influence. >> brett has been so weak. we talked about it, the dow having its worst losing streak by number of things since 1978. equal we did, the s&p has been underperforming as well. can big tech, at nine straight . >> but the dow is doing pretty well. >> that will do it here on "overtime". >> "fast money" starts now live from the market in the heart of new york city's times square, this is "fast money. here's what's on tap rates on the rise. will they keep heading higher and what will it mean for stock market valuations? we'll debate that and could a major ev merger be in the works. what a potential tie-up between honda and nissan says about the state of the industry and what tesla's dominance in the space might have to do with it plus united health care slides to an eight-month show and a not so bad guidance and t.d. ameritrade gives us his read on

the retail trader and the ceo of databricks who today announceded a $10 million funding round. how he's planning to use that money and what it means for a potential ipo. i'm melissa lee, on the desk, tim seymour, melissa beal. we start out with . roe price that the yield could climb as high as 6% a level hit in 2000 a number of fiscal risks fueled by trump tax cuts plus potential tariffs and immigration policies that could put more pressure on prices and rates have been climbing topping 4.4% at their highs today, but if t. roe price is right >> oh, yeah. >> what could it mean for stocks the major indices are down today and they're still trading close to records and even the dow's longest losing streak in more than four decades and less than

4% off the intraday high can the strength continue if yields push higher, tim? >> remember, the growth scare would push yields lower and that's not good for the equity market, a couple of payroll numbers and people were starting to question what's going on with the economy and a ten-year that can go to 5% and who knows what the psychological level is and there's a lot of imperical data and we were a different rate environment and 2000 is where cash equity levels and if you listen to bank of america and we for a sell signal, cash levels are low and optimism is high i'm not suggesting it's 2000 from a rates environment or notally an equity environment, but it does tell you where you are, with the economic perspective with the boj on deck and you have a cpi data.

it's a case where you'd want yields to hold this level with yields up closer to 5%, again, given the environment when we know the income administration will discuss dynamics that are friendly go back to july of 2020, and you can make the argument that rates have been moving higher and there have been fits and starts and carter will tell you they've done nothing for three years and the 5 on the ten-year, that's further consensus and a number of management has 5% baked into next year. so i guess the t. roe note and that's why it would go to other countries not wanting to buy our treasury so does it matter if those are the factors that would drive the yield high are >> that's the scenario you're

talking about because the economy is growing and growing nicely that 6% number, though, i think that that starts to get into a bad spiral, right? if the government needs to fund itself, it's six and we are at our average dip now is 3-3 to me that's materially wrong, but that's a very significant shift. so that -- they aren't talking about six right away they stop at five and then they move to six, and that to me is a scary scenario i think the market can handle five if it's not for the right reasons and if not japan pulling back and china pulling back as buyers of u.s. debt. >> julie >> i agree for the right reasons is the very important distinction to make if you think about where we are right now there's a lot of enthusiasm obviously in the equity markets and part of it was driven by lower rates and part of the strength is the difference with the

fundamentals i have concerns for particularly what we see in small cap a lot of these smaller businesses are impacted by meyer rates and many of them are not able to finance on long-term debt they are typically on variable rate debts with their banks and that could be a headwind for small cap and overall it's not a terrible thing around 5%, but it will move some businesses for sure >> we just had julie and emanuel and so's a collision he probably would change his outlook on small caps, but that is a major factor. >> yeah. he would change his mind on small caps and obviously small caps are most cyclically tied to the overall economy? is it doing well in the ten-year is unemployment static so there are a lot of things you have to look at. i don't think there's going to be competition japan's ten year's yielding 1%

so i don't think there will be a lot of other countries where people will pull the money and go somewhere else and remember what happened the last time yields spiked. they went to the safe haven of large, mega-cap tech is that going to happen again? maybe, and if you look at the overall market i think we've all said on the desk that the market should retrace lower and its had a rip roaring rally coming out of the election maybe we'll do more than a push back. >> the lastity time there was comp tigs and you wonder whether or not -- especially in or our add for levels and put something safer at a higher rate even if it's 6%. >> i know i have clients with a

fair amount of money in market funds and have felt a lot of anxiety and taking money out of accounts, remember it was 2023 when suddenly we had silicon valley go bust and it had people uneasy about certain banks and putting a lot of money in other places, but either way, we've been in a place for three years where the cash has been in allocation or essentially a money market that's supporting equities here. fund managers and institutional managers, that's not what they do for a living and they keep a certain amount of cash and this measure, as a measure of risk and we haven't been here since march 2000, these are awful, awful, getty moments and precursing awful equity moments. sowell see if the bill is less attractive one cut, kwoefrng is going mack

difference do blow have praes in here, hopefully that helps money over into equity, but i'm not really sure i don't know i also like to look at how the deficit is and let's see how they choose to fund it and where across the curb are they going to be selling debt that's going to be interesting to me. >> you had mentioned so often, karen the inflationary pressures that we're going to see and a hawkish pause. >> yes >> indicating there would be a longer pause, perhaps or inclined to not. how about the idea of a rate hike in the environment you're talking about? >> uh-huh. >> for all of the reasons tier outlined the ten-year going to 6%. >> that would be inflation out control, right even with the economy growing that if, let's say -- the hypothetical in that piece they talked about the deportation would be the thing that would

really drive inflation so you have huge labor pressure yeah, that would not be a good scenario >> also bring it back to the equity pooshth market and the s&p value and splv and we've had fun and feisty conversations at this desk in the last week my argument is that the markets are going higher on the back, unfortunately, of those stocks and we're in an environment where you will continue to see that and i think there's a surge into year end that sets up meme nicely to do interesting things in the first part of the year, but it is a case that the parts of the market that we're getting excited about and the breadth of the market and the strength of the economy are things that tell me people could be a little bit worried about yields. >> our next guest doesn't think the ten-year yield will head much higher. the head of u.s. rate for

societe generale how about for 2025 >> unlikely. >> okay, because i think what we will be focused on for the other part of the year is tariffs and immigration and the inflationary implication of that. so if the fed keeps policy on hold for a lot longer or doesn't deliver as many cuts then what you will see is perhaps a rally in the long end of the yield curve because, you know, tariffs could be inflationary and, you know, in some respects, if you look at that as attackses on consumers into lower growth and lower view to be, and plus, in that forecast, though, is the assumption that the fed will adjust policy according to what is done by the president and

what is done legislatively and that there is that reaction when so many people have said tariffs are one off and they won't agree with that, and they will adjust according to what is going on around them. >> yes, it is a one off in the sense that you will see a step up in prices on the items that have been tariffed and it's not something that will have a multi-year impact and the fed doesn't have clarity so they'll wait and see how things progress and then act accordingly so you're going to see a little bit of a lag, and that's why i think in some respects if you look at the summary of economic projections i'm not sure how it will be in tomorrow's update because they don't really know a lot about what's coming up on the policy side. >> so let me ask you how much invisible pressure is there on the fed to cut fed funds rates because so much of the deficit is funded by these

shorter term rates >> the fed and the treasury work, you know, sort of separately and the fed, of course, has a dual mandate and they'll be concerned about inflation as well as employment. the treasury is the one that decides how they're going to issue. the janet yellen treasury has favored more bills and hasn't turned out the debt. we heard from besen that he might be more menable to turning out the debt and if you do with long is up plight but you see it build up on the yield curve. you don't want it the go up from here it's one thing, but if the markets are spooked and you see this sort of sell-off in the long end because of more issuance, that's something they think you'll have an impact on risky assets, and you will see a

tightening of natural conditions >> in that context, subadra, when i think about u.s. rates it's been somewhat a function of what was going on globally i was of the view that the boj would be in some way indirectly a driver of u.s. rates in other words if japan go higher i think rates in the u.s. have to go higher. central policy is becoming somewhat divergent canada, their inflation fell, and the ecb will be cutting more aggressively than the u.s. central banks around the world anymore and that will affect rates. >> yeah. you are going to see the divergences between the country, voers e and it's the same with the boj, but the interesting thing about the boj is the more they hike rates, the more -- i should say less the demand for

treasurys because a lot of these domestic buyers will be buying jgbs as opposed to buying treasurys and the dynamic changes and that could be something that could put some pressure on terms because we do rely on foreign demand for treasurys to keep treasury yields lower >> right specifically for the fed, what is the one thing you'll be looking for either in the sep or in the press conference or any sort of -- what is the one data point, or what is the one question that you would want their projections are for next year and how many cuts they have penciled in. again, there's probably want going to be a lot of information about it because they don't know how things will play out next year, but that said, that gives you an initial read to recalibrate. i mean, say they go from four cuts the next year which is what they had innent september. >> to two. that leads me to believe that they are much more amenable to

keep policy on hold for a lot longer our policy is they go from four to three and thai don't want to be seen as moving the dots too much and that is more of an indication to the markets on where they're thinking on inflation and how they're likely to react if inflation is sticky. >> subadra thanks for coming by. subadra rajapa. >> susan biel beal, most importantly the that i'm fixed on is services inflation is too high for us to get to the 2% target that they set out and unless we solve that it's really, really difficult to feel confident that mission accomplished, drop the banner. we beat inflation and the chair powell is really mindful of the mistakes of the 1970s, and he's really thoughtful of not wanting to be there and repeat that.

so i think this air of caution will be louder tomorrow, and i kind of look forward to seeing what they say about inflation for sure >> all right >> united health has continued weakness a major driver of the dow's longest losing streak since 1978 he's tumbled more than 20% so far just this month alone, so where does the stock go from here what's the prognosis steve grasso, what are your thoughts here? >> in light of the events that have transpired and the bipartisan effort to really go after health care companies in general and in particular united health care. i think you'll see larger payouts from the group as a whole and larger payouts are going to squash profits and their margin so until we get more clarity, i think it's sort of a no touch for me >> yeah. there are a lot of different aspects of legislation that are trying to make their way through that would target the pbm

business specifically. >> which is different than what steve's talking about, with the medical loss ratio no, the pbm, i think this was today. you have to be very specific, which drop in unh are you dropping about because there have been so many because today's was trump is putting them in the cross and the pbms and for united health, that pbm is a little over 30% of their business, so -- and profitable, right? more profitable than other parts of the business, so that's painful. as steve pointed out, it's such a good bipartisan issue to pick because who's in favor of high drug prices? drug companies maybe and pbms, but it's problematic for me which has been terrible. >> it's been downgraded for a while, but this is sort of to me

feels like really makes noise. maybe it's not all noise a lot of trump policies are out there and we don't know what will happen, but max pain. >> there is one pbm effort that could be included in a continuing resolution which will be voted on on friday which would be basically that the pbms get paid a flat fee from the rebates which would be significant, and that's friday and that's for real. >> i would be most concern period i'm a cbs has priced in bad news and we know what boots has done i think '26 is probably a target year and this is a lot of rhetoric now and lauren calvasini said yesterday at the desk that investors are aking a little differently about this move in health care. this isn't politics as usual and it's usually before the elections and this is post so, yeah, i don't need you to

chase, but unh in terms of 30% growth on a multiple that is deserving of that gets attractive at some point >> coming up, shares of pfizer popping on a 2025 outlook. the comprehensive checkup on the stock and that's next, plus a massive funding round for one of the most valuable private companies and the ceo of data bricks says they'll do with the new cash and what they can save with the potential of an ipo don't go anywhere. "fast money" is back in two.

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a boost in shares of pfizer after the company gave a 2025 outlook in line with expectations and revenue expected to come in between 61 pfizer did say it expects a $1 billion hit from changes to the medicare part d program. shares are down more than 8% this year. the transcript of the call is very positive. they said they were very confident about the guidance all the guidance of course, margins will be high end of 70% >> that's nice and it's great for a shareholder of pfizer and by the way, a stock that's

basing and it is basing for a year and it was december it being have been a year ago we were saying that the levels that the stock might be interesting and the stocks might have been a bit of a roller and the key here is management has truly bracketed up and down part of the wall street expectations with this revenue 9 for 25 and right where people wanted to see it for a company that at times hasn't been able to see it this is a slightly emorphic and feels like a christmas present. >> you don't believe them necessarily. they talked about the college pipeline >> i will not try to believe in a tremendous amount of growth in 2025 in pfizer >> so, i mean, it's nice and certainly if they convey confidence you want to really hope that they can deliver. >> yeah. >> conveying confidence and not delivering -- we are very confident about the guidance unless you are very confident

about the guidance there's no reason to do that >> yes, that's true and that's why it was up nicely today however, i've been pointing out the last few days, pfizer doesn't go down on bad news. >> sort of >> i think it sort of bottomed, but if this really is a bottom this was tepid response, right? it's up nicely as a percentage, but only because it's so low so i'm staying along i am optimistic. i do think they will turn the corner i like their optimism. i hope it's warranted. >> yeah. these two earned pfizer investor steve grasso are hoping for the best and assuming that it's going to come true is that the attitude you would have about pfizer, too >> no. i'm more positive, and i get why they have a tepid response to it, but if you look at what's the difference between a pfizer or moderna, pfizer has 50 drugs that are just -- that are ongoing and developing they have 20 ongoing trials.

paxlovid sales up. oncology, you mentioned that and oncology, they have a huge pipeline in oncology, and they are pivoting away from vaccines. they have something to pivot to, so when you said, and i think you're justified in saying they wouldn't be this positive unless they were this positive. moderna is down 60%, and i think people try to classify these things as the same thing and they are not and pfizer is in the beginning of a very large bounce higher. >> there's more fast money to come and here's what's coming up next >> merging lanes and businesses. >> two japanese auto giants may be coming together to take on ev giants like tesla. what a deal could say about the electric landscape and how investors are plugging in, but first, brick by brick, one of the most valuable privately held companies is building up a big valuation. what the ceo says they'll do with the money and if an ipo

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>> welcome back to "fast money." databricks is valued at $62 billion total that makes it one of the most valuable privately held companies the data analytics company generating positive free cash flow deidre bosa join us for an exclusive interview with the ceo ali ghodsi let me put that number in context. if this was an ipo that would have been the largest in deal size ali, what does that level of investor demand tell you about the ai economy right now in databricks' role >> it just shows that there's a huge, tremendous interest in one, artificial intelligence, but also, too, what databricks provides is a way in which you can really reduce your total cost of ownership to tco and that's still cost of mind and that's the tale of two cities,

kind of. ai and they're crushing it and everybody else is growing 10%, 20% and they want to reduce cost and a lot of people will still come to us so they can reduce their cost and of course, they also want ai >> right ali, we spoke a few weeks ago, and i asked you about a potential ipo and you said the earliest you would consider it was mid-next year. has this funding round changed your thinking around timing or market conditions? >> i mean, not really. i would say still, the earliest theoretical possibility would be next year, but what this does give us is the ability to use some of these proceeds towards liquidity opportunity for employees and that's super top of mind that we can actually help invest in our employees and we'll invest a lot of this back into the business. especially now that, you know, more for talent in ai is crazy so we're going to invest a lot in hiring ai talent and that's what we'll use this towards. acquisitions is another big area

that we'll focus on and then of course, we'll continue hiring people in sales and marketing and that's soup important uper r our continued growth. >> yes you are able to raise huge amounts of money, and how important is public market access to you? >> the liquidity for employees is probably the most important for us and being able to provide is in what we signal to candidates who are thinking about should we join databricks or not there's a talent war out there, so this does help with that significantly and we will be public, as well. the majority of the life time of databricks would be a public company. it's not a question of if, it's a question of when and we will go. >> a lot of public market investors compare you guys to snowflake. you are both data analytics companies. what should private market investors and those in the audience know about the difference between databricks and sfoe flake >> i would say snowflake is a

great company, and you know, they provide amazing capability especially when it comes to data warehousing which lets you analyze the data and helps you understand the past. what we've excelleda for the past ten years is using ai and not just telling you about the past and also telling you about the future and that was one thing and the second thing is we can lower your cost because we are an open source based and you didn't have to pay us huge fees for storing your data. it was mostly open for technology both of those two things i would say five years ago people didn't care that much about didn't necessarily to reduce their cost in the era and secondly, ai, nobody cared five years ago and with both of those there's tremendous interest and that's what differentiates us from them >> okay. last question for you, ali you were one of the earliest people talking about the commoditization of large language models well over a year ago. where are we at now? do you think that advancement in ai progress is plateauing?

what comes next? is it the application layer? >> yeah. what i would say is what happened is we had this thing called scaling loss which simply means if you just throw lots of money at it, we had a silver bullet that would just make your models more intelligent. that scaling wall would hit that now, and we can't scale anymore and it's a wall and we don't want to use that technique to get much more intelligence out of the ai models so the game has shifted now to what's called in the industry inference time compute or test time scaling and there's a new name for it and what that means is instead of building the gigantic model you use existing models and they help support more synthetic data on the existing models and you can push ahead on the direction it's a new way and it levels the playing field and before that, they had the funds to invest in these big scaling laws since we hit this wall and this

new approach is much more democratized and you expect many, many more players to invest here and be able to push ahead on intelligence and it's exciting times. >> ali, it's always great to have you break downtrends and the space in this space. i'm excited to see what you do with this new funding round, as well thank you very much for joining us, and i'm sure we'll be talking to you again soon. >> thank you so much. >> mel, i'll toss it back over to you. >> deirdre, thank you. deidre bosa with the databricks ceo. i thought it was interesting he was so open about saying he will be a public company and it's when he'll be a public company. >> and instead of the hemming and hawing and -- yeah, we're going, and it's just a question of when and we'll have the majority of our history as a public company >> exactly coming up, merging on the highway and in business. nissan and honda reportedly in talks to join forces with the competition with the ev space charges higher and what the

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>> welcome back to "fast money," stocks falling ahead of the fed decision and the nasdaq down 0.3%, the dow shutting 267 points and notching its ninth straight day of losses and that's the worst losing streak since 1978. >> shares of teva pharmaceuticals to hit six-year highs and san oofi moving higher citing positive results of the trial for inflam or bowel disease. teva has now doubled in 2024 while sanofi is slightly in the red. meantime, honda and nissan are exploring a merger in the ev space and they have a joint response phil lebeau has more >> this comes from the newses so association, that it could

create an umbrella corporation and it might include mitsubishi, as well. if they were to do this according to the merger report you're looking at a company that manufacturers over 7.5 million vehicles by the way, both companies downplay the merger report and we announced we'll be, woing together and that's where it is right now. nissan is what's driving this more than honda, but make no mistake, it's driving the pressure from honda and the global auto chain. it's cutting 6% of the global workforce and slash production by 20% and in the third quarter they swung to a loss of $60 million. so you're looking at this and saying, does this make sense on some levels it does make sense. these guys are not in the game relative to their chinese competitors when it comes to ev production and that's part of what's driving this. also keep in mind that with global size of 7.5 million vehicles and there's scale there and admitted three they're not

scaled in the ev department, but that will hopefully change if they can get together and make that a priority and speaking of evs, compare that 7.5 million vehicles in global sales between honda and nissan together to tesla. this year, tesla is on pace to sell a little over 1.8 million vehicles what is tesla's market cap 1.54 trillion dollars. compare that with where you are with the automakers, when you combine all of them together that's about three times, combined of nissan and honda together by the way, tesla, upgraded to outperform and price target, $515, and the ev technology has upside according to mizuho and they also make a point of saying look where they are when it comes to elon musk and the trump administration and the benefits that could be derived there. melissa, i'll send it back to you. >> i thought it was interesting. that was the first time the

alignment with trump was a big reason why they're getting more bullish. phil, thank you. phil lebeau. julie biel, this does start to make sense, it would make the auto market from fragmented to basically two players. >> absolutely. i think when you're attacking a market as large as electric vehicles it makes sense to be consolidate. you really need to have the scale and not just in terms of the development, but in terms of just the natural resources and it's really important to do that i think honda has really demonstrated an ability to stay very flexible. they're really a leader in the hybrid technology and as we see there will probably be different kinds of restrictions and changes to regulation on cafe standards and automotive and i think honda is well positioned to flex the hybrid down based on the regulations and really attack this market successfully. >> tim, you have been bullish of toyota what does it do to toyota?

>> the hybrid story is one that we're all talking about here i think is pretty sexy and they're all pushing back on china who seems to be overly competitive on a global scale, and i guess, i like toyota's story. i think part of investing in japanese autos is understanding the currency in some of the export markets, but i think it's a challenging time to be looking more broadly and there are questions in where we are in terms of demand and some of the profitability of the ev sector and i like tote alike gm more. >> why nucor got hammered in today's session and the retail trader outlook for 2025, former hoe e meritrade ceo is in th usjoe moglia and he'll highlight the trends in the next year that's "fast money" back in two.

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welcome back to "fast money. bitcoin hitting new all-time highs topping 108,000 for the first time this as retail traders and investors await tomorrow's decision for more, let's bring in former td ameritrade ceo and executive chairman joe moglia. he is also executive adviser to the president of carolina university and former head

football coach coach, good to see you welcome back >> great to be here. >> i'm delighted to be here. you are the most bullish that you've been in 18 years. why is it? >> 10 years. >> a decade. why? >> because of the president. i think finally we have somebody -- not finally, we have somebody in the office that is pro-business he's pro-markets he's become from somebody that wasn't crazy about crypto seven, eight years ago now he wants to be the crypto president. he want us to be the center of the world with regard to crypto. he will blow taxes he's going to minimize regulations and almost thinks that are positive for the market so for those reasons, only real concern that i've got is what takes place from the geopolitical perspective that i have no control over and i worry how he handles the tariffs and it might have unintended consequences in regard of that i am as constructive as i have

been >> you're pretty active in the markets yourself and 50% of your portfolio is growthy stuff, including crypto and kathy wood style investing and tech stocks. how does this align with the view of the retail trader, because you have the pulse on the retail trader and does your view on the retail trader usually align? have you noticed that over time? >> i think one of the things, melissa, and i think i explain things pretty simple when i ran ameritrade is not to be the firm of choice. our goal is to be financial literacy and we try to approach it that way. and up until several months ago i was recommending we have a barbell. you are getting 5+% and you have that over here and you adjust that as time goes on, and i think that's a pretty good strategy that worked out well. i think today if you're an individual investor, i don't know how you can be in the market and expect to have good performance if you're not

involved with technology the mag seven is a good place to be there are companies that are growth oriented and we can't follow up on cathy wood on and then you have the crypto play which five years ago, two years ago this might have been overly aggressive it's not that aggressive now and you have to be involved in the three areas. >> coach how would you describe the retail investor of today versus ten years ago and in the context of what you were doing with ameritrade with the financial literacy that you set out to improve. the tools that the retail has as an investor and i kind of feel like that's part of our mandate here is to make sure that we're talking to people that are not professionals and there are so many places to get information, but what is today's retail investor do you think doing differently and more effectively than they were ten years ago >> i've commended you guys for a long, long time in trying to make things understandable for the individual watching the program. >> are the pa of the reason why

wall street makes money is we use terminology that makes it so complex. i think the individual investor is far more knowledgeable than the i.d.e.a. investor of the past they've gotten much better tools and far better liquidity with regard to the market i believe too many families in this country spend too much time to manage the family vacation and it's not that complex. i think today they're more knowledgeable and they tend to be more affect gresive and aggr depending on that, you would not be as aggressive an if you were a different age. >> you're welcome to come back any time >> really great talking to you >> any time. >> i'm just a chatter box. >> can't shut her up >> steve grasso, what do you think in terms of being more

bullish than he's been in ten years? >> yeah. i like that. obviously, i share that sentiment. i think this is the most pro business administration that we probably ever had, but i do like the way that you start to look at this as a trading venue robinhood is up 227% year to date and ibkr is up 119% year to date and charles schwab is only up 12% year to date. you have to think out of the box. you have to think high growth and crypto and you have to expose yourself to different idea than you otherwise might not have in the last ten years coming up, a heavy metal forecast with a profit warning out of nucor elngwaares are mti ay. >> heavy metal, huh? >> i got it.

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powering possibilities™. welcome back to "fast money," steelmaker nucor hitting its lowest levels in two years after issuing an alarming profit guidance last night and the company expecting fourth quarter eps with 65 compared to 89 cents a share. that's drastically lower than the $3.15 the company reported just a year ago and julie, this

really underscores the difficulty of this industry and u.s. steel's woes in terms of not being able to merge with nippon. >> yes it's anyone a real challenge across the board nothing that they said was really that divergent from when we heard from steel dynamics the difference is even with the price action today the price action isn't favorable and i prefer steel dynamics here this reflects the level of cyclicality in this business and b, the lack of ability to control pricing and cost so i think overall i'm never going to be that excited about this space, but looking on a relative basis steel dynamics is better. >> the good news for investors is that the balance sheet is fine in fact, they've been buying back more shares you have a dynamic where people are worried about demand and that's what adds up. i would have thought this this would have been priced in going into this announcement, but again, this is essentially it's a mid-quarter guide and this is

something that probably sends a more negative signal than people had priced from a stock that was $200 in april. >> this sector overall had been just terrible and god awful. the worst sector in the s&p 500 materials. grasso, do you see any lift in 2025 any relief >> yeah. i think because both presidents biden and trump were not in favor of the nippon deal, i think you're going to have to see trump go out of his way to offer incentives to the industry, and to tim's point about it should be in the stock, if you look back in october they warned similar to what he said now they warned back october 21st they need a couple of things they need lower rates, more construction and more automobiles and construction accounts for 60 terse of the revenue and lower the rates and the construction should, in theory, increase and they're

looking to trump to sort of keep away foreign steel and raise prices however he does that, i believe he will find a way to do it. i'm long letter x, and i'll add it today. >> all right up next, final trades. we earn your trust. maintain our financial strength and stability. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. growing your business is easy once you know the moves. with godaddy websites plus marketing, you can quickly create a website, and ai will customize it for you. get your business out there and get more customers in here. no sweat... for you anyway. create a beautiful website in minutes

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♪ >> time for the final trade. let's go around the horn julie? >> i think we're finally seeing the bottom in transportation looking interesting. steve? >> steel, letter s the bounce is coming

>> tim >> that dividend in pfizer is also close to 7% and they say they could grow. >> karen >> yes we talked about this yesterday, selling some upside calls in google, actually use the money to buy downside puts for flat. >> all right thank you for wahi ft.tcngas see my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to contract america. i'm just trying to make a little money. my job is not just to entertain but put things in context. so call me, tweet me sometimes we forget what we're trying to do around here we're looking to find good stocks at good prices and find