signals, and now we get these numbers and did signals such strengths overall. where does the truth land for which segment is going to be very poor and for a lot of these companies. companies. >> what does that mean for 2025? we had a down day for the markets. that's going to do it for us at "overtime." >> fast money starts now. >> live from the heart of new york city's times square. a post job sell-off. yields piking, concerns grow about where the fed is heading. we break down the moves. and the year of the obesity pill. pharma companies seem to have a singular focus. the stocks that could see biggest gains. consolation energy hits new highs on a blockbuster power

deal and tapestry may be done. live from the nasdaq on the desk tonight. we start with a major sell-off. all three indices tumbling more than 1.5%. payrolls growing by more than 250,000 in december, while the unemployment rate fell to 4.1%. today's market drop nearly erasing the entire post election rally. just one week to go until trump's inauguration. the dow is below where it was on election day. the s&p 500 basically flat. the nasdaq still holding on to a less than 4% gain. while equities sold off, the dollar and treasuries ticked higher, ten-year closing in on 4.8%, highest since 2023. the 30-year hitting 5%. the dollar at its highest level in more than two years. all of this action ahead of two key inflation reports coming

next week, both producer and consumer prices expected to accelerate from november. do these moves set the stage for more volatility to come, tim? >> they do. volatility doesn't necessarily have to be bad and have to derail what's been one of the greatest two-year bull markets of all time. my view is this week was all about central banks and yields blowing out around the world. i'll just say, if you look at japanese yields, they've moved even faster than u.s. fields and they are breaking to significantly higher levels, at least relative to themselves. what we learned this week in fed minutes was that the fed in their last meeting was very much on hold. what we heard from the st. louis fed, since september, his view is the world has changed. this is a new member and it's very clear within the fed that is so data-dependent, if anything, we're now out to march, at best, on a cut. yes, that's what the market is digesting. it's been a lose-lose market for

equities and bonds over the last five weeks. we haven't done this since back to 2023. but it feels a lot like the early stages of when the fed was telegraphing that they were hiking. we're not getting anything close to that. that was historic in terms of what they did in '21, into '22 and '23. but markets came into all of this with cash levels for professionals at lowest levels we've seen in a long time, complacency, bitcoin going through the moon. we came into this period of rising rates, set up for volatility. volatility not comfortable, not always bad. >> so an excuse to lighten up positions, or is the pace of this rise in rates, is that actually scary? does that actually factor into a revise outlook for stocks for you? >> i think we're far away from that and i don't think that's anything to consider. you're seeing rumors of people starting to talk about that.

when you're looking at no rate cuts happening this year, that went from a 13% odds to 25% odds when we look at idea. i don't think rates staying this higher for longer is necessarily a bad thing for the markets. they need to digest that. but if they stay there, markets can continue. i don't think we're there yet. i wouldn't really price that in. >> i think we pulled a lot. but the way you opened up the show with that litany of data points, the fact that we're so close to all-time highs, isn't that something to take away? tim touched on a lot of the good news in the marketplace. so if you went through that litany, the game that you always play, if you would have known the entry, where would the market be? and you could make the case that the market could be substantially lower than it is. the odds of donald trump becoming president again were probably pretty low, and as we got closer, it was still a flip of the coin. when he was elected, huge pro

growth, huge capex. there were a lot of things in the bull's corner. so i think the market is just adjusting. >> there could also be a little bit of, you know, upon the election, there are all sorts of assumptions about the pro-growth policies. and as we get closer to inauguration day, there's a reality setting in, day one, there could be tariffs. we don't know the extent. there are all these potentially inflationary policies coming down the pike, and we're at 4.74 and change. >> yeah, i think that's exactly it. i think there was a recognition in the markets that we could have a higher level of inflation, but i think what people weren't necessarily expecting was that other pockets of the economy would be as strong as they are. and i think the labor report really points to an underlying very healthy economy. and so i think taken together, it's getting very, very difficult for the fed to be in any kind of position to be able to cut rates for sure. i think they're going to have to stand still.

i think the discussions that people are starting to have about raising rates, i can't even imagine that discussion four weeks ago, and suddenly i'm hearing it more and more. i think that's just a level of indication of how wide the cone of outcomes has become. that happens any time you start to ramp up the level of uncertainty. i think with this administration that's just a reflection of the fact that the cone of outcomes is wider, we're going to have more volatility because we can't really predict outcomes, and i think it's really the time for investors to focus more on the fundamentals, because come earnings, that's when things are going to get trued up in the right way. >> bank of america previously expected two rate cuts, now expects none. the economists are saying the conversation should move to hikes if inflation drifts higher. so it's in print from a major bank, a major economist. >> and it's not all that provacative anymore. but i think if you go back to the number today and the unemployment rate of 4.1% and

you look at where at least major focus on policy is around immigration. and that's all types of immigration, and whether that was legal, illegal, but the immigration in the country over the last three years was overwhat it had been the last 15 years and that's significantly important to an economy that actually relished that. again, i'll stay away from the immigration issues that are very topical everywhere else, but as related to the job market and where it made the fed's job easier or where, in fact, at least it took some of the pressure off of the labor market that is largely normalized. i bring that up because today was really as much about the unemployment rate, which we say is symbolic, it can move around. but i think the inflation dynamics that are at least out there today are certainly to be reckoned with. i think a stronger dollar is certainly a nice offset and we'll hear that. but we've got earnings season

coming up. as we head into next week, we start to look straight into the barrel of earnings season. the banks are going to talk about a steeper yield curve. a lot of these multinational industrials and 28% of the s&p revenues are coming internationally. so some of that is good, some of that is bad. >> companies don't -- i mean, if you're a company and you're going to report earnings, there are many companies out there about to do exactly that, would you go out on a limb and be bullish given the volatility to come? is it in their interest to be bullish about their forecast, even for the next six months? >> it depends. i think judging on the election outcome, i think that you have a lot more horizon to see or distance that you can see that tax policy, taxes aren't going up. capex is probably going up. so there's a lot of things that you can invest around with a clearer tax policy. you can become bullish. but a ceo is never rewarded for

being overly bullish. they're always rewarded for kitchen sinking and for lowering the bar and expectations. and analysts, by the way, are rewarded for the same type of thing. but i think -- tim talked about the dollar, you talked about a lot of these things. they seem very overextended to me. we talked about it on a regular basis. so i think inflation, 30% of cpi is housing. could there be another outlier print? yes. i think everything is overextended. >> i think ceos are going to comment industry-specific. and let's face it, there are industries that are going to benefit from a higher rate environment, a stronger labor market. i think it's going to get back to fundamentals and we have to look at the markets for 10.5% growth at 22 times forward and say, is this the market, is this where we should be? that's really the question. the question is going to come right back to those seven stocks who have priced a lot of great

news in, but whose businesses -- you look at the enter internet and i was listening to a webinar and they say they're coming into '25 better than '24. the ad business, the ad component of it, but obviously everything from data center and the consumer strength. so it's going to get back to big stocks again, and i think these big stocks are going to be somewhat defensive in a higher rate environment and a stronger economy. >> a winner in any environment, still the mag seven. the magnificent seven, still magnificent. >> i see what you did. >> you did it to yourself. i'm just repeating your words back at you. >> fair enough. >> they can be, but i think what we've talked about, they are still getting expensive. we want to own those. i just don't think there's a lot of other areas that you can add your money to right now. when we're looking at what's going on with the jobs numbers, we have a strong economy. i think the equity markets can

get past this if we have these higher for longer. the economy is still strong and consumers keep spending. does inflation get to the point that the consumer is weakened. the banks report earnings, they have a good grasp on is the consumer still spending and i think that's what you want to listen to. >> for more, let's bring in cnbc contributor, from the financial group chief investment officer. always great to have you. you think ten-year yields are going to hit 10%. what happens to stocks in that scenario? >> what tim was saying, it helps to self-actual ize. when investors believe the fed is going to cut short-term interest rates, they can be agnostic. when you hit the reality that they've risen in the curve and the fed may not cut again,

valuations may all of a sudden matter. and instead of 22 or 23 times, maybe 20 times is more appropriate, maybe 17 or 18. well, if that's the case, then it's going to be for the market to drive much higher. the market can say, okay, we're comfortable at 22, and we can sort of not have much of a return, we've already priced in a lot of the gains. but this multiple now all of a sudden becomes an attention focus if these rising rates continue, which i think it will. and, yes, 5% i do think will be touched again that we saw last summer. >> so markets go down in your view? that's the bottom line. and is the bar or a fed rate hike much lower in your view or is that still off the table? >> that's not where the fed's head is, and i look at the payroll number today and it just doesn't square with anything else i'm seeing. o me, job growth is probably more around the 150 level,

because while we celebrated the 256, which does include about 30,000 plus of government, on wednesday they said private sector was 122. i think the truth lies somewhere in the middle and it's probably about 150. and that's a slowing rate of job growth relative to 2023. so i don't think the fed's head is there. the inflation data next week is going to be big. if there's one thing that can sort of take the heat off interest rates, it could be a benign cpi number, which i think the services component can deliver that. but there's also more going on here. it's the global rise in interest rates. the global bond police are driving through the neighborhoods around the world and calling up governments that have excessive debts and deficits and wondering whether they're going to be able to sell this at the price the borrowers want to sell at. and it's now becoming wider spread. it's blowing into germany, which the economy is in a recession,

and with higher interest rates, and australia and canada. and also one last thing with rates, that's not really being discussed around markets is the bank of japan is probably going to raise rates this month, and they continue to reduce the pace of their qe. through the first quarter of 2026, they will have cut qe in half. that's a major sfig ot that is impacting global interest rates just as it did last summer when they eliminated curve control and the yield within days started to descend to 5%. >> when you look at the revisions we've seen last year and the jobs numbers, we saw the biggest revision since '09. do you think that could be a little wonky in the differential that you talked about? and secondly, when you take out mag seven, your concern with valuation, when you take out mag seven and you look at forward versus forward without mag

seven, it's a couple of percentage points different. when you look at current, it's about ten handles different. >> agreed. you can drive a truck between the multiples of the growth stocks and the value stocks. i think this is the ideal situation where value finally catches up to the growth trade and that the stocks most vulnerable are those growth high pe multiples. those that are less vulnerable are the cheap value stuff. with respect to the revisions, when you think about here we are just a week after december ended and the government is supposed to come up with an accurate jobs number, it's just physically impossible. and that's why we get a revision next month, a revision the following month, a revision a year from now. that final number is going to be very different than what we heard today. and it's just because of there are less businesses responding to these surveys. that's why i think when you analyze the jobs data you've got to look at it with a lot of different data points. >> peter, always great to speak

with you, thank you. >> thanks, have a good weekend. >> sounds like peter says there are a lot of global factors that will fuel the rate rise further. julie beal, in your corner of the market, it's been absolutely crushed because of a rise in yields. for you to focus on quality names, those names got crushed, too? >> i mean, we've demonstrated that they tend not to. a lot of the names that we own we really try to focus on names that have cash positions rather than any kind of leverage. so weirdly, a lot of the companies i own have benefitted from higher interest rates. and that's not really a fundamental issue here or there. but the most important thing is that these companies have -- they are really the masters of their own destiny and that's critical when you have uncertainty, companies have the financial flexibility to be able to respond. that's something that typically small cap companies struggle to

do. if you can be selective and choose those higher quality businesses that have earnings persistence, you end up doing well through a cycle like this. >> let's get to what's happening out west. southern california continuing to battle massive wildfires. the blaze is killing at least ten and forcing the evacuation of over 180,000 residents. thousands of streets completely destroyed. accuweather estimates on economic losses have tripled to $150 billion with insured losses at $20 billion. wejoins us to break down the impact. we were chatting, this is really a crisis in this industry. >> it is an inflection point where several ceo insurance executives have said to me today, look, this has the real potential of becoming an insurance desert. and it depends on how the insurance commissioner in california, how the state legislature responds to this

crisis, whether they can come out of that. but $20 billion in insured losses would make this the costliest wildfire event for insurers in global history anywhere. and this is a homeowners event. it's far more exposed in homeowners than commercial property or agriculture. the california insurance commissioner issued a moratorium on the cancellation or the nonrenewal of residential properties. my sources tell me commercial insurers are putting a halt on new policies and instituting across the board nonrenewals for policies that come due while the wildfires are burning. that's how insurers reduce their exposure if they think the risks are too high for the prices they can get. and the fair plan, which is california's last resort insurer, has hundreds of millions in total -- hundreds of billions in total exposure, with only hundreds of millions in reserves. and we know $6 billion in exposure in the pacific

palisades alone, there's no way they're getting $6 billion in premiums. 85% growth in the number of policies between 2023 and 2024. so that may not account for all of the cancellations that we know state farm handed out in that area. if the fair plan runs out of money to pay these claims -- and by all accounts it probably will -- every insurer that has operated in this state for the last two years will have to pay in proportion to its market share. that means state farm, which has somewhere in the neighborhood of 19% market share in the state, and which canceled about 1,600 policies in the pacific palisades last year, will now have to pay out on claims for which it never collected premiums. not only that, what's going to happen -- i got a big warning on this today, what people thought they were insuring -- say you had a $4 million house in the palisades and you went to your insurer and said i'm going to

get this coverage, your insurer may now say because of the inflation of materials, wait a minute, it's going to cost $5 million or $6 million to replace that house, and you only have a policy for $4 million. so there may be a lot of people who are way underinsured and then that sparks the kind of lawsuits that have been a consistent headwind for this industry. the litigation that happens gets passed on to every policy holder everywhere, not just in california. >> so you live in new york, new jersey, you're not anywhere close to the wildfires, but you will see your premiums go higher most likely? >> because the way insurance works is that it's a risk pool. if you have a lot of people paying into the same pool, then you don't have to take all of the risk when a tornado hits in the midwest. but, yes, if it goes up, if we see california, if we see florida, the other states that are heading toward this direction, new york, new jersey,

illinois, if we see them follow this path, what this means is everyone in the nation is going to see their home insurance premiums go up beyond what they've seen. >> it's been a rough couple f years. >> that's right. >> it's hard to believe that. >> and how much of this is a function of just how loosely regulated some of the other states are? there was an article in the journal today. >> the fingers have been pointed at this particular administration in california, that the commissioner gets requests to hike the rates and sits on them and sits on them. doesn't say no, just lets it lapse. and then, finally, when allstate goes through and finally gets almost a 30% hike for property insurance and the homeowners are shocked by this, instead of seeing incremental, then what you say is, is that enough? no, no, that is not enough. >> contessa, thank you. contessa brewer. coming up, the numbers that

have delta ceo ed bastian saying it could be the left best year ever. the supreme court could soon decide on whether to ban tiktok, the popular social media app. could that be a win for meta and snap? we'll get answers next. lta empls so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t-mobile for business. (♪♪) this is how the booking app i used didn't have agentforce. so an ai agent didn't know to move my reservations inside... ...or know what i like to eat, which is not that. what's up, my brother? oh, hey, bud! we really needed this rain. right? [car splashing rain water] agentforce helps restaurants prevent dining disasters. paddle on over! it's what ai was meant to be. we got you, brother. (♪♪)

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welcome back to fast money. shares of delta beating estimates and posting strong guidance. expecting to generate more than $4 billion, 18% more than 2024. shares seeing their best day in more than three years. ceo ed bastian on "squawk box" saying 2025 could be its best year ever. >> we're looking in the first quarter close to double digits in terms of top line revenue growth, doubling our eps in the first quarter, looking at next year being the top financial performance in our history. you've got corporate up double digits, you've got the international up close to double digits, you've got american express loyalty remuneration and spending at double-digit levels. so every aspect that we're putting out, again, many of these in premium categories, are really, really healthy. >> all right, so can delta keep

going higher? we were just talking about ceo guidance and how it's not in their best interest to be bullish, unless they're really sure that it's going to pan out, tim. >> well, what's interesting is delta has provided a halo effect. the whole industry is run differently and the question for investors here when delta is trading probably 30% north on a forward multiple to its five-year average and ten-year, it tells you those averages bake in how poorly run airlines were in the past and how we expected them -- any time there was an opportunity to actually take advantage of good news, they overbuilt out-capacity and became inefficient. what they're doing now is different, and what we talked about today, their revenue per available seat miles, was up 160 basis points and they expect it to go higher. so i think you stay in what used to be the greatest trading stocks in the world to what are investable stocks. i think it's been a huge run.

>> if there's a lot more fast money to come. here is what's coming up next. the clock is ticking on tiktok. its fate hanging in the balance as the supreme court hears arguments over banning the social media giant. what it means for the industry and its top competitors next. plus, is 2025 the year of the obesity pill? the skinny on that and the biggest topics from jpmorgan's health care conference. from alzheimer's to ai and beyond. you're watching "fast money" live from times square. we're back right after this. '. no problem. so, what are all of those for? ah, this one lets me adjust the bass. add more guitar. maybe some drums. wow, so many choices. yeah. like schwab. i can get full-service wealth management, advice, invest on my own, and trade on thinkorswim. you know carl is the only frontman you need... oh i gotta take this carl, it's schwab. ♪ schwaaaab! ♪

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by investing in the s&p 500 with spy. getting there starts here. welcome back to fast money. tiktok's days could be numbered. the supreme court hearing oral arguments on whether to ban the social media giant over ties with china. eamon javers has the latest. >> no decision on the fate of tiktok from the supreme court, just nine days before a legally mandated deadline for the chinese company bytedance to digest itself of the popular social media application. the justices heard arguments from attorneys for tiktok, a group of tiktok creators and the biden administration, which is seeking to uphold the law which

passed with a big bipartisan vote. now, tiktok argued today the supreme court should delay implementation of the law, which takes effect just one day before president-elect trump takes the oath of office on january 20th. trump, who once supported the tiktok ban himself, now opposes it, and has asked the court to delay the deadline so he can work out a political deal once he's sworn in on that date. the arguments today centered on who is protected by the constitution's guarantee of freedom of speech, whether that's bytedance, a chinese company, and doesn't have freedom of speech rights, but maybe tiktok u.s., the american subsidiary, does have those rights. and tiktok argued that american content creators have a right to express themselves and that would be impacted by a tiktok shutdown. tiktok's attorneys said the app could be forced to go dark on january 19th if the law is upheld, but the trump administration coming in the next day could usher in an

entirely new world. the court did not give a deadline for making its final ruling here, but a decision could certainly come next week, melissa. back to you. >> thank you. eamon javers. we said we could benefit the likes of meta, snap, et cetera. what do you think, is there a trade still there? >> yeah, i would say if you're looking to trade this, i would actually argue that snap is a better beneficiary than meta. you're seeing reels from meta is going to benefit. a younger cohort on tiktok, that had a bigger bump. i wouldn't trade it based on just that. i think this is a political football that's thrown around. you're seeing how they're talking about this. trump is coming in and saying i oppose this, this happens the day before he comes in office. yes, could it benefit snap, probably. i just don't know if it's that realistic. i would probably stay out of it. >> meta with the move toward trump, that will be the eclipse, that will be the real tailwind for that stock. so still bullish on meta, with

or without this ban on tiktok. i agree, snap has the most direct, because the age group of people that are using snap. and i also agree that if trump is already talking about he wants to have a political decision on it, he's erring on letting it exist. it could be wiped out immediately. >> back to snap, i think in terms of who has the chance to benefit more from a little bit of upside, the news around snap has been horrific for a year and a half. off the q2 numbers, it's a pretty decent six-month chart. i'm long some snap here, so i like this move. >> coming up, a deep dive into the biggest topics of the jpmorgan health care conference. the skinny and much more next. missed a moment of fast? catch us on the go. follow the fast money podcast. we're back right after this.

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welcome back to "fast money." stocks dropping sharply to end the week as investors react to a strong jobs report and the impact it may have on the fed's next rate decision. the dow and s&p 500 having their

worst day since mid-december. meanwhile, hershey announcing ceo michelle buck plans to retire in june of next year. she'll serve in her role. jpmorgan annual health care conference kicks off on monday in san francisco bringing together the biggest names and emerging players. obesity set to play a prominent roll turning to the next category of weight loss drugs and the role of pills. we're joined with the details. angelica, of course it's obesity that's going to hog the attention. >> it's all about the pill. the biggest event on the calendar is lilly's phase three trials. we're expecting to get a first look in april with more data throughout the year. before that, we should get an update from pfizer on plans for its experimental pill. then in the second half of the

year, we should get phase two data from viking. and the question for everyone is really where does a pill fit into a treatment of obesity? goldman estimates they will make up 30% of the market in 2030, and we also want to hear about what's important. nobody expects them to deliver more weight loss than the injectables, but side effects could be more important. goldman explaining for pills to live up the the idea, they'll need to be prescribed by primary care doctors and those doctors might not want to manage those side effects as closely as some specialists. on monday we'll be live from the conference talking to pfizer's ceo albert bourla and ray stevens asking for the latest updates on key trials to watch and much more. >> angelica, thank you. for more on what investors can expect, let's bring in portal innovation ceo, investor in early stage life sciences companies, and adding partnerships to its portfolio

companies. great to have you with us. >> great to see you again. >> you will be there, of course. how will the tone be different because of an incoming trump administration in terms of deal making, et cetera? >> i mean, 2024 was a relatively rough year for biotech, biopharma and pharma stocks. the dampers last year were primarily inflation and then you had the election uncertainties. with the election behind us, there was an initial concern around who was coming in as head of hhs. that noise is starting to subside. but the stocks really took a hit toward the end of the year. as you enter into 2025, i think there's reason for optimism. with inflation generally in check, with tax cuts on the horizon, which favor riskier bets and riskier stocks, as well as an administration that i think, outside of the noise and hype, will be quite friendly to

bio pharma and pharma as it relates to pricing. and also the ftc. jpmorgan is such an exciting event. i think it will be an event that will be looking optimistic for a hopeful 2025, and i think you're going to see a lot of venture activity leading in that respect. the public biotech markets i think you're going to see more ipos come back and a lot of deal making beginning to happen with the friendlier ftc and markets that are not as afraid of inflation overhang. you're going to see a lot more activity in the biotech sector. >> in terms of vc money, john, maybe a year or two ago, it was anything that had to do with obesity would get money. how has that changed, if at all, given the performance of the publicly traded stocks, weren't as strong in 2024? >> i think you're going to continue to see investments go into the obesity space but that won't be the only space where

you'll see them taking place. certainly, i think a key theme will be large market opportunities. so that's cardio met bolics, within which you have the obesity opportunities. i think the obesity opportunities people are going to be looking at going forward will be to work and identify pill form, looking at side effects with the glp-1, especially long term. looking at drugs that might be able to preserve or build up muscle mass are going to be the next generation where you'll see investment activity. you'll also see continued investment in neuro. there's going to be a lot more activity where you're starting to see the blending of devices, like neuro link and bio electronics that will impact diseases of the brain. but also some important drugs that i think will come forward to treat parkinson's. we saw the big deal with bms last year and the approval, the

schizophrenia drug. i think that's going to garner a lot of investment into that space as you look forward. >> in terms of the next generation of obesity, you had mentioned all the things in development that investors are expecting to have sort of readouts in the next year or so, whether it be oral medications or medications that also preserve muscle mass. those are firmly an investor expectations in terms of what is coming to market. what are the things that you're investing in that are years down the line, that we're not thinking about, that will leapfrog that next batch of obesity development? >> portal is focused on early stage investing. a lot of times we're investing first institutional money going into companies like pelagos pharmaceuticals. we're excited about this potential mechanism, early in development. it activates certain pathways that are beneficial for various

diseases, and so if we can mimic what it's like to exercise, then we may have better effect on weight loss and preserving our building up muscle mass long term without the side effects. but also other related diseases that would benefit from exercise that we think about. diabetes, alzheimer's, so we're really excited about pelagos. and then a company spun out of mit, still early in development, but approaching human clinical trials, a company that just unveiled some recent data showing very promising results that would be an alternative mechanism to the drugs that are currently being developed in the marketplace that you hear about today. >> all right, bob langer, of course, a founder of moderna. fascinating discussion. thanks so much for joining us. >> nice to see you. julie, how do you think about the environment for biotech next year?

john mentioned ipos coming to market and a better year for them. >> yeah, i think the overall outlook is increasingly getting more sound. it's starting to become more investable. you're seeing higher quality coming to the market. and i think part of that is just a function of we had so many, we really kind of overdid it. now the quality as we've been through this difficult period has really yielded much higher quality businesses. i think if you are a biotech investor, which we aren't, but i think if you are, you're going to see more compelling opportunities for sure. >> coming up, a crude comeback. text the energy names with the biggest opportunities to capitalize. another big shakeup in the luxury space. how capri is wheeling and dealing with one of the biggest names in fashion. that's next. agh! cut! this gap! it's just too big. bring on the double! aflac! after my hospital stay, aflac helped

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welcome back to "fast money." wti crude up to $76 a barrel, hitting its highest level since october 8th. this comes as new sanctions on russia's oil industry raised risk of supply shortages. energy prices posting the biggest weekly gain since early october. what do you think? >> i think it's more impressive

when you consider the move in the dollar. these sanctions against russia, two companies that i used to follow very closely back in the day, are very close to the russian government. and, yes, there's the shadow fleet of tankers and fleet that are out there. but i don't think this is really what's driving oil prices higher. i think people are ultimately looking at the global economy, some of the demand dynamics i think are very much in place. and i think opec has done a decent job of holding supply down. >> we've seen china demand fall off a cliff, but in the united states wti, that's what it's levered to. we've seen seven weeks of draw-drawn, seven consecutive weeks. you could see this bullish push into it. and then think about it, we've had on air, we've reported on the polar vortex. so you have some seasonality, colder weather, you have a lot of disruptions around the globe. but once again, if you have any profits, i would probably take them or keep them on a short leash, because you're going to

have president trump coming in, who is going to drill, baby, drill. >> a big deal in nuclear, the largest operator, constellation operator saying it will acquire calpine, the deal, one of the largest in the power sector constellation which nearly doubled last year. it's up more than 36% in the first few trading days of the year, and that says a lot about this deal and what it could mean for this combined company. >> that's been the question with companies like these. they've done so well over the last year, all the optimism already priced is, and clearly it's not. when you just look at how much energy we need for the grid, for artificial intelligence, for electric vehicles, there's not enough to go around. that's where something like nuclear energy is going to be a big source. with this deal, they're your largest clean energy provider between that and natural gas. that's going to be a beneficiary for them. i don't think that's ending any time in the near term and i think this is something you want to be a part of. >> constellation has the biggest

nuclear energy fleet out there. courtney, what you were saying was it's the largest clean energy provider. >> clean. >> and that's what the data centers want, julie. that's what aws and microsoft and oracle, they all want this. >> well, they want to have their cake and eat it, too. they want to be able to say that it's clean energy, but the thing is that they need baseload power that's always there, always on. that's not the traditional renewables we think of. nuclear is a much better option for them in terms of base load. and i think a lot of people are trying to couch natural gas as being clean. and i don't think i would necessarily call it clean, but i would call it cleaner, for sure, than coal. i think that's a real opportunity for them. and the thing that's important for them, for all of these utility players, is that the demand is going to enable them to be able to expand their capacity and charge higher rates with their regulators. remember, this is still a highly regulated area. that's really kind of critical

to the growth story around this. >> only four public ipps to play in power growth, century. there's a scarcity value. this deal is all about texas, where demand is really growing. this is the positioning and i think this is a lot of reason for doing the deal. coming up, capri catching an upgrade from citi, but that's not the only news. inside, a deal that could she t fashion industry next. more "fast money" in two. ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. ♪♪ only servicenow connects every corner of your business, putting ai to work for people.

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five years? -nope. comcast business 5-year price lock guarantee. powering five years of savings. powering possibilities. comcast business. welcome back to "fast money." capri back on the m&a runway. prada is evaluating a bid for versace's base. getting a boost from citi which upgraded to buy with a price target of 29 bucks a share. shares have been under pressure since coach and tapestry was called off back in october. are you in this still? >> i sold it off the tap on tapestry. the bid was for $57. i sold it in the low $50s. tapestry didn't give me love. i made a little money. a good point, tapestry could be

brought up on -- i'm parsing this, on nefarious activity or comments about why the deal should have gone through or not gone through, so i thought at a 12-year high, maybe it's time to lighten up on that and maybe buy capri. 23% of revenues is versace. the bulk of it is michael kors, but there's a lack of premium names out there. >> got a lot of time for versace products. >> you don't seem showy. >> there's a time and a place, mel. >> pajamas? >> ties, that i think you gave me some heat about. >> probably. >> you probably did. this is a sum of the parts story, one that i think has its moment. for me it's not now. >> luxury goods, in this environment do you like them? >> i think there could be some optimism for luxury good in the consumer continues to remain

strong. i think the sum of the parts is the story. the fact that tapestry was interested means there is some value and the fact they were willing to sell means they'll be open. i think the activity in the new administration, they are open to m&a. if you want to trade on it, it might be worth it. i'm not a part of that. >> i'm wearing vsaerce next week. >> looking forward to it. up next, final trades. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do.

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pulling for xle energy. >> courtney? >> delta, it's one of the big winners. i think it's something you want in 2025. >> steve grasso? >> okta, the o in my acronym we haven't unveiled yet. it's one letter. >> oh, the suspense. >> can i get a vowel? vowel? 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. i promise to help you find it. "mad money" starts now. >> i'm trying to save you money here. my job is not just to explain but to put in context so you can understand it. call me. when i first heard the idea stocks could go down in response to great job