horson toll, it helps customers do all the things they need. so we'll always continue to support customers as long as they need, help we'll be there for them. >> all right rene lacerte, bill's founder and ceo. thank you for joining me here on "overtime. we have a jobs report in the morning. we have and ceo on "overtime. for now, that's going to do it for "overtime. "fast money" begins 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 tonight bitcoin boom crossing the milestone mark of 100 k before pulling back. banks, travel names and a couple of the mag seven surging to new highs. can this run continue? we'll debate that. plus, self-driving heads south. we'll go inside the ride share rumble shaking up the space. and later, a double dose of obesity week guests tonight, e lie lily's chief scientific officer breaks down the company's latest trial results, and the ceo of

structure they are putters both are here with us this hour. i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- tim seymour, carter worth, guy adami, and mike khouw. we start with some pockets of strength in a tepid market. banks and airlines taking off, after american gave a strong outlook for the fourth quarter there was strength elsewhere in the travel trade, too. marriott, hilton, as well as expedia and booking. the moves coming as investors turn their focus to tomorrow's jobs report. will the data get the broad markets moving once again? moving higher, i should say. guy, what do you think >> well, it's interesting, right, this jobs number what are we rooting for we have this conversation seemingly every month. >> or does it matter >> or does it matter, that's the third -- door number three >> options three, monty. maybe i'll take door number three. i'm not sure it does at this

point. the market seems pretty convinced we're going to be on this trajectory. today was an interesting day, technically, that carter can opine on it's not a big deal, but one day does not a trend make. the reversals today were interesting. citi's been a dog for so long, but collectively a name we tried to wrap our arms around, and it's finally showing signs of life and trading where it probably should go to. if you want to be in the banks, though most of them had huge runs, citi is still undervalued despite the move it's seen >> bank of america, also a nice day today. >> what's the over/under that mel actually knows the phrase, who she can reference, taking their talented to south beach. >> i have no idea. >> yes, you do come on. >> lebron james. >> there -- come on! >> that's -- >> way to pull it out, right >> she's good like that. she knows everything she knows everything so, in terms of knowing everything, if you knew coming into even the last, you know, three months that airlines were going to have the kind of period

they were going to have, it's a combination, the numbers are more efficient and you have an upgrade of delta's debt today low triple b. you think about airlines that have never had the balance sheets to take it higher so, symbolically, and over to citi bank, the worst of the money center banks, so to speak, in terms of the efficiencies this has been the year of efficiency for citi bank banks will continue to outperform what you're seeing more broadly in the market is an acknowledgement that these companies and that earnings are going to be better in 2025 i think good news is good news tomorrow on the payrolls and you're going to snap back after couple strikes, a couple hurricanes and these numbers are going to be real >> the question for banks, are we getting a redo of what happened in the election 2016? we know banks surged post election, but they peaked one month later, mid-december of 2016, and they, to this day, have never achieved a new relative high. i think we're setting up for the

same kind of thing so a lot of moneys that been pumped into this area, but it's not going to deliver alpha in 2025. you have home builders acting poorly, autos acting poorly, but airlines and hotels and travel stocks you have to pick your spots. >> where are your spots, mike? and do you think tomorrow's number really matters to a market that wants to go higher, clearly? >> well, i mean, i think that tomorrow's number, obviously, you know, i don't know that it's -- it's early yet after the election what we've seen is that cyclicals are doing very well. i think the general attitude is that, you know, the election results are good for cyclicals, and i think we obviously have to wait a little bit to see whether the employment picture and the hiring sort of keeps up with that but i think it's still going to be positive for that the hesitation i have with the banks, i have to say, is that if things really pick up and we start to see the long end of the rate curve rise, obviously, we usually think about a steeper yield curve as being good for banks, borrow short, lend long of course, the issue is, for

some of them, like bank of america, that still have a lot of duration on their book, that could be a little bit problematic. but it's going to be good for cni lending, i would assume. >> is it a little bit different, dare i say >> different this time >> if the economy is really going to heat up, if there's really a pipeline for ipos, for m&a, when the consumer is still in relatively good shape so, things are largely okay, even if rates are rising -- that's a bank of america specific issue >> regulatory environment is, i think, essential for this whole -- it's part of the bank story, without question, and i think -- in addition to that, the potential for m&a in this new administration is going to be significant, as well, which is why i believe the kre has had the move that it's had and might have some more legs to it. but the economy is an interesting thing. we talk about the consumer, the consumer is 70% of this economy and they will spend under just about any circumstances, but if you start really breaking down and looking delinquency rates

and credit card debt and the average rate that people are paying on a credit card debt, it tells a story that i don't think the market is paying attention to >> the question is rates, right? it just turns out -- rates were where -- right now, where they were, in q-4 of 2022 we're 4.17%. not once, and it is important to state this, not once did the ten-year yield close on a weekly basis above 5% not once so, the higher for longer was never -- it sounded nice, it's a melody in the ear. >> melody in the ear >> but it's not true the cost of ten-year money is 4.17% here at the end of 2024. how is that higher >> yeah, carter, you've been saying this for a long time, so, i applaud being right on that, and it certainly has been an environment that's allowed -- has allowed equities to move higher the one thing that is also -- that dynamic we are contending with in this payroll number, the wages come appropriate we had ism out, services, which was a little weaker.

there were wage pressures that were discussed in there. what we heard over the last couple of days, a series of corporates that have come out, chipotle saying they're raising prices a lot of that is wages mcdonald's tells us about wages. so, i think the problem for equities will come is if the fed really has to acknowledge that they're not comfortably getting into that 2% target. i think right now the jury is out on that. i think the wage component, services inflation, is something that we should be worried about, as equity investors. as citizens, it's great news the job market is very healthy and i think ultimately some of those credit metrics that guy brings up that we should be concerned about, right now, i think are still rear view mirror, at least as long as the job market holds up. initial jobless claims out number today, that was kind of noisy. >> obviously rents is a big input. and wages. but the grains i mean, the grains are at multiyear lows, right? oil is not particularly -- there's a lot of mixed currents

going on here to suggest that there is or there isn't inflation. >> at the same time, i mean, and this is an honest question, mike, is it consensus that we reach 2%, or is it consensus that the fed will have to accept a higher than 2%, maybe a soft, you know, acceptance, but still? >> i think the consensus is it's going to be very difficult to achieve that because a lot of the secular tailwinds, basically, for the inflation picture over the course of the last couple decades, for example, you know, we had a lot of globalization, we had a lot of production moving to china. all of those -- a lot of those forces have reversed and i think that obviously it's great that oil prices remain low. that's not surprising. we're producing every bit of domestic demand at this point, actually, the highest production that the united states has ever seen, we're the largest producer in the world by a long shot. so, that's obviously a great tailwind for us in terms of inflation. but on the other side, obviously, we have wages and

other things and what we have seen in past inflationary periods is that there's a little bit of a cycle and you get this dip we've seen that, but there's a lot of patterns i've seen that suggest that we could see an uptick in inflation, in, you know, probably the next 18 months or so >> i think that's fair and the fact, tim mentioned cmg. by the way, very quietly, that stock's approaching levels we saw in june of this year, which was an all-time high, under the radar. so, that burrito blowout is coming back in a major way >> in a good way >> not always good, i guess. >> there's some question out there -- >> i don't know, i mean -- >> i would say the lion's share, it's a good thing. >> yes, i agree. >> once in awhile. >> that stock is 20% higher than it was at the peak before mr. niccol left, so, in other words, it's not only dealt with that, but it's well above that >> yeah. >> quickly, i mean, the inflation story, i don't think it's over. and i think you're hearing more and more people come to the realization that, hey, wait a second, maybe that genie is not back in the bottle and the rate story, carter has

been spot-on, but i think this's going to surprise people early in '25 >> especially with the tariffs coming companies have said, we will pass that onto the consumer. that is -- if there are tariffs, the consumer will it patly pay that's just the fact of the matter >> i'm a big barbie fan, and mattel said that yesterday they went out there and they pretty much -- they felt the need to go out there, say, we only source 40% of our materials from china, but they said, we will price that in and there are a lot of companies that are waiting we just don't know and there's a lot of speculation about what tariff policy is going to be. i think there will be some headlines that will be exciting for the new administration to get behind and there's a reality to what they can do. let's just wait, but the pressure on inflation, i think, is to the upside right now, not to the downside. let's move onto eli lilly, announcing a $3 billion investment to expand glp-1 manufacturing capacity at its wisconsin facility today this after results were released

comparing zepbound to wegovy patients losing 47% more weight on lilly's drug after 72 weeks joining us on the fast line for more is eli lilly's chief science officer. dan, good to talk to you again >> yeah, pleasure to be on, thank you. >> there's a lot of excitement surrounding this head-to-head trial, but there's one big question mark, and that is the tolerability profile will we get that data any time soon, and can we extrapolate at all from historical trials, where we saw the -- you know, the nausea and vomiting percentages, can we extrapolate that maybe lilly's profile looks better than novo's, seeing that at 72 weeks s versus 68 weeksh novo, that the side effects were lower? >> right, it's a good question we showed that patients on zepbound lost about 50 pounds, compared to the competitor,

wegovy, patients lost 33 pounds. and we noted that the tolerability of the drug, the adverse effects, were similar to what we've seen in previous trials for each of the two drugs. and previous trials, we've seen that zepbound is -- is generally well tolerated the most common side effects are, as you point out, the nausea and vomiting and diarrhea, which still happens in a fraction of patients, most of those patients actually stay on the drug and get the benefit. the study wasn't designed to compare. the safety of the two drugs. but of course, we're presenting that data at a scientific meeting, and we're excited about what we saw, not just in the efficacy, but also the tolerability profile of zepbound in this trial as it's demonstrated in previous trials. >> this is a great implication in terms of the ability to market, saying, you know, your drug zepbound is more effective than novo nordisk's, but there are a lot of drugs coming down the pipeline, and it's sort of like an arm's race all these drug candidates from

you, from novo, from other smaller players, where they want to benchmark higher and higher weight loss advantages how do you look at that, in terms of the importance of gaining that sort of weight loss percentage in terms of the success of a drug? >> yeah, thank you weight loss is one of the important aspects that patients are looking for, for sure that's why we did this trial. it's actually the most common question we get from people who are interested in these trials, you know -- which one to try, and now we have data comparing them directly. but also, over the last year, we generated a lot of data on zepbound, but also some of the other benefits of the drug, sleep apnea, and most recently, we showed a trial where we tested it in people who had

prediabetes, they were at risk to go on to get diabetes, and we reduced their risk by 94%. so, we're accumulating a lot of data about the benefits of weight loss, but you're absolutely right, we're in a race maybe it's a good race, for the benefit of society, where we and novo probably as the main two competitors keep trying to outinnovate each other with better and better medicines. novo had semaglutide, and then we came out with zepbound, and they are working on their own dual-acting, we're working on a triple-acting, we're working on oral molecule, both of those are in phase three i think we're going to get to a point with molecules that are in phase three, where, for most people, i hope they'll be able to achieve a normal body weight, even starting with very high levels of obesity, on this medicine and so, then it becomes important to think through those other benefits and how can we

make sure we're improving the health of the whole patient, in addition to losing weight, and we look forward to more and more of those data coming out >> you're also working on an oral, and that seems to be something that a lot of people would like, you know, to not inject themselves, either as a primary way to lose weight, or as a maintenance program we're going to be speaking to the ceo of structure therapeutics later this hour they have an oral candidate, you have an oral candidate, and it's supposedly almost just as effective, so far, that's what the data shows for structure therapeutics, dan, so, i'm cup use how you think about, you know, the competition coming, and when you have these sort of benchmark trials and investors are taking a look at the results for weight loss. what's your outlook in terms of how it fits into your portfolio of obesity drugs >> yeah, thank you we're pretty excited about it. this is an oral pill, it's a small molecule easy to take, without food or water restrictions, we hope. and we hope in phase three we'll find out that it can deliver the

same benefits as the best injectable glp-1s. we don't know that yet, but this is already at the end of the last stage of development, of phase three trials, so, we're going to get the data next year, and if that's successful, we hope to be able to launch that quite soon i know there's many companies, you mentioned one of them, that want to follow in our footsteps here, i know we're quite a bit ahead here, and several year head start, but of course, comps area, it's a huge market opportunity. we estimate by 2030, there will be a billion people around the world living with obesity, that's a lot of patients that need to be treated, and i think easy to use orals are probably the way to go here >> all right, dan, great to speak with you, thank you. >> yeah, thank you

>> not too long ago, we were saying, this key level on lilly, but it's bounced here. >> it made its all-time high, traded down to 775 in august, bounced, made a new all-time high, traded down and held it again, had a subsequent bounce this low took is down to the april low, which we held, and now are bouncing so, the theory behind the trade here should be, we're set up to take out those prior all-time highs and they continue to sort of get the tailwinds of these good news, and, you know, when valuation matters, it does, when good news matters, it overrides it, and that's where we are right now. >> it seems that the lilly trade is sometimes, at least in the -- in this phase, call it the last two months, has been a function of the competitive landscape, as opposed to just early innings, really in this trade, because we are. and so, what do you want to pay for a company who is arguably the leader, and there is this whole dynamic with -- there's a debate that if this comes out

with even greater than 25% weight loss dynamics, it could be -- it could be a bear pivot for lilly. i don't think so i think it's a case where you just have to look at the compounded annual growth rate, you couldn't be expecting from lilly, which i think is going to be 25% to 30% over the next three years, and i think you're buying that weakness >> i guess the question is, this is obviously an uninterrupted and very orderly uptrend now, for the first time in almost three years, there is some question fl that if that us in tact. core relative strength to its sector my hunch is that one is right to reduce exposure. coming up, we are watching lululemon. the details and numbers from their quarter next. and self-driving coming for the sunshine state alphabet's waymo looking to hit the roads in miami more on their exnspaion plans. don't go anywhere. "fast money" is back in two.

what if your mobile network wasn't just built to work out here... ...but was designed differently to also give you blazing fast wifi where you are most of the time? reliable 5g, plus wifi speeds up to a gig where you need it most. xfinity mobile. now xfinity internet customers can buy one line of unlimited

and get one free for a year. welcome back to "fast money. we have an earnings alert on lululemon. shares higher by 10%, after the company beat on the top and bottom lines the conference call wrapping up. courtney reagan has all the details. courtney >> yeah, a lot of surprises in this one 18-cent beat on the bottom line.

slight revenue and comparable sales beat but the pattern is what's important. comparable sales did reaccelerate 4% total americas are still down, but slightly better than last quarter, and international sales much stronger than what we saw last quarter now, the holiday quarter outlet, on the call just now, the cfo describes the forecast as prudent, and she called out the shorter shopping season and uncertain macro conditions for part of that now, lululemon, we should note, increasing stock repurchase program by a billion dollars on the call, the ceo said he was pleased with the business and traffic in store and online over this extended thanksgiving weekend, with black friday actually sets records for most visits ever to lululemon's app and website. now, remember, lululemon doesn't run these blanket promotional events they're not store-wide, they're not site-wide. they use that elevated traffic to clear through product that it's not going to take forward, but also to feature full-price styles so, the street liked to hear that, that such strong traffic without those big sales events now, shares are higher, but they've got a lot of ground to

make up. year to date, we're down 33% for lululemon. xrt in that same period up 14% the xly up 28% over that same period of time there's some short interest, but not that high. i think the street is probably pleased. a lot of questions on the call, trying to dig at whether or not the executives think that the americas situation has bottomed. not quite going there, but -- >> stabilized? >> trying to figure it out maybe that's as far as they'll go they said it's to their plan to their plan. >> a 6% short interest of shares outstanding. >> it's not that much. no >> china mainland was really surprising it's up 27%. >> yeah. i thought that that was really interesting, so, obviously stronger than when you're looking at the bigger results there. i mean, look, i think there's a lot of questions, too, about competitors. now, they're pry vault, so, we don't know market share gains there, but if that's taking share internationally, here in the united states, a lot of questions. but i think so far, a positive

surprise, i have to say, i was at the garden state plaza mall for black friday and i was there before doors opened, the longest line, actually, was at lululemon. and that's without the big sales. i thought that was interesting >> yeah, i think for the story here, you have to wonder whether one, you're worried about the u.s. comps staying negative, or if you're concerned about the margin profile for the company going into this tail spin, the company was at peak margin the move, which is almost 70, i'm sure carter has to be on the chart, because it's been a heroic run off those lows. i just think that the dynamic around the competitive landscape is one that's going to continue to be something to worry about valuation could actually have some upside, it really depends what the multiple you want to put on it. >> it's indicated to open at 380 tomorrow there's 40 analysts that cover it, they have a 12-month bright target of 323. a group of individuals, 40, believe it's worth 323 in the next 12 months, but trading at 344. so, they'll all change their

price targets, that's the way it goes and the question is, do you fade this pop, or do you embrace it i think you fade it. >> mike, is lulu did it come off the holly indicator? when it was -- the stock was down, did it come back on, as u.s. looks to be stabilizing >> and can we explain the holly indicator? >> yeah, so, the holly indicator is, you know, sort of a peter lynch approach to investing. you see where your family is spending your money. lulu, tesla, apple, costco, they are ranking highly i actually put out an article on october 24th, saying to get long the name, because i think it did get extremely cheap, relative to the s&p and relative to the consumer discretionary index and actually relative to other athletic apparel companies like nike so, this thing was trading around 21 times, and still growing. you know, if you took a look at observed sales, this is intraquarter data, foot traffic

and so on. towards the last couple of weeks, it actually had started trending a little bit higher and so, right now, it's trading 24 times trailing, 22 times forward you with, you know, consumers discretionary trading at 29 times and the s&p at 25 or 26, i don't think it's expensive, even net of this 10% pop. >> courtney breaks it down better than anybody. the street's going to look at inventories, only up 8.5%. margins were better, which -- signifies that maybe they're over the obstacles that they presented with themselves, but the competition is still there, to tim's point, so, despite the fact that valuation is compelling, i'm with carter on this one i think you fade it. >> courtney, thank you. there's a lot more "fast money" to come here's what's coming up next. south beach self-driving al fa waymo taking to the miami streets. the stocks hitting a road block today on the news.

plus, bitcoin hits 100 grand. what's fueling the crypto rally? and how investors are moving their money to take advantage of the trade. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! ♪♪ i joined sofi because they've helped millions of members earn more money, save more money, borrow better, and invest for their ambitions. ♪♪ join a generational player. sofi. get your money right.

welcome back to "fast money. way mo announcing plans to expan to miami today the service will begin cruising through the sunshine state in 2025, with human, quote unquote, safety drivers it plans to launch its robo taxi service in the area the following year uber and lyft both plunging 10% on the news. this seems to happen again and again. i think the question is, whether uber and lyft ultimately benefit by being the platforms to manage these sorts of fleets, because waymo doesn't have that platform to interface with consumers. >> that's the sense, and we've had -- and we mad mark come on and talk about those dynamics. at least as it relater to uber, as it relates to lyft, you know, the jury's still out on a lot of dynamics with lyft there's an operational challenge that's been chasing uber for two years coming out of covid. so, part of the move that we've seen in lyft, and it's been a volatile ride, but it has been

generally up, and it has been up and it is up 20% year to date, with a lot of move in and out. the waymo dynamic is something i don't know that we do know i think you should be focused here on lyft normalizing their business, the fact that the drivers and the fleet dynamics are back, the margins are improving. they are taking back market share and that means, i think, it stays higher. >> lyft being, of course, the l in tim's blicep. >> we have that -- we put that -- >> full disclosure. >> put it up look at that >> look at that, yeah. >> look how happy. >> really happy at the start of the year >> the optimism of your acronym. >> can't wait -- we're going to do that again, by the way. i can't wait for that in january. viewers can't, either. >> carter can opine on this. if you look at uber's chart, it traded up to 82 or so in february, sold off, traded back up there recently. selling off now. feels as if it wants to visit that $58 level, which is probably the low we saw a month and a half or two months ago, but then i think you have to take another run at it on the long side.

wail for the pull-back to 58 in uber >> i think that's about right. it has its low on august 5th, makes a new high and now it's all the on site the smoothing mechanism has started to turn over i would be careful. coming up, bitcoin finally breaking through the $100,000 level, and investors are pouring in, but if all this money is flowing into crypto, where is it flowing out of how retail traders are allocating their funds, when "fast money" returns (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street invest in your future with dia, the only etf that tracks the dow. (♪♪) it's odd how in an instant things can transform.

slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. ♪ gold. ♪ ♪ ♪ whether your phone's broke or old, we've got you. with verizon, anyone can trade in any phone, any condition. for a limited time, get iphone 16 pro with apple intelligence, on us. and, ipad and apple watch series 10, all three on us. that's up to $2,000 in value. only on verin. ♪ ♪ fuel your inner adventurer. the first ever nissan rogue rock creek. ♪

doors lead us to places we've never been. your dedicated fidelity advisor can help you open those doors. they can help you create a retirement-income plan designed to balance growth and guaranteed income. and provide access to specialists who help with estate planning

to look out for future generations so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody! welcome back to "fast money. stocks closing in the red ahead of tomorrow's jobs report. the s&p and nasdaq touching fresh all-time highs in today's session, but finishing the day down about two-tenths of a per sent the dow dropping 250 points. shares of unh closing at its lows of the day. police still searching for the person who fatally shot its insurance ceo early yesterday morning. and shares of hpe, docusign, ulta, all on the move after reporting revenues that beat expectations and bitcoin finally breaking through the $100,000 level, but falling below the milestone late in the day early strength coming after president-elect trump said he'd nominate paul atkins to head the

s.e.c. how does this chart look, carter >> well, so, bitcoin has achieved what is known is a measured move. it was stuck for almost a year, and then on schedule, broke out, and while these things are not infallible or perfect, you typically, as a measuring device, you take the width of the range in which a security was mired before it broke out, project that same amount, and bitcoin touched it to the penny. i think you take profits here. >> all right. well, our next guest says that retail trader demand for bitcoin and other cryptos is picking up let's bring in joe mizoula great to have you with us. we've been hearing the stories about all the money flowing into bitcoin, and i think the question is, for the market, from a market standpoint, where do you think that flow is coming from is it, you know, out of tech, into itcoin, as it was once thought? >> here's what's interesting, melissa. there's been volatility in multiple sectors it's kind of hard to say

specifically, but you know, where we've seen weakness would be energy materials and real estate, i think that's where you've seen some of that movement out of those sectors and a little bit more into bitcoin. specifically materials you know, i don't know if you can consider bitcoin a replacement for gold, but you know, there's been some investor talk about that. >> is there more interest in sort of the bitcoin etfs, or in the bitcoin-related stocks, like a microstrategy or marathon? >> if you look at the bitcoin etfs, those are the most heavily traded, where, because it's given access to retail microstrategy is doing the same thing. traded 800,000 contracts in terms of the options, so, it's been -- it's been a really big surprise, and something that retail has really kind of adopted is the ability to kind of trade it through options, and trade it through the etf >> the evolution of the retail trade is astonishing, and good for them, but you know, their ability to go from sector to sector and sort of turn on a

dime, i'm sure you see it there, you know, their just navigation of what's been an interesting market >> yeah, i think that's -- i think that's a good point. when we look at our board, it takes monthly movements and monthly buys and sells and client accounts. we do see that there's volatility in that sector move i give you a perfect example october. october saw information technology being the biggest sell, and then november, it was the biggest buy. so, you know, it -- it's hard sometimes to kind of sit there and hold those positions maybe you should but we've seen retail traders really step up and trade those products quite a bit >> hey, joe, it's tim. how about mag seven stocks as funding vehicles for the rest of the rally? and what are you seeing? because i would have sat here a year ago and said, i don't think you're going to see six stocks be 30% or seven stocks be 30% of the s&p ever again they largely are it's weakening, but it's happening. >> i think there's some truth to

that i really do. when i look at our biggest buys and sells, we're starting to see kind of the mag seven roll off two names that come to mind right away would be palantir and then earlier, you talked about microstrategy. those are two new entrants into our kind of net buys or biggest buys for the month so, you're starting to see names like tesla, apple, kind of -- to fade a little bit, just because you haven't seen apple break out, it's kind of, you know, it's at a new high, but it is within a range and i think retail -- retail investors are looking at that and looking for other opportunities. >> joe, great to have you. thank you. >> thank you >> mike khouw, what are you seeing on the bitcoin front in the options market >> well, i mean, a lot of activity, i think, is the short answer as he was just pointing out, the bitcoin etf is receiving huge volumes, and microstrategy, even more so. largely because of the volatility that both of those are illustrating and what's interesting is that if you take a look at the moves in gold, like the gld etf,

starting in late october, and then take a look at how bitcoin did at about that same time, what you're going to see is that there's a real divergence there. one of the places that i think that people are really sort of coming around is the idea that bitcoin is the proxy for hard money, more so than the metal is, and i was bullish on both of those at the beginning of this year but the other thing that retail investors are always looking at is, they want moves, and on the options side, that's what they're going to chase, and bitcoin's got them >> the move today in robinhood, carter can opine on this, as well, made a multiyear high, a three-year high, north of 42 closed lower on the day on three, four times normal volume, which is not an indictment, it's just an observation. the stock's had a huge run so, maybe that's a tell for the next couple of weeks but at a certain point, you're back in the game with robinhood. coming up, money flowing into the utility names that power the a.i. trade, next. plus, structure

therapeutics' ceo ray stevens on his company's glp-1 offering how it stacks up against the competition, next.

welcome back to "fast money. entergy shares higher, after

meta selected them to power its $10 million energy project in louisiana. pippa stephens has all the details. >> hey, melissa. hyperscalers are increasingly going to utilities exclusively, to guarantee power at a certain price. you can't have a data center without power. and so, utilities are a very important partner. plus, these long-term agreements provide earnings visibility for utilities. meta and entergy is just the latest partnership we've seen microsoft and consolation team up. google and aes, that have announced data center deals. but what's notable about meta's latest, is that the $10 billion data center will be powered by gas, making it the first sizable hyperscaler to turn to gas and it probably won't be the last all of these tech companies might have emissions goals, but wind and solar are intermittent,

and smrs are still years away. gas could be the big winner, at least for the time being >> pippa, thank you. certainly, we've heard all of the headlines so far with the hyperscalers going directly, as pippa mentioned, to the utilities. entergy said in the release that this deal basisly covers their expenses for the year. if you're a shareholder -- >> thrilled. >> a win >> yeah, and it's not just that. utilities are something we rarely talked about on the show. earlier in the year, there was a reason to be in utilities for a defensive play, and then on the back of the whole a.i. craze, and it worked. and this is a name that we didn't talk about forever on this show, vst pull up a chart, and just look at what this has done over the last six to eight months it's extraordinary, and quite frankly, the analysts are just starting to wrap their head around this. despite the fact it's been parabolic, i think all these stocks still have room to the upside >> i'll let carter remind us what he always reminds us with utilities, but i want to reload the gun on utilities for '25

these are companies that are going to continue to generate free cash flow the dynamics around the secular tradewinds, what's going on with data center, but free cash flow generation for a number of these names, next era, nee, is a core part of any of that. i'm long the name. >> well, a couple things entergy, as extended as it is, it's not extended in the fact it just got back above where it was, you know, 20-plus years ago. in terms of utilities, obviously, on a cash basis, they underperform as a sector of the market, but on a total return basis -- >> dividends included. >> dividends included. utilities have kept peace with the s&p since march of 2000. incredible >> volatility. >> which makes it a higher quality return >> yeah. mike, where do you stand on this trade, which seems to be working in a good environment, and bad environment. >> yeah, well, i kind of like the epc space, so, ies,

they, you know, decommission and recommission nuclear plants. they have an investment in smr, the small modular reactor space, and they're ing at a discount to the market, and they would benefit from a cyclical trade. so, that's another way to play something that's been a steady grower throughout the year it's only trading 20 times forward earnings right now i think that's another way to look to play it. coming up, "fast money's" special coverage of the obesity drug race continues, with a look at one company hoping to tip the scales with their weight loss pill structure therapeuti' csceo raymond stevens is with us more "fast money" in two

♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪

♪ ♪ welcome back to "fast money. structure therapeutics sharing down over 40% in the last six months, even as its oral obesity drug advances in trials. the company is now working on a study to determine the max tolerated dose to be used in a phase three trial. for more, let's bring in ray stevens. great to have you with us. >> thank you, melissa. great to be back >> we were talking about the phase 2a trial, you're going to start 2b in the fourth quarter can you give us a status check on that? >> yeah, absolutely.

so, this summer, we released our data, very positive data, very pleased with that. we also had very low discontinuation rates, and very importantly, we also disclosed some of our manufacturing capabilities we have the ability to manufacturer more than 6,000 metric tons, which means that's enough material for more than 100 million patients, so, that's really important this is really about accessibility right now in the field. we initiated last month our phase 2b study, two different studies what we all access and access-2 access-1 will takes up to 120 milligram dose, equivalent to best in the field. and then going up to 180, 240 milligram dose, we have the potential to be best in class in the small molecule field >> so, can you clarify best in field versus best in class is that comparable to other -- to the injectables on the market currently, and so there's a thinking that your drug right

now, that candidate could actually be as good or better than some of the injectables already on the market? >> i think it has that potential, what we're seeing so far, correct >> okay. and you also, though, see a potential not only to sort of, i don't want to say usurp, but take over some of that market share, but also be a maintenance drug can you -- can you talk us through where you see the markets in terms of growth and tam? >> yeah, so, first of all, you know, the tam -- this is the biggest drug discovery market that we've ever seen a tam right now, $150 billion. so, very big market, a lot of different opportunity. the -- the maintenance phase is what we see is actually the biggest opportunity. level one initially starts on an injectable first or the primary care physician might want to start on an oral first the real opportunity that we see is a number of -- the majority of people stop taking the injectables after a period of time the oral pill is something that we think will be more tollerable for the patients that take these

medicines. and what we'd really like to see is continuing on these medicines, like the statins for controlling our cholesterol, we think trying to control body weight is something that we really see the maintenance phase and oral pills have a real opportunity and application for. >> you talked about your manufacturing capability right now for this particular drug in recent, you know, in earnings releases, conferences, you highlighted the fact that the cash position is enough to take you through 2027 doll i read that as, we don't need a partner, we are not looking for a partner, we are not looking to team up with any other company, other companies, look elsewhere if you are looking to buy something >> the -- so, for commercialization, we believe that we -- we would like to have a partner for commercialization. the market is just enormous. the number of people that we can help with these medicines, again, you know, earlier on in the show today, you know, it was highlighted from eli lilly, by

2030, more than a billion people will have obesity. that -- that is -- that is a very big population. and really trying to fit the needs. this is clearly an area that oral small molecules can serve as we've seen in other classes of drug, again, like the statins, as an example so, we think that manufacturing oral small molecules really is the solution to address the large market >> so, a partnership, you're not looking for somebody to come along and say, hey, ray, we need an obesity pill candidate at this point, you're looking specifically for partnership in commercialization? >> that's correct, melissa >> okay. there's also a lot of excitement about the potential sort of nomination or identification of an oral amalin i wonder when that would happen? is there a time frame for that and how important is that in this whole portfolio >> yeah, so, we have both the glp-1 oral small molecule and

the the amylin we think these are backbones that can be used we are excited about the amylin backbone we think it has the potential for more selective weight loss, maintenance of muscle. it has potential for better tolerability profile and so, we see both of these glp-1 and amylin small molecules as we what we consider moderate weight loss, in the teens. if you want more significant weight loss, then you might want to combine them together, glp-1 with our oral amylin in a fixed dose, or, we have the act, glp-1, plus gip, an oral pill. glp-1 for liver disease. so, there's a lot of different combinations to address different market -- different disease segmentation >> all right, ray, great speaking with you, thank you keep us posted >> good to be back on the show there's more obesity week

coverage right here on "fast money. kristen fort near from bio age will discuss what is ahead for their experimental obesity pill. that's tomorrow right here on cnbc. up next, final trades. discovering innovation today, helps drive growth tomorrow. as a leading global asset manager, pgim has established a track record of helping investors capitalize on growth opportunities. pgim investments. shaping tomorrow, today. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. we really don't want people to think of feeding food

like ours is spoiling their dogs. good, real food is simple. it looks like food, it smells like food, it's what dogs are supposed to be eating. no living being should ever eat processed food for every single meal of their life. it's amazing to me how many people write in about their dogs changing for the better. the farmer's dog is just our way to help people take care of them. ♪ sofi is helping me get my money right to achieve my ambitions. like a saving for a better swing. loosen that grip. with sofi, i earn more money on my money and pay no account fees. plus i'm investing in my game. sofi can help fund all your ambitions. (♪♪) no matter how ambitious. bank with sofi to score a higher apy and an epic welcome bonus. sofi. get your money right.

complexity. healthcare payments are filled with it. wasted time, inadequate resources. confusion about the cost of care and how to afford it. it's time to simplify. waystar's technology is the way to make healthcare payments more human. the way for providers to prioritize care and improve margins. the way for patients to have clarity and trust. the way to care for healthcare payments. waystar. the way forward.

final trade time mike khouw >> yeah, auto zone, attractive valuation and looks poised to break out. buy some calls >> tim >> i think the xlu will be taking its talents to south beach, as well, in '25 sorry. >> carter? >> mid cap industrial, api group, poised to pop breakout >> guy >> i hope melissa never takes

her talents anywhere but the set of cnbc's money every night at 5:00, monday through friday. >> unless we all go to south beach, in that case, that's fine >> that could happen >> good times. >> i think alibaba might have done enough work on the downside to take a look at. ank u in blicep. thyo >> my mission is simple. to make you money. i am here to level the playing field for all investors. it's always -- and i promise to help you find it. mad money starts now. hey, i'm cramer. i'm just trying to make a little money. my job is not to entertain but to explain what the heck is going on here because it's crazy. call me at 1-800-743-cnbc. that's it. i give up. bit. , you win. now you can say i