracts. a lot of block prints in there. a purchase of just under 700 contracts for about $3 a contract. so, risking a relatively small percentage of the current stock price to bet, since it is

bumping up against all-time highs, that it could actually break through sometime between now and a week from tomorrow. >> and mable ybe widen that gap. dan? >> with the stock up 170% on the year, like you just said, it's very close to the all-time high s. looking out to november suggests there's a lot of folks levering up. they think this is going to make a year-end run. if you look at the chart of this thing, it's had breakouts, consolidations, and i think -- >> it's held that uptrend. >> yeah. >> like a boss. >> excuse me? >> like a boss. i mean -- >> it's the boss of the market. >> says it all. there's a lot more "fast" to come. here's what's coming up next. >> like a what? a pizza party for domino's? the chain facing tough competition from the upper crust of the fast food industry, but can big promotions and a fresh loyalty program help it avoid the noid? but first, the corporate

real estate market is taking its first steps on the long road to recovery. but the beaten down space isn't out of the woods yet. how to play the path ahead, next. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.s ti seeks to help investors achieve better after-tax outcomes. pgim investments. shaping tomorrow, today

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welcome back to "fast money." stocks finished the day with slight losses. the nasdaq down nine points. as mentioned, the high tech stocks were largely flat. but delta was down a percent after reporting earnings that were disappointing and guidance before the bell. ceo ed bastian warning of a temporary pause in demand around the presidential election, though those shares only closed down 1%. and paypal dropping after bernstein downgraded the stock to market perform, saying vemo could start to lose share to competition. and tilray with a top line miss, but the ceo is optimistic about federal marijuana law reform. also touting the growing beverage business. tim, your thoughts? >> i'm long all three of those stocks, by the way. i'm long tilray.

i don't necessarily even own it, because of their cannabis business. i think what irwin simon, who has built a lot of brands and certainly as done that over the years, they have pivoted into beverages across different -- but certainly a similar demographic. it's a lifestyle demographic. i think it's an interesting story. in the cannabis world, playing for the next federal headline has not worked. and you need to own companies that have sustainable businesses. i like their -- >> $1.59. it's tough. you could get upside out of that, but such a hit-driven business, the beverage business, even if we took that at face value. >> buying eight craft beers for anheuser-busch or from moll son coors, don't they know something, why were they sellers? but i think there is an ability to improve upon brands that actually in the premium space and craft that maybe weren't gichb enough attention. bottom line is, as someone who is investing in the cannabis space, i don't necessarily view tilray as a pure cannabis play, in that case, it's a benefit. >> got it.

anything to add? >> last week, constellation got a couple downgrades after their results and probably had a lot to do with beer, but they made some investments in the cannabis space -- >> not so good. >> yeah, much higher levels. but this thing has been basing for five years, and i think am s at some point, we have to talk to the modelo people. that stuff's good. coming up, the latest on a beaten down industry. it's not the one we were just discussing. what one trader sees for the commercial real estate market. plus, tesla's robotaxi event coming up tonight. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

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welcome back to "fast money." with the fed signaling more rate cuts could be coming this year, what does that mean for commercial real estate investing? our next guest leads an investment firm with a portfolio focused on the space. let's bring in greg friedman. greg, it's great to have you on this afternoon.

and especially in light of the fed walking back somewhat from the deep cuts we thought were coming, does that have you a little nervous? >> yeah, there's no question, you know, everyone was surprised to see we got 50 basis points of rate cuts. i think everyone was expecting the next couple of meets, we'd see potentially 25 points in rate cuts. i don't think that's the case. we've been pretty, you know, we've been pretty consistent over the wlalast couple of year that we just think we're in a higher interest rate for longer. i think there's still the risk of inflation, and unfortunately, just as rates -- you look at the long-term rates, the ten-year treasury is up since the last rate cut. that really has a negative impact to the underlying values of commercial real estate. there's risk premium spreads, as sets are valued, and it has a very negative implication. >> right. so, do you have office in the portfolio? are you more real estate? where is your exposure? >> yeah, we have some office.

by don't have a lot of office. we're focused primarily -- we invest both on the credit side, as well as the equity side of commercial real estate. we have everything on the credit side from multiple family to office, retail, hotels, we have horizontal land development loans. on the credit side, we have a huge exposure to hotel assets, we also have some office. not a lot of office, but fortunately, you know, office is going through a bifurcation right now, as you know, and not all office is bad, but a lot of office is struggling. >> yeah. so, what has been doing the best in the portfolio? and where are the drags? >> yeah, so, you know, across our portfolio, we're -- hotels have rebounded extremely well. hotels are doing extremely well, mu multifamily continues to do well. it's office that's got the most stress, really the secular distress that you're seeing, i think, across all commercial real estate. you're dealing with the stress of just higher rates that are having a negative impact to cash flows, just increasing the cost

of debt. >> and that's where you're seeing the stress across our portfolio, the impact of dealing with higher rates. fortunately, we don't -- across our equity portfolio, we don't carry a lot of leverage. we carry moderate leverage. there's no question, being a credit buster is a great place to be today. but go ahead. >> yeah, so, i guess my question is around higher rates, and even though rates are coming down, we've been waiting for this moment, where refis have to come through. i saw a couple downgrades in simon property group, in the mall space, again, not because these, you know, refis for them, they have a $2 billion refi coming up. at some point, this does effect ffo. and there are headwinds. we've yet to really see, you know, higher rates, although they are coming lower, are still significantly higher. a lot of these, if you looked at some of the mat rll reits they

trading at numbers that are above historical. i feel like they've been given a pass on higher rates and the prospect of lower rates have allowed them to trade to a premium. >> that's right. i just don't see -- like, look at the ten-year treasury today, to your point, it's around 4%, if you look at the decade pre-2022, the ten-year averaged closer to 2%. so, the reality is, a lot of cases, people think we're going back to this lower interest rate environment, you know, and effectively, we've entered a new game, we're entered a new rate regime in the sense that the ten-year, we expect to stay at least, you know, in the mid 30s, maybe higher, when you look over the next five years. we're just in a higher period of inflation, from our perspective, and that's going to be -- that's a negative headwind to driving cash flows if you have leverage that's, you know, applying to these assets and you are refinancing at a much higher interest rate than a lot of cases is almost double what you were paying before.

>> greg, thank you for your candor and for joining us. we really appreciate your time. >> sure. >> greg joining us there from peachtree. >> thank you. >> julie, what are your thoughts on the real estate space? >> you know, i think it's a pretty challenging environment for a lot of different kinds of sectors. you know, i really believe in the phrase, a crisis is a terrible thing to waste. and i think that, you know, there are a lot of these lenders that have found opportunities in office to kind of find deals where normally they would be the equity layer and they are instead trying to find themselves higher up in the cap structure and still getting very attractive yields. i think that's great, but i think this wall of refinancing is something that all of us are very worried about, and i think a lot of us don't even have a lot of visibility, because it's really happening in the private credit markets rather than with banks, as traditionally had been the case. so, i think overall, i continue to be a little bit weary and worried about what's going on in real estate, but for the long-term investors like peachtree, i feel like they're well-positioned.

>> mike? >> you know, i'd take a look at the officemarket here in the bay area, and obviously, it was very hard-hit. i think some of the things are self-fulfilling. one of the things that can draw people back to the office is lower prices. if you take a look at buildings like 550 california that sold for 130 bucks a square foot and is now leasing out at 35, that's going to bring people back. that's about half of what people were paying in that area before, and if people start going back to the office, then rates can start going back up and i'm talking about lease rates. and you can bring that back to life. there's obviously a lot of distressed debt lingering out there, ybut i think it's going o recover. >> dan? >> i think the fed's new-found interest in supporting the jobs market and a whole host of other things, i just don't see rates going up that much, you know, from here, and, you know, maybe tlt is a good shot right here. i know carter likes it. >> all right. we'll leave it there. coming up, a deep dish decline. shares -- they don't really do deep dish, but -- >> you like deep dish? >> chicago-style?

>> just feels like too many carbs for my buck. >> no comment. >> shares of -- i like the thin crust. and this is kind of a thin crust story. they had a pop early this morning, but results had investors passing on the pie. the shares are down 1%. and cnbc is celebrating hispanic heritage this month. here is ulta's chief supply chain officer. >> what i want businesses to know about my community is just how to tap into the passion around the culture and the relationships. hispanic community is deep ingrained in these, and by tapping into these, you'll find that there's dedication, excitement, energy, creativity and innovation, which will ultimately lead back to the business success.

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we have a news alert. welcome back, on humana, on shares that are dropping afterhours. bertha coombs has the details. >> kelly, today is when cms goes live with what we know as star ratings. the quality ratings for plans. last week, humana warned that its biggest plan had been docked a full star coming in at 3 1/2 stars, 3 1/2 stars means you

don't get any kind of bonus. cms this afternoon saying that 40% of plans this year will have a four-star or above. that's where you get a bonus payment. humana does not appear to have gotten any reprieve on its appeal of its ratings, but this is one of those things, kelly, that is getting tougher every year. the average this year is 3.92 stars. couple of years ago, it was nearly 4.4 stars. so, they are continuing to raise the bar and it's making it that much tougher for these plans to reach their margins. back to you. >> wow. both a sell the rumor and sell the news. bertha, thank you. elsewhere, shares of dominos are dropping about a percent after delivering a q-3 revenue miss before the bell. pizza chain's stock has been in a rut since its last report and the shares are down 25% nearly from their april high. kate rogers is here with more on the quarter and the comments from the ceo. and you wonder, kate, if they start to look for more delivery

relationships. >> yeah, more on that, kelly, for sure. domino's stock fell this afternoon after that mixed report. eps beat, slight revenue miss. u.s. performing well, with some challenges in international, particularly in japan and france, which led to a slightly lowered forecast on sales and store openings for the year, but the company's profit guidance did remain the same, as you mentioned, i spoke with the ceo this morning by phone, and he weighed in on the ongoing value wars in this space, telling cnbc, quote, what you're seeing is folks taking a small part of their menu and offering that maybe for $5, but i may still want something else on the menu, i may not want the thing you're offering me. i may want the thing whose price has gone up and you're not helping me. then you have access to every category on our menu through our mix and match offer, and that is the biggest difference for us. the company has mix and match offering on its meannu for $6.9. more price conscious consumers on the lower end are looking to

carry-out as a way to save, but he did note that grocery prices are still, of course, much lower than restaurant prices, so, you're competing with other restaurants and really with food at home. and quickly, you mentioned the aggregators, they have that relationship with uber right now, through the beginning of next year. he was asked this morning about doordash and it sounds like they would be open to potentially working with more aggregators in the future. >> i'm not sure the ramifications on its own delivery -- do you know, kate, real quickly, about that? they employ a lot of drivers, don't they? >> yeah, the drivers work for the franchisees. and remember, for years and years, they resisted working with aggregators, and now they've brought them into the fold. uber is a growing business for them, but it's for consumers who are less price conscious. they're not as concerned about the expense. >> true. it would be more expensive. kate, thank you. kate rogers. tim? >> i think investors were appropriately negative on this stock for multiple quarters on a combination of, i think, growth and some margin headwinds. i think you're in a case here,

they missed slightly today on same-store sales, i think the street was at 3.3. but i think it was a bit of a relief. i think most folks are kind of neutral here. i think we want to wait to hear. they did reaffirm operating income. this is a company that has still got an impressive international growth story. >> but -- maybe i'm showing my age here, but -- the patrick doyle -- >> who are you talking to? >> those years are over. when you think about the great ceos what he did with this company -- >> sure. >> that ten-year period, it had among the best returns in the stock market. i don't know what you do to get that mojo back? >> coming out of covid, you kind of had peak domino's. other when i was in college, and it was a different domino's, by the way, it's a lot better now. i don't think -- this is an issue for a lot of that space. i think you had an environment where they had pricing power, they also had margins that were going higher. they had people staying at home. i think it was the best of

times. i think you're neutral here. >> you're not going to step in -- >> 400, i mean -- i'm surprised it held 400 today. it's been banging around since that last gap on the last quarter. i would expect another gap lower. >> all right. moving along, and coming up, plugging into the penny. the setup on tesla ahead of its robotaxi reveal tonight, and what the chart master sees in uber's charts. onnu discussion will ctie. more "fast money" in two. welcome to ameriprise.

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my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. welcome back to "fast money." the chart master carter braxton worth reiterating his bullishness on yuber in a note today. he says the stock has potential to break out to new highs. he's got a price objective of 88 bucks on the stock, and that's about 13% upside here. tim, do you share his enthusiasm? >> i think uber has proven not only the profitability item, but the apps for everything that is actually working. they've become a destination for major product brands, and we're seeing that they have pricing power also in some of that b to b, so -- it's had a great run. i think you can stay long here. we've -- at one point, we've talked about the distant second in the industry, and i have -- i

happen to be long lyft, and it is the l in blicep. that's my acronym, and l is -- there it is. >> julie, what about you? >> i think -- i think uber looks like they're actually making good on their ability to expand their offering and expand the applicability of what they can do, and their model is really based on being able to gain and grab efficiency from that. their biggest issues are really about regulation more than anything else. that's where i would keep an eye out. >> probably one of the only issues, it's up 26% year to date. and enthusiasm, if this robotaxi thing happens, you don't have to pay the drivers in the long run. we are just a couple of hours away from the robotaxi reveal. elon musk is expected to give a first look at a new self-driving cyber. cab, as well as updates on full self-driving features. dan, can you live up to expectations? >> not right here.

elon musk is going to deliver on the promise, but take the over on when it's going out there. waymo is a great product, they have partnered with uber. you can't just deliver the car and the service, you need a platform. this is years off, they have different technologies. the big news tonight, and this is what a lot of analysts and investors got excited about, is the kind of hintthey might release, or at least talk about this low-end ev, like, a 25,000 -- >> the long awaited model 2 or -- >> that's what people should be excited back. >> mike, what about you, quickly? >> that's going to be the thing that could be delivering much more quickly and compete with byd. i'm kind of with dan there. i have a feeling that this is probably going to end up being a sell the news event, even though i am a fan of tesla as a company. atayhares are behaving a bit th w today and this week. up next, your final trades.

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welcome back. and before we get to final trades, tim has some news on the music front for us tonight. for one of your favorite charities. >> indeed. a leg to stand on.org, i do this every year, rocktober fest, we're across the street. you can still donate, you can certainly buy tickets. we're singing, we're playing, it's rock 'n' roll. >> that's you. >> believe it or not. believe it or not. and if you want to hear me sing "yesje "jessie's girl" -- >> how about a preview? >> no, don't. >> let's not do that. but again, a tremendous charity, changing kids lives at a time when you can actually make a big difference. >> fantastic. thank you, thank you. let's do some final trades. go around the horn. mike, we'll start with you. >> yeah,howmet arrow space.

>> julie? >> ollie's bargain. a great value retailer. really well positioned to help consumers looking for value. >> all right, tim? >> i like delta airlines, and though the numbers were a little less than expected, the guide wasn't great, the stock is breaking 52, traded well today. i think you stay long. >> a lot of an lusts feeling positively about it, as well. dan? >> how about tim putting himself out there for the kids. got a little video there and everything, he's very talented man, not just in the stock market. i'm i think rates go lower, i think you play it through the tlt lodge long. >> thank you, kelly, for joining us. >> this was easier than bedtime, so -- than bedtime. thanks for watching "fast money." "mad money" with jim cramer starts now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it