can never get comfortable because things are going to cha change. it forces a level of speed in how you make decisions inside the organization. it forces you to be extremely dynamic. >> wall street's mostly bullish on new holdings. about half of analysts have a buy on this one, morgan. >> all right. kate rooney, thank you. under the radar name for investors to check out here. so just taking a look here, we get retail sales next week. we get china data including stimulus data over the weekend. we have an ecb decision and earnings ramping up in earnest next week including united health, more of the big banks, a lot of transport names including united airlines and csx. that will do it here for us at "overtime" as major averages finish higher, record closes for dow and s&p. "fast money" begins right now. ♪ ♪ live from the nasdaq market site in the heart of new york

city's times square, this is "fast money." here's what is on tap. riding the rally, dow and s&p closing the week at record highs. semis and financials leading the charge, with the heart of earnings season keep the bull market roaring? we debate. plus financial hurricane. the cleanup and rebuild from milton and helene ongoing. we look at potential long-term impact from these monster storms. and later inside tesla's robo route, hitting new heights on the high seas, and can netflix keep streaming higher and higher? i'm contessa brewer in for melissa lee, coming to you live from studio b at the nasdaq. on the desk we have tim seymour, dan nathan, steve grasso and former bridgewater chief strategist rebecca patterson. great to have you here. let's get started with breaking news on boeing. shares down after the company preannounced a third quarter loss of nearly $10 a share and said it would cut 10% of its workforce. phil lebeau has those details.

phil. >> hey, contessa. we had this news about a half hour ago. not a huge surprise that the new ceo of boeing, hasn't been in the job that long, has made some tough decisions in terms of not only where the company is right now but where it is going. so let's run through all of the announcement in terms of the preannouncement for q3, a lot of $9.97 on a gap basis. we don't have a comparable estimate there but i should tell you that going into today, the core earnings loss estimate was $1.60, so about six times worse than what the street was expecting. boeing's revenue for third quarter shy of expectations, coming in at $17.8 billion. that's what they're expecting. the street was expecting $18.5 billion in terms of q3 revenue. operating cash flow, negative $1.3 billion. then announcement in terms of cuts boeing is putting in place in order to bring its balance sheet under control as quickly as possible. starting first off, 10% of the

workforce from the most senior executives all the way down worldwide. those are going to be jobs eliminated. about 17,000 in all. the 777x, which is the next commercial airplane that is going to enter into service, its entry into service is delayed from 2025 back to 2026, and the company will be ending production of its 767 freighter when the backlog of current planes, when it expires in 2027 they will no longer build the 767 freighter. in a message he sent out while doing the announcement he said, we need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery. we also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment. as you take a look at shares of boeing over the last three

months, keep in mind that one of the other parts of this announcement is a $5 billion, total of $5 billion in charges, $3 billion coming from the defense division, the space and defense division where they've had just a series of issues there, and $2 billion from the commercial airplane business. but, again, the big story here, the 10% cut in jobs as they preannounce a loss of almost $10 a share in the third quarter. contessa. >> hey, phil. it is tim. how much of this feels also -- we know the issues with the balance sheet. we know there's probably a $14 billion precash flow reversal from where the street was at the start of the year. how much do you think this is management really getting out there to send the agencies a message, we want to hold on to this credit, we do not want to go to junk? there's obviously talk of the equity rates that could be from 7.5 to $15 billion. >> yeah. >> and to address the preterm maturities it sounds like holding the line on making sure we hold this credit level.

>> absolutely. i think it is a big part of it, tim. i think they know it is critical that they are not moved down to junk rating, because if their credit is junk, obviously it is going to cost a lot more in terms of the debt that they have on the books which i think is about $53 billion. but they have got to in any way possible hang on to a non-junk status credit rating, because if they slip into that, as you know, there's a whole host of issues there. i think it is more interesting when you look at what kelly orberg had to say in terms of we need to address being spread too thin. there has been whispers out on the street. i'm sure you guys have heard them. more than a few people saying, given the issues with the space division, do they need to seriously cut back that division if not eliminate it? i always said to people when this comes up, i can't see boeing eliminating its work in space. there's a limited number of contractors. nasa wants to have boeing there, but they do have to do a better

job, a way better job than what they're doing. on the defense side of the business, they have got to get a hand on the charges with these fixed-price contracts, because time and again, every quarter it seems like a regular thing that i'm saying, another charge on the tanker program, another charge on the tanker program. they have got to figure that out. >> hey, phil? when you look at it though, you cover this story like nobody else, do you think a 10% workforce reduction is going to solve the problem at boeing or do you think getting a handle on manufacturing is going to solve the problem? >> more getting a handle on manufacturing. that's front and center. you've got to do that. he knows that. they're nothing without getting a handle on manufacturing, which is why -- i know it is his top priority. figure out how to do it and do it right, and then you can move from there. now, cutting 10% of the jobs, that's part of obviously helping the balance sheet as well as

helping with potentially making sure they hang on to the investment grade credit rating, all of that goes into what he is doing. but front and center, i know him, i know his number one job right now is figure out how to do it and do it right when we are building aircraft. >> so shares down 1.6% right now. dan. >> yeah. i see this all the time. there's like thousands of other stocks in the market and for the last three, four, five years, i see no reason to invest in -- you know, when you think about 40% of their sales come from the u.s. government, you have to start asking yourself at what point is the u.s. government going to own this company. i mean for all intents and purposes, if they can't figure out some of this manufacturing stuff, the space stuff seems like an absolute disaster, yeah, the government needs a second source to get folks to and from the space station but you can't do it the way they've done it over the last few months or so. at the end of the day you can keep replacing the ceos. if they don't have a change in the way they operate, the quality assurance and all of

that stuff, i mean again and again, i don't know what to do. it seems uninvestable to me. >> it is incredibly complicated because it is not just getting past the faa and some of the dynamics, they're capped at 38 planes right now but they're overhauling their manufacturing, as phil just ek mphasized there and their defense business, which has been at least historically supportive and helped diversify the revenue base here, that's not going well. look, i get -- as someone who has owned the stock probably from 2.25 down for the most part, i'm not happy with what is going on. i'm sure for our viewers that don't own the story, probably get tired of hearing about it. i think that's kind of what i hear about dan. do we need to keep talking about boeing? the reality is that it is extremely important because of where they sit in this country and how strategic they are, and the fact of the matter is there have been so many problems. it feels a little like a ge story from five years ago. when you finally change the ceos, you look under the hood,

realize what has been going on not just for a couple of months but really for multiple years, and the quality control because they outsourced so much of this to so many other people, to be a cash flow machine obviously means maybe it shouldn't have been the cash flow machine it was. having said that, if they hold this credit rating i want to own this stock. even if they issue $15 billion in equity i think at some point the stock rices. >> phil lebeau, thank you for the fine reporting there. meanwhile, the s&p rising more than half a percent to close above the 5,800 mark for first time ever. the dow also with a record close, while the nasdaq got within 2% of its all-time high, ending the day at the best level we've seen since mid-july. that strength really came off the back of a strong start to the earning season. wells fargo and jpmorgan led banks higher after their results. goldman sachs, morgan stanley which reports next week, trading at their own records. as we move deeper into earnings, are we going to see results that help sustain this rally? dan, what do you think? >> at the end of the day the banks usually set the sort of mood for earnings season and,

you know, these banks, the money centers in particular, were stuck in the mud. they were going sideways as we saw this rotation out of mega cap tech over the last month, month and a half or so. so to see this group play quick catch-up, this is a week or two after we saw the first rate cut in a very long time, one that was greater than expected, you know, i think people like tim, probably rebecca are not surprised by the price action. but i look at what is going on and, you know, the mega caps are still stuck in the mud. to see a stock like jpmorgan move 5% in a single day, that's a powerful move. it is telling you something about the broader market. >> to piggyback on that, i agree. i think the banks tell us about the macro environment. when you had executives from them telling us about soft landing, goldilocks, constructive rhetoric, it was no managing expectations. it was a happy story almost across the board. another data point lost in the sauce today, university of michigan came out, consumer sentiment weaker than expected on the top line. but if you actually read the

report there's a lot of good stuff in there, and the data point that jumped out at me, consumers' concerns about borrowing cost, interest rate cost for durable goods is now the lowest. the concern is the lowest in two years. so consumers are getting excited about rates coming down a little bit. if they start buying durable goods, that's another leg for this soft landing. so the banks are setting the tone, but i think we have to keep an eye on the earnings, the earnings guidance and the hard and soft data out there to get the fuller picture. to me it was good news. the only problem, of course, is the ten-year going up. you know, 30 basis points just in the last two weeks basically, and that's going to slow downfalling mortgage rates in the housing market. >> steve? >> the interest rate market has to be the tailwind for banks to keep performing. when you look at rates come in, people are going to take out more loans. but what was interesting is jpmorgan's roe. three to four times every other bank. it is what are they doing that's so much better than any of these

other banks? i think it gets lost in the shuffle. >> my colleague leslie picker pointed out today the noninterest income was a bright spot in these reports. that while -- and it gets most of the attention, there are other ways they make money. tim. >> right. no doubt about it. in fact, we even heard them talk about some of the services businesses actually growing. we heard just -- i think it is part of the market sentiment you are talking about, rebecca and dan is talking about, when you hear the cfo say the u.s. consumer is strong and on fine footing, you get the follow through. they're not seeing an erosion in credit. they're seeing a place with pentup demand. they talked about on the mna side, if there wasn't the regulatory overhang, washington has made it tough to get deals done, and the banks are almost calling them out. i get the sense broader business is good. i think they're getting to a net interest trough over the next

couple of months. the market hears that, they're willing to look past that and rally the banks that, again, i think have been slowly -- and you had svb in may of 2023, but banks have been slowly rerating for three years. i mean we are talking about banks that were unloved, couldn't be owned, couldn't pay divs, had total shackle on capital, able to give it back and buy back. it is changing. >> i want to ask a question. do you think it is a lid on the banks when they were -- we had this small regional banks get into trouble. jpmorgan reaped the benefit of most of that trouble. so do you think that in the mind of the investor, banks have a lid? where do banks go? what multiple are you willing to pay for the banks at a certain point? >> well, jpmorgan obviously trades expensive to its group. if i look at money centers i think wells fargo is fascinating because wells fargo had a lot of caps lifted off them in the last couple of days. they were the one that rallied most on relief. bank of america which nobody wanted to own has probably

outperformed all of the money center banks over the last three weeks other than wells fargo. it is interesting. >> i'm curious for regional banks coming up shortly after. with the fed starting to cut rates, they will be more sensitive to that, they'll benefit from that. we know the lower end consumer is in a tougher sport, but if te overall data is the consumer is okay, is that the catch-up trade? i have been skeptical but i wonder if we have enough data points it is time for that thing to move sustainably? >> there seems to be two economies in the u.s., on the lower end is jpmorgan said they're preparing for higher loan losses in the credit card number division. you think about the consumer confidence number and you say if bank deposits are drawing down, they also spoke to that. there's stuff to keep an eye on. we were talking last night about away from the money center banks and if you are talking about an ipo window that will open up after two really horrible years,

you know, morgan stanley broke out of a four-year base it has been in. that's been a volatile base over the last four years. goldman sachs, all-time high, also breaking out. for me, i'm interested to hear what they have to say. those businesses obviously look very different than the large money centers. both i think report wednesday and thursday of next week. >> all right. we will leave it there. you can see the stocks really reacting so strongly, as you pointed out, steve. you know, we don't see that percentage move for jp, goldman very often. jp goldman -- >> they just merged. >> yeah. let's move on, shall we. coming in the potentially make or break moment for china as a stimulus measure is expected this weekend, although it was expected this week and you saw how stocks reacted when it didn't happen. will it be enough to kick the world's second largest economy into gear? plus, the insurance impact of two major storms that ravaged florida and the carolinas. why is it getting harder and harder for these areas to rebound?

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welcome back to "fast money." the hang seng giving back recent gains this weekend, losing almost 7% since monday. that's as china's finance minister is expected to hold a news conference saturday with investors hoping he will announce hundreds of billions of new stimulus. tim, is that going to be enough to spark a rally again, get it reignited? >> i think if the markets are convinced that the chinese policymakers are committed to this, they've got a lot of room to go. i always felt that china has enough money to pay for whatever problems they have. it doesn't solve issues they have on demographics. it doesn't have a major credit bubble we know could be a cancer on their economy for decades and, you know, there's the japan comparison. but i think the market, and i think investors, and i think it is easy to be smart and say, huh, china, we have seen this before, it is never going to happen. i think there's too much pessimism around this and i don't need to see the kind of, you know, extraordinary bazooka they threatened a week, two weeks ago. as someone that has been long on both sides of this trade, i

think is a great time to own china but a great time to be owning em more broadly. i would like at fourth quarter gdp for em including china after the measures goes from 2.5 in the second and forth quarter. i think you have a commodity story emboldened by what china said. you have generally a weaker dollar but comfort around the u.s. economy and benign fed. it is good for investing in that part of the world and broader around emerging markets. back to tomorrow, i think people are expecting disappointment and i think that's the way the market has traded. i was selling baba calls last week. in fact, probably will buy some back before that announcement because i think it will be something that could catch people off sides. i think they're committed and i think they have to be. >> i will jump on that. so i think there's two things i'm watching for tomorrow. one is does president xi jinping backtrack on his ideology that he's not going to bail out the consumer? the service sector is more than half of china's gdp so you need

consumer spending and they're not spending. the only thing they're spending on is gold because they're terrified. if he backtracks and say i will make this 2 trillion membi bazooka i would be buying next to you because i think it will take that to keep it sustainable. if he invests in roads to nowhere, it is going to -- i am going to fight you on the dollar. >> please. >> so the dollar weakened q3, but q4 it is picking up again. i mean dollar/yen is back to almost 150. i think part of that is people changing expectations around the fed a little bit but part is u.s. exceptionalism. the u.s. is still beating everyone and putting money here,

and the money is coming here. >> steve. >> tim probably has the right approach here. if you have to pick your stock that you want to trade as a mirror to china. so alibaba went from 85 to 118 back down to 105. i think china is going to keep coming out -- i don't know if it is a bazooka or a water pistol but they will come out with stimulus. for the next couple of months i would just trade alibaba. >> it is october. it will be the next one and the next one. >> so the highs last week when people were gigged up about the trade, the shanghai was trading at an eight-year high, if you think about that. obviously hong kong was also at a three, three-and-a-half year high. look at the etf that i think covers the large cap, primarily adrs here. you know, if your point is they're coming after the consumer, looking to help the consumer that's what you want to

own. it is allie baibaba. >> if they do that. >> right. i think a lot of folks are placing their -- i guess you are waiting for the chinese government, which is obviously -- they're the ones who brought this whole thing down to some degree if you go back three years ago. so to me it doesn't seem like a great trade chasing it. >> off the plane from las vegas and, you know, again the mgm ceo told me it is just irrelevant to their bottom line because they are so slimly penetrated into the overall chinese population. they've got the same gamblers coming back over and over again, that whether they do or whether they don't for the stocks that i cover -- >> but how about those really exposed to macau? >> that's what they're saying. those people are coming -- it is about visitation, and what they're seeing is a decline in vip spend and a boost in premium mass and mass. plus, sig awe ingapore, which ir and away the most popular destination for gambling for

money it brings in, the most lucrative casino in the world, and it is on fire. so the very richest are still gambling and macau is still recovering. they had a great golden week, up 20% over even 2019. that's first time we have seen numbers that beat pre-pandemic numbers. so, you know, it is a big move. but that's what i know. i know a lot about casinos. we have a lot more of "fast" to come. here is what is coming up next. two major storms battering the south in the last few weeks, and as recovery efforts ramp up so do the costs. inside an insurance industry stretched to the limit, and the macro implications that are getting too big to ignore. plus, why markets are not so impressed by tesla's robo taxi reveal. and the stocks that could be the real winners in the automatic driving race. the debate, next. you're watching "fast money" live from the nasdaq market site in times square. we are back right after this.

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welcome back to "fast money." insurance stocks have been on a tear this year. names like all state, progressive and hartford, all higher today, adding to record runs in 2024. rising rates have been boosting

insurers' bottom lines, but now you have damage, of course, from hurricanes helene and milton and it could put a dent in their profitability outlooks. rebecca, give me a sense of how you are thinking about insurance and hurricanes and how it affects the broader economy? >> i'm looking more at the mac low than specific stocks. but i grew up in florida. i grew up with hurricanes. i follow them. my family still lives there. what i have seen and what i have been reading about is that the number of big, expensive storms keeps growing. in the 1980s we had 3.3 above a billion dollars, extreme weather events a year on average. now it is 22 a year on average. if we look at the cost, it has gone up from about $20 billion a year to about $150. so when you think about insurance, you have storms creating that much damage, the insurance is going to have to figure that out. but it also feeds through the consumer, right? we are seeing all of the damage here, and the lower end consumer has a harder time picking up the pieces and rebuilding.

it all feeds into inflation. so the fed, when they think about homeowners' insurance, which the premiums have gone up 40% in the last five years, those things tend to be underrepresented in cpi and pc. so the measures the fed is looking at. so inflation is running hotter in some parts of the economy than the fed is seeing as it looks at main data. >> i will tell you it is hitting not only homeowners. it hit commercial property owners as well. in fact, i talked to real estate developers who have said, look, my premium for my multi-family property in south texas went from a million dollars a year to $3 million a year. that wipes away any profit margin i had at all. i'm just flat, which means there's no money to reinvest in the property, no money to draw new renters in, paying higher rates, and it is killing deals. i also talked to brokers who say they've gone in and once a buyer finds out what the premium is going to be in florida for a commercial property, they wash their hands and they walk away. that's a problem. >> well, and it is part of the

reason why the progressives are up 59 perce% this year because s improving margins on personal side. it is easy this week. we are focused on reinsurers, you know, are certainly overshadowed by milton and helene -- is it -- >> helena. >> it was helene. >> if my name is helene, i wouldn't want to be called helene. anyway, when i think about the insurance trade right now, i think overall -- first of all, third quarter cat trends are actually below the five-year average, as much as these storms are the headlines that we are seeing. i do think it is a case where there is an opportunity still here. you look at certainly the valuations across the street. the analyst community says these are buys, and part of the macro rebecca is talking about is also just the ability of insurance companies to actually earn more on their interest income. so we talk about banks, but if you are investing in an insurance company and matching liabilities, you are making a lot more on deposits than you ever did except for maybe a little bit of a give back. that's positive. >> piper sandler's analyst told

me, look, when you look at insurance stocks, when you see a big hurricane bearing down they will lose some ground, but insurers always figure out a way to make it up. >> and that's why the charts look the way they look, because they always increase the premium, to your point. second derivative trade is home depot and lowe's. there's going to be rebuilding. lowe's at an all-time high. home depot i believe is close to an all-time high. lowe's up 24% year-to-date. the chart looks great. a little better than home depot now but it is the second derivative trade on the rebuild. >> and generac. what happens after a big storm is people are reminded they're not safe even living inland and you start to see people taking it more seriously, the risk of having power outages for extended periods of time. all right. coming up, is there any hope left for manufacturing renaissance in the united states? what next month's election could mean for the future of the country's industrial sector. but first, tesla finally unveiled its robo taxi concept, and investors --

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welcome back to "fast money." the dow and s&p 500 both closing at fresh record highs. while the nasdaq gained a third of a percent, auth three major averages finished out the fifth straight winning week. another check on boeing, the airspace company, in the last hour preannouncing a wider-than-expected third quarter loss, cutting 10% of its workforce. those shares are declining now 2% in the after market. meanwhile, norwegian cruise lines hitting the highest level in more than two years. it is leading a strong week for the group alongside royal caribbean and carnival. and affirm shares soaring after wells fargo upgraded to overweight. look at that, up 12%. it sees increasing profitability ahead. meanwhile, elon musk unveiled the self-driving

robotaxi and robovan at the company's we robot event. how many of this can i say? despite the glitz and glam, investors largely underwoell un underwhelmed by what they saw. uber t uber picked up the slack, up more than 16% for the week. for more on this let's bring in "fast money" friend gene muncer who was at the event. i will say -- i have a picture at the event. it does not look like you are un underwhelmed. >> i think what is going on is the classic near versus the long term. in the near term, the set up was it was all about timing and elon talked about two years before we see this. you make the adjustment, it is three-plus years away. also, they didn't talk about that all-important more

affordable model two. i think most people had expected that. the one surprise on the robovan is really a nonstarter but i want to tell you it explains the down 8%, is that if you are scoring this with a level -- kind of a level scoring card, this was a disappointment on that front. but why i was impressed was ultimately they are laying the ground workaround what is going to happen in autonomy, and you can debate whether it is going to be waymo or cruz or tesla that will be bigger in what their share is but the world is moving to autonomy. i think what they showed, moving it from a prototype to what i would call a pilot, it is making some nice gains in its performance. i think it underscores that tesla is a -- this is a tech company. i think that that debate is over. you can debate whether or not -- what the growth rates are going to be, but is this a car company or a tech company? they made the statement, and that's why i was impressed. >> right, you asked that question in your note but you

didn't answer it and i was left like this. okay, what is it? is it a tech company or a car company? okay. so it is a tech company is where we're going. >> absolutely. >> what was the disappointment? what did you find disappointing? >> the disappointment was just on the timing of the cyber cab, the fact it is two years out. you have to figure it is three years. basically, an investor who is new or a near-term tesla investor, they really can't bank on anything that's robocab related if you put a two-year time window on that. that was a disappointment. second, just the silence was deafening around them not talking about model two. my sense being at the event and talking to people at the event is that car is still clearly in the works. timing on it, probably late '25. elon said it could be as early as this year, but call it late '25. they don't want to announce that car right now because it wouldn't be good for sales of existing. that in hindsight makes sense,

but i think it was a one-two combo that left people -- at least the near-term tesla traders scratching their head. >> yeah. so, gene, you and i talked about this a bunch. if elon sets out a timeline, you got to take the over, right? i know you are a long-term investor and you are always thinking about what is the next trend, whether it is tesla or some of these other companies. you know, a lot of people did get excited about the potential for a model two. they clearly did push that out. you remember back in april where it was reported they would focus on rob owetaxi. if you are starting to think about robotaxi a few years out, it is a car company right now. that's the way you have to value it. my question is if people are waiting for the lower end one, we know we still have a price war with china -- not price war with the chinese manufacturers. we might have an interesting issue with tariffs. maybe that credit goes away. this company, where do margins bottom? that's the question that i have, because the three and the why, you know, they're getting

saturated. lost point i will make, elon is not doing himself any favors. i think last quarter they dropped below 50% market share in california, you know. so there's some issues about demand here in the u.s. also. >> you know, you -- >> that was a question. >> oh. sorry. >> can i -- contessa, if i can quickly mention -- >> it was a long -- >> hold on, contessa. the show is conversational, not just q & a. you asked a question. >> go ahead, gene. >> i think this is an important dynamic. as a longer term investor as you said, dan, i want to be clear here. i believe it is a grossly undervalued ai company and time will prove that. as far as 2025, this year's setting up -- 2025 is setting up to be dicey. if i'm right that there is a lower price vehicle and there is more chatter in the marketplace, that probably will have a dampening effect on demand in the first part of the year. if i am wrong that there is no model two, no more affordable

vehicle, then the -- kind of where the sweet spot of the growth market on evs is that lower price and it is not there. either way you look at it, i do want to be clear as i think that there's a reset on some of the numbers for 2025. >> gene, that picture, you're giving the peace sign and then the robot gives it back to you. i don't know why you didn't pull out the running man or the tootsie roll. it would have been as good or better. >> that's as good as i got. >> that was good but if you tried a complicated dance move it would have been better. gene munster, thank you. >> thank you. >> no, i just talked. it is one of these guys. >> i hurt your feelings. now you're gaslighting. >> what do you want me to say? i think it is a joke. fan boys got geeked up, bought stock in it, they were disappointed by almost every single thing. gene, i love him and his work, i just disagree. this should be valued as a car company right now. that's the only thing they're selling. forget power and some of the other stuff. >> and it is with some irony to

gene's call that it has proven it is a tech company when, in fact, you know, their core business rate, all i'm hearing is the ai company is getting pushed out that much more. what you are left with is a company that you're lucky if the gross margin gets above 15, probably closer to 14. that's been the story. the story is that it is a hardware story as opposed to a software story and that's part of the story where the multiple on the company that it is today i think is very inflated, and i do think there are headwinds. having said that, everything around the technology and the data story around tesla's all we ever heard about, why someone could buy it and say there's another reason. again, i think gene does nice work too. >> and when you look at the stock chart, having said all of that, the stock went from 105 to 265, then it comes in, and then as soon as you go all in and bet against elon, something gets pulled out of a hat. so tech company, car company, robot company, space company, whatever it is, he always surprises in the end. >> all right. coming up, hope for a

manufacturing renaissance in the u.s. is that just a pipe dream? pocy proposals that might keep it that way, next. more "fast money" in two. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected.

welcome back to "fast money." manufacturing is just one of the many topics and focus this election season. both candidates aiming to usher in a resurgence of u.s. industry and job reshoring. but in an opinion piece for the new york tiles this week rebecca patterson said that the manufacturing landscape has shifted since the so-called good old days, and that could make a return to its previous form nearly impossible. it is interesting because we had a lot of, are we back in the good old days, do we want to go back to the 1950s, and on manufacturing you say it may not even be possible. >> right. i mean if you go -- i was just curious about this because both candidates were saying we need a manufacturing renaissance, we need to go back to this wonderful time. you think about it, 1953, one in three americans were employed in manufacturing. so, you know, all of your neighbors, you knew someone who was going off to the factory every day, and i'm generalizing. obviously manufacturing is a very diverse, big industry. but the three things that have changed now, one is women have

fewer kids, so we have a smaller workforce. so any renaissance has to include immigrants, and that's obviously a very difficult political topic right now, and the next president is going to have to figure out how do i have a better immigration policy but make sure i have enough immigrants in here so we have the labor force to fill these jobs. the second big thing is degrees. back in the '50s, even '60s, '70s, a lot of the jobs were high school degree. now half of them in some cases require a college degree. so different types of training than what we had in the past. lastly, we need foreign allies. with all of the post-pandemic, post russia-ukraine, we need tsmc to help us build fab plants in arizona, we need norwegian companies to help us think about wind farms for clean energy. so last year the stats i saw, about 23% of all u.s. manufacturing workers were employed by foreign companies, affiliates in the united states.

so if they get cold feet because we're putting tariffs on them or not playing nice in the sandbox, that's going to make the renaissance more difficult also. >> you know, the interesting thing too is that the focus is on bringing back jobs overseas. we are going to bring back jobs, but the truth is if you look at the coal industry, the jobs there have been lost largely to automation or natural gas, not because there's been an outsourcing of jobs elsewhere. automation and in every state, drivers and cashiers are among the most numerous jobs. and when we look at how those jobs are becoming automated and, you know, we saw it with the robotaxi, what is coming down the pike with it, that evaporates a lot of jobs. tim. >> well, fascinating stuff because i think also all of this is really inflationary it sounds like to me, but it is a case where this manufacturing, you know, renaissance, also the reliance on foreign partners, i mean, you know, i think about at least the approach that we took under trump to some of those

partners, and it wasn't terribly conciliatory. you think about what this administration has done to japan and other places, like nobody is playing nice with the folks that actually historically have been the ones we have been allies with. so it is a gfascinating time. also if you look at ge, caf the biggest industrial companies in the world, these companies had a major run. they've rallied in advance of it and rallied on the fact these businesses have never been more efficient and more technical, is what you are saying about the core of their business. >> exactly. and it is every type of manufacturing. i was meeting with a ceo two, three weeks ago at a conference in the food industry. i said would you rather have automation or workers, and he said, "i need workers." he said, "for the work i do the humans are much better at getting the biggest gain than actually robots" in his case. so other executives i was talking to were saying if they don't have enough workers, they have to shut down. like they literally can't do

their jobs without enough workers. >> and one of the other things that is interfering with getting those workers is that in a lot of high schools, kids are funneled into four-year liberal arts colleges to get degrees in philosophy and whatever when a lot of what manufacturers -- >> why don't we talk about that, let's ponder that. >> when what manufacturing needs is highly skilled workers -- >> right. >> -- where vocational schools, tech schools, trade schools might be more important. >> and the government is starting to get on that. i just saw last week that the commerce secretary was at a high school near a micron plant, and micron had partnered with the department of commerce to do a pilot program to teach these high school students about different career paths, some of which are technical training. >> yeah. >> but that's a pilot program. we need that rolled out across the country and we need more of the partnerships with the companies that would hire these young people. coming up, we've only just ard th third quarter earnings seasons and analysts can't seem to get enough of one mega cap reporting next week.

we will find out what it is, next. more "fast money" in two. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire

welcome back to "fast money." . netflix shares hitting new highs early in today's session before pulling back a bit. they're trading negative now

after hours, down 1%. and they've nearly doubled though in the last year. analysts are getting even more bullish ahead of next week's earnings report. julia boorstin brings us the very latest. hi, julia. >> contessa, there's been a slew of positive analysts' notes ahead of earnings thursday and they layout the factors that could drive further gains. guggenheim raising the prize rate to $810, fuelled by further global growth potential, accelerating ad revenue growth and content engagement leadership. jefferies is issuing a bullish saying password sharing tail winds and international growth should lead to a beat, predicting they will hike prices for standard tier in fourth quarter of the year. barclay's issuing a note more skeptical with neutral rating, warning while advertising will contribute to streaming revenue

over the long term that scaling ad revenue will take longer than they previous expected. so, contessa, going into earnings, two-thirds of analysts, of the analysts have a buy rating on the stock. 29% have a hold on netflix, and just 6% are underweight or sell. >> julia, thank you. dan, let's trade it. >> the story over the last couple of years has been price increases that drop into the margin. margins creased from 40% in 2022. that's the last time they put through a meaningful price increase, expected to be 45.5 this year. that sort of margin improvement is advertising, a very high margin, but the stock is up 50% in the year. like you said, contessa, doubled in the last two. and it is probably the most expensive it has been in a long time. >> steve. >> it has been password sharing, ad tier, that whole conversation. when we started out it was international growth was the next tailwind, and now it seems like we've come full circle, international growth is the next tailwind again. but when you look at it on a

chart, things just don't keep going one direction. but i have definitively been wrong on this in recent past. if i look at another stock that has underperformed, roku down 14%. chart looks constructive. it is in the middle of the range when it sold off from the february high, february low. look for roku as well if you don't want to jump on netflix and you feel too late to it. >> all right. that stock up 1.3% while netflix is down a percent. up next, your final trades. we're still going for that nice catch. we're still going for that perfect pizza. and with higher stroke risk from afib not caused by a heart valve problem,... ...we're going for a better treatment than warfarin. eliquis. eliquis reduces stroke risk. and has less major bleeding. over 97% of eliquis patients did not experience a stroke.

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>> contessa, you have been diss obedient on everything but fantastic to have here. thank you. >> thank you. >> let's go with emerging markets. i think the debate on china is a big part of investing, but i think more broadly, stable u.s. growth, more benign fed even if it is more hawkish these days, em is at 2 1/2 year hice and i think some the waiting for the catalyst. >> rebecca. >> i will take the other side of the china happiness tomorrow and stay long, gld, gold. >> dan. >> netflix, up 25% in two months. i would probably avoid. >> steve. >> spenceruexperienceual retail holding has a couple of highs this 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 toel