number, there's been a bit of a pause in the disinflation story. the policy expectations have insulated the market a limb bit from surprises on inflation but even with a tolerant fed got to make sure that doesn't become a problem again. >> yeah. okay. lots to watch. you mentioned cpi. we have retail sales, too. a lot of fed speak. mike santoli, now i'm going to say it, have a great weekend. we did have all the major averages finish the day and the week higher. the best week for the averages of the year. "fast money" starts now. live from the nasdaq market site in the heart of new york city's times square this is "fast money." here's what's on tap. a new milestone for the s&p. the benchmark crossing the 6,000 mark for the first time, just nine months after breaking 5k. how much more room is left to run for stocks, and can anything derail this rally? and a china setback from fears over new tariffs, the stimulus failed to impress, the country facing a slew of

potentials, plus elon's monster return on his election investment. why the trump master thinks it's time to sell apple. and are we in for a wave of mega mergers in the media business? i'm melissa lee coming to you live from studio b. on the desk tonight we start off with a record week for markets. the s&p 500 crossing the 6,000 mark for the first time ever in today's session. the closing just below that level is up nearly 5% since monday. its best week in a year. the dow hitting a record of its own today topping 44,000. it was, incidentally, the first day with nvidia in the index. those weren't the only milestones. the nasdaq hit an all-time high during the session. even small caps are soaring. the russell 2000 putting in its best week since 2020 closing less than 2% from its record. all this on the heels of donald trump's win. plus the fed rate cut yesterday. do markets have the assurance they need to keep grinding higher? tim, what do you think? >> i think we have a case if you

think about the fed from their last meeting and where they were focused on the other side of the mandate, the jobs market, the labor market looks fine. even services looked fine earlier this week. outside of concern about where bond yields start to worry, equity markets, and we've had a pullback over the last 24 hours in the ten year, so it's not runaway yields. i think the market is considering how high yields can go in the short run even if all of this policy dynamic could be deficit unfriendly and all the stuff we talk about all the time doesn't happen overnight. back to equities. the question really is what part of the market do you want to invest in here? i do think it's going higher, and i think you have a backdrop that's not just seasonal but a backdrop where there's a bit of a chase. i think you have a case where if you look at -- you mentioned small caps, so small caps have outperformed the s&p by 9.5% since july 10th when you saw kind of a little bit of that semipeak in the semiconductor trade. the broadening of the market has been banks but then this industrial trade that has some defense elements to it. anyway, i just think the market

overall has lots to consider, but i think if you look at where the fed may be in a place that they weren't back in september when it seemed clear on rates, that's really the story, and i think that's the seed powell planted tomorrow. the fed is always the issue for the equity market. >> do you not hate small caps anymore? >> look, i don't think i ever said i hate small caps. i think i said something equally as idiotic, though, why are we even talking about small caps. >> sorry to condense it. >> i don't hate anything or anyone, but i do think you have a case where there's always a lot of talk about small caps and i think it's more because of what it indicates about the nature both of the economy and the market. i don't think you have to own small caps, and i think there's probably a disproportionate amount on small caps but there are talented small cap managers. let me dig myself out of the whole. >> and 40% are unprofitable companies. in a small cap universe 40% are unprofitable. so not that he needs --not that he needs any defending. >> let's spend five minutes

talking about small caps. anyway, the best week in the year for the markets. we didn't give much back. >> up said about a year it took us to go from 5,000 to 6,000. it took us three years to go from 4,000 to 5,000. so this was sped up dramatically. clarity, closure, confidence. the market has it all. does it go higher? is that the next question? i think seasonality, tim touched on it. seasonality is very much in the corner of the bulls. if i had to pick my poison, i would like to see the market come back in a little bit, but it really shows no signs of pulling back at all. >> there's also the buyback dynamic. historically 10.5% of annual purchases happen in the month of november, so you have that sort of working potentially for the markets, too, mike. >> yeah, obviously that's going to create some measure of support. look, if everybody agreed, and i think we did, that if trump got elected that would be generally viewed as a positive for

equities, maybe we didn't anticipate the same red wave we got so that would suggest the trump trade is effectively on a steroid here because he's basically more empowered to make the kinds of changes, i think, that investors might have been looking for, so that, combined with the season, combined with the buybacks that you mentioned, and not a whole lot of catalyst between now and the inauguration that would necessarily be a place where we have cause to worry. it's hard to see how the market doesn't continue to go higher even though we are at relatively high valuations, it should be said. >> bonawyn, your thoughts? >> you have a fed that's reassuring us in terms of the unemployment in the labor market. you have them still saying, listen, we're not going to declare victory on inflation. however, we're clearly trending in the right direction, and then you now have a regime in place that is, you know, likely going to be moving towards reshoring.

moving towards defense, moving towards domestic production. i think the pushback -- i think tim or steve maybe said earlier, is the deficit concern, but some inflationary pressures. but those things are stimulative for asset prices. it's really hard to fight that trend. i do think perhaps that deficit issue may come back to bite us, but that's probably something that you probably look at three to six months down the road, once there's a little bit more framework around what the policies will be and, of course, you have the china war that will likely loom its head and present risk there and idiosyncratic ways, but, for now, and i don't think it will last, but for now you at least have the fed and the regime in place in a situation where you're not looking to raise rates. now whether that pivots might be the entry point where i start to worry about risk and risk assets, but, for now, you don't have those opposing forces at

odds. and until you do, i do think the trend is up. >> basically right now we're in a period where we can believe what we want to believe. we can believe the best of things, the best of the world, as bonawyn mentioned. the fed is on our side. it's not going to raise rates. it's going to lower rates. we don't know what the details are. we don't know the extent, the actual extent, of deregulation. we don't know the actual extent of any of the trump measures, so we can sort of think, oh, it's going to be pro market, tim. so what happens when we're outside of this magical bubble that we're in where we don't have the exact clarity and we don't have to tackle what does this mean for gdp, what does this mean for profits of multinational companies, et cetera? >> we're going to and we're going to have to understand really where the growth is going to come from and it's a week where copper traded down 5% and oil traded down 4%. this doesn't send a great message about growth. some is an inverse dollar trade,

some is a global dynamic. i think commodity price also go higher. i think for the equity market, there's no question you have to believe corporate profits are going to grow, and so the estimate for '25 is somewhere 5% to 6%. that number could go higher. that's the number we've had for this quarter of earnings. it's been a solid quarter. it's not been bombastic but is a case i do think the earnings story, the valuation story with tons of liquidity and, look, this is a trading show, so i'm happy just to talk about the next couple weeks, even though you're right to ask the long-term question. and bonawyn was right to say i don't think deficit dynamics are entering into anyone's picture today. and i think that's smart. >> agree. >> think about what we do know now. we're not taxing unrealized capital gains. the rate is going lower not higher. individuals is probably either staying the same. so we know there's a lot of pro growth that's coming down. we climb that wall of what we don't know.

we don't know what the impact is going to be, but we know what's not going to happen. >> yeah. mike? >> yeah, i think the corporate income tax thing is a good point. i don't know if it's going to come down, but it certainly isn't going to go back up to the numbers they were previously talking about. with respect to oil, it's an interesting thing here because, of course, we are at peak u.s. production it ever right now. we are looking at an incoming administration that is generally going to be viewed as much more friendly to the oil and gas business. and i think one of the things we can take away from that is we're the world's largest oil producer. if we're going to be pushing on that, if there was any handicapping there would be some limitations on oil and gas production domestically, that concern has been alleviated. that would actually help us understand why we see oil and gas prices dropping. and in support of that idea, i would say look at the oil services industry within the energy complex. there are a number of names there that were up double digit percentages this week.

what does that tell you? it suggests you are going to see a real effort to increase u.s. production. so if you're looking at a slumbchlumberger schlumberger, that really is focusing on the supply side driving oil prices lower rather than the demand side. >> for more on what the fed's next steps could be, we're joined by the fed watch adviser's co-cio and founder. ben, good to have you. >> good to be back. >> what do you anticipate for the fed, and what do you anticipate for rates, because they haven't been behaving, so to speak. >> no, definitely not. we've talked about it on the show before. it definitely still looks higher rather than lower. i think what happened today, this week, they don't need the icm services index, really to start accelerating higher, that people price in this policy trump has a blanket on because the sweep is giving him that.

you can't expect gdp will lift above 3%, maybe to 4%, to 5% in a certain period of time. so interest rates went up not only nominal rates but real interest rates, you typically look at told me lots of growth being priced in. and then it's kind of taken back. for the fed this does mean higher growth means higher inflation and powell made a note of the inflation expectations. we have to watch that. still in this mode of risk management in the sense of we can't let the unemployment rate go higher either, and they keep their eye on the ball. my sense is this fed wants to maybe skip december but keeps the optionality even more to cut rates. >> in terms of the move higher that is built on the notion that there will be just all sorts of spending going on, especially in the trump administration, is that view overstated in that the guy who is now in the lead, supposedly, for treasury secretary, bessent, he and the

other guy who was in the lead, also, john paulson, they have been outspoken critics of spending, of just overspending. elon musk is in there. he has the president's ear, obviously, saying we can cut a lot of fat out of this government. do you think maybe we're just sort of pricing that in too much? >> maybe. i think two ways to think about it. so you have the government efficiency department, as they call it, and they want to cut $2 trillion of spending, that is the number thrown outthere. if you take the number itself, 7%, 8% of gdp, a pretty significant cut. if you look back in 2011 where we made it a law, 10% gdp. in 2012 flat on its back. there is a tradeoff here for the treasury secretary to consider that. on the other hand it's the corporate tax rates and lower income taxes that somehow have to be accounted for. so i think what it comes down to is the next treasury secretary

once again has to listen to this advisory committee and say, yeah, i'm probably going to have to manage the deficit by issuing more long-term bonds instead of the t-bills and do that dynamic which drives up rates and try to manage the deficit until we grow ourselves completely out of it. and that's to be seen. i think the deficit is a key issue the treasury secretary has to address. you think of the policy, it's really about pro growth, but the treasury secretary has to manage it mechanically with more maturity issues. >> we've never had pro growth with this kind of deficit and, again, it's refreshing to think about a treasury secretary that will do the right thing. i'm not saying either two of the gentlemen mentioned wouldn't be on that track, but it's made more sense to issue short and hold of on the long until the world comes down. i want to get back to the fed we had yesterday. i thought i heard powell say, you know what, i think projections have changed since september. and where is there a surprise

for markets that you have not a fed that's ready to hike, but a fed that is not. you alluded to they would rather not do anything in december but they're probably going to. i think projections have changed. what do you think? >> i took out the guidance, you don't take that for nothing, it's basically preparing on what's going to happen next year will change our projections, and i think that you see higher projections of growth, probably some lower unemployment which is what they want, but they cannot reconcile the massive amount of rate cuts against it. i think the fed is looking for the space of cuts probably slower even based on projections. i would think it shows fewer cuts what they projected in september.

they do want to get to neutral not too fast. they want to drop rates too fast. that's why it speaks in the projections, going to be a stronger growth outlook. >> ben, great to see you. thank you for coming by. ben emons of fed watch. >> you're only as good as your last trade in the business when you're a trader, and powell will be known whether or not he soft lands this economy. this seems to be a different fed where they don't even want to allow the boom/bust cycle of the economy, where he's trying to totally avoid the recession. whether or not he can do that remains to be seen. but he has -- >> has any fed ever -- i agree with you. >> it seems different. >> we're ready to throw recession on the table. >> that was powell's whole idea about raising rates, he wanted to kill inflation so he had to kill the economy as well. i think he's figured out how to

thread the needle to a certain extent. he was shocked there was no inflation when he first came in and then he was shocked that he couldn't kill inflation. so i think he's gone around and around in the circle here, but he seems to be navigating it well. i don't know what his next move is, but he definitively does not want a recession where we used to be okay with it. >> i don't think anybody knows what the next move will be and as fed chair powell said they have to be reactionary to what goes on. so in that discussion embedded in the discussionabout rates and where they are headed is, do you believe what the trump administration will do, will that be, a, inflationary, and/or, b, will it -- will they spend so much money that rates are going to go higher because we have to issue a lot of debt, bonawyn? >> yes. i definitely think it's likely going to be more inflationary. i agree with the notion no one

knows what the next move is and the fed has all but admitted to that, which is why they've reiterated they're going to be data dependent, not make moves and adjust in anticipation of what policy might be. i think for perhaps some of us after having them lag for so long with the first bout of inflation, perhaps we want them to be more anticipatory in terms of how they're going to approach monetary policy. he's pushed back against that notion and this data dependent process although perhaps a bit longer than he would have liked seems to have steered us in the right direction. trying to make sense of what may be when january still is not even here. >> mike, we've got to go, but i have to address the decline in the vix we've seen over the past week. it's remarkable decline about 30% or so and i wonder what your interpretation is in terms of

are we just -- are we overlooking the volatility that should be priced in to the market ahead? >> i think one of the reasons the vix was as elevated as it was is because of uncertainty going into the election, and actually just an expectation of higher than average rates of correlation in and around the event. now that we've actually seen it come and go, you would expect this basically to happen. in the same way you see an earnings announcement for a single stock, that's effectively what this stock has been, i think, for the broad market. it was the big one for the year. it's come, it's gone, and i would not expect the kind of volatility to recur unless we get some other geopolitical event. >> all right. coming up, tesla topping the $1 trillion mark for the first time in two years. how ceo's support of trump. plus slicing into apple. sitting out this wk'ees post election rally and the technicals getting to the core

of the problem. the details when "fast money" returns.

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it brings people together in meaningful ways. ♪ ♪ welcome back to "fast money." tesla crossing the threshold for the first time since 2022.

it is at nearly $250 pl in value just just since election day, quite a return on the investment according to bloomberg. his net worth tops $300 billion. tesla putting in the best week since january 2023 rallying 29%. how much did he spend as well as down ballot candidates? north of $130 million. so a nice return there. mike kheow, don't bet against elon musk. he has the ear of the president. he was on speaker phone with ukraine's zelenskyy. he's there. he's in the nexus of power. >> he is. tl there was, a potential threat to his businesses if trump did not win because he had gotten so involved in this political race. we heard some political commentators suggesting maybe he had gotten a little too involved in some of his contracts and

things like that should be examined. the valuation on tesla, and everyone will know, i'm a big fan of the product and the company, a little bit challenging to chase it, i think, at these levels because tesla is still at this point mostly a car company. has great robotics coming down the pipeline, but, boy, it's been quite a run. i don't know i would be adding to positions here. >> right now more than 100 times forward. other trillion dollar tech companies are 20 to 40ish or so forward p/e. it's quite a premium. >> if you think about all the regulation that will be cut, it's probably in the sweet spot of where tesla conducts business. robotaxi, a huge amount of regulation. batteries -- >> maybe subsidies cut, though. >> subsidies cut but they have the least to worry about. they have 48% market share. gm has 9%. ford has around 8%. i think they're already there. they'd love to have subsidies.

they would also love to have the carbon credits, $9 billion since '09. they would like to sell those, too. i think they have less to lose and more -- much more to gain than the rest of the field. i think the regulatory head winds that tesla faces for all of its collective businesses will be alleviated. >> he could have a seat at a.i. regulation but in terms of, you know, gm was up a lot this week, and the notion that they rolled back some of the environmental regulations and i.c.e. comes back, which is more profitable for ford and gm, that's great. >> and gm has never been better at their i.c.e. business. it means -- i would go back to the other part of the move in tesla, though, is the move before elections. how about since they made an earnings announcement where their costs went down, their profitability went up. there's an argument that in a world where, again -- back to

the elon influence, i actually think it's a case where alsoyou add that onto the fundamentals of the company. inhate the forward multiple. i hated it at 50 times. i don't want to buy this car. part of the move in tesla i don't think is about the elon white house story. i think it's about tesla, which, two weeks ago, changed the story around profitability and the time line. anyone, even the analyst community, it's going to be a rough five quarters. i'm not so sure. >> a lot has changed, bonawyn. maybe more than 500 times forward is worth it. what do you think? >> there's no way you're going to get me to get on the show and justify paying 100 times. you've already seen significant -- to the tune of 17, 18, even 20% on the back of earnings. that was a concern. we were concerned about whether or not they were going to be the only incumbent, you've seen competitors push back, worried

about price cuts and promotional activity. i think we actually have seen the fundamental rally, so to speak, in the name. this most recent rally in the span of two days is very much that he ended up being on the right side of the political bet. i do think for the tesla bulls it is on brand because a lot of the premium, the 100 times forward multiple is because of elon musk's lack of fear of being bold and living on the edge. >> a lot of good points there. a lot more "fast money" to come. here is what's coming up next. >> announcer: could a bad apple spoil the whole portfolio? why the chart master is reducing exposure to an underperforming tech giant, and whether you should do the same. plus -- trouble in the china trade. stocks are heading lower as tariff fears may be ahead. and what it means for investing

overseas. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this.

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welcome back to "fast money." apple lagging the market gaining less than 2% compared to a nearly 5% gain for the s&p. shares of the iphone maker 4.5% from its all-time high just weeks ago. the chart master pointing out apple is underperforming as well and has been since late 2022. he thinks there's more down side to come and says to continue to reduce exposure. grasso, do you agree? >> yeah, to a certain extent. it had a tremendous move and it was based on the phone. i don't think you saw the super cycle versus significant cycle. i just ordered my new phone, but i have a 13. so i waited three iterations. i think i'm okay waiting three iterations and i think a lot of people are waiting. once there was that stall for a.i., it gave them the red flag to say, you know what, i'll wait for my upgrade. i think come the spring, they're going to order a lot more

upgrades. >> bonawyn? >> i think china remains an overhang but to circle back to carter's point, it's hard to argue against him. whether or not you want to just shed your apple position in a vacuum, i think, is a bit tougher to make that call. clearly i think there are better pockets in the technology complex to be invested in. i'm very supportive of that notion coming from carter. the china overhang alone and the lack of a.i., as steve mentioned, to me, removes a lot of the catalyst that would lead to short-term upside. >> we've dealt with the china issue before. does it get any worse in a trump administration when it comes to tim cook, who goes to visit china regularly? >> it certainly doesn't get better. >> i think it could, but i like apple here. it's no questioning it has underperformed over the last three months.

apple has done what they did today. an investor in apple versus a trader in apple, the sentiment isn't terribly high. this is a company that spins off cash, has the ability to be defensive in a down market and we haven't priced in it. you've done almost nothing. >> traders don't see eye to eye with the chart master there. mike, what are you seeing? >> what we saw is what we've been seeing over the course of the last month or so which is call buying has outpaced put buying. if we ignore the activity we saw today and just take a look at options that expire at least next week and beyond, four of

the top five most active contracts were calls. the most active ones were those that expired at the end of next week, the most active, more than 37,000 for $1.35. that price, what you're paying for upside call options that expire about a month out is about as low as it has been over the course of the last five years. for those people who are wondering whether they can press their longs that are concerned about the fact we're towards the upper end of valuation, concerned about china or whatever, buying calls is probably a good way to go because they're as inexpensive as they've been in five years. china stocks getting hit as investors brace for more tariffs in the next administration. our next guest is more worried about an all-out trade war. dewardric mcneal next. >> announcer: missed a moment of "fast," catch us on the go. follow "the fast money" podcast. we're back after this. my daught.

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welcome back to "fast money." stocks closing out a big we, all three indices with the dow topping 44,000 for the first time and the s&p briefly trading

above 6,000. lu luxury retail stocks, highly anticipated china stimulus failing to meet investor expectations to push consumers to start spending again. etfs tied to country resumed their march lower with fears of tariffs adding to the stimulus concerns. the ishares large cap and etfs down more than 5% each. dewardric mcneal joins us on the trade jitters, the managing director and formerly served in the obama administration. dewardric, always great to see you. >> hi, melissa. welcome back. good to see you. >> thank you. good to be back. in terms of the tariffs, that's what everybody is concerned about. you are concerned about a potential trade war. what does that look like in your view? >> well, melissa, i think we've been talking a lot about tariffs, sort of us to china and what may happen there. what worries me is a larger

trade war that is not just what we intend to do to china but what are the retaliatory steps china may take, and what i'm not hearing a lot of is also this broader look that the trump campaign spoke about with 10% across-the-board tariffs which, melissa, will hit allies like our european trading partners. if we lock at germany, for example, germany's economy is already on life support. if they are hit, we'll have additional concerns about what's happening in the eu in all of these countries, china as well as our allies and partners will respond with their own set of tariffs and we'll have this global trade war that i fear. >> focusing on china, though, first, what sort of retaliatory measures -- we've always talked about sort of tit for tat, they

will do something commensurate. is that a bad assumption in this new scenario? >> commensurate may not be the way to look at it. they have things with the agriculture sector, how they control minerals and may be able to do something there. we import far more from them than they do from us. we should look to other things. i don't know what they will do to u.s. companies, many u.s. companies will likely try and front run some of this by surging imports. today, melissa, we heard from steve madden's ceo, edward rosenfeld, who said they are already starting to draw down some of their imports from china as a preemption for what they think is coming with trump tariffs.

i don't know how china is going to respond to steve madden's attempts to do this. so there's a whole range of possibilities here, and i think we should be talking about all of them. and so far the conversation has just been about what we will do to china. china has agency. they will likely try and do things to us and to our businesses as well. >> china's exports last night were significantly better than expected which is probably the other side of the trade you're talking about. chinese exporters may be trying to push as much as they can before that starts to happen. and so, as we speak of this, and this is where you are, i'm curious -- or this is what you've started to talk about here, i'm curious your view on that bazooka we haven't seen. why would you not hold on off if you're the trump administration and know what you're up against, and if you actually need to fire a bigger fiscal gun if you're china, you're going to admit that's because of trump or not, there's no sense in doing it now. so if mark are expecting something out of china, i think

you're now on hold. >> i think you're absolutely on hold, tim. you said this the last time that we spoke here that traders, investors are pretty much coming to terms with the fact that this bazooka, fiscal spending, is not going to happen. the package that we heard overnight is a debt swap, tim, and that's because china is really in the short term more concerned about local government debt, but they also are aware you're not going to do it with exports in terms of trying to get growth in 2025 if you have these tariffs, and so then you will likely have no choice but to try and juice the domestic consumption as a growth driver because your exports, that's not going to be a real good tool if you're under this trade war scenario. >> dewardric, always great to get your analysis. thank you. >> thank you, melissa. >> dewardric mcneal, long view global. mike khouw, your thoughts on chinese equities or this

potential trade war that dewardric was outlining. >> i think there was a lot of hyperbole about tariffs launched during the campaign. i mean, if elon really does have trump's ear on this, you know, he obviously operates big businesses. he has to deal with supply chains. he's going to be practical and other advisers will recognize that as well. while i can understand domestic companies are relyingheavily on china might accelerate their purchases in anticipation of potential tariffs, i expect the response in reality will be more measured and that they are probably going to pay some of those increases and try to take a look at them more methodically. our balance of trade with trading partners has been operating at a significant deficit. we would be a smaller loser. >> just echoing what mike is saying there.

when you look at automobiles, europe imposed a sops tax on usa products but we imposed 2.5% on them. agricultural, 8.5% versus 2.5% here. just trying to even these things out. this is not happening in a vacuum. i wouldn't worry other than the face value of this, we're just trying to get in line. >> i just really -- mexico this week finished higher. the biggest trade tariff dynamic that we hear about is mexico going to get pushed back. if you look at election night mexico is trading pesos down 2.5%, closing the week higher. a big week for the country anthe d markets. homing in on a couple charts that saw particular strength including one that just notched its best week in a year. the names when "fast money" returns.

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let's get to our charts of the week. bitcoin and ethey are having a better runup more than 16% since monday. proxy plays including coinbase and robinhood soaring as well.

steve? >> just the head lines we've seen out of trump. crypto capital of the recalled would, strategic bitcoin reserve, and mining mainland. wants everything done from a through z so, of course, that's going to be the reason why up get a catalyst with a trump victory. >> you stay with the crypto trade, though? >> i think you have the setup to have bitcoin -- let's get parabolic here -- probably double over the next couple of years. >> check out the ark innovation shares, cathie wood told us she is bullish on tech regardless of who won the election. the fund has erased its year-to-date losses since then. its best gains in a year. winners this week, tempus a.i. up more than 60%, coinbase and palantir. bonawyn, not only do you have potential deregulation, a more friendly administration, the potential of the kerry trade back on.

>> you do and good for cathie wood. she's been an easy tarpgt the last couple of years and has held firm in her positioning. you look at that ark holdings list, coin, robinhood, palantir. we should make a little bit of differentiation between those. palantir, for one, in terms of the growth they're seeing around government contracts and the revenue from that is material, and you would expect a reshoring in protectionist regime to be supportive of that. as steve mentioned, you have a report of positive dynamics for a bitcoin. i'm going to halt on calling for a double but i think you have, one, a supportive government of bitcoin and, two, you essentially have some bond yield volatility which serves as another catalyst for investment. i think those two things lead to at least a positive trim line in the short to medium term.

coming up, media stocks on the mo.ve all week earnings and m&a for the industry. should we expect a boom in deal making in the months to come? we'll discuss that next.

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welcome back to "fast money." netflix hitting fresh all-time highs before pulling back to end with a slight loss. up 60%. disney heads into next thursday's earnings report up just 10% on the year and well off its spring highs with a new regulatory regime likely incoming could potential m&a action shock this name and the rest of the industry back to life? "wall street journal" media reporter joe clinton joins us with more. i guess the first question is, who needs it? who needs to combine at this point? a lot of the streamers perhaps, some of the local broadcasters. who are tops on your list? >> i think those are good places to start. local broadcasters in particular would like to see a relaxation of fcc ownership rules so they can get bigger or sell. and your point about streamers, there's always been a lot of talk about consolidation or

partnerships between streaming services such as a peacock and a paramount plus or a max with someone. we'll see if actually things get moving come next year. >> do you think donald trump's sometimes adversarial stance will play into how he views media consolidation? >> trump's adversarial? [ laughter ] >> that's the wild card in all of this. i think people are expecting a pro business administration, but, at the same time, let's remember the trump doj sued google in its first terrell. he tried -- they tried to block the at&t/warner merger in large part, it's been reported, about his concerns about cnn. so you can't rule that out. now whether that will turn out to be more bluster than really get in the way of deal making remains to be seen. it is something to be considered.

>> joe, it's tim. thanks for joining us. i get the sense the lack of m&a or consolidation in media has been a function of no one knows what the deals are worth. i look at the private equity money like a red bird, and i feel the sum of the parts dynamics whether you're looking at some of the assets we know are on the block, give me a sense on is there value out there? i know we're supposed to be the analyst side but you're in the middle. i get the sense one deal will trigger many deals. i think there's a lot of undervalued assets. >> i think there's something to be said for that if you talked to david zaslav, the ceo of warner discovery, he would tell you as he said on the earnings call yesterday, their stock is undervalued. i think libraries are still valuable, movies, tv shows, that sort of thing. what's been hit badly are cable networks and cable networks

generate a lot of cash but cord cutting, as everyone knows, and advertising money going to other platforms has really hurt that business and the perception that it is a strong, stable business rather than a slow melting ice cube. >> what do you think happens to the cable networks of comcast? just asking for a friend. >> it will be interesting if they do decide to spin them off into a separate company, will they then use that company to try to gobble up other table networks and sort of create an owner, a place that would generate a lot of cash, but i could also see them staying put. i view comcast as conservative in terms of how they make their moves. the fact they disclosed this tells me they are giving it serious thought. >> all right, joe. great to have you.

thank you so much for joining us. joe flint, "wall street journal." tim, we started off with disney. tim, we started off with disney. disney reports next week tax smart investing today, >> streaming is profitable. in terms of the drivers for the stock, for sure. up next, final trades. seeks to help investors achieve better after-tax outcomes. pgim investments. shaping tomorrow, today that moment you walk in the office and people are wearing the same gear, you feel a sense of connectedness and belonging right away. and our shirts from custom ink help bring us together. we make it easy to wow all your groups with high quality custom apparel and promo products, all backed by our guarantee at customink.com.

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roar final trade time. mike? >> advanced auto completed their sale to carlisle this week giving the new ceo liquidity he needs, implying huge moves on earnings. that's what i'm looking at. >> bonawyn? >> i think people will output domestically, i don't want to speculate on which way oil will

go. oih. >> tim? >> coinbase brian armstrong traded into this election, also successfully. i think coinbase goes higher. >> steve? >> i feel like bonawyn forgot his final trade there. >> nev.er maybe a little bit. my mission is simple, to make you money. i'm here to level the playing field for all investors. i promise to help you find it. mad money, starts now. >> hey, i am cramer. welcome to mad money. i'm just trying to make you a little bit of money. job is not just entertain, but to educate and teach. nope, not at this level. i'm talking about the s&p 500 are all the way to 6000.