without too much debt? what does that business look like versus the cable business? a lot to chew on this morning. little bit of homer news, if you will. i'm sure our friends at "squawk on the street" are going to pick this conversation up in just a moment. i want to hand it off to them now. join us tomorrow. "squawk on the street" begins right now. happy halloween, everybody. ♪ all right, good thursday morning, welcome to "squawk on the street," i'm scott wapner with jim cramer. david is on assignment. carl has the morning off. futures are digesting a whole bevy of earnings this morning. we would be lower, a drag from both meta and microsoft, and we are going to begin, though, with that story that "squawk box" was just covering, this news developingaround our parent company, comcast, and for that, let's bring in, who else, our

own david faber, who's going to give us more. david is on the phone, but david, what do you know here? >> you know, scott, of course, busy day for everybody here, and you guys got a lot to get to, but certainly this is something that i guess many shareholders of comcast and others in the entertainment industry and cable networks industry would have anticipated as a possibility. what we know is all at this point is what was just said by mike kavanaugh, who runs nbc universal, on the conference call for what also were, by the way, fairly strong earnings for comcast and getting a good response from the stock market, at least in the early going, obviously, before trade, but he said that the company is exploring whether by creating a new -- and this is an important usage here -- well capitalized company owned by shareholders, so, spun off to shareholders, and comprised of a strong portfolio of cable networks, would position them to take advantage of opportunities in the changing media landscape and create value. so, what are they saying? they're saying they're at least

exploring, and my understanding is it is very early here. they chose to say it on the call as a result of the fact that it most likely would have leaked, and so they're even at the point where it's not clear to me that they've hired advisors, for example, but they are exploring the possibility of spinning off all of the cable networks, including, by the way, the one that we work werfor, you're talg about usa, bravo, oxygen, cnbc, msnbc, the golf channel, into a new, well-capitalized company that would then be able to pursue strategies it is not capable of doing right now. we all know, jim and i talk about it endlessly with carl, of course, as you well know, about the continued declines in the cable universe, the cord-cutting that actually continues at a pace that many had thought would have abated by now but only continues, perhaps at even a stronger rate than had been anticipated, certainly. you've got companies that still generate a good amount of cash flow, would conceivably trade at very low multiples, though, given their lack of growth, but

nonetheless might be able to find an audience amongst investors and then go out and merge with others or do some other things that could conceivably enhance their value. at the same time, guys, i got to say, you know, you think about what they're not or considering spinning, which includes nbc news staying with the parent, peacock, the studio stays with nbc universal, not completely clear to me how you can cleave entertainment networks from the studio and peacock, in other words, usa and bravo and "e" and how you can cleave cnbc and msnbc from the news amenetwork well. that's certainly something that will be studied, and i guess we'll find out in the coming weeks and months whether, in fact, that is a real possibility. so, that's kind of what we know at this point. >> david, what happens if they're trying to separate the divisions that are not making that much money from the divisions that are making a lot of money? and the reason i mention this is because we're making a lot of money.

i don't understand why we wouldn't go with nbc news. >> well, as i understand it, jim, the plan being con temperat templated and studied -- and again, this is early. they didn't want it leaking out, which is often the case. as i understand it, nbc news would stay with stand-alone nbc universal, which would no longer include many or all of its cable networks, although, again, the plan could change to perhaps including only the entertainment cable networks being spun and news being kept or vice versa. take a listen to what kavanaugh said on the call. we have that for you. >> we are now exploring whether creating a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the changing media landscape and create value for our

shareholders. we are not ready to talk about any specifics yet, but we'll be back to you as and when we reach firm conclusions. >> so, a lot of specifics to come, guys, including, of course, trying to answer that question that you raised, jim. it doesn't mean it's going to happen. but what it does sort of indicate, as you might expect, is companies like nbc universal, like warner bros. discovery, paramount, which is having a change in ownership, disney, they're studying and thinking about so many different things, as they have to because, of course, as we have discussed endlessly, their core business in terms of cable networks is in decline, and it's in a decline that doesn't seem to be close to concluding any time soon. >> david, it's scott. let me lean on your expertise here for a minute. you mentioned paramount. cavanagh did as well when he suggested, "as you know, we chose not to participate in the m&a process around paramount." why? i guess that's my question to you.

as you've studied the potential partners here, potential suitors for some of the properties, as close as you covered the paramount deal, which was so recent, why would nbc or comcast choose not to do a deal like that? why would it choose not to do another deal that may be out there and think this would be the best road ahead at the current time? >> well, one is regulatory, which would have been difficult, because you're talking about -- and not impossible, but you're talking about cbs and nbc, as you know, scott, and so one would certainly -- you'd have to figure out a divestiture package that is not necessarily that easy to do. that said, there also is always the question of how you structure it, and whether it would be brought in or best doing a deal in some way that would have included a spin of nbcu and paramount in a merger, but you're right, it was something where there was an expectation, perhaps, that comcast would choose to at least take a look.

there are a number of reasons, including, of course, regulatory being amongst them, that they didn't. one of the reasons you would have is not because you want more cable networks, and by the way, let me actually add that to the list right at the top as to why you also would not necessarily have done it. your shareholders don't want more cable networks. they don't want more challenging businesses coming in, and so i think the complexion of the company would not necessarily have changed in a way that would have encouraged shareholders, despite what would have been enormous synergies with the two studios. >> david, because i know we've got a ton of stuff today, but i don't understand why i would ever want to buy that entity, other than if i knew they were go going to merge with cnn but whether under a trump or harris administration. >> yeah, you know, jim, i think that's a reasonable question in terms of, is there really going to be sponsorship for something like that that's going to potential have decline in cash flows, or is there a strategy somehow, when you put all these things together and spin them

out into the world on their own with perhaps not a lot of debt, because they say, well-capitalized, that they can do deals that come -- somehow will enhance their future. i don't know the answer. that's what they're going to be studying, and i guess we'll stay tuned and see. >> we will. and we'll lean on you when we need, david faber. >> thank you, david. >> thank you for calling in. great to have you on this developing story, involving something very close to home for us. >> i've worked at a couple places. always good to know where you work, right? i've worked at fox and abc and cbs and nbc, "the wall street journal" and "the new york times." never too late to start anew. >> nice stock move, by the way. >> always good to know. >> neither here nor there. you want to get to meta? speaking of stock moves and not very nice stock moves? >> the stock move is wrong. we don't care what it's doing. we care about what it's going to do. >> let's talk about that. >> the people who don't think this quarter is good are people who are clinging to two or three lines in a call where they're very negative. now, unfortunately, we have apple tonight, which is one of the most telegraphed miss in

history. it's like they're going to put out a release that says, "we missed." probably not. but i do love zuckerberg on this call, and the people who think he's spending too much, did they read the line where he says that meta a.i. is going to be number one by the end of the year? and because it's using video, which means it's using blackwell, which means it's got the gpus, which means it's got the gpus more than anybody else? i love this quarter. >> let's listen to a sound byte from zuckerberg on the call. then, we can kick it around. >> you bet we will. >> we're seeing a.i. have a positive impact on nearly all aspects of our work from our core business engagement and monetization to our long-term road maps for new services and computing platforms, and the idea of this partially comes from having a vision and road map that is aligned with the direction that technology is heading, but even more importantly, from our teams doing some really excellent work

on execution on so many fronts. >> i mean, jim, they're justifying the tremendous spend that they're going to continue to do. they raised the low end of the capex to $38 billion. that's up from $37 billion. $40 billion is still the top. what do you make of what he had to say there and why you think this stock move is wrong? >> you've got a couple lines that you can pull. i like to look at the big picture. 40% of the world use daily active people. 40% pof the world. that's a market i might want to reach if i'm an advertiser. how about the fact that you're seeing operatingcash flow nearly $2.5 billion above what the street was looking for. operating cash flow. we'll get to that when we get to super micro. no operating cash flow. when you start looking at that they have 500 million monthly active users for meta a.i., which didn't exist a year ago. i'm on meta a.i. constantly. that is the cultural, social

zeitgeist a.i. it's brilliant. it's fun to talk to. it's interactive, and it goes right on your instagram and says, you want to know more about my daughter's cookies? be my guest. i think this quarter was the defining quarter of how you can use a.i. to make fortunes in '25 and '26. oh, but if you want to be small-minded and look at a couple niggly numbers, you can do that. you can sell meta all you want. you can sell meta until the cows come home. maybe you want to sell meta because you know that apple is going to have extreme disappointment, but i love this quarter and the people who don't love this quarter, they don't know how to read a conference call. >> it's not like the stock is down a bunch. >> it's down 22 when i was doing "mad money." >> 1.5%. >> microsoft was up $20. there's this which i think called a conference call with amy hood. she's the cfo. she announces how the company is doing. it's midway through the call. it doesn't matter. we've got the quick draw mcgraw l robinhood guys blowing the stock out like they knew what they

were doing. they were probably moving into estee lauder. >> on the serious issue of the spend for meta, where zuckerberg also said, as part of the call, "our a.i. investments continue to require serious infrastructure. i expect to continue investing significantly there too." >> how about call it a moat? that's a moat. sorry for the philadelphia accent and the eagles. i had to mention them, it's 9:11. i think, don't even come near me, google. forget it, amazon, which reports tonight, they have to talk about how weak the traffic was between, like, 4:00 and 11:00 on sundays because there were a couple big teams that did well, and i think that we have to stop with the idea that the spend is bad and start thinking about the spend being, we're winning. we're using the a.i. we know how to get together with jensen. we're getting right with jensen and try to beat us. that's what -- he's not saying, listen, i want to spend a lot of money and lose. i will not bet against zuckerberg. have you met him? he's an animal. >> i've never met him.

i wouldn't bet against him either, but if you bet against him in '22, you were right. >> he's the dodgers. >> let me ask you this. if revenue growth is slowing, okay, they -- they go 19%. it's down from 22 and 27% respectively in the last two quarters. is that an issue? is that an issue if you look at the multiple? i mean, how do you judge -- >> the multiple x-cash is low. >> how do you judge slowing revenue growth? >> he says 45 to 48% going forward, right? revenue to be in the range of 45 to 48, which at 46.5, midpoint -- >> billion. >> right. billion. billion! billions and billions. >> i know, they're crazy numbers when you think about it. >> you look at a beat, you're so used to seeing an "m." it's a "b." if he blows that number away, which i think he will, people will say, why did i sell it afterhours when i didn't know what i was doing but he did? his a.i. strategy is what is driving this.

he is in a point where this is kind of like desktop. it's desktop to phone. it's desktop to phone. go to the instagram pages that he's got. how about -- i'm not even talking about the ray-bans. ray-ban, too small. i'm sorry that i'm so far out -- these companies control their own destiny. if they want to spend in order to fore close anyone else, they will do it, only in -- okay, okay. because you and i are sports fans. >> yeah. >> there's no cap. it's baseball. there's no cap. this isn't the nfl. this is baseball. you want to spend to get a team? you can. >> you can pay a luxury tax. >> yes, luxury taxes that you have to -- is that people who don't know anything are selling the stock. >> let me ask you this. can we throw up a three-month of meta, please? is the biggest problem with this? that? the three-month chart? the stock ran up. >> it's the alleged apple miss tonight. >> aside from nvidia, meta's done the best of the mag sevens into the prints.

>> he had a good year. this was a phenomenal quarter. i think that people have to go -- >> it's like a babe ruth line. >> that's why i did it. >> i knew exactly where you were going. >> you're the best, and i love working with you. my wife said we should get together. i forgot -- >> check my calendar. >> so, you've got to understand, these guys think different from you and me, okay? they have a view. they're like, it's like orwell, "1984." they have a view, which just says, we want to dominate in this area, so we're going to spend a little more than others, and we will dominate. so, if you're procter & gamble, right, and you're saying, you know what, i want to make tide worldwide, you write a check to zuckerberg for $100 million. and you say, i want everyone who should have tide -- he will isolate the 1.6 billion people who are right now trying to figure out whether they should be with tide or, i don't know, whatever the hell you use, because we're tide people, and you literally -- >> tide.

>> he can target them. he knows who needs -- is trying to decide. i've never seen anything like it. he has your brain. >> it's pretty remarkable, the turnaround that he has orchestrated both from a stock standpoint but also the narrative. >> now you're talking. now you're talking. let the stock come down. >> before, it was like, all right, you guys are spending a lot, but you're spending in the wrong place. now, you're spending a lot, but you're spending in the right place, at least the market thinks so. you think so, right? >> two years ago, chatgpt -- 18 months ago, chatgpt had this to its own. now, i go meta a.i. like a billion people will every day. now, they're not going to summarize -- you can go to meta a.i. and say, summarize the bookings call. it says, i don't do that. but if you go into meta a.i., and you ask them a legitimate question about a great book or suggestions about what to do, conversational, brilliant, rarely wrong. that's what jensen does. they became friends, which is

really incredible, because i have, like, he did not care. he came in peace, and he thought that zuckerberg came in war. combat. this is the man who's been able to figure out, more than anybany anybody -- even more than microsoft -- how to handle a.i., and we're going to decide whether we're going to nitpick and decide that he's spending too much. i urge the people who feel like that, sell. just sell. >> there aren't a lot of sellers. >> he's an owner. he knows that if you become an owner, you can look at the franchise and become a fantastic -- and have a franchise. he can do that, not unlike you know who i'm thinking about. >> yeah. >> josh. >> my squad? >> which one? >> commanders. >> exactly. >> love that. let's do microsoft. >> okay, okay, so amy hood. let's parse one line. >> it is one of the biggest premarket laggards. >> amy hood said one line, and it was 3132 on azure and then everyone sells. stop it.

>> well, what -- to what degree do they need to maintain their cloud growth that's going to be acceptable to the street? i mean, alphabet did it, right? so, the borrow is probably a little higher for microsoft to maintain a high growth rate after what alphabet delivered, no? >> i'm not disagreeing. but up until this quarter, and i listened to it, i was in the gardner-benioff camp. marc, get well soon. he had an accident. and i found myself thinking that the fortune 500 will not really like copilot. it's kind of pedestrian. and then i read that 70% of the fortune 500 uses it. they gave you use cases where people are saving man hours, which was always what jensen said would happen, the ceo of nvidia. they are saving man hours. they are doing stuff with enterprise a.i. now, remember, zuckerberg, after tonight, he owns consumer a.i. after this last night, microsoft owns enterprise a.i.

>> the word was that the uptick on that was slower than anticipated at the beginning. >> oh, yeah. by whom? by some analyst who's paid $840,000 who, like, went to business school or didn't even go? >> this is where they get 30 bucks a head? >> yeah. i like that number. i think it's a good number. if every enterprise -- look, read the call. yo you're the head of an enterprise that has 300,000 people. you call the i.t. guy or call servicenow, and like 75% of the fortune 500s on this thing are like, what are we doing? everybody's really satisfied with response, quality, speed. they own enterprise. so, you got zuckerberg owning consumer. and you have microsoft owning enterprise. i love that. they own it. >> let's listen to amy hood, cfo. >> love. >> let's listen. >> azure growth included roughly 12 points from a.i. services. demand continues to be higher

than our available capacity. you have to build to meet demand, unlike the cloud transition, we're doing it on a global basis in parallel, as opposed to sequential, given the nature of the demand. and then, as long as we continue to just see that demand grow, you're right, the growth in capex will slow, and the revenue growth will increase. >> okay, so, i've known amy for 30 years. she's essentially a conservative individual. she's also brilliant. one of the great cfos we have ever had. what is she really saying? if you parse that, if you bother to listen to it and then read it again and then listen again, she's saying, we have too much demand. so, we had to push out business. too much demand, good. too little demand, bad. okay? it's really pretty simple. and amy, in that whole sentence, said too much demand, so we couldn't do the numbers. >> they got supply constraints. >> this company is firing on all

cylinders. they could have done much better had they been able to meet demand. that means people are going -- they're calling them and saying, look, i got to throw more money at you. now, that doesn't happen very often. particularly in cable. >> i mean, you do have cowen cuts to $475. davidson goes to hold. dan ives, though, at wedbush, says he's even more bullish. >> he's right. and there's a team in our fantasy league called dan ives jacket, and let me tell you, they're coming on strong. heather gaines. dan ives jacket. good team. jaden is killing it. i don't have jaden. >> you should have jaden. >> i have baker. >> i got jaden. all in. all in. >> microsoft owns enterprise. zuckerberg owns consumer. and anybody who has a different takeaway, you can come see me. >> okay. coming up, we have a slew of earnings movers still to gheet this morning. futures indicating a lower open. we have more "squawk on the street" straight ahead.

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as we count down to the final trading session of october, take a look at this month's top performers, all in the s&p 500, led by united airlines, up some 40%. the cruise lines, take a look at them. >> cruise lines, a broker, and french fries. am's ske with thatha. crer "mad dash" when we come back.

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the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. we're back. time for cramer's "mad dash" as we count down to the opening bell today, jim. >> there are a couple companies that are so big and yet are typically overlooked, it drives me crazy. visa had an amazing quarter the other day. this morning, mike, a sensational executive at mastercard, a $474 billion company, going to $500 billion, perhaps today or tomorrow. the momentum in this company is incredible. they had an amazing runway to go forward. they are -- excepting digital, they are doing what i regard as being the greatest fintech in the world, which is that no risk to money, right?

and they are, i think, the most competitive franchise in terms of the stuff that you never see. winning banks. and then, doing credit cards. but with no risk to the credit card. so, not capital one, not affirm, not a company that works behind the scenes and does an amazing job in process. >> stocks had a big year, too, well up over the last 12 months, up almost 37%. >> because mike is great. he's not a promoter, but there is a november 13 analyst meeting that i think is going to make it so everybody realizes who these guys are, and i would want people to be in ahead of that analyst meeting, which is going to be incredible. >> the cards have done well. i mean, at the samit's a paymen, but amex on the dow. >> steve spurrier, they were skeptical, but visa and mastercard, they're one and two. it's a polite duopoly.

everybody wins. one of the great duopolys of all time. >> you're going to hear the bell ring as we get set for this trading day, the final one in the month of october. you're going to see at the big board, fans for the cure increasing awareness of prostate cancer. at the nasdaq, a provider of marketing and i.t. services over in singapore, celebrating its recent ipo. we'll get this -- >> what'd you think of carvana? what did you think of ernie garcia? happy halloween. trick? no. treat. one of the great quarters of the whole year. >> one of the -- >> carvana. >> i mean, i don't know. have you seen a stock turn around like the magnitude of what carvana's done in the last couple years? >> we were very negative on it. >> lot of people have been negative. the shortage on that was ginormous. >> i said, take me to one of these things. prove it. and then i did one of the cars, like, i bought it and i didn't

like it and i took it back. it didn't have -- this is the model. he only has 1% of the entire used car model. it's the most lucrative company in the used car business. he has -- he is operating at scale using his own internal cars for returns. this is an unassailable $300 stock. >> look at the turnaround is incredible. widen that chart back out again, you can see the big, big peak and then the huge, huge turndown. >> garcia is a brilliant operator. i went to one of thinks -- he's got the vending machines, obviously that's schtick, but he's got these places that can recondition cars in record time and then, of course, the moneyback guarantee, which is insane, but it works. i think this company is going to $300, and i think it's not going to stop. i think it's going to go right there. >> since we're talking about cars, do you want to do uber? that stock's been under some big pressure this morning. they did have a slight bookings miss. they had a muted holiday forecast.

they did have record profit. the stock has had a nice run. however you want to put it all into context. >> the forecast was bad. this may have been one of those where the foerecast was bad in order to be able to beat the forecast. i know the forecast is the forecast, said by frank slootman on my show when he was still running snowflake, but i do believe that uber -- let it come in. he extinguished uber, dara. he said, the numbers -- the forecast is far worse than the company. i think this, again, is a slap-happy duopoly, which he's killing it versus doordash. he's so confident. don't worry about the forecast, just let the stock come down and buy it. this is a dominant company. >> we do have sound from dara, from "squawk," talking about their autonomous aspirations. let's listen. >> we announced five different partnerships with autonomous companies. we ride, av ride, cocoa, cruise are just some examples and we have 14 different partnerships with av providers, all over the

world, and we are also very, very happy to announce an expansion of our partnership with waymo into austin and atlanta, which is going to happen in early 2025. so, i think uber is going to be the largest platform for autonomous partners and vehicles. >> yeah, there you are. i mean, the waymo partnership, we already know waymo's got -- they have the wheels. they have the numbers. they're going to be very -- they're going to dominate in california, dominate texas, georgia, and he's their partner, and you can't have a better partner than waymo, which is owned by google, alphabet, and waymo's numbers were finally broken out when they had that quarter which even everybody's already forgotten, which was amazing, and waymo is in charge. what i'm trying to emphasize to people is there are dominant companies, and that's why their stocks are high. and this company's a dominant company, so you can sell it based on the forecast, but you really should be letting it come

down and then buy it because of the relationship with waymo. >> the diversification of their business as well. when you talk about passengers, then autonomous, and you're talking about food delivery and freight. i mean, that's why, you know, people remain so bullish, because the diversified portfolio of how they can pull all these different things into one big pie. >> and they're up against doordash and delivery, and we know that they're a great company. we know that we have them on our cell phone. anyone who's on your cell phone is doing well today. i just say, look, don't be too complacent, but if you base everything on the forecast, which is everything that people are doing, you'll make a mistake, because he's a person who likes to have a forecast that he beats. that's what you do. >> speaking of dash, stock's up 3.5%. they get their first profit since going public, strong results, strong consumer, targets get raised by several firms. i notice the top end, 180 this morning. >> so, dash was down hideously in the afterhours. i mean, really, really badly. at one point, it was down eight,

without anyone reading the conference call. the conference call was a tour de force conference call. tony doesn't own the market because doordash is in there but he's coining money, and i remember when i spoke to him right before he came public, and they were big money losers, and he vowed to become a big money winner and to become nationwide, and he has done everything that he said he would do. stock is a great stock. now, again, up four, and you own it, and then apple does its miss, and then you're saying, why did cramer say -- no, i'm just saying the company is good. i'm not going to say that the company should be bought up. that's not my style. but it was a great conference call, and tony knows how to run a call. >> you really expect a miss. from apple tonight. some are expecting lower guide for the fourth quarter. >> you had that number yesterday was hideous. you have all these lead times. analysts who literally make -- they're paid, what, to find out how apple did on tuesday? i would gladly pay you tuesday

for an apple today? i mean, what the hell? what kind of analysis is that? i'm going to speak to tim cook tonight. i'm going to say, when are we going to get away from the idea that you had a bad afternoon? >> there's so much noise in the market about how much -- what's the number that iphone -- the volume number for iphones is going to be cut. he had the analyst over in china suggest 10 million. that's probably the highest estimate that i have seen, but there have been a range. >> the problem is this is a word-of-mouth story. in other words, i don't have it right now. maybe i do get it, and you tell me, jim, it is really amazing. i need to hear verification from people before i shell out the money. and i think that that's the problem, because it's a rollout, and people don't know what it is, so you want word-of-mouth, and that's fine. that's why it's going to be, what i say, an elongated cycle, which is terrific. i want an elongated cycle so we can stop this nonsense and stop the, hey, tim cook, the last 72 seconds, i think they didn't

sell that many phones in shanghai. who does this kind of thing? look at the stock over a ten-year period, and all those people who have told you to sell it, why don't we just, like, let's set up a gallows. you know what i mean? think about this. think about it like this. analogize. let's say there's a team that has won eight world series, like the dodgers. there are periods when they didn't win the world series, but do you want to own the franchise or not? maybe you want to own the yankees because they won 27 times. but you don't want to own the phillies, because the phillies have won a half one. this is a franchise. think of it like a franchise because, you know what? if you try to take this from me, i'm not going to just come after you. okay? i don't even have to tell you who i'll threaten. don't touch this. that's what it's about. that's what it's about. you see my callous? >> very nice. >> let's do -- >> some people have pictures of

their wives. i have pictures of my cows. >> let's do starbucks. >> you bet we're going to do starbucks. andrew ross sorkin has an 140-hour interview. >> we could play a snippet from it. brian niccol, of course, the new ceo, but let's talk about the quarter first before we do that. >> quarter suck -- i mean, the quarter was bad. >> revenues were down 3%. north america comps, down 6%. stocks not down all that much. niccol is obviously going to get the benefit of the doubt for a while because of his exploits at chipotle. he's going to fundamentally change the business. let's listen to what he said, and i'll get jim's reaction on the other side. brian niccol this morning on "squawk" with andrew. >> what i'm committed to doing with starbucks is figuring out, where are these pain points? how do we knock those down? get them out of the way, get the right operating model in place, clean up the pricing architecture, share with people again what makes starbucks so special, and then match it up with a great experience, whether you do it through the

drive-thru, mobile order, or you come into our stores, and you know, that is a -- it's a pretty straightforward playbook. >> all right, jim, they're pledging, you know, serve coffee faster, four minutes or less, not going to raise prices over the next year. sharpies are coming back. condiment bars are coming back. he's trying to, as he says, fundamentally change where this company is going from here. >> when he was at chipotle, throughput was his middle name. we would joke about that. try to figure out how quickly you can get in and out. what was amazing on this call, the single most salient point that i heard, was that they had absolutely no rules -- he kept calling them guardrails -- they had no rules for how long it took to get a cup of coffee, and he says, four minutes. this man is about getting a cup of coffee. it was a remarkable call. it was a clinic. i think it was one of those things where he basically said, we are the most cluttered, confused company, and the previous ceo was trying to add

more drinks. add. add more drinks. they have 1.6 million permutations of drinks. i thought this was remarkable. yes, he's trying to reclaim the third place. what was incredible was, we want to get our cup of coffee. and we want it hot. we want it in four minutes. we want to be able to choose our milk, and we want to put cinnamon in, and everybody will be back, and i thought it was brilliant. it's just how you run a chain. >> it's great to say all that. how patient is the street? how patient are investors going to be? >> this guy's mr. wolf. he's mr. wolf. take a half hour, he'll be there in 20 minutes. this guy's unbelievable. he will beat everybody. i remember when he took over at chipotle, i called him and said, you have an 88-ingredient burrito for taco and now you have eight ingredients? he said, i'm actually going to get people in and out. stick with me. it's going to take 18 months.

he took, like, 17 months. this guy is fabulous. he is the antithesis of what's been running this place. >> that's why the stock looks the way it did. >> it should. >> from a valley and when he was named the ceo, obviously, things changed. >> maybe i'll no longer get a triple cappuccino with skim wet. they used to write "the cramer" when they had the sharpies. i do think that this was one of those quarters -- people say, clearing event. what is that? that's like some wall street term. what i tell you is that this is a quarter where he said, at one point, if we do all these things, we will have an amazing thing. we will have growth. i want people to read this. it's about how to do things. it doesn't matter what business it is. this happens to be coffee. it could be any business that you're in. this is how you do business. niccol is a genius.

he's mozart. >> you buy the stock here? >> we own it for the trust. i haven't sold any. i don't sell niccol. i buy niccol. >> lot of nickels. okay. you know what we didn't even do yet? we didn't do amazon. >> it's tonight. >> well, we should sort of -- apple's tonight, too, but you -- >> oh, i think that -- >> you waxed on that. >> when you talk to brian, i love -- he's a giant fan. when you look at what -- what's the matter? >> we have the giants this weekend. >> my wife says you can't call them "we" because you don't suit up, but i think you do suit up. >> feels like i suit up. >> when you look at amazon, if you go back to what brian said in the last call, the cfo, he talked about how numbers would be down because of the olympics and down because of the attempted assassination of trump, because that literally

put a ceiling on how many orders were made, but then he said, don't worry. we'll make it up. we will make it up. so, i mean, i bought today. i bought that heater that heats the room. they got two for -- i bought it for $70. i got two for $140. this is what america does. they are -- this is the prime. the only thing that can stop microsoft is the clowns -- i mean, are the people in the government. i mean, amazon. they can't stop amazon. i'll tell you why. when you go to amazon today, like every day, there it is. there that afternoon. how many -- have you done -- how much afternoon stuff have you got where you order in the morning, order tide and there it is in the afternoon? >> that is pretty crazy. >> if they can get the package under $2.47, this company's leverage is incredible. and remember when everyone was writing off aws, saying it went to -- >> you're paying up for the aws growth. right? >> yeah, pay up for perfection. i think that you're going to have -- i think you're going to have a muted forecast because that's what they do.

i think the number's going to be better than expected. i think you have amazon, apple, everybody's going to be, woe is me. you'll come in tomorrow. the employment number will be okay. they'll still be, woe is me, and maybe by the end of the day, they're good. we have to deal with this incredible sense, scott, of people picking a line in amazon, saying, oh, well, he did forecast $100 million lower. that's what happens. >> their capex is expected to be up 40% year on year, little bit lower than the other. >> i would take it up 50% if i wanted to be able to challenge enterprise, microsoft, and consumer meta. >> and you think the market would be fine with that? >> no, the market's idiotic. it just happens over a period of six weeks when people realize, wow, that was smart. people don't understand. they haven't looked at blackwell. they haven't looked at what nvidia is doing. you will be able to order -- you'll look at video. it will show you how that heater i bought this morning works so i won't be doing it blind. i'll be trying clothes on.

i will be getting -- i'm going to buy a house from amazon in the end. >> you probably will. >> i'll probably get it with prime. my wife loves houses because i can't own stocks, except for the one that's up really huge today. it's comcast. >> our parent. >> really? >> super micro. >> really? >> what about super micro? >> i got a little super micro stuff. >> you do? >> first of all, what did you think -- >> they lose their auditor. a bunch of downgrades today. i saw where you said, "i don't know if super micro's guilty or innocent." but the market is trying to make that determination. >> i think that that -- i don't know if you saw the cash flow numbers that they had. i mean, like, let's talk about -- they -- this is a company that was -- first of all, here's what's going to happen. right now, they -- remember, they were already -- ey drops them. there's only -- deloitte had dropped them earlier. there's only kpmg and pwc.

i don't know why they would want to take them. i suspect that most of the customers are already calling michael dell and saying, listen, i got to get away from these guys, and then the following happens. i believe they will be delisted. after they're delisted, i think they will be kicked out of the s&p 500. after they're kicked out aof th s&p 500, you'll wish you had sold the stock this day. if we just look at the free cash flow numbers, i see -- oh, look at this. look at this one. cash flow from operations. oh. minus $2.8 billion. now, get this. there was a later release put out by ey, because, remember, these guys had the guts to put out their own release about what it is. here it is. "we have read item 4.01 of form ak of super micro and are in agreement with the statements contained in the first paragraph, the first sentence of the third paragraph, the first three sentences of the fourth paragraph, the fifth paragraph, the seventh paragraph and the eighth paragraph therein.

we have no basis for the other state statements." how much do they not want to be sued? this is like the marx brothers. >> we have some economic data crossing as we speak. it's the chicago pmi. let's get to rick santelli. he has the numbers for us. >> yes, october, mni's pmi for chicago, manufacturing in and around the windy city comes in light. 41.6. 41.6. that's the weakest level going back to may of this year and just to put a big macroface on it, that means 25 of the last 26 months have been below 50. it's now 11 in a row below 50. now, i don't see all the details. my guess is we probably seen some prices paid movement to the upside because this weak number is not pushing yields down at all. as a matter of fact, yields are

stubbornly high. that close yesterday was the lowest yield close since the 3rd of july and it really does underscore how much there is at this 430 to 4.32% level in terms of technical resistance. we want to watch which side we close on friday, of course, after the big jobs report. "squawk on the street" will return after a short break. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the

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earlier we showed you the best performers on the s&p 500 ke aar this month, and now we ta look at the laggards. there's estee lauder.

we have to talk about coming up. >> that's next. your record label is taking off. but so is your sound engineer.

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time for stop trading with jim. you want to do el, right?

>> there are stocks down today, and then there's estee lauder. it was at 159 in february and now it's at 68. they have a lack of visibility and getting a lot of downgrades. i want to be little definitive. i wouldn't buy it. >> really? after how you started this segment, i thought you were definitive. >> well, super micro, they are going to be glasgow. but this estee lauder, this was a premium company whose time has come and gone. >> isn't china part of the story? >> everybody is part of the story. >> they announced the stimulus. >> but avon is calling here. i like meta for the consumer, and i like microsoft for the

enterprise. yes, comcast may be the broadband stabilizing, and maybe you and i are due for a drink? >> yeah, several. >> my wife will bring it, and next thing we don't know who we work for, but it will work out, right? >> it's like we are free agents, our team. >> what do you want me to say about that? >> i like comcast. >> who doesn't? >> well, i don't know. can i be a little solemn for a second. i was hoping i would go out as a yankee with pinstripes -- oh, dodgers. that's neither here nor there. what do you have? >> i have clorox and haleon, and

they are in a fight because everybody is in that scrum. how are you been? >> good. >> i love your show. >> thank you, man. >> i met bryn when she was signing autographs in texas, and she's, wow, 6'3". i lover your people. >> by the way, vlad tenev is coming up. >> yeah, it's not working, the 1%. >> we have to go. >> being yelled at. >> buried it.

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"squawk on the street." i am scott wapner alongside these two. markets are lower across the board. we have earnings from microsoft and meta certainly weighing on the nasdaq, down about 2%. we are in the red all the way across the board, hleslie, this morning. >> meta and microsoft, as scott mentioned, under pressure. we will break down the numbers in just a moment. comcast on the news they are spinning out the business. uber in the red. a top and bottom line beat but gross bookings disappointing the street. >> mike, last trading day of the

month. the s&p on track for the longest winning streak since 2021, and all told the markets really haven't done all that much this month, but coming in there was, i think, a lot of fear what you maybe got away with in september you will pay back in october. it has not happened? >> both of those, the nasdaq is the low because of all the selling because of what is a combination of elevated expectations from the likes of meta and a not absolute blowout beat and raise type of quarters from the likes of microsoft. i think we have been digesting and the index has hung in there.

pce was okay, but the core is a little warm. there's a sense the economy is strong, and inflation is not descending at a rapid rate means higher than we thought before for maybe a little longer than we thought before from the fed and that's filtering in. you want to throw in election hesitation along with that, fine, because who knows how much that filters into things of things like expectations and expanded policies next year. we're still up 20% on the year. fundamentals lining up positively but you get a wobble at the end. >> how does that factor into regardless of what we see next week, can we expect to see more

volatility? >> i think we are seeing a ten shun build up, and if you look at the aggregate bond eft relative to the s&p in october, stocks have weay outperformed bonds, and that -- you know, i think we are at a point in yields where you have to wonder if the story is changing beyond the expectations the economy is good. >> yeah, and unless it becomes a greater issue -- >> and you don't know how much that is on trader's minds. >> and under pressure despite top and bottom line beats, and that said our next guest raised his price target on meta. managing director joins us now.

if you could just explain your rational behind those two moves. >> yeah, if we were to extend the picks and shovel analogy we have been using recently, microsoft, their customers are not finding enough gold to justify that. as you are decelerating the quarter in the face of decelerating cap x, and meta is mining for their own gold and they are finding it through better ad business and the core business is doing better because ai is helping generate better ads getting better yields. meta is already benefiting from ai and that increased investment. microsoft needs more customers to find it's gold. >> every quarter we talk about investors patients with all of the cap x going into ai with the

ultimate payout. how would you describe that as it pertains on the ori? >> i think what we are seeing today is the market is running out of patience, and even though the heads of these large companies, these mega caps believe that the investment is justified because they are going to get to agi, which will be an incredible powerful tool and they don't want to risk not getting there, but investors want to seat applications being successful, generating economic returns that even remotely corresponds to the level of investment these companies are making. the market is telling these companies today you need to slow down this cap x rate until the revenue from these endeavors catches up. >> i mean, from a microsoft standpoint, the demand is

overwhelming. they have supply constraints. i think they are clear about that, so how do you factor that in. i am not so sure the market is growing tirednessly with what the spend is and what it may be because they have to spend to maintain their enterprise leadership in ai. >> well, they just lost a couple points per share to google. yes, they are accelerating the spend, but google is going to have a deceleration over a couple points of three points, so the narrative on microsoft is they had the huge lead over google and amazon, and now that's -- that's really changing because google's accelerating, and microsoft is, again, selling

picks and shovels but not doing as well as google and amazon right now, which is not what the narrative has been. in terms of the supply constraint, let's not forget microsoft is entirely beholdent to nvidia. they are not having the same supply issue that microsoft is. again, microsoft is escalating the datacenter buildout in spite of the fact the google cloud and aws may have a structural advantage. >> you mentioned you expect amazon will report an acceleration in aws along these lines. what is the general setup for amazon? is it just going to trade, do you think, on the cloud momentum or other things? >> that's half of it. we will be very focused on aws to see if there's an acceleration, if they added more

dollars than azure did this quarter, and that's going to be important. the second part is margins. can they sustain and increase their retail margins in spite of all the moving pieces? is the consumer strong enough in the business, and are all the fulfillment centers going to pay off with higher margins and retail? >> all right, gill, thank you for joining us on such an important week for these stocks. appreciate it. let's turn back to the broader markets. s&p on pace for the sixth raise. november and december, october is in the books after today. what is this market going to do for the remainder of the year? >> i think part of it depends on

the election and i think, you know, we see the vix up at 22, and there's a lot of uncertainty on what that income is. when it's resolved in any way that usually brings the market back up. when you see a yield of 433 and, in my calculation, i see now, pwhraefr it or not only three 25 basis cuts, and that really means the market is expecting every other meeting a 25-basis point cut. compare that with that right

after the 50 point basis cut where they were expecting at least one cut every meeting. that rescission upward puts a new look on the market. a new look on bonds. stocks are strong because it means the economy is just much stronger than people think, so you know, i -- earnings -- well, trump interest rates for stocks, but for bonds, they are not good. >> what is more attractive here, stocks or bonds? the fed is going to cut whether it's three versus six, the trajectory for yield s is still presumably lower. that could make treasuries attractive here. >> i don't know how attractive they are. the ten-year on average is between 100 and 150 basis points

above the fed funds. if they are going down -- i don't think they are going to be going at most down to 3.50, even though their projection is 2.9, and if you add 150 basis points to that, you are near the five level on the ten-year. we talked about it this morning, the long rate has gone up while the fed is on a downward path but what we are doing is reverting to the normal interest rates, and we have not completed that transition yet. >> aren't fewer cuts better? you were arguing -- maybe you said the 50 basis point cut was

too much, maybe they don't need to do more? >> well, i think we need to do more. as i said, i see it going down to 3.50, down to 3.75. we're talking about 100, 125 basis points below there. if you add the normal premium, and we have gotten out of the crazy structure and get back to normal, which is what the fed needs to do. you have to add that to the ten-year. at this point, we're not there yet, even with the fed on a downward path. >> what do you think about the mega cap trade or the tech trade, which, you know, after sleeping, i guess, for the third quarter, has woken up more?

the nasdaq has obviously been hitting record highs. we are getting and figuring out what we want to make of meta and microsoft and we have amazon and apple this evening, but where are you on that outlook? >> well, the interest rate, both the long and the short interest rate is not as important to the big tech as they are on the small and mid cap. the reason why this -- you know, this much called for small cap, mid cap revival has been short circuited is because now instead of thinking, yeah, the fed will be in the low threes by the middle of next year, and maybe they will be in the high threes and we don't know how fast they are going down, so i really think that the reason why large cap has held its own and small cap has not gone up is the revaluation of what's happening on the interest rate structure. listen, the narrative on ai is

still there. you know, it's one of the strongest narratives we probably have had in the market since dot-com. that went on for many years and i am not predicting a bust here because the stocks are not near as crazy as in 2000, and narratives go on for quite a while and they don't disappear and they get punched many times with disappointments. we have had a few, maybe, slight disappointments on guidance, but not enough, i think, certainly in the short run to change the trend in the story. >> good seeing as always, professor. be well. i will see you again soon, sure of that. >> thank you. as we head to break, robinhood shares lowering.

shares of booking holdings rally on the back of the latest results, and the company ceo training us. "squawk" is back after this break. (man) these men of means with their silver spoons. what will become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash. they would descend into chaos.

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peloton shares surging this morning on pace for one of the best days on record, and brendan gomez to explain why. >> strong quarter results and a new ceo announcement. the company back to generating

free cash flow and breaking is on the top and bottom line, though. there's so much focus on profitability and not just getting bikes in homes. peloton expect to lose more numbers and sell less bikes during the holiday quarter. interesting given last week's announcement about the partnership with costco. and then the ceo stepped down, and who is peter stern. kerpbtly at ford he oversees the prescription service business and a co-author of apple plus offering, and a focused pick here from the company as it relies on incurring subscription revenue. a clear focus on building out and sustaining the subs and app

subscribers. >> the stock is up 22%, and if fewer users are in their system and there are fewer bikes out there, how does that math work? >> they are offering the strength in-app services, things separated from the hardware. that's why i say off the top that there's been so much focus of the bikes, and now they are shifting that. >> then, just from a perspective, this is up to $3 billion after this is not going to make it type of valuation. in other words, people thought it was doomed and now all of a sudden it has a glimmer of hope in there. >> you see the height of the

stock during the pandemic when everybody was working at home, and it peaked the moment the vaccine trials came through. >> thank you so much. speaking of pal aton, david einhorn will be on delivering alpha. still ahead, shares of our parent comcast off ssi hesonighs but still up more than 2% on earnings and news about the future of its cable business. details ahead. don't go away.

bitcoin off its initial highs but on pace for its best month since march. you see it down about 1%. and the recent rally giving crypto-related stocks a big

boost including coinbase, and it's moving lower today foll following weaker than expected quarterly results. another name in the space to watch is microstrategy. the company also announcing it plans to raise $42 billion over the next three years to buy even more bitcoin. that is the -- basically the public equity play on bitcoin maximalism. it has been for a while. >> capital markets, alive and well. >> and comcast, one of the best performers on the s&p this morning on the back of its latest earnings and then making headlines last hour after comments around the company's cable business. david faber joins us again. good to see you on camera this time, david. what, if anything, you have learn since we last spoke and what perspective can you put on

all this with your expertise in this area? >> thanks, scott. it's early days and i think that's something worth stressing here and obviously something that mike cavanaugh who runs nbc discussed on the conference call and made these comments regarding the study of a potential spin of the company's cable businesses. for those who may not be familiar, we are talking about our own company, cnbc, so as you might imagine a lot of internal questions and questions, and also msnbc as well as usa, bravo, e and oxygen. you are going to have to consider a lot of different things, certainly. what over laps there are that a cleavage of them from the broadcast network, for example, might destroy value because nbc,

the broadcast network is not part of this potential plan, nor is nbc news. kind of interesting, but it also raises the question are there benefits of msnbc and nbc news being together, and cnbc as well, and are there benefits for the entertainment networks being aligned with peacock and the same company, because that would not be part of the spin, and univ universal studio. a lot of questions. certainly plenty of questions on allocated costs. you can go on and on. let me defer to mr. cavanaugh for reasons the company is thinking about this potential spin. >> we are now exploring, whether creating a new-capitalized

company owned by our shareholders and surprised of a strong portfolio of networks would position them to take advantage of the opportunities in the changing landscape and create value for our shareholders. we are not ready to talk about any specifics yet but we will be back to you as and when we reach firm conclusions. >> high cash flow and no rowth, and we are familiar with the continued shrinkage of the cable universe, and cord cutting continues at a space that few expected it to continue, and that could be behind the consideration of this. would there be a shareholder base for it? it's unclear. i think it traded as little as four times ebitda, and that's a low multiple but perhaps there

would be more freedom to try and figure out more strategies to grow. the company is currently not embracing the idea of adding more cable networks. that's not a possibility. you asked me on the earlier conversation about a paramount deal and that was one of the key reasons you wouldn't see a deal like that, the idea of adding cable networks. you want to see if something can be done on their own as a pure play. i think as you can see, plenty of questions yet to be answered. >> david, for sure. for obvious reasonsyou would lay out, you want to explain different ways of structuring things given the secular dynamics, but there have been times when comcast's valuation was unduly penalized for having media assets, and then you look at how things like wbd trade

which is the pure play linear in studio, and it's not better. i wonder if separating them is a matter of this creates a cleaner way to have a consolidation within the move, and wde shares up 6% today. >> it's a great point, mike. it's cleaner, but to your point, is it value created from a multiple perspective, would you have a significant multiple revision higher for all that was left, and you are not talking about nbc universal, theme parks, the studio, peacock all still remain under the potential scenario. it may end up you only get a handsful of news, msnbc or cnbc being spun in some way, or vice versa, just the entertainment,

and would that take place over time with the new freedom this company spun to shareholders would have. the roberts family have voting control, and certainly negative control at comcast. not to be decided, as far as i am aware at this point, whether or not in fact you would do a spin to shareholders would stay the same, and their economic interest and voting interest would give them power over said spun company. >> we will see you after the weekend. now time for a news update. >> elon musk did not show up with his attorneys this morning to a court hearing in philadelphia despite an order to appear. a judge is hearing the city prosecutor's bid to shut down his super pacs, he wanted to

move the case to federal court. then local authorities have not disclosed how many people are unaccounted for and say they expect the death toll to rise. the los angeles district attorney says he wants the governor to grant clemency to erik and lyle mendez. the brothers are serving life sentences for killing their parents in 1989. their attorney submitted the request on monday arguing the brothers were sexually abused at a young age and have rehabilitated in prison, scott. back to you. >> thank you, silvana henao. a quick mierrend, cnbc live all night on election night.

all starting at 7:00 eastern here from the new york stock exchange. we're back in just a moment.

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shares of booking holdings rallying today. the online travel agency beating estimates and offsetting weakness in the domestic travel in the u.s. and china. >> glen, welcome back to the show. great to see you pfp . >> great to see you. >> a number of your peers are talking about a slowdown in travel and lowering guidance, so what are you seeing others ant? >> we look at the numbers. we had a very impressive third quarter and pleased with those numbers, and we are looking outgoing forward and coming up

with the best estimate. we are pleased with where we are and see how it plays out. >> you discussed the strength in europe on the earnings call and is that due in part to more travelers from china or is that rebound still preliminary? >> no, that has nothing to do with anything regarding china outbound at all. we did see a nice pick up in europe. we talked about it last night. we love seeing that happening, but as i continue to stress, and you and i, we have had this conversation for long time, how important it is to just look to the long-term and not look day by day, week by week or quarter by quarter, and look to the long-term, and travel is one of the industries that will have a strong growth factor because people get wealthier and they want to travel, and people who are not able to travel now because of economics, but they grow into an economic state

where they can afford travel and want to travel around the world, that's what we are doing, coming up with great products and services so we can take shares from other players in the industry. >> well, when it pertains to raid hailing customers, people are a bit more sensitive to prices. are you worried about prices continuing to move lower in 2025 and the impact that could have on margins? >> not really. prices go down and people travel more. that's a good thing for us. we get a commission on the sale of a travel product, so a higher price is good because we will get more of a commission but i like it more when more people are traveling and doing more travel. again, that's something we can't influence. demand is going to come in terms of how people are doing economically for themselves and the supply side will be how much

inventory is there and when things end up not having enough rooms in the hotel, prices will go up. when there are lots of empty rooms, prices go down. long run, it all averages out, and our concentration is on make better products and services and make it easier for everybody to travel. that's what we are trying to do. in the end, i can't influence the economics but i can influence making it easier for people to travel. >> how are you thinking about the upcoming election, and president trump talking about tariffs, and what is your message to trump if he's elected? >> i don't talk about politics, but it's good for people to go out and vote if you are in a country where there's a democracy and you can vote, you should vote. i did listen to daria on uber,

and they are giving a discount on uber if you are going to vote and that's good to get the vote out. some partsof the world will change because of politics positively or negatively, but in our view it's not that big of a deal, because if people don't want to go to a certain country there are other countries they can go to and we will provide them to another great country, so politics not that relevant. >> and now people want to understand how ai impacts your financials and should people at your company worry about being displaced by ai over time? >> everybody is talking about that because it's so transformational. we talked on the call last night about a few things we are working on, everything from the ai trip planner and booker to the product on price line, and an agreement with salesforce and

it's called agentforce. are these ways to help people do what they want in an easier way. i do like what we're doing right now. i see great progress being made and i do believe it really is an advantage for big companies like us to have the technology and the resource and the capital and the incredible ai experts who have been with us for a long time, and that gives us an advantage. any strong transformational technological change, generally the larger player has an advantage. for us i think we are sitting very well. >> glen, thank you. stock up 5% on the day. >> thank you. >> thank you both very much. as we head to break, watch starbucks shares today. the company reported a 3% drop

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investors have positive data on the state of china's ou tfacturing company but not engho change the sentiment over there. one trader thinks it's the beginning of a turn around on the upside. join us on "power lunch," 2:00 p.m. eastern time.

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robinhood slumping after missing estimates. >> robinhood in the quarter way under underperforming, the brokerage firm missed on every metric sending that stock tanking. executives on the call say there was contra revenue not factored into estimates and had to do with some of the promotions robinhood was running, and crypto volume more than doubling and october is set to be one of the strongest months ever for volume at least so far. this week robinhood got in the election prediction market and so far they have seen strong

interests in the past few days. >> demand has been really strong. you can see on social media that reception is positive, people are enjoying having access to the product. when you think about what we are trying to do for our active traders, we want active traders to consider robinhood to be the most innovative. >> i asked about potential for market manipulation and the election markets are thinly traded and he said they are highly regulated so was not worried about it. also asked if they would get into sports betting after the election betting here. >> we see it resonates with younger people and a lot of our customers are interested in that sort of thing, so i wouldn't rule it out but i wouldn't plan on anything in the near term. >> as far as how retailers are positioning themselves in the

next week, and it's still high growth tech names, and they are still seeing strong deposits in cash accounts despite rates coming down at this point, scott. >> kate, it's interesting that he even expressed openness to the idea of sports betting as they do the election betting at the same time they are trying to say we will be a player in retirement savings and this is general long-term accumulation of wealth which schwab and t fidelity have a massive piece. >> on the one hand they have been getting in traditional financial services like retirement accounts and going after the high-net trader, and they are launching a web-based platform and they are known for mobile and their retail starter platform for trading but it's

interesting they would open the door to sports betting. on the one hand, yes, going after a much more audience, and maybe the sports better eventually. it's interesting to keep an eye on as we look to be the everything store when it comes to finance. >> thank you, and those shares down 15% right now. as we headto break, carvana shares urging up more than 19% right now. their ceo joins us next hour on "money movers." don't go away.

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welcome back. check out these shares of super micro down more than 15%, continuing to drop a day after the company disclosed that its auditor had resigned after raising concerns over the company's internal controls. the stock now the worst s&p performer for the month of october. once a wall street darling as well and you can see what the exposure has done for the stock.

apple, the latest mag 7 name to report and that's this evening in overtime. our steve kovach live in cupertino. >> reporter: this is going to be our first rate on the 16. this quarter will reflect the first several days of ai phone orders to comparisons for last year to help us understand the demand for 16 so far. so far it appears lackluster compared to last year. it was said earlier this month apple cut $10 million apple 16 iphone orders which is a bit unusual for this time of year, and now we will test the thesis that iphone 16 will be an ai

driven super cycle. that super cycle may be elongated compared to previous super cycles, and only minor ai features are out like a tool that can edit your writing, and that's coming over the next several months and into next year. keep your eye on services. that business is booming again after a post slump. apple expected services to be up double digits in this report, guys. >> and even if you are optimistic on the long-term aspects for apple are not that enthusiastic for this -- >> i would call there's more color towards what the next

quarter will look like so maybe they don't break out specifically, and things like services, which has been booming and of course everybody on the call, scott, will be asking about iphone and about the artificial intelligence rollout, so hanging on to every word what tim cook says about those things. >> you mentioned the core and the most value add potentially ai applications will be rolled out over the next several months or so. are they expected to be in time for the holiday season as well and do you expect commentary on how that factors into the demand picture? >> there will be another wave likely coming probably end of november and early december before the holiday numbers kick in, and they released a test figure of chatgpt, and that will likely happen before the end of the year just based on the

release schedule we are seeing that developers are testing now. again, the more exciting stuff, everybody is waiting for that siri update and the integration with all apps on the phone and not only the apple services. >> siri, what should be on my holiday shopping list now that it's halloween. >> yeah, don't say that too loud. it's going to start to kick out advertisements today. we have jim, joe and steph. josh brown will be on about uber, and speaking of big names, both jim and joe making moves in big names today. i will just leave it at that and reveal what the trades are when i see you at 12:00. >> by the way, we went the entire month of october without a percentage move, and the

market is clinching up ahead of a toss-up election in a few days. >> and there was talk about it's usually up -- >> we are in one of the ngt five-day periods of the calendar. >> it has been fun, guys. we will look ahead to apple and amazon. "money movers" coming up next.

so, you know, han is 22 years old, and we've been together most of my life. not often do you have a childhood dog that, that lives this long so i think it's really unique and special that we've experienced so many, so many things in life together. knowing that he's getting good nutrition and that he has energy is a huge relief for me and my dad. “such a good little bean.” we're so grateful to have had this time with him, so let's keep it going and make every day special.

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good thursday morning. happy halloween, everybody. i am actually brian sullivan and she's actually leslie picker. the white house's first reaction to this morning's inflation print. what does this say about the price of where prices are going? guest what, that is moments away. the impact of the election. peter orszag is with us. his firm releasing results as well as the stock rallies 50% this year.

we