>> all right, ed mills, thank you. appreciate it. >> thank you. >> of course, tomorrow we're going tos get more earnings on top of election, here on "overtime." i'm keeping my eye on super micro, which we know has had some massive moves, given its accounting issues. >> in the chips today, lattice down, nxp, it's a lot. >> that's going to do it for us here at "overtime." >> "fast money" starts now. >> live from the nasdaq market site, in the heart of new york city's times square, this is "fast money," and here's what's on tap tonight. if warren buffett is selling, should you be, too? nuclear troubles. the energy companies breaking down today after regulators nixing a big deal in the space. what is next for the names and is there nmore trouble there? plus, how markets are positioning ahead of the election. viking therapeutics on its way down on some bald obesity drug

news, and the chart master goes panning for gold. placing his bets on the precious metal, or on the miners? you're going to have to stick around to find out. that's why we call it a tease. i'm brian, in for melissa once again, coming to you live from studio b at the nasdaq. and on your desk tonight, tim seymour, courtney garcia, carter worth, steve grasso. i love it. we're going to start with a potential warning sign for the oracle of omaha, warren buffett further cutting position in apple in the third quarter. still holds a lot, but it's now under $70 billion. that's a lot of money. but it is less than half the stake that they held at the beginning of the year. now, there's really two ways to look at this. shares of apple, they're up 15% in 2024. underperforming a lot of the megacap stocks and the s&p, but still a pretty good return. in fact, if we look at it in the

mag seven, apple ranks number five, nvidia, meta, alphabet, amazon all posting better returns. tim, that begs the question, is he selling to just raise money for something else, is he selling because he still owns a ton and if he is selling, him or his team, we don't know if it's warren buffett, like, timing out -- >> just call it warren. >> probably he signs off on it. is that a sign for the rest of your viewers and listeners? >> we always say that 13-fs are back ward looking, so, there's an element of this that we should not be focused on anything. it's a dynamic that is always fascinating. warren is known as a value investor, so, when you hear of an investor that thinks the value in stocks is -- is, you know, essentially gone, you know, that is something to listen to, because again, this is where warren has really made his money, and everybody knows the numbers on the

outperformance to the s&p. the other dynamic i think is what has investors most nervous. who was best positioned in the financial crisis to scoop up preferred shares of goldman sachs, mars, bank of america? the form fours that he's filing, because he owns more than 10% of bank of america, are part of what have people very concerned. it's a combination of truly being a value investor, and seeing a lot less value in some of the imthats. the selling in bank of america is more interesting, because this is a position that's almost down 25% from where it was even a couple quarters ago. and it's a case where i think there's some concern that the rates -- the rate cuts that the fed will be very poor for banks. so -- i don't think any investor should be rushing to the door, based upon -- the apple selling we've been hearing about mfor months. >> this is critical, steve, to remember about warren buffett. he's not considered the greatest

investor ever, because he buys high and sells low. he hoardes cash. he has more money than most nation states right now. he wants to raise money so when he sees an extraordinary and rare opportunity, he buys in. so, are we taking anything away from the sale of apple, maybe he just wants the money for something else. >> well, he's in short-term treasuries right now. he's got $325 billion. but he's not buying back his own stock. right? so, that's -- i think that's the biggest takeaway. so, if apple is not the bargain, his own stock is not the bargain right now, there's no bargains. so, to your point, are there bargains in the market? no. maybe some people -- i look at you, because i think you probably don't think that there's a lot of bargain. >> there's always something to buy. one of the great investors of all time is making a decision to not buy and he's had plenty of cash before the current trimming, right? so, now it's getting to be in the unbelievably large pile. >> and there's cap gains tax,

that could be changing, too. there's volatility around the market. and maybe he wants gray gable to make his own decisions on what he wants to do with the money. so, that's where you start off. we don't know who is making the decision to sell it. but maybe they just want to sbiting on a ton until they find something that's worthwhile. >> and we never -- not never, courtney, but listen, there's an inherent bias that we have on cnbc, i fully admit that, when do we buy something? when do we buy something? we very rarely ask the question -- you see what i did there -- which is, when do we sell something? >> uh-huh. >> and he still owns over 60 billion in apple. so, what do you take away from it? >> i think that's something -- i don't think you want to take this as a negative on apple. he's not exiting his position. >> if he went to zero -- >> that would be a different conversation. he has been taking this off the table this year. and i think really, berkshire hathaway had become mostly apple and cash, which is kind of interesting, that's where the markets are. in the mag seven or in cash.

but he really has always made sure he's a diversified portfolio. he's constantly pounding the table about that. so, seeing him take profits here is going to be for the future opportunities. what those are is the question. that's what we're trying to figure out. i don't think this is a bad thing on apple. >> and the stock itself, of course, is it -- dipped today substantially, but it's just in line with the insurance stocks. if you look at his beta, his correlation to the s&p, it's actually higher to the transports and even higher to the s&p insurance sub industry group. it's treated as an insurer, and most of them have dipped of late. you look at met life, allstate, so, i think you buy the dip. >> yeah, and to your point, steve grasso, warren buff felt h has a whole team. there's todd and gray, whatever. you just wonder, like, let the kids run. when i say kids, they are probably in their mild 5 mid 50.

but let them do -- >> relative. >> every year gets a little more relative. you get my point. let them run, right? warren buffett is in his mid 90s. you are going to have to let the predecessor boss their job. >> he defined his running the way he wanted to run it, the stocks he wanted to buy, the sectors he wanted to get involved with. he's got to let the next generation figure it out. >> but again, tim, do we take this away as -- everybody sell everything of apple, because warren buffett sold some shares? >> well, no. i'm not being critical of what berkshire's done, and it's been a phenomenal performer, but for the last eight quarters, i think their net, you know, $166 billion in selling. this has been arguably one of the greatest eight-quarter runs in the s&p history. so, you don't -- he's not a market timer. he's happy to be very early. and if he sees things out there -- and i get back to intrinsic value in stocks. it really is an oversimplified

version of intrinsic value. there is more value in the whole than its trading at. he doesn't see that. he's a valuation guy. doesn't surprise me that we're in the place we're in. it's not the reason to go out and sell apple. if anything, those headlines came out six months ago. >> $325 billion in cash. warren buffett buys germany. he bought german stocks? no, he bought germany. it's undervalued. for more on the markets, the fed, and whatever else he wants to talk about, let's bring in jim bianco, bianco research. you can chime in there if you want, but we have an election tomorrow, and without bringing politics into politics, let's bring politics into this, because rates fell a few weeks ago, ten-year, 4.3 to 3.6, whatever it was. they are almost violently popped back up. how -- and the stock market has moved with it. how much of that move in the bond and rate market is an expectation of a specific

election outcome either way? >> i think only just the last couple of days to week or so has really been about the election. and you see it in what's called the move index, it's kind of the vix of the bond market. it's at a one-year high. volatility in the bond market is through the roof. there's expectations that, you know, there's maybe fiscal stimulus coming or spending coming, but whatever the election means for the markets, it's being focused in on the bond market. and i think all the other markets are taking their reaction to it, and last thing, look at friday's move and look at today's move. these are extraordinarily large moves that we've seen in the bond market. but in this environment, they're just kind of average for what we're expecting through the rest of the week. >> do you see another reignition of inflation either way? 50-basis point rate cut, took some people bill surprise. you had some politicians, very high profile ones, calling for more rate cuts.

neither candidate seems particularly concerned about debts or the deficits. do you see inflation rearing its ugly head again in some form, jim? >> yeah, i do, in '25. i think the problem with the 50-basis point cut was that it was a signal that the fed, to put it in the chicago fed president's terms, they've got hundreds of basis appointments to cut rates through the end of 2025, and you've seen what interest rates have done. look at what mortgage rates have done, they've gone straight up since the middle of september, right after the fed cut. and this is the market, i think, just screaming at the fed, whoa, too much! you're going to create an inflation problem, you're going to overstimulate an economy that doesn't need this much stimulation, and if you throw in that a trump victory, we'll find out in 24, 48 hours, that we're going to be looking at tax cuts, deregulation, and tariffs, we definitely don't need hundreds

of basis points of rate cuts. and i think the bond market is just screaming that this is just too much, which is why you've seen interest rates, long ender yields go straight up. >> so, jim, we really value your view here and you're talking about a couple of different things. the fundamental view that the economy is not as weak that people thought, as the market thought, but obviously the deficit dynamics that we certainly all focus on here, there's a credit dynamic, so, there's technical elements, but i hear you saying bonds look interesting, and in a world where we've had 20% plus returns in the s&p, there's other things to do. where would you be in the bond market here? it sounds like you think rates could back up a little bit. there's a lot of investors that watch this show have become treasury market investors and they've enjoyed it, and there's some fear of moving too far out on the rates curve, so, where would you be? >> well, yeah, to put this into perspective, i'll channel my inner dr. jeremy seigle. in his book, "stocks for the

long run," the edition of last year, what should stocks return you from this moment forward? i know they've had two 20% years already. but rational expectations are about a 6% to 8% return is on average what you should get. well, if this is 2019 and you look at the bond market between 0 and 2, we were screaming tina. but this is late 2024, where the bloomberg aggregate index is nearly 5%. you can get most of the expected returns out of the stock market with a lot less risk, because in a bond market, a bad year is, like, down 1% or down zero or up 1%. it's not a 20% correction like we saw in 2022. so, that's why you've seen investors get very interested in the bond market. bond etfs have set a record in terms of their in flows and they still have two months to go to add to it. so, if you want to look at, what you should expect? i know most people expect 20% a month, but they're not going to get that, but if you are in that

camp that, you know, a 6%, 8% return is reasonable, all of a sudden, you look at the bond market, you can get that with a lot less risk, and that's why bonds are competition for the stock market right now. >> jim bianco, appreciate your views and straight talk, jim. thank you very much. i think jim was saying 20% a year, but you get -- you get a broader point. >> of course. >> is there a trade here in bonds or anywhere? >> jim might have been advising warren buffett. he wanted an easier past, and 6% to 8% probably makes sense, and maybe -- maybe warren buffett, maybe jim are calling a top to the market, but it seems like the fed doesn't want recessions anymore. it seems like they're trying to be so proactive, they don't want a recession, so, they want to be early. i think they were late to cut, but it seems like there's a new fed and a new sheriff in town. >> who is that? >> i guess powell. >> he's been the sheriff.

>> but he's a different dynamic. >> he is the same, tim. >> different dynamic. >> i don't know if we're going to get fooled again by this one. no one's going to fight the fed. i think we're in a place here where i think the fed's going 25 basis points, and i think the fed's probably relieved that the economy at least at this point and we know there are variable lags, but i do think that there is a fear that inflation still could be out there and we've just talked about all those risks. >> good stuff. let's move on to what's next. from wall street to downtown d.c., security beefing up ahead of election day tomorrow. me megan ka sela has more. >> yeah, mike, you can see businesses around me and apartment buildings behind me are gearing up for what they're worried would be a little bit of election day unrest here tomorrow. all weekend long, we've been seeing security going up, layers of security around the vice president's residence in northwest washington, around the white house, and the treasury department. and in the blocks surrounding

the u.s. capitol. and then over at howard university, that's where vice president harris will be tomorrow night, there's also loads of security in place there. the city has asked all construction sites in that area to shut down. and to remove anything from their sites that could be used as a projectile. so, clearly, lots of preparations being made here, brian, but city officials are emphasizing that none of this is necessary, that there is no credible threat of election violence, election day violence happening tomorrow or in the days later this week. while we might be still waiting for a result. they've been trying to project a sense of calm in the past few days and telling business leaders there is no need to board up like this, but in these blocks around the white house and downtown, especially, business leaders aren't taking that advice. they are making the calculation they would rather invest in security measures than take the risk of damage. and brian, they lived through unrest in the 2017 inauguration, the 2020 summer protests, boths of which did bring some damage to downtown washington, and now, these business leaders are saying they'd rather not make

the risk again. brian? >> let's pray for peace, regardless of the outcome. megan, thank you. we're going to take a short break, buzz we have more "fast money" coming up. breaking news on semiconductors, slot machines, and some very private pills. >> oh, whoa. >> plus, what the government just did that melted down some of the red hot nuclear names. that's all next. you'reatin wchg "fast money" here on cnbc. we'll be right back. 4

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we promised you earnings and we are delivering on our promises. we've got an earnings alert on nxp semiconductors. that stock down a little bit, 5.5% on results. let's find out why the stock's moving with seema mody. >> hey, brian. nxp semiconductor shares declining after the ceo said macro weakness in europe and the americas resulted in downbeat guidance for the fourth quarter. the health of its automotive business was in question following negative comments from texas instruments and on

semiconductor, but nxp managed to deliver revenues that were in line with the street. the company does also have notable exposure to china, about 35% of total revenue, according to morgan stanley. regardless of who wins the election, bank of america analysts expect china restrictions to increase, which will challenge the entire sector, a potential talking point on nxp's earnings call tomorrow. we'll get an update from super micro about the bell, brian. >> waiting for super micro, because that's not been a subject of trader discussion. seema mody, thank you. let's talk about nxp semiconductor. you know, i don't do this every day, courtney, anybody got a take on nxpi? stock's kind of been dead money for nine months in a market that's done pretty well. >> yeah, i think they're really going to be focused on the auto industry, which is really up for debate. depending on who is in office, what tariffs are going to be in place, that is going to effect the industry. plus, we're seeing the longer term rates that are rising. a lot of the auto industry,

we're going to see more or less people will buy autos if the rates are going to be higher. so, i think this is something that is kind of one of those wait and see until after the election. i don't always think that is something you should do. but i think you're going to see that. >> and i would say i misspoke, but i'd have to admit a mistake, which i'll never do. >> never. >> it has been dead money for a couple of months, but if i expand that chart out, if you throw a five-year chart up, it's been dead money for three years. >> yeah, it's been a poor performer to its peer group, but i think the condition here is not one that's idiosyncratic, it's the whole space. we know the semiconductor index relative performance peaked in march. so, the most important part of the sector, semis, the most dynamic, its performance to its peer group, that would be apple and microsoft, peaked in march and it's getting worse. the semis have not made new highs since july. the market has made new highs. this whole area has all the elements of distribution.

>> and in the you a oauto indus it's 55%, to courtney's point, so, autos are the chunk that have to do well, and they haven't done well enough for nxpi to thrive. >> i sttalked to numerous busins owners. >> did you know he was running? >> he should. >> we'll see. businesses have kind of frozen up ahead of the election. but they feel like the customer base was just frightened into inaction. and i do wonder if after -- i bring this up, because you wonder, is somebody going to buy a car a couple weeks before this election when everyone's kind of on edge, could we see this business boom once it's -- once we have a clear winner, we move on, could we have a business boom, post-election, steve, i wonder? >> it's always a possibility, and you never know how the offsets shake out. you don't know who is coming in and what incentives are, but you need lower rates for the housing industry and you need lower

rates for second mortgages and you need it for auto loans. >> yeah. it could be a good -- i'm trying to be optimistic around the election, where, once it's over, in a day or a week or a month, whatever it might be, that people are unfrozen from whatever concern they may have and they go out and buy more cars. maybe that benefits an nxpi. >> well, and i just -- to put a bow on this whole underperformance of even three years, if you think about the industrial space, the industrial space was under a lot of pressure, supply chain dynamics during covid that meant there was not delivery of, you know, the chip dynamic fur some of the autos was a big deal, during late '21 into '22. it's why, also, i think industrials as a group, and this may speak to kind of the dynamic you're talking about, what we've seen with a handful, and i do mean gm and even the airlines, we're seeing this part of the industry sector start to break out after a long period of consolidation higher. >> a name that's not done a

whole lot. all right, coming up here on "fast money," more afterhours action on palantir and wynn resorts. contessa brewer are going to bring us the latest on wynn and why investors do not like what they see. plus, amazon's nuclear no-go. you got the federal government saying no to amazon and some big nuclear stocks took a hit because of it. that's all ahead. deliv sent! okay, oop! even bigger. sent. [sending swoosh, notification alert] still bigger. okay, yeah i'm not doing that— [typing noises, sending swoosh] i think it still looks good! [notification alert] oh — even bigger. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is

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all right, welcome back. are the chips down at wynn resorts? some investors apparently folding on the back of results, but there's always more to that story. the conference call just wrapping up. contessa brewer has the latest. i knew you'd like it, i did it for you, contessa. what seems to have investors a little concerned? >> well, you're watching the stock drop 4% during the earnings call despite the ceo saying, look, everything's fine. earnings messed, revenue came in just shy, adjusted property, that's a crucial earnings metric a little light. golden week in macao was great, encouraging that wynn's market

share is stable. gross gaming revenue was down across the whole destination, you can't help that. and the other thing is, we know that there was some adr, the average daily room rates that had dropped somewhat in macao, but they were running at almost 100% occupancy. on china stimulus, he says it's a little bit early to say if that's driving visitation and spending. in las vegas, we saw the casino numbers softer than they were last year, it seems like wynn was hit by a string of bad luck that we heard much of the, like other casinos on the strip, we've heard in their quarterly earnings reports, as well. billings described demand is healthy. business from high-end customers is stable. but the year on year comparisons are tough. in fact, he says, look, in retail, we saw revenue up 3.5% year on year. that's just an indication that customers are still spending on luxury. the other thing they wanted to focus on was this board

buy-back, the board authorized $750 billion of new buy-backs, that brings the total to a billion dollars. they said all systems are go, i quote here, brian, he said at the beginning of the call, look, trees don't grow to the sky, meaning, there's a cap now and then, to how much you grow. >> trees get cut down, they burn down. >> get hit by lightning. >> birds nest in them. we'll find out. did it sound like business was okay, concontessa? is it doing okay? >> yeah. he says that everywhere that you look, las vegas, boston, actually, beat the estimates, it was the only destination that wynn is in that did that. that the demand is still healthy, and that they're looking out toward 2025, and looked like all systems are go, so, there was no big problems to -- to speak of. again, they're talking about the future as being very bright, and especially because they're investing in the uae. this is going to be the first

integrated resort in the middle east, and they're putting a lot of chips in that basket. or is it eggs? >> contessa brewer, thank you. tim? >> well, i think with wynn, and s certainly other names with exposure to macao, there's a story of where macao is going to be uneven, but i think the longer picture here, and the thesis for owning wynn and las vegas sands is that i think if your view is one to two years and beyond, i realize it's been a long one year, even one and a half years, even when the stocks had a fantastic 2022 into '23, before giving a lot of that back. i like vegas sands. wynn, 4 1/2 times ebitda, the value is there. it's not going to happen overnight, but i think the long-term on the u.s. properties is normalization and macao is just recovery. i expect it. >> when you look at it, it was macao -- vegas, macao, then you had singapore with las vegas

sands, and now you have -- >> boston property. >> boston property, but you have uae. i like that ability to throw that out there for future growth potential. so, this would be my favorite name, if i have to go with a traditional casino. >> there's always a shiny new thing. it was macao, then boston, singapore, then the uae. >> this is a stock that peaked at $250 a decade ago. it's a gambling chip, no pun intended. >> you intended it. >> it's not investment. it is something that whips around, it's the same level it was 14, 15 years ago. >> why are you buying it, dividend? >> for a trade. you think you're going to beat the earnings or something is going to upgrade it. >> so cynical. really is. >> surprised he didn't use the term funny-mentals. that's what carter likes to do. he's right on where you've been on the stock, but this has clearly been a trading stock.

and i think there's a one to two-year trade back to valuation. coming up, shares of viking therapeutics shedding some pounds despite largely positive news on its weight loss drug efforts. so, the stock is down, the news was okay, but there's some analyst discussion. we're going to put this all together to make sense of it for you coming up. but first, amazon wanted a big nuclear push, but guess what? the u.s. government saying not so fast. we're going to find out what happened, and the stocks it hit, happened, and the stocks it hit, coming up. you're watching "fast money," live from the business. it's not a nine-to-five proposition. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. ust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone.

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underperform, saying it does see a little bit of earnings growth ahead for peloton, but that stock's been absolutely leveled. in the meantime, trump media, the ever volatile djt, i'm talking about the stock, snapping a three-day losing streak that took 41% off the stock, it bounced back today 12%. up huge, down 41%, up another 12%. dollar tree jumping afterhours. they had a c-suite shakeup. the coo will serve as the interim ceo as their current ceo steps down due to health issues. finally, palantir surging afterhours thanks to a top and bottom line beat. trading at all-time highs. soaring right now. up 12%. not a lot of momentum today around nuclear-related names. it's because the federal energy regulatory commission came out and basically denied amazon's ability to make a nuclear deal with a company called talen

energy. and that sent people running from the nuclear space in general. it's fairly complicated story, let's figure it out with pippa stevens. pippa? >> hey, brian. so, the ferc rejecting the proposal to increase the number of power from the us key hanna nuclear plant that would power an amazon center. the data center would not pay for transmission and distribution costs. and some electric eutilities in the region said that will unfairly shift costs onto other consumers. now, in addition to talen, a public service enterprise group all fell on the decision, but to buy the dip, including ubs, which said, quote, investors should focus on the strong fundamental backdrop forralen a for talen and see through the noise of the ruling. the data center theme has really

exploded, when power demand was already rising, and so stake holders are trying to figure out how contracts should be structured. regulators want to make sure they're getting the cost allocation correct, and, of course, brian, this was the first agreement of its type and definitely not the last. >> yeah, kind of skcared everybody off. pippa stevens, appreciate it. let's talk about this. it's one day, it's one decision, it doesn't take it all, but to pippa's point, constellation, which is hoping to restart tmi -- three-mile island -- this is a blow. >> it's a road block, though. it doesn't stop the demand that's going on out there, not only for the grid, the power dynamic that's around data center and a.i., but obviously -- the story that was nuclear power even without the data center and all the demand that's come from the hyper scalers, and all these deals, microsoft did their deal, they're all doing them, trying to do them, they will find their

sources, but it doesn't really speak to what's been flowing for a long time. jennifer grand home thinks nuclear is the answer. we've changed the perception in this country of what nuclear can be, and the volatility in this trade, if you're playing nuclear, expect a lot more of it. look at the five-year trend on this trade, it's your friend, and it will continue to be. >> that's critical, and to tim's point, i want to make this clear, and pippa did, as well. they -- ferc is not being anti-nuclear here, what they're doing, they want the nuclear power to go to homes and buildings, they don't want private companies -- >> data centers. >> amazon to take it. microsoft wants to turn on three mile island, to take that energy, i think fer c's role, i think, is still pro nunuclear, they want it to be for towns. >> everyone's in favor of nuke learn. >> suddenly, yeah. took awhile. >> but i think the adoption is going to be from large cap tech at first, before people get used

to it. so, that's going to put a road block. what does the relationship look like for a google, for an apple, for an amazon, and nuclear power? we've got to decide on that first, and maybe it's locking up these companies, so, it's not a physical, but it's those digital agreements that they've have, whenever ferc figures it out. maybe this is going to be a presidential thing. >> i didn't want to go there, but i think you're right. maybe -- >> deregulatory push. >> if there's a change in the regulatory schema for energy, maybe we get a reversal of a decision like this because the market was scared today, constellation, which has been a r red-hot stock, right? go baltimore, they won't be able to do the three-mile island deal. so, i think energy, as much as any group, without getting into the politics, courtney, is a political play a little bit. >> it absolutely is. at the end of the day, there's not enough electricity to go around, specifically when it

relates to a.i., and the large cap tech companies have this dual mandate. they are trying to get more environmentally friendly, and that's why nuclear is a perfect answer for them. might it cost more for them, probably, we're going to find somewhere in the middle. but i do think it's a buy the dip opportunity. >> microsoft was willing to pay $100 a megawatt for electricity, that's like four times -- >> i saw "back to the future." >> 1.72 giga watts. all right, by the way, don't miss cnbc's special election coverage, all tomorrow night. we're going to have all the results as they come in, reaction from some of the biggest names in business. we start our coverage, by the way, fact-based, nonpartisan, we're looking at the markets, the market reaction. 7:00 p.m. at the nyse. those results rolling in, i'm honored to be cohosting the midnight to 5:00 a.m., that's when the action's going to be, we have the coffee ready, tim. >> i'll billion there.

>> you'll be joining us? >> everyone will be. >> that's really a thing? midnight to 5:00 a.m., that's when it's all going to happen, big boy. >> yeah. >> you thought -- >> and then we have "squawk box." call in. coming up, bio tech viking therapeutics, ending the day down 13%. we're going to talk about what exactly had that stock sort of whip sawing. jared holz wl iljoin us to dig into the new weight loss drug data that is moving the stock. did the market get it wrong? we're back after this. atcha wana do with this? but the feeling that, no matter what, you're taken care of. ohhh, i just earned a hotel suite! hee! you only get that here. at the sportsbook born in vegas, where they know how to treat you right. who you talking to jamie foxx? bonus bets. exclusive offers. real world rewards. betmgm. download and bet today.

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all right, welcome back. let's talk about viking therapeutics. >> let's. >> big trader stock. the stock fell today 13%. it was up 8% in the morning, because there was some -- what some considered positive weight loss drug news on viking. patients on the oral drug losing a placebo adjusted 6.8% of their body weight at the highest dose in four weeks. but then the stock sold off. let's figure out what's going on here. jared holz is here. and you argue that overall, the

news was actually pretty good on viking. >> brian, thanks for having me. appreciate it. on the surface, the data were good. it was kind of a reiteration of what the company had said about this program over the past cupful cup ful couple of weeks and the stock had done really welcoming into the medical meeting, where more data kind of came out. but i think the fact that the stock had been on a nice run, and then on the flip side, there's so much more competitive data out there, astrazeneca had some oral data, that was a contributing factor to the weakness today. and then as soon as we have anything good in health care, you know, investors kind of look at the negative side of the equation, as well, you know, a lot of costs with respect to development and manufacturing and the competitive landscape is obviously very strong here, too, so, i think all those things were factors today. >> so, jared, when you look at this, just give us the -- the game play for the average trader. when it first started, you had lilly, then you had novo, and

now it's viking, amgen, and you just named a couple of other names, as well. how does the person who is six degrees of separation, maybe three degrees of separation away from this trade the space? >> steve, i don't know, actually. it's a great question, i mean, this is a game of leapfrog, it seems, not in person tube tip, but at least over the next couple of years. i think you have to have, from a trading standpoint, you got to have one lead horse that you go with, that could be lilly, that could be novo, depending on the day, depending on valuation, depending on what the catalyst path looks like, so, one of those, i think, is probably worth owning, kind of at all times because they're the market leaders and will be for awhile. and then i think you got to just go down cap and find a couple of players that you believe might be instrumental over the long-term. so, a viking, a structure,al turn, there's a bunch of these

much smaller players in bio tech, so, pick a couple of those. viking might be one of them. you know, maybe you get lucky with data or an acquisition, but i think you have to have one lead horse and then maybe a couple of the smaller cap stocks to own. >> so, jared, in terms of the day-to-day action, we know it had earnings on the 24th and popped from 60 to 80, and now we've retraced that entire move. and there's two types of weakness. weakness to take advantage of and weakness to stay away from. would you buy into this weakness or stay away from it? >> yeah, carter, i think you buy it. this is still one of the better obesity names in the category. the data they've shown have been excellent. we're in a little bit of a news vacuum, as they move forward here into a larger phase two trial and try to get this drug, you know, on the market. kind of sometime in the 2028-29 time frame, so, there's a lot of time in between. but look at what's happened to the valuation of the bigger players here. they've exploded.

and so, a $7 billion cap for what could be, you know, maybe the third drug in this class is probably a buy here. >> so, jared, but -- what happens then if merck comes in and buys viking? and, again, i -- i have actually a position in viking, so, disclose on that, but it seems to me this move you've seen in novo and lilly, at some point, more competitors of scale means this -- you know, this two-horse race is something that i think -- and you can make an argument on the charts, maybe carter has a view when we're done here, but those are charts that have broken down or at least don't have the same gusto, so, again, merck steps in as a distant number three with viking, closing the gap, isn't that bad for the whole space? valuation-wise? >> yeah, tim, i don't know, i mean, some of that depends on, you know, if a merck or another company were to come in here for viking, what they pay for it. you know, viking's talked able partnerships in the past. maybe you get a joint venture, you don't get a straight

takeout, but let's assume it does get bought. if it's a double from here, if merck decides they want to pay $15 billion for the company outright and then put in, you know, the time and resources into manufacturing and commercializing this product, does it cap the space? i would argue that probably would be pretty good for a number of the smaller players. i think lilly and novo would be down on that news, because you have a much bigger company marketing the drug. i would be more wary of owning lilly or novo on that, than i would with bio tech. for a takeout situation like you're calling for, you know, it's tough to make a bearish case on bio tech. i'd be more leery on pharma. >> yeah, jared, thank you for making sense of it. some people out there were a bit confused. appreciate it. coming up, golden gains or hi-ho silver? what the chart master sees in the technical of the precious metal trade.

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♪ ♪ all right, welcome back to "fast money." gold miners hitting a key technical level. carter says down to the golden penny.

>> copper penny? >> well, that was the thing. >> put more copper in the coinage. >> oh. >> that means -- >> right after they bought b&o railroad? >> let's get to it. so, the uncontested winner this year is precious medals. everyone knows it. let's just put it up on the screen and see it in sort of black and white. year to date, you've got silver. behind that is gold. behind that is the s&p. behind that is qs, and bringing up the rear, small caps. silver, the beta trade. gold right behind it. this is a five-year comparative chart of gld versus gdx, the metal versus the miners. they are dead even, 120% even, five years. of course, the long-term story is much different. if you look at the philadelphia gold and miners stocks index versus the metal, you've got a

blow in. the problem or the opportunity? do you play the miners here for the real long-term catchup? finally, let's look at gdx, the instrument you can trade, chart one of two, they're both identical. very orderly drawdown. six of them. all about two weeks in duration, all about 9%, 10%. second iteration of this chart, we are down to the penny, to that well-defined uptrend line in effect all year. buy it for a bounce. that's my thought. final chart. look at gold miners. gold mining stocks relative to stocks. this is a ratio chart. it picts gdx. relative straight line, we're making a turn. >> i completely agree with you here. just to go back to one of our earlier conversations, looking at the longer term treasuries rising. that's where gold actually can be well-positioned. especially gold miners. i think they're not necessarily following that trend. it is absolutely something you want to take advantage of. >> and with this dollar

strength, gold has held up like a rock. very important. >> champ. >> all right, copper worth, that was great. up next, it is your final trades.

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all right, final trade time. tim seymour, your vote and why don't you know who michael buble is? >> i'm voting for you, brian, as a fill-in. top of the charts here. pa la palantir, big numbers tonight. >> courtney? >> constellation energy.

we talked about at the nuclear sites. you want to buy that dip. >> carter? >> gdx. >> steve? >> roku, big dip on earnings. looking for a bounce. it's a trade, not an investment. >> wow. we ended so early. >> you were rushing. i had a lot more to say. >> the likz. everybody out there, peace. "mad money" with jim cramer beginnings right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people make friends. i'm trying to make you a little money. my job is to entertain and make you a little mother. so tweet me@jim cramer. it's how it felt today