video, disney+, bob iger still working on that over there. >> and we mentioned s&p record high, dow record high. looks like nasdaq eeked out a record, the russell 2,000 up 1.5%. the bond market was closed. we want to send our gratitude to all the veterans on this veterans day. >> of course. >> that does it for us here at "overtime." >> "fast money" starts now. live from the nasdaq market site on a night that the s&p closed above 6,000 for the first time, this is "fast money". here's what's on tap tonight. can the gains last? and health care headache. shares of abbvie sinking after a key drug disappoints in clinical trials. what it means for the company. plus, chips get checked as taiwan semi drops. delta helps the other airline stocks take off. and home depot, what to expect from the numbers and how shares could react.

i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. and we start off with the latest boost to grip taupe in its proxy trades. bitcoin hitting an all-time high of more than 88,000 today, as euphoria around what trump's win could mean for the industry shows no signs of fading. the token has now doubled in value since the start of the year and up nearly 30% just since election day. it's spreading to other coins, as well. crypto proxies, mara holdings, microstrategy each soaring over 20%. coinbase, riot, robinhood catching a bid with investors. even the meme stocks are seeing a comeback. gamestop and chewy, each gaining over 9%, while amc finishing the day up 5%. so, what is all this action telling you about the markets at this point, guy? >> well, enthusiasm, clearly. and in some regard, let's just drill down on bitcoin for a second. in terms of bitcoin, not that i know anything about it

my view all along has been, it's a play against the federal reserve. and if you go back and look, i don't think it's consequence dental that bitcoin topped out way back in the fall of 2021 at 60,000, just when the fed said we're going to start raising interest rates. bitcoin took a nose dive, and probably made sense. since then, as the fed has indicated they were going to start to lower rates, that's when you saw it get on its horse. it wavered as the number of rate cuts went from six down to four, but nowobviously there's a trump administration coming in, people are excited. i'll say this quickly. jerome powell, i think, absolutely wants to prove his autonomy. you have cpi and ppi this week. jerome powell speaks on thursday. i think there's a chance that the fed sort of disappoints on the rate cut cycle. with that said, you can put a little disappointment in the bitcoin trade. >> i agree with you on the rate cut cycle, and another environment that would put a little, you know, that fiscal -- that monetary discipline would be sort of item personing for bitcoin. however, i do think that given

the very dramatic change until what -- regulatory environment for crypto and other currencies that this sort of unallocated resources that are sitting on the sidelines that want to, need to, get into bitcoin now, it takes awhile to get that much money in, and, i mean, clearly, it's started in a huge way, but if you think about when the -- when the efts, how much money came in and it took, i don't know, a month, at least, and then you look at the -- even dogecoin -- >> what is that? >> it's nothing. >> the meme coin. i'm sorry. >> shiba sa inu coin. >> that tripled in the last week or so. the euphoria is there for so. but i think that bitcoin really is the one that's sort of a real asset location from institutional investors. if you look at what's happened to gold versus bitcoin in the last week, that tells you it's

really happening. >> yeah, the gold thing probably has more to do with the dollar, if you look at the move in the dollar. it's gone from 100 to 105. i mean, listen you you said something interesting, karen, for those -- >> thank you. >> for a change? >> no. most everything that comes out of her. no one needs to get into bitcoin, right? if you think about it in that way, it's the 1.7, you know -- >> i don't agree. >> okay. >> i think there's a portfolio out there that includes some allocation to bitcoin that will become sort of the, i don't know -- >> my point is, if it's only a store of value, you know, you have the gold, and that's outperformed pretty dramatically. most everiy other asset class. look at ether. it's still down about 30% from its all-time highs, it really -- the promiseof that, a smart contrast in building decentralized apps on it really never played out. and that's one of the reasons it was kind of stuck in the mud. if you are just buying this for a store value, i get that, but

i'm not sure what else it serves at this moment. >> if i could just -- >> yeah. >> i think solana is a little bit replacing ooether. i can't remember the ether run and fall before p before that, but i think there's still more to go. >> our digital girl. i tell you what, you got a combination of things. there's no question that bitcoin is on some level playing higher on a different kind of uncertain tip. so, gold, obviously, it was playing higher and gold has pulled back and i have to call it what it is. i actually thought gold was going to do at least better at some point after elections, but i even thought -- i didn't think it was going to do this. i'm not too worried. some of that bitcoin buying weakness, a dollar is a almost two-year highs, the dynamic around tariffs is, you could see a lot of other countries looking to devalue their currencies to make their goods more competitive here so they net the whole thing out. it's going to be poor economics, or, at least inflation over here, but the bitcoin story is one that, again, somebody sent

me a note this morning and they reminded med of the ben graham quote, which is in the short term, the market's a voting machine and in the long-term, it's a weighing machine. we started with that concept on the trump trade here tonight, and i think that's part of what bitcoin is doing. so, the main mania is back, and if you look at high multiple tech companies, some that do make money and some that do not, are rallying aggressively, and you have a dynamic here where people can still be voting on what's going to happen, but the vote is on less regulation, not just for bitcoin, but for everything. i mean, look at banks, look at how they continue to rally. banks rallied well before elections. and the trump belt bets that ar just tesla. some of the trades where you actually feel like the ceos, the principles themselves are getting rewarded for at least having some kind of position with this government, and i think it continues, because right now, it's still voting. >> these meme stocks, they are not known for their

fundamentals. >> no. >> so, in an environment where you think that there's less regulation, the economy is going to actually do better, that's the environment in which meme stocks could move higher. i'm trying to get at this notion that tim hit on, what this means, how this is reflective of the about time risk out there under this new administration, there is a belief here that, for whatever reason, deregulation, you name it, things are going to be much better. and i guess our job is to figure out how much better, and is this reflective or does this pull forward? >> i think that's fair. and that's what we're attempting to do, without question, and how much now the animal spirits fully exhausted themselves, or how much more do we have in this sort of election cycle? and the short answer is, tim's probably right. there's more room to go, in terms of the allocation of money. karen said it, as well. you think about a microstrategy, for example, who has to buy it? nobody necessarily, but they own 280,000 bitcoin, and average price of $42,700.

so, think about the investments they made and how it's paying off in this environment. so, there are clearly people winning to that, but again, it comes back to, what's the environment we're going in, and quickly, i think this is quasi-important, not to use a josh brown term, but china announced a $1 trillion trade sure bsurplus, which was a record. this incoming administration will say that's problematic. whether it is or not, they'll be offended by it, which to me means the ability or the likely hood of higher tariffs is out there, which means inflation comings back, which means the gold trade is alive and well. >> a stronger dollar will offset some inflation. i think what you're talking about with china, bank of japan is saying they may not hike when they you you know, would have expected to, at their next meaning, it means the yen weakened that much more. i think it's a combination of positioning going into this. i don't think a lot of the trades were trades other than we talked about banks, some industrials.

airlines. but the parts of this trade are election trades, i think there's plenty to go. that small cap trade, it had its places. but back to bitcoin. if you look at just even money flows, so -- the money flows that are signaled by the regulatory environment, and what was already in place, you know, when was it, a year ago, we got all those bitcoin etfs? the blackrock eft trust got in, i don't know, whatever number they got in last thursday, put them larger than their gold trust. so, that means you're starting to see this allocation happen. >> for more on bitcoin's record rally, let's bring in the general partner at vc crucible capital. great to see you. >> good to be back. it's that time of year. >> it is, it is that time of year. tim mentioned flows, and that's what you talk about, look at the flows, and you've been seeing the flow going gang busters in this rally. >> yeah. this is the story, right? sentiment leads to flows, and flows are really how we price bitcoin. bitcoin is a digital commodity.

supply and demand are what drive price. so, flows right now are coming from the etfs. overall, i think it's really important to state, $84 billion of flows into the etfs. two-thirds of the way to the total aum of gold etfs. this is a block buster year for bitcoin. today, mimicrostrategy bought $ billion in bitcoin. we're seeing all-time highs in terms of volumes traded. so, the flows are coming. they're strong. and i think the story is, bitcoin was contrarian, it is now consensus, so, i expect a lot more inflows. >> do you think -- what do you think the chances are the u.s. being a huge buyer in that it becomes a reserve currency or there's a special bitcoin fund? >> well, the strategic bitcoin reserve was a obviously part of trump's crypto and bitcoin flat

form. he announced that at the bitcoin conference in the summer. i will be so happy when that happens, i will buy you all a drink. >> it's karen, thank you for being on today. do you think there's some amount of supply that comes out at, let's say, $100,000, which is a round number, and a target for a lot of bitcoin bulls, do you think that we would see supply and that maybe put a top on it? >> yeah, that's a great question. and that's a question we often ask ourselves. last year, i think we were in a very different situation, because there was still a lot of sellers of bitcoin, obviously with the ftx bankruptcy and unwind, several other high profile unwinds. well had a lot of debtors holding bitcoin. that supply overhang is mostly gone. in may, we had a bitcoin halving. there's now half the amount of bitcoin that's mined in every block. so, the inflationary pressure from bitcoin mining is now cult in half. that supply overhang is getting cut back.

i think the volume of buying is going to greatly exceed selling. the bitcoin miners aren't accumulating as many coins. so, i think there's a lot less selling pressure, and the reality is, as much as people say they're going to sell at 100k or 125, if bitcoin reaches parity with gold, that's $800,000 per bitcoin. so, i think that a lot of holders of bitcoin are going to be long-term holders, and we see this in the charts. big oil hasn't moved a lot of coins around this year. >> when do you think there could be 800,000? >> if i knew, i wouldn't be on this show. >> order of magnitude, this is years, decades? >> i think it's -- i think it's years. i think the big question is, what are the big structural shifts? i just want to talk really briefly about market microstrauk sure. bitcoin etfs, really easy way for people to access bitcoin,

but they're buying spot exposure. we have microstrategy. why do they do crazy volume? because you can buy options on microstrategy, right? it's a really clean way to trade long and short without needing the capital that you need to trade the cme futures product, which is cash settled and requires you to post collateral. the real question is, what is going to be the route where it's really easy for people to allocate to crypto and deploy a wide variety of strategies when it comes to bitcoin? people have different pef renss. and so, i think the real question is, when is market microstructure going to accommodate not just tens of billions of flows, but hundreds of billions of dollars a day in trading volume from people who want to trade spot, options, and other sort of more sophisticated strategies? >> all right, we have to leave it there. thank you so much. great to see you. >> and obviously, we mentioned, but didn't talk about coinbase and robinhood, being bene beneficiaries of all of this. >> to karen's point, if you are

an institutional investor and you need to buy bitcoin, coinbase is the place for custody, so, that makes total sense to me. a lot of folks have been focused on the retail, and again there's lots of curdifferent places to that. if you look at december expiration, microstrategy is trading at $340. you put the call premium and the put premium together, it's $100. i just said, it's a 340 strike call, okay? so, just do the math there. i mean, there's some things that are getting very out of whack on a pricing standpoint. and if you were to buy a bitcoin on a parabolic move like this, and, you know, to the extent it's kind of moved, it's probably a tough time to do it, unless you're having to average down for awhile, and you have a long-term time horizon. >> i wonder if the hood is sort of a virtuous cycle. hood customers are probably hood owners of the stock, as well as

bitcoin, crypto-currency. that leaves more money for speculative, game stop, whatever it might be. it's a big party going on on hood right now. tesla shares rallying another 9% just today, up nearly 45% since the election. adding more than $300 billion in market cap in that time. that is more than one chevron. a number of wall street analysts raising their price targets on the ev maker, expecting a trump white house to help with regulation road blocks facing the company. we've had this discussion before, in terms of, what is this pricing in? the most expensive of the mag seven on a forward pe basis, guy. but there's a lot being priced in, in terms of the favor that elon musk will curry. >> i think tesla is one of the biggest beneficiaries. again, after they reported earnings, i think collectively, we thought it was going to test the stock. that 265 level, which was a prior high a number of times this year and last year.

it did exactly that. then you had a pretty significant pull-back. almost down to 240. so, that was in tact. obviously the election changed the entire thing. now, at this current price, by the way, we traded three times normal volume today, something to keep in mind. but we should be able to take out just on that momentum the prior all-time high, which was basically made three years ago this week. so, that is a level i think you have to look for at this point. >> valuations at tesla don't matter. i just doesn't matter. so, you also notice how it's totally separated itself from the mag six. who really underperformed today, not a great day today for megacap tech. that's a case where -- but the dynamic around tesla, if you want to get into, again, for the people that don't want to call it a car company, it's -- there's only so much that i think even all of the support and tailwinds that could come from a trump presidency in terms of border dynamics, in terms of being aggressive against the chinese, possibly keeping chinese ev imports out of this country, making it easy for

tesla to pick where they want to manufacture and probably not hit with the same tariffs as everybody else. how much can you price into the stock? but again, this is a stock that before the election came up, this was a story about five quarters out, no one thought tesla could give you anything, and they gave you profitability and gross margins in their last numbers on october 23rd that really surprised people. >> yeah, we know from the last administration, trump does not mind picking winners and losers. so, when you think about this one one, he's talking about getting rid of the ev tax credits and tariffs, and inviting byd, which has overtaken tesla in revenues, in deliveries and the whole thing, to build cars here, so avoid those tariffs. well, that's going to decimate detroit, if you think about that, right? it's going to be a greater competitor to tesla. the last thing i'll say, i get it, right? the stock is rallying because of the regulatory issue, full self-drivi self-driving, full autonomy. that's what kathy wood is talking about, she's thrown $10

trillion market cap around, so -- at the end of the day, it -- it gains $300 billion in a week, that doesn't seem particularly natural, it's pulling forward, i think a lot of excitement about other technologies. shares of gio group and corrective popping the former acts i.c.e. director todd homan as his border saczar. let's go to eamon javers at mar-a-lago. a lot has been done in a short amount of time so far, eamon. >> yeah, that's right, melissa. they are moving quickly. a real contrast between what's happening this year and what happened after trump's first election back in 2016, in which there was sort of chaos on the transition. this time around, much more disciplined, much more organized. they've spent some time planning for this. we got a couple of new names today, including lee zeldin, who is going to be epa director. he said, we will restore u.s.

energy dominance, revitalize our auto industry to bring back american jobs and make the u.s. the global leader of a.i., we will do so while protecting access to clear and air wawater. stephen miller is going to be deputy white house -- deputy white house chief of staff. he's going to be focused on domestic policy issues. he's a hard liner on immigration. one of the few names involved in the first trump administration. so much turnover in the trump administration, even during the first administration, and since then, in terms of the personnel around donald trump. stephen miller, though, a longtime trump aide. sort of the ultimate hard liner on immigration, and that clearly sends a signal of where this administration is going to go in terms of living up to the president-elect's promises on immigration, guys. a whole host of names that we're still waiting for, possible treasury pick, possibly ustr pick, you see some of the names, linda mcmahon possibly for

secretary of commerce there's a lot out there that we still don't know. but they are moving quickly here at mar-a-lago, melissa. back over to you. >> eamon, thank you. eamon javers. >> you bet. >> i guess treasury secretary, commerce -- looks like you have a comment already -- >> no, my comment is, i love eamon javers. >> we know that. he knows that, as well. >> i hope he does. >> he's smiling. >> that marcus wayne guy said history doesn't repeat -- >> rhymes. >> let's throw up a chart of gio. go back five years and look at where the stock was in 2016 before the election. a $15 stock. it goes from $15 to $31 by the spring of '17, gave the entire move back. you're seeing history repete itself. now, if you want to play for another $3, as dan would say, have at it. but this is happening the same way it did eight or so years ago. coming up, two pharma names heading in very different directions.

the new drug trial data that brought on those moves, next. and a semi shipping halt. taiwan semi falling as regulators order the company to stop sending chips to china. what it could mean for the semi trade, as well as u.s./china trade relations, when "fast money" returns. this is "fast money" with melissa lee, right here on cnbc.

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welcome back. abbvie shares plunging after the proposed schizophrenia drug failed to show results in phase two trials. angelica peebles has the details. >> yeah, melissa. disappointing day here for abbvie. the drug failed to show a significant difference compared to placebo in two phase two trials. now, there's a couple things going on here. first, the drug didn't perform as well as it was supposed to, and also people who were in the placebo group did better than we expected them to. either way, this is a big disappoint, especially because the company went out and spent $9 billion to acquire this drug through its acquisition of cerevel. on the other hand, this is a big

boon for bristol myers squibb. they have a drug that just got approved in september, and the thinking was that they would have a little bit of a head start and that ultimately they would face competition, but now, it looks like they will be there alone with this new type of schizophrenia drug, the first of its kind in decades. the first new innovation that we've seen in this space, so, a really big day for these two companies, melissa. >> and it really -- it value dates bristol myers' fpurchase, and throws into question some of the other acquisitions. you have this example for abbvie with this failed drug. pfizer had global therapeutics and the sickle cell drug that completely failed. and i'm sure there are others, in terms of, when this m&a wave starts, you have to think that the larger companies will start thinking about what assets they're buying and whether or not they should take a risk in something that's phase two or phase one. >> it's a really interesting point, because again, this is early. they went out and they did this deal before the phase two data,

where as bristol waited until this schizophrenia drug was in front of the fda. they were waiting for it to be approved and paid $14 billion for that. and, again, it's drug development, things are always going to be up and down, and especially with this drug. what's interesting, it's part of some pfizer drugs that went to bane capital, turned into a company and got sold. last year, pfizer looked silly that they sold the assets, but today, it's probably looking a bit better. it's just how it goes in this industry, melissa. >> angelica, thank you. angelica peebles. karen, you own abbvie. >> and bristol myers. >> okay. >> net, nothing happened. but a lot happened. interesting, so, the $25 billion market cap loss in abbvie, i don't know if that's the purchase price, plus the $11 billion that bristol was up, maybe, i don't know. that seems -- okay. >> roughly. >> so, that's -- i mean, this is always the sort of risk, though, in the acquisition, right?

you can never buy it with certainty, so -- i don't know, i think we will still see acquisitions happen anyway, because, you know, the big ones just have to grow. and that will still happen, but -- >> and the big ones make bigger acquisitions. as tim's pfizer, as i'm reporting here, in other words, this is a case where the acquisition last year, mel, you brought this up earlier, it was a 43 billion -- $49 billion -- >> 43, i think. >> it's ultimately supposed to be, by 2030, part of a collection of acquisitions that will produce $30 billion in new revenues for pfizer, as they see a lot of pipeline fall off and a lot of exclusivity, i should say. but the case is, as you think about what they paid to be a dominant payer in oncology, there's still a lot of layers to that acquisition that are unclear. so, again, if you are a bigger company, you have to make a bigger splash , and that's wher

the moves become more difficult. right now, no one really knows. they continue to reinforce the numbers, and, you know, restate, but i still think it's something that the market does not believe. >> but for bristol, i mean, peak sales that abbvie drug was supposed to have -- >> potentially. >> potentially, right. and that would be north of $5 billion. >> yes. and there's a lot of room to go. schizophrenia, in this world, is very difficult. merck just had a trial that was shelved because it didn't meet the efficacy they were looking for. it's not just abbvie. i like bristol. there's a lot of runway. but abbvie, it was never a story about this. it was a $9 billion bet that they lost. they can write that down as a $300 billion company. look at the quarter they reported on october 30th. it's -- i think it's, what, skyrizi and rivoq, you see -- >> you don't need them. you don't need those.

>> but they crushed in terms of the numbers, and humera is their third-biggest drug. there's a lot more "fast money" to come. here's what's coming up next. >> a delivery halt in the semi space, as regulators tell chip makers to stop shipments to china. the impact on those names, and what it means for u.s./china trade delakes. plus, a wild run for stocks, as markets keep up their post-election rally. but is it too late to take part in the move? we'll debate. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here.

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welcome back to "fast money." taiwan semiconductor shares falling after reuters reported that the chip maker was order bid u.s. authorities to stop shipments to china. the news coming after one of taiwan semi's products were found in a huawei chip set last month. other chip makers sliding today. dan, you were looking at this. >> yeah, i mean, this is something we've heard for awhile. there's a black market for these chips and findi ing their way io chinese electronics.

i guess the thing here is how far behind china is to the u.s. in design and stuff. i know the u.s. government and commerce department, they made these sort of proclamations before, but it does have the potential to kind of rachet up the kind of dialogue with china at a time where we have the new administration considering 60% tariffs across the board. that sort of thing. so, this is one to keep an eye on. >> the chip sector across the board gave up some of the gains made last week. >> it did. and we talked about this, not made new highs to the s&p for a long time. if you like head and shoulders formations, you might have one here. i think we've been kind of sideways, and i think nvidia has hung tough, like the new kids, but i do think it's a case where you have to be watching this leadership. i'm not sure you can get this kind of leadership out of meme stocks. >> i'm not sure if this is all this taiwan semi news or it's, you know, this issue of, is the promise of a.i. really there, are we going to see it when

nvidia reports, and it's had a huge run. >> that's true. >> it's interesting. the incoming president's rhetoric around taiwan, they are going to have to pay for their own defense, which means taiwan, i think, is going to wind up buying f-35s and patriot missiles from the united states to show, you know, we're willing to play ball, which is going to inf furiate the chinese. you start to play this through and wonder how it all shakes out, which has been the risk the whole time. coming up, another round of records, but what if you are missing out on the latest rally? how should you position yourself? what should you do now, and where are the biggest opportunities? that's next, when "fast money" returns. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

welcome back to "fast money." stocks continuing their 44,000 r the first time. the s&p closing above 6,000 for the first time. the nasdaq with a fresh record, as well. shares of bloomin brads down.

near-term visibility is worse than anticipated. shares of pinterest up 4%. web bush upgrading them to an uppe outperform. analysts saying its recent post-earnings selloff was overdone. and shares of live nation jumping after posting earnings that beat expectations. and iac reporting results, the company saying they are considering spinning off its 85% ownership stake in angi. with markets at records, our next guest says it may be too late to jump onboard, but not too late for bonds. let's bring katarina in. great to have you with us. i'm assuming that a lot of clients are interested in the markets and you're saying too late? >> well, absolutely. there's always the fear of missing out, especially for bond investors, with the real rates higher. they see their portfolios

underperforming while this is historic runup in the market and s&p hitting a 6,000 mark. but in our view you y, you know key is not to be chasing the rally, and focus on quality. >> but bonds, you say, have room to run. where in bonds do you like? >> well, specifically in bonds, it's important to keep an eye on duration and staying middle to short, and once again, you know, making sure that the exposure risk to quality. and investors are forgetting that when they're in bonds that are in for the long run, so, the biggest mistake is when they question whether they should have been in stocks right now. this is not the right way to think about it. they should stay true to their asset allocation, because bonds absolutely have a potential to do well, especially with rate cuts on the horizon. >> katarina, it's tim. great to hear your perspective. the question is, should investors, though, who have missed out, be -- and you've indicated kind of average cost into the equity market over the

next three to four months, you said don't chase it, but you do want to be allocating to a diversified portfolio. so, is it really just about the timing of this? if you're underweight equities here, it's really what i want to get into, because you're talking about the allocation to fixed income and no, you're not moving it around today, but would you like to have a better allocation, if all things were equal risk to risk over the next three to four months? >> well, absolutely. you know, when you look at the market right now, it's hard to resist the temptation, but market is up 5%, just in the last week. naturally, because the expectation is, you know, the excitement over the deregulation and tax cuts, and all of that is true, but it's going to take some time to play out, so, for investors that need to put some money to work, and are looking to enter this market, it is absolutely not too late. they just have to do it gradually. they have to dollar cost average, buy on dips, and stay with quality. stay with very careful stock picking, favor sectors like financials, like industrials,

and, you know, stay the course. really in the well diversified portfolio in the u.s. and internationally. >> the iwm sort of got towards levels we saw last in the fall of 2021. you like financials. within the small caps, financials play a huge role, so, understand that not all small cap itfs are created equal, is there a place there in your portfolio? >> absolutely. when you look at financials, specifically when we go back to january of '22, financials are up 5% -- i'm sorry, 20% during this time. while s&p is up 25%. we still like valuations, we like the positioning, financial sector is one of the healthiest stages we've seen it in awhile, after the financial crisis, because of the capitalizations that we're seeing, plus the deregulation and the fact that the activity is being picked up, as well as the m&a received in

resulting in higher profitability and competitive advantage. >> katrina, it's karen, thanks for being on. in case you were working and missed our a-block, a discussion about bitcoin and grip crypto, your clients wanting that? what are you seeing? >> well, a lot of clients are definitely curious, especially, you know, again, the clients that have not had exposure to the sector yet. it's hard to ignore the news. and what we point out to them is that, you know, the sector comes with extremely high volatility. it's not usually correlated with your more traditional asset classes, so, we tell them to tread carefully, and once again, kind of gradually invest and allocate a specific allocation that may be would not position the portfolio to, you know, to experience excess risk, because, you know, those who have been invested in bitcoin for quite some time, we've seen it come up, but we see significant declines. >> katarina, great to see you. thank you for your time. >> thank you for having me. >> katarina from morgan stanley.

so, echoing what we said in the a-block, in terms of, you may have missed a lot of the gains, but still, you're thinking there is a little bit here. >> again, back to the weighing machine versus the voting machine, that's really where katrina is. you have a case where there's arguments in favor of sectors that have been underperforming for a couple of years that were the spyv, so, the value part of the s&p. money center banks for the most part don't look expensive here, but they've had a very big run. you have to assume they will be rerating on a multiple basis. part of the argument, we are in a sideways rate environment, and we're seeing productivity gains, and we are seeing eps gains. >> it is interesting, you just focused on, it's not just big money center banks, obviously small and mid-cap banks that are raging. and if this is about deregulation, it's really -- in my opinion, really hard to chase, but i think the most

interesting thing that i saw in the market today was obviously we talked about semis and the rotation out of there. look at the igv, the software etf, maybe they can pull that up. that thing broke out and going up in a straight line, and a lot of the names in there, salesforce has just gone up parabolically. it's interesting to see the rotations in the market, because, you know, some of the stuff is going sideways. i suspect the mag seven x tesla is probably going to underperform for awhile and move in these names that might benefit from deregulation near term. >> you know, business is really doing well, katarina's private wealth management at morgan stanley, i have to think, is just crushing it right now. >> can we get her name right? >> katarina. >> it's katarina. >> no longer with us, but we have to get it right. >> katarina. >> but the spelling says katrina -- we tried both. i you thisthink -- >> just call kat. or k-sim. coming up, delta lifting off

and hitting a fresh all-time high. could this group be the ticket to more gains in your portfolio? plus, home depot results on deck. the stock is underperforming the broader market this year, but can tomorrow's report help repair this lagging name? that trade when "fast money" returns.

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welcome back. airline stocks taking off. delta up 4% today, rallying more than 60% in just three months. the stock closing at a record for the first time in over five years. southwest, united airlines and american airlines also higher today. tim, you pointed this one out today. >> well, it's a 70% move off that intraday low, so, it's hard not to see it. and we talk about airline stocks being the greatest trading stocks in the world, but in the case of delta airlines and the whole sector, what you're receiving and what we just got in the third quarter numbers is gross margin improvements by 150 basis points over where the street was, i think and even some of the most -- you know, optimistic. you have an investor day coming up, a dynamic here where there's more good news to be sprinkled out, and you've seen some capacity side supply discipline for the airlines, which means the analyst community can upgrade the stocks. >> they're entering a good season for travel here, at this

point, and if consumers are feeling good about the company, about the stock market, et cetera, they will be spending. >> tim, 100%, just mentioned. look at delta, go back five years and this is where we've traded up to. there's a lot of reasons to be optimistic. november 20th at analyst day, investor day, there's a lot of runway left for the stock. they've broken out of the range it's been in for quite some time there's no reason to sort of pull the rip cord yet. coming up, home depot on deck. the home improvement retailer is gearing up to report earnings before the bell. what to expect, next. "fast money" is back in two.

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roughly for longer term bonds. you can see when the ten-year buzz was back at the level it is now, the stock was lower. this doesn't bode well for existing homes coming onto the market, more transactions, and the re-fi, if we had lower rates, you could see for re-fi, and that money is often used for some kind of renovation, so, those two things don't bode well. and i think the cpi tomorrow sort of doesn't matter, i think it's, what's the cpi going to be going forward, and is the fed's cutting -- is the fed's cutting plan kind of slowed down? i think so. so, that's not great. i am long. i'm not that wildly optimistic. >> valuation doesn't bode well for it, either. if you think about it mid-single digits, earnings and sales growth expected this year and next. 27 times this year, 26 times next. to me, it doesn't make a lot of sense. >> pull up a chart here, who is at the pantheon, or parthenon,

carter -- >> so many. >> very crowded in this pantheon. >> katie stockton, right? but -- go back four years and look at where home depot made its all-time high and look where it is now. to karen's point, i don't think the setup is particularly good. valuation is not completely compelling. i think you have to look for downside here and buy it cheaper. >> did have a couple of hurricanes in the mix, which could help a little bit. >> i think so. though -- there's only so much masking tape and plywood. the driver here is probably going to continue to be where home equity loans are going to come. i'm looking for a reason to buy on weakness. this is a stock that's gone from $325 to $415. i'd love to buy it lower. should trade at a premium. >> karen, do you see to see rates come down in a definitive way, in a lasting way, in order to be, you now, more long of home depot? >> yes, to be more long. >> for you, yeah. >> and i'm long lowe's, as well, the same bet, basically.

i'd like to buy it cheaper and add to it, but i don't think, if rates do come down, i'm not getting the chance. >> before we get to break, we should get -- >> we have some time. >> follow tim into a home depot. >> oh. >> because you are an impulse buyer. he's buying flex seal -- >> what's wrong with that? >> wait, who does their own caulking, is that you or tim? >> i do. i caulked. i have a caulking gun at home. >> caulking gun, excellent. >> i get the caulk out of the -- >> do you mark it with, like, the green tape on each side and actually -- i don't know. >> no, you just scrape it. >> can you say that on air? >> i've actually got to do some caulking in a -- back at the apartment, if you are -- >> give you some tips. >> all right. >> probably not a good thing to ask for. >> second career. up next, final trades.

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time for the final trade. tim seymour? >> yeah, how about the l in blicep? lyft starting to make a move. i think that chart is breaking past where they have resistance. >> karen? >> yes. meta has sort of been sitting out this rally, and i think it should participate. i like it right here. >> dan nathan? >> yeah, oil approaching, i don't know, two-year support or something like that. looks like a sale on any rally and that dollar is not helping it. uso. you can play it that way. >> guy? >> how long have we been together, you think? >> a long time. >> awhile. >> so, you think you know everything about a person. >> oh. >> she told us she caulked.

>> who knew? >> these guys knew. >> we knew. >> to be surprised that she can caulk is not a nice thing to be. i'm capable of caulking. >> i believe it. >> ah -- selloff in abbvie is over overdone, for watching. "mad money" with jim cramer starts right now. ♪ my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a homework and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." people want to make friends, i'm trying to make a little money. my job is not just to entertain but to teach me. in a bull market, there's nothing worse than watching the averages roar higher while your portfolio sits there barely moving. it makes you feel like a cleat