think even though there's been a shift away from official dei policies, i think that right now ceos are really thinking about what's effective for their business. i think it's notable that about half of the cnbc change makers say that about half of their reports of their direct reports are women. so a lot of women in leadership. jon. >> awesome. we'll leave it there. that does it for overtime. fast money starts now. >> you are. >> live from the nasdaq market site in the heart of. >> new. >> york city, times square. this is fast money. here's what's on tap tonight. hitting a wall. shares of some recently red hot stocks dropping sharply today as more defensive names continue to catch a bid. >> what to. >> make of the shift in momentum and how you should trade the moves and decoding diamonds? jp morgan, ceo sitting down with our leslie picker earlier, what he had to say about the consumer tariffs and the future of regulation. plus the nuclear trade stalls out hims and hers slims down after earnings. and wnba star and change maker breanna stewart on her newly launched three on three women's

basketball league. i'm courtney reagan in this evening for melissa lee coming to you live from studio b at the nasdaq. on the desk tonight we have tim seymour, karen finerman, guy adami and our guest trader tonight, joe moglia, former chairman and ceo of td ameritrade. what a day. well we start with the momentum being sucked out of some of the hottest parts of the markets of late. the nasdaq going negative for the year as mita's historic 20 day win streak turns into five straight days of losses, its longest losing run since august. palantir, walmart and robinhood all slamming the brakes over the last week as well. three stocks at or close to records before seemingly running into a brick wall. even alibaba dropping 10% today despite morgan stanley upgrading the chinese tech giant. it was up over 15% last week and trading at more than three year highs. meanwhile, defensive sectors, consumer staples, utilities and energy really begun to outperform. among the best groups so far this month. so how do you make sense of this loss of momentum tim. not a lot of huge news flow to really turn

the tide, but we just continued what we saw on friday. sentiment changing is a bull rally over. >> i agree. >> i kind of a nuanced. day because if you there's some some stats out there that are floating around the market, which. >> is that hedge funds exposure to maj7 stocks is. >> is at. >> its lowest since april of 23. >> you know, you kind of see that after some of the moves, the dynamics we have. i think overall with what's going on with the post deep sea environment, whether it's spend, whether it's ai, whether it's data center, whether it's all the related trades. also, other comments out there today that. >> microsoft is actually looking to cancel leases on certain data centers puts a little bit more of a scare into the capex spend part of it. it's all ahead of suddenly. i know it always feels like it's the most important earnings call, but nvidia really feels critical for wednesday. and then if you get back to the charts, semiconductors, which we've all chronicled here have led the have led the nasdaq, which have led the s&p for years. really it seems like at least for 2 or 3 years. and now the breakdown in the semis is very gradual. it's kind of what you said. we've been going

sideways for months, but we're getting to a place where not only do we close below the 50 day, which we've done now six times in the last six months, but most of them have come in the last three weeks. but we're about to possibly have a bear cross, which is where the 50. >> day crosses. >> over the 200 day. simply saying that long term trends may be starting to change. if we wanted to oversimplify what that means. so there's a lot of different things, both technicals and i think some nuances. nothing has changed in terms of the backdrop. we've got the same administration that people are very excited about the market implications for. i saw scott besson talking about how policy is disinflationary i believe him. i you know, i feel very confident in that treasury secretary. but i think there are dynamics for this market. it's as much about positioning and sentiment right now. >> guy, what do you make of everything that's going on here? and just recently this afternoon trump was saying, look, these tariffs that we have planned for mexico and canada, they're going forward as scheduled. we don't have a lot of the details yet. but i mean is that going to rattle markets then going in further tomorrow. >> welcome as always. >> thank you. >> and welcome back. >> to joe. >> with that said i mean i think

the market's figured out how to sort. >> of. handicap tariffs and a lot. >> of the rhetoric out of the white house to. >> me. >> and i'm glad to. >> mention it. >> you know, semiconductors have led the way without question. but you know what's fascinating? the sm, which is not the best constructed etf, but the one we all look at that made its high in july of last year. and ever since then it's been trading sideways now. >> to. >> slightly lower, which i think. is interesting. and microsoft. >> which i think. >> we all would say. is one. >> of the top five most. >> important companies in the world that also made its all time. >> high in june, july. >> of last year. it's been trading lower since. so there are a lot of things. >> around the surface. >> despite the fact that the s&p is effectively at all time highs, be concerned about. and then over the weekend, we hear that. now warren buffett has north of $330 billion in cash sitting around. and that buffett indicator, which is not a timing mechanism, is now north of 210%. so as much as there. are things to be, i guess. optimistic about, there are a lot of things to be concerned. >> about on the metric. >> side. >> karen, again, we're seeing these defensive names obviously

catching a bid today. consumer staples higher but not not like what we saw on friday. still i mean anything fundamentally changed for you today. >> no i don't think so. i mean it's interesting to me the air coming out of some of these things. so palantir at 90, it's not shocking that it's at 90. it's shocking that it was at 145. oh right. to me carvana at 285. it's not shocking. now it's at 215. >> at 110 maybe, maybe. >> i mean i'm long, so of course that was. >> just fine. but you're right. >> it was, you know, too expensive for it. >> so there's a. >> lot of. >> those names that i still. read it. for example, dan, i don't know, $50 or more a firm which i, that. the last two quarters were spectacular. the stock just sort of got ahead of itself. we'll see. we got some very big earnings this week. i think actually nvidia is obviously really important. i own it, it's certainly important to me, but i don't think it is as much of a linchpin as it was last year when it was all maj7. and i think we started to see things really broaden out in terms of where, where, you know, healthcare today was really good. staples has been doing nicely. industrials had a really tough, tough week. but i think

it's important but not quite as important. >> you know joe karen brings up some names that i know a lot of retail traders are really interested in. palantir sort of jumps out to me. i mean, to see a big drop like that about 10% today, is that sort of worry the trader at home following along, or is there more fear that's going to be shaken out? >> well. >> courtney, when i was on the show last time, i said as an executive, i felt great about the operating environment. and i said, as an investor, i hadn't been more bullish in like decades. >> and since then we. >> announced the tariffs. we had the deep c surprise. and when you look at what's going on, i think now it makes sense, though i think for the individual investor to be a little bit concerned. we talk about the technicals look bad. there's a lot of negative sentiment. consumer sentiment was bad the other day. but i think as far as the individual investor goes, as long as you've got uncertainty, there's been an incredible run here. we can't forget that. so the last year has been great. the last three months has been spectacular. it's been spectacular. so in the face of uncertainty, it makes sense. it takes definitely takes something off the table. but i think i

would look at a significant drop. i would look at getting back in the market aggressively. >> karen, you brought up nvidia i know, tim, you did too. and obviously this is a really big name this coming this week. what could they say. or could they say anything to turn this momentum around. i mean they were the driving force for so long. >> i mean i would have to be i don't know that it's so much this quarter to me. guidance for them is that's going to be what's crucial if they put up a. really big number. for what what they expect. but i don't. >> know. why they would. >> do that. >> okay. >> i mean. >> they've. >> always they would put up a big number. why they. >> would a giant number like why over. you know why. so the. >> very first. >> time powder. >> yeah. >> exactly a. >> little sandbag i mean obviously the pressure is on them to put up a very good number, but why do they need to put it all out there at the same? >> how much how defensive do you think they need to be about the deep tech news that's come out since we heard from them last? >> i don't think they're going to address it defensively at all. i don't think they need to.

i mean, i think nvidia is so far ahead of everybody else and the spend there. the question is how much have we priced it in? i think for market participants, though, nvidia is not a name that's going to get away from me this week. i just i. >> don't. >> know what they can tell me on wednesday after the bell that we don't already know about nvidia's positioning. and that includes, again, the entire software, the platform around this. this is where i think they really are well insulated from the competitive landscape and deep sea. i think it's on some level it's apples and oranges. even though we know that deep sea brought into this question about how much spend was was really appropriate here. but again, from the market's perspective, given how semiconductors have had such leadership and, you know, we've we've meandered i think karen's right. i don't think nvidia is critical to the broadening of the market. it's already been broadening. but i do think, you know, the headline indices which have been buoyed by, you know, 5 to 7 stocks for the last year and a half. and look, we all wanted this a year ago. we came into 24. and i'm sure i said a few times, there's no way these six stocks are going to be 35% of the s&p ever again. and yet as we came into 25, there were probably a little larger. >> no one thought i have as far

as that goes. i think one of the things we want to look at that i think is critical with the earnings for nvidia on wednesday, is the data seven data center revenues. you got to see where they are, see where they're headed, and they know better than anybody else the impact that that deep seek is going to going to have on them down the road. so i think they the seven revenues, what's the trend there and what's the forward guidance going to be. that will tell you a lot, i think in terms of how concerned they are or how much they have it under control. >> tim, you talked about alibaba on friday, which was just the last show, obviously. also having another kind of bummer of a day. what do you what do you make of that. changing your thesis at all. >> well again i think there's some dynamics around this that the technical side of this is i think ctas, you know, picked up this trade over the last couple of weeks. and so there's been some fast trading of it. it explains kind of the parabolic move i would get back to. i'm not scared of alibaba at $130, because i think the fair value of the company is 190, or probably in the two hundreds. i think what we outlined on friday that makes the story it's evolving from. we always know it was cheap. some of the parts we

knew there was a lot of cash, but the dynamic around what's going on in terms of the calmness, the china tech superpowers are now being actually pushed and supported by their government. jack ma has returned to the scene. he is actually a critical piece, i think, of some of their view on their own tech future. what we heard out of alicloud, what we heard out of their core businesses that are leading in china is very positive. so i love the fundamentals about alibaba. i hated today's move, but i tell you what, it was due for this, and i think it's a bit of a reset on sentiment is fine. but don't be all good, karen. >> well don't you think a lot of it was cfius. >> though this uncertain. you know what is cfius going to. what are they going to decide that they can't have chinese invest in at the us. i think that was. >> a lot of. >> what happened today. >> as well. there isn't any question alibaba is a tremendous company from a fundamental perspective. but one of the things that i get concerned with, one of the things i know the retail investor gets concerned with, no matter how great it is, maybe fundamentally, there is absolute serious tension between ourselves and china, the geopolitical risk there, the tariffs. it's going to be a

tariff war, right? no matter what we put on them, they're going to put it on us back. and how devastating that could be over time. we don't know how honest is the chinese, not the chinese people. the chinese government are going to be with regard to giving us information that's accurate and honest. so that's what scares me. the risk associated with something we have no clue of and we don't trust them. it's difficult then to say step up and buy it. >> one of the things we talked about on thursday and i'm sorry i missed you on friday, but you know, it had listen. alibaba went from 80 to 145 pretty much in a straight line. >> you know. >> we thought that. >> given earnings, given the amount of volume traded, it made sense to. >> trade back to that prior high that we saw in the fall which is about 118. >> and we're within. >> earshot of it now. so you're looking for a place to get back in? i agree with everything tim said. this stock. >> should be significantly. >> higher and quick about palantir. i mean, he's been. >> telling the same. >> story now for the last. >> five. >> and a half or six years. the story hasn't changed. people now picked up on it. >> but at its zenith. a week. >> or so ago and this was a. >> almost a $300 billion company. >> you were trading 60 times

revenues is only going to do. >> $5 billion in revenue. >> which again. >> is not an indictment of the company. it's an indictment on the market forces that bid it up to those levels. >> it had it had a full forward multiple of 190 at the zenith. and now what is it, 132. >> 166 66. >> but it could. >> change it fluctuate. >> wesley. >> 130 it's. >> dirt cheap. >> but but i think the point again, alibaba versus palantir is karen's point where the go go the momo stocks that that have actually defined both this liquidity run and the sense of, you know, risk aggression. i think you've started to see it break down. it's breaking down at least in places where i mean, palantir is a real company, has real technology, has real relationships with the government, has has an order book that's very impressive in terms of the fortune 50 companies in this country. but but the chase on that and what you know, what i would hear from people, you know, that i can't tell you how many people have asked me about palantir. palantir that. >> i didn't even know. >> knew there was a stock market. i mean, that's the kind of dynamic i think you've gotten with a bunch of stocks. i think it's healthy to see some of that fever break. and again, i think

that's why this week is so important. a couple other things. you know, we had we had almost record demand today on a two year note auction at a time when people are concerned about treasury issuance. we had we had german elections over the weekend that i think are very important in the global geopolitical scheme that we are all concerned is very fragile. that was a bit of a relief. i mean, there's a lot of interesting things going on and i think these crosscurrents, i think you're going to see a lot play out this week. >> active week. meanwhile, jpmorgan ceo jamie dimon chatting with cnbc's leslie picker at the bank's global leveraged finance conference in miami. diamond commenting on tariffs, the moves out of dodge and the state of the consumer. leslie joins us now for the highlights. hi, leslie. >> hey, court. i was curious to get diamond's thoughts on the recent tariff moves and the cost cutting efforts through dodge. neither of them really seem to concern diamond too much, he said. if tariffs are, quote, properly used, they're actually a good thing. but if they're overused and there's retaliation, that could be bad for the economy, he said. he's taking a wait and see approach there now in terms of dodge, diamond said he's he hopes it's successful because the government is, quote,

inefficient, not very competent, and it needs a lot of work. he said that if there's overreach, the courts have stopped it. we also talked about bank oversight and what he makes of the hollowing out of some of the key regulators for the industry. >> we have become a highly bureaucratic, litigious, overregulated society. and it's bad. if you don't believe me, go to europe. i'm not saying we shouldn't have regulations. we should protect the financial system. we should protect the food system, the water system. but what the american public should know, this is bureaucracy completely run amok. >> he said. it's possible to make the banking system virtually fail safe. if there were more conversations about how to do that and less focus on academics court, it was. >> a great interview, leslie. very wide ranging. if anyone missed it, check out cnbc.com. it is there, especially if you're a pro subscriber i think you get all all the big highlights. thanks les joe. you know obviously leslie hit on a

lot of topics with jamie dimon. he speaks very plainly. we love to hear what he has to say. what did you make of some of his comments. where do you think we are right now with the government sort of intervening and all these things that have the tentacles wrapped around markets? >> i think that the key that really struck me is the whole thing with regard to dosage. so when i began at ameritrade, i was 20 years ago, but when i began, there were 100 going out of business, not a maybe. and i thought we were a financial services company. we weren't. when we looked at our core competencies, we were a technology company and a financial service wrapper. so we're either going to go out of business or we figure out our core competencies. we did that. once we did that, we eliminated literally, literally everything else. we took half half the savings and we offset our losses. and we put the other half into into transaction processing by buying and selling stocks. what we're good at. so you look at the government now, if the government was a business, it would go out of business. it would literally go out of business. it's poorly run, it's inefficient. it allocates the entitlements. there's money all over the all over the place. that's poorly allocated. it's inefficient.

it's struggling. if we don't get our arms around that, you know, we're going to we're going to have troubles that musk i think is doing a good job of addressing it. i think a couple of things. i think, number one, nobody wants to lose their jobs. but if you do offer a really fair severance package, that's going to help the hurt a little bit associated with it. and the other thing is the image. i know musk is going to do whatever he wants, but coming out, coming out of the stage, you know, with with a chainsaw, it just that that doesn't make you feel warm and. >> fuzzy. i saw before how years ago it was effective. >> doesn't make you feel warm and fuzzy. >> no, it doesn't make you feel warm. >> i get i get your point. karen. i knew you watched the whole interview. you had a couple takeaways. >> i watched. >> the whole interview. i watched it twice. >> of course, three times. why not. once with the sound off just to. >> you know. >> but no, i thought it was interesting. i think jamie's main message is just calm down, everybody just calm down. take a breath. we can't get excited about every little thing. but the other thing i thought he said that was important was leslie had asked him about, okay, you might have $60 billion of additional capital. what are

you going to do with that money? and he talked about most important thing grow the business. first you have to guarantee the dividend. the dividend needs to be sacrosanct. so that's always what you want to try to do if you possibly can. and sometimes they've had to cut their dividend. the second one was grow and the third one buy back stock. and he sort of made it sound like he wouldn't be buying back stock right now, which isn't shocking because he thinks the stock is expensive. but i'm wrong. yeah, right. >> no, i think you're nailing it with the dividend too. i think the fact of the matter is, banks were uninvestable to a lot of investors for a long time. they started paying money back. we started getting to a place where some of the deregulation dynamics were changing. then you had svb and you had a dynamic in may of 23 where banks looked like it's getting concerned. as we went into the election season, it started to look not great for banks either. i tell you, the environment we have for banks, i don't think we've seen as good as we have since the early 2000, because deregulation is not only in the right direction for banks, but also the efficiencies that are coming from. remember, fintech is an overused term. banks have never been more efficient. i will help banks probably as much as

anybody. and we have a still a steep yield curve. so citibank to me the cheapest of the money center banks is the place. i think all of these trends come together at once. but i love what jamie is saying. i also think deregulation around the world is following an american lead. and that's fascinating because again, back to europe, i mean, talk about a place where where i think regulation twisted this place up into into knots they couldn't get out of. i start to see that unwinding a bit. it's part of why i think europe's rally. >> i think in the financial world or financials rather, i think with the deregulation, m&a is going to start to play a much bigger role and the efficiencies that can come out of that guy. >> i want to make a turn before we have to go here. i mean, dimon said the consumer he thinks is okay. but look at shares of walmart down three days in a row after they put out their report, which was a really good quarter, karen and i talked about it fundamentally. it doesn't seem to be worrying. maybe their earnings weren't as high for the guidance as consumers would like to see, but or investors would like to see, but nothing really scary there. who's right about the consumer reaction in walmart or what jamie says? >> i don't think. >> the walmart action has

anything to do with the consumer. that's just my opinion. it was. >> more. predicated on. >> evaluations, just. >> got expensive and. >> they really. >> needed to crush in order for that to continue. >> we actually talked about that last week as. >> well. >> and the fact that. >> inventories probably went up a little more than street wanted to see. so this move makes sense. but i'm not going to indict the consumer. what i will say. >> though, are 90 day plus. >> delinquencies are now the highest. >> we've seen in about. >> 14 or 15 years. and that's only continue to grow. so as much as. >> people want to. >> say. the consumer is in a good place. >> i'm not certain that's. >> the case. they're fighting inflation. with credit historically never a good thing. >> you know what i paid for eggs the other day? >> $9 a close. >> 849 for a dozen. in new york city. >> is that buy now? pay later. >> i'm not. no, it wasn't, it wasn't. but, you know, i sleep well at night with that weighted blanket. anybody that watched on friday knows typekit guy. >> i've got i've got a christmas gift for you, a weighted blanket. i'm not telling. >> i'm surprised you knew the price of eggs. frankly. >> i listen, i'm on top. >> i have my finger. >> on the pulse. >> finger on the pulse. well, coming up, some key names on the move after hours, hymns, zoom

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>> welcome back to fast money. check out shares of summit therapeutics, sinking almost 15% after its q4 loss was almost twice as big as the year before. the company also announcing a clinical partnership with pfizer testing its cancer drug candidate in combination with pfizer's drugs to treat solid tumors. meanwhile, an earnings alert on hims and hers. health shares dropping despite a top and bottom line beat. the conference call kicked off at the top of the hour. cnbc's brandon gomez joins us with more. hi, brandon. >> hey, courtney. >> yeah, look, i spoke with the company's cfo ahead of the call. look, the stock has been a name that is make or break on weight loss. still, he emphasized the majority of. 2024 revenue. >> was outside. >> glp one offerings and in fact increased 43%. year over year. i did ask how he expects weight loss to grow now, with the fda declaring the wegovy and ozempic shortage over. he didn't seem too concerned. >> our aim, again. >> is not to look to circumvent any type. >> of regulation in place that. >> has kept consumers. >> safe for decades. >> but we are looking to ensure

that consumers have the ability to access medications that they need, where they have a clinical need. >> beyond what is commercially available. >> now focus on that, courtney. clinical need. there are ways hims can keep compounding even post shortage. clearly though, investors pulling back a bit to wait and see what happens here. shares down about 16 or 17%. >> yeah brandon. wow. that's quite a drop. guy what do you make of this name seems to be fairly volatile and obviously very connected to this glp one. >> we play this game here on cnbc's fast money. >> the when you put the letters together. yeah. you know that. thing the acronym. >> the acronym. >> the acronym. >> yeah. well emily with a y that's emily. glass cracks that. >> hims was one of. >> her. >> stocks and it was went from 25 to 75 in a straight line. but now some reality is coming back. and it's again talking about at its zenith, this company is trading 150 times earnings. even now with this move it's probably trading at 90 times. i mean, it's a great company with a valuation. that doesn't make sense. i mean, it should be trading back down in my opinion, to about $32. >> which. >> is where it started this run.

>> a couple of things. it's got almost a 30% short interest. so you can be sure this thing is going to move around. it's going to move around, especially on numbers. their revenues were were solid. the guide was decent. and again the outlook is something that i think people probably believe is there for them. margins were a little bit light. i think you can get back down to those levels though. and unfortunately if you are a believer in the story, you are so tethered to the overall story around compounding and sub compounding. and this is something i think they're going to continue to trade on. >> karen, would you dig into this one. you're another names in healthcare. >> no definitely not. i mean it's trading on something else. you bring up the short interest, which is gigantic. >> i think that's huge. >> the lack of that it's no longer in shortage is a big deal to them. i didn't really quite get that answer to the question. >> of clinical need. >> yeah. so no i am long. lily. >> okay. >> straight to the source. >> sorry. i mean, i look at novo and i look at a stock that's down 40% over six months, and i and i look at the valuation there and i compare it to, to this. i mean it's a no brainer

to me. you've got the company that's essentially supplying two thirds of the supply of glp one out there. there have been issues there, and there have been the competitive landscape and what they're doing in oral. but you know, to me, if you're going to if you're going to take a take a shot in the gop land where you're looking to swing a little bit of a heavier bat than just going into lily, it's novo. >> i like that. take a shot. is that on purpose? >> no, no. >> puns just flow. >> out of it. came right out. like so easy. >> so it's. >> nice when people catch them and actually look. >> at it. i mean, if it. >> you know, if it was good, i would have. it's also nice to look humble when you actually, you know, i don't. >> know, joe. >> most people are going to raise their eyebrows with with this comparison. but remember back when we had the real meme thing was going crazy? robinhood almost went out of business. literally. almost. they were shut down. they weren't able to finish. and in order for them to be able to make it, they had to significantly. they had one revenue stream payment for order flow. that was it. they had to diversify that revenue stream significantly, and they had to fortify their balance sheet significantly. and the next couple months they got the balance sheet fortified. and the last few years they've done a great job of spreading out the

revenue stream. that's why they are what they are today. and they've done really, really well over the last 12, 14 months. if these guys don't diversify the revenue stream, they're going to go down with the ship with regard to the weight loss product, if they don't do that, they're not going to make it. if they do that, they may have a shot. but if they don't do that, they're going to have a problem. >> do you like hood here based on your background? i mean that if anyone's got a call on that business, it's you. >> yeah. okay. so the answer is yes. based on what i just said, the answer is yes. so i'm really long financials and i'm really long all technology okay. so within that hood fintech so over. so i didn't want to touch it in the beginning. then it started to do better. but then it started to take off. so it's doubled over the span of the last 12 or 13 months or so. but it's come down recently about 25%. for the first time, we've been looking for an opportunity to buy it for the first time. today we bought a decent position at 49. so i'm a believer, but we've been incredibly patient. waiting for something to happen. wouldn't have touched it 3 or 4 years ago. glad we were able to pick

some up today. >> look at that chart. interesting chart there, but five year still up 31% after everything it's gone through. well there's a lot more fast money to come. here's here's what's up next. >> a call on some. kicks nike swooshing higher as analysts forecast some major air for the stock. what they see driving the games and how much hops are in store. plus stocks looking for a rebound as investors digest last week's sell off. all eyes are on nvidia ahead of its big report just days away. what it could mean for the broader market ahead. you're watching fast money live from the nasdaq market site in times square. market site in times square. we're back right after this. ♪♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff,

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i'm glad i found stability amidst it all. gold. standing the test of time. global perspective and high profile interviews. scan to watch cnbc's crypto world, sponsored by crypto.com. >> welcome back to fast money. we have a call of the day. it's on nike shares surging 5% after jefferies upgraded the stock to a buy, also naming a top pick analyst growing bullish on the company's turnaround story, saying ceo elliott hill is, quote, tackling product and distribution issues head on. jefferies new $115 price target implies 43% upside from today's close. karen, i know we've talked about this one before, and i feel like the thesis all around was it's more of an

investment, less of a trade. what do you make of jefferies call here? >> well, one of the things was interesting about the call. so 115 was the target. the high side was 140. the low side they thought was 70. so as an asymmetric risk reward. that's interesting. and the basis of the call was okay. yeah. they definitely had some missteps. the getting on the right track now you know they are going back to focusing on wholesale back to focusing on product. also, if you look at on that stock has gotten crushed in the last short while. they i think have are in a much more difficult position. clearly they've taken share. but china tariff situation is much more difficult for on than i think it is for nike. so this could i mean i'm long i'm long from higher, which is sort of irrelevant at this point. what the question is when out this price, what do you do. stay long? i do think that a little bit of tailwind coming now. >> i think they've acknowledged that they made some mistakes in the beginning with the new group coming in. so they've been down about 23% over the span of the last 12 months. but they're acknowledging that direct to

consumer may be a good idea, but not if you're going to eliminate relationships with your with your distribution. you do not eliminate relationships with distribution. you don't do that. and then i think in terms of the cuts, that's never good for morale. hopefully they're giving people good severance packages because that helps. but the other piece of that is with the cost cutting. nike was always known for great innovation. well, with the cost cutting, the innovation suffered. so it seems that they are at least acknowledging that as long as they acknowledge that, they have a pretty good shot at turning it around. >> on lost earnings call, it was very interesting. the ceo sort of called out some of those relationships and called out some of the ceos by names of the wholesale retailers they have partnerships with and basically saying, like, we got to get back there. so i thought that was interesting trying to repair some of that. but, tim, i mean, you've got young kids. nike is still actually pretty cool with some of the younger set, but we know that they've lost a lot of share to carry on. i mean, you name it. >> like, i would be pumped if actually my son asked for a pair of air jordan. he's 11. he asked for a pair of air jordans for christmas. i ran down to the store to get. >> you have to explain to him i

don't. >> care. >> what they cost you, because, i mean, they're cool kicks, right? and, you know, at times i've been a little concerned. i mean, between, you know, the vans are cool too, but i mean, there have been the competitive landscape that i do think that today's youth are not. i mean, when i was growing up, it was nike or adidas guy. you maybe with a pony. a pony now. yeah. >> but tree, torn tree. >> torn tree. >> when i was growing up with keds. >> yes. >> so in fact, when we were growing up, my dad when, when nike started to become popular, he said, i'll buy you. i'll pay for anything up to a jack purcell, which was, which was the canvas, like keds. you know, i have a pair of those and we, you know, the paper out money gave you enough to make up for the differential. so kids work hard. >> when i was a kid, michael jordan was actually playing in the nba. so, you know, forever forever jordans. >> and now he. >> has a skims deal. >> i know, which is incredible. very interesting thing with skims with the kim kardashian, which i thought was really interesting. i was very shocked by that. >> i don't know what he's making now, but as of 2 or 3 years ago, he was making over $400 million. who? >> jordan. >> michael jordan on his shoes a

year, a year. >> a year. >> a. year where his mother, often his mother. >> you've got your skims on right now. >> i can tell. >> i very slim. >> i was going to say it was obvious. >> can't see the line can you russ? obvious coming up, we're gearing up for nvidia earnings on wednesday. and our next guest says wall street could be pricing in a growth scare for the ai. darling, what do you expect from its report, the expect from its report, the markets and more when ♪ empower ♪ so handsome. oh, i can't buy this. hang on there. actually, you can. your empower investment account has performed well. and this whole off-white-ish cantaloupe thingy is really working for you. so... so...? so... (♪♪) hot to trot! nobody says that, what? get good at money. so you can be a little bad. empower.

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that's my secret to better odor control everywhere. >> welcome back to fast money stocks attempting to rebound after last friday's sell off but ultimately closing the day lower. the dow up just 33 points, the s&p down a half a percent and the nasdaq tumbling 1.2%. shares of at&t and t-mobile heading higher. at&t trading its highest levels in nearly five years and t-mobile hitting a record in today's session. berkshire hathaway jumping 4% on the back of their earnings report. the company posting record profit fueled by insurance underwriting. berkshire also posting boost, boosting its cash pile to more than $334 billion. and so more after hours action zoom video beating earnings expectations but posting light guidance, diamondback energy beating estimates on the top and bottom line and cleveland-cliffs lower after missing earnings and revenue expectations. tim, i want to circle back to that at&t

and t-mobile news, though. what do you think? >> well, first of all, let's let's be clear. this has been t-mobile's world and everyone else who's wanted to try to play in it. and i mean, as a stock and i mean as a company that's i think really made the right investments was so far ahead of everybody. look at at&t though. this is a story where there's been some debt paid out. there's actually been a margin story. i think, you know, the fact is through attrition, through the entire wireless and mobile community, you have been left with a handful of legacy players who now do have some pricing power. you're seeing it, you're seeing it in your bill, and at&t is probably getting more from you. i think this is a story where the multiple is rerating, and i think you can stay there. i like it. >> well, one of wall street's biggest bulls thinks that the market is nearing a key buying opportunity. it's tied to president trump's tariff plans against canada and mexico. the month long delay expires next week. julian emanuel is evercore isi senior managing director. he joins us now. and julian, thank you for being here with us. obviously this afternoon, the president says, look, it's still on the table. it's going to go forward. you don't know the full details, but we know at least

that today. how do you think that plays out into what the market will react? well. >> react what you saw. >> this afternoon. is what. >> you should probably have seen, given the fact that we've gone from this. >> paradigm a week ago where high. >> valuation. high momentum, high volatility. >> stocks were. >> just fine. and then the. >> news changed, right. we got. >> some challenging news. >> on the. >> economic front. >> with the pmi. >> lower than expected. >> the inflation and the inflation expectation. news has been. higher than expected. >> and you put that all together. and that's the kind of thing in. >> a market that. >> in general. >> is at the upper end of its valuation. >> range is. going to cause a setback. >> and so. >> for us. >> you know, ultimately, we think. >> that the story. >> of. 2025 will. >> be written. >> in terms of good earnings, right. but at. >> these valuations. >> when you get adverse. >> news you're. >> going to get the volatility that ultimately we think is a buying opportunity. >> you do. so how long do you think that we're going to see

this volatility before things settle out. and then again end up moving higher. >> well if you tell me what we're doing. >> with canada. >> and mexico and. i'll tell you how long the volatility. is going to last. no i think if you think about it right. >> the month. >> of march has a lot of obstacles to overcome okay. >> you're going. >> to have canada and mexico. you're going to have the government potentially shutting. >> down or not on. >> march the 14th. and clearly, based on the dialog that you heard today with trump and. >> macron. >> you're likely going to have something more in terms of russia and. >> ukraine. >> that we'll just see how it gets interpreted. but again, going back to this idea that the economic news has gotten unexpectedly soft, the market in our mind is vulnerable. we'd call it down to 5700, which essentially is where it was on election day. >> about 10%. >> a little less. >> yeah. okay. >> so and. just one other.

>> point here is that. >> actually, you know. >> when you think about it, that. might get some people a little bit unnerved. but actually when you look at the. >> average non recession year, the. >> average drawdown in a non recession year is 13%. so it's you can make the case that this is going to be healthy as long as the economy stays steady which we think it does. and earnings come in the way we think. >> it will. >> nasdaq is now negative for the year here today. do you think that the magnificent seven and the tech trade in general is over for some period of time. >> no we don't actually we're not going to go out on a limb because given all the noise wednesday afternoon's report, if you look at the history of how that stock has reported, the reactions have been very variable. you know, whether the news is either great or super spectacular, and the stock has run higher over the last couple of weeks. so but but from our point of view, bull markets end

when you either get gross overvaluation, which we don't have right now. the fed killing the market which the fed is not hiking under any circumstance this year. you know, a. >> turndown in the. >> economy, which. you know, as i said, the data has gotten weak, but we don't see a discrete turndown, julian. >> so first of all, congrats because i think it evercore. you guys have had a lot of leadership, both in terms of the strategy and the technical call on the markets for a while. so good for that. but when i hear growth scare, i don't hear two and a half or 3% down on the market. i mean, a growth scare is something this market is not priced for. you've written a report that talks a little bit about places to be defensive, those companies that might be in a high volatility environment. low volatility stocks. more buybacks etc. talk about 1 or 2 of those names. >> so well the iconic maker of mobile phones the most the highest value stock in on the planet. basically when you think about what investors are going

to pay for in an environment where there's a lot of uncertainty on the macro front, you want a company that's dampening its own volatility by buying back shares. okay. bye. and the idea of it buying back its own shares causes the volatility of that name to be low. and why can you buy back your shares. because you're throwing off huge amounts of free cash flow. >> sounds like apple. well you hadn't named it yet. i mean, it was time. >> sounds like it. >> but but. >> there are number those companies across all industries and a lot of them, frankly, in a momentum driven market have lagged over the last six months. >> good stuff. julian, thanks for coming in. thank you. well, coming up, the second annual cnbc changemakers list is here celebrating women all across business, media and sports. and one mvp is unrivaled both on and off the court. her story on fast money returns.

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oh, umm. hi. walt rolled his 401k accounts into an empower ira and it's grown nicely. so i say, let a gramps be a gramps. okay, just promise me it doesn't make a lot of noise. (engine roars) (♪♪) go, baby! go! (♪♪) thanks, grandpa! get good at money. so you can be a little bad. empower. for an all access fusion of trades, trends and tips. fast money live thursday five eastern cnbc. >> welcome back to fast money today. cnbc unveiled the second annual list of change makers, the women transforming business, sports, health care and more. julia boorstin spoke to one of those change makers. actually a lot of them. new york liberty

breanna stewart earlier today. julia joins us now. hi, julia. >> hi, courtney. that's right. i just spoke to basketball legend breanna stewart, who along with fellow nba player napheesa collier, also a cnbc change maker, launched unrivaled, a new women's basketball league. stewart told us why they launched this new league, how it's different and why she's bullish on the wnba. a new collective bargaining agreement and the growth of women's sports. take a listen. >> we kind of wanted a place where it's like a players league really doing that. the best way we could is, is giving equity to the players. usually in the wnba life, it's just. >> a constant grind. you know. you're in. >> the wnba, you go overseas and. and now we're kind. >> of changing. >> that pattern and making sure that players can be home, be in a different market, continue to build their brands. because you see there's so many opportunities coming on and off the court for these players. and taking advantage of the moment, we're really excited with the direction that we're going in

the wnba. we just opted out of our current cba. so throughout this next year, we will be in a new cba negotiation to continue to reach our worth and go after what we want. >> you can find our whole list of women transforming business at cnbc, dot com changemakers, and we're starting to unveil the headliners of our upcoming cnbc changemaker summit. it will be here on the beautiful universal lot on april 8th. you can check it out with that qr code to request an invitation. courtney. >> very cool stuff. julia. thanks so much. congratulations on the list. i know a lot went into that. karen, you nominated stewie. >> i did and. nominated stewie, and i don't know if we still have julia, but my daughter did go to unrivaled this weekend in florida. she said it was fantastic. just that list from last year was so extraordinary, and there's hundreds more to find. but this year, there's another great batch and i'm going to be out there august 8th. >> that's so cool. that's really cool. i really look forward to all these lists every year. yeah. april. august. you know,

we can watch it all the time. it's so nice. nice to have new names to follow and watch along. for all these women and change makers. well, coming up, a fallout in the nuclear power trade as some energy stocks get hit. what's behind the drop? and could there be an even bigger meltdown in store? that's next. and here's a sneak peek at the cramer cam. jim's chatting exclusively with the ceo of celsius. catch that full interview at the top of the hour on mad money for more fast. back on mad money for more fast. back in two. ehh... hmm. oh, that's very, uh... - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪ your shipping manager left to "find themself." leaving you lost. you need to hire. i need indeed. indeed you do.

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analysts noted microsoft's cancellation of data center leases as a warning sign for the sector. constellation energy, vistra energy, renova all falling on the news. guy, this is an interesting trade. we've been watching pretty closely. what do you make here of this? >> i'm not running away from this. i mean, if you pull up a chart over the last, let's call it year or so. this is the third move of this magnitude we've seen. so when? in may of last year september. we're seeing it now. valuation stretched. >> a little bit. >> but the spend you know i know microsoft scared some people. it's not going away. i mean this to me is a secular shift. so i think you're buying. >> so even though even though microsoft is so big it shouldn't be you shouldn't be scared. it's not 100%. >> i'm long stig. i bought it after deep seek. after missing a

lot of that run. that calpine deal is a game changer. and if you look at where their capacity is, again, it's both in nuclear, but it's also in gas. part of the calpine deal was owning texas, which is obviously one of the great growth stories of a state in our country. so you're buying this weakness. >> all right. well, coming up next, karen, i want to i want to get you in here really quick. sorry. >> oh, no. >> the music's playing. >> no. on the nuclear train. >> now, what do i do? well, i've had quanta services, which is a jason one. it's a lot, but i really like it. it's a great play. >> when the music. >> plays, you have to thank like. thank your husband. >> don't forget. well. >> it's like, you know, when the music. oh, what do i do? >> thank you. >> my husband. thank the kids. that type of thing. >> you can thank your loved ones too, joe. but i'd also like to get your take on this. >> yeah, well, we own x, and how about the. i heard this on one of the shows. it may have been yours a little while ago. is it the german or something? it was the german paradox. the. it's about as the man. oh, with the efficiency. the price goes down. the efficiency. >> the demand. >> goes up. all those things

that are starting to happen now, people are worried about demand coming off. i think the exact opposite is going to happen. so as the value, as the price starts to go down for the type of power you need, you're not going to use less, less power. you're going to find more uses for it. therefore, it becomes more efficient. therefore, the demand should ultimately go up over time. so what might look like a hook up? a hiccup early could very well be a significant buying opportunity today for a few months from now. >> so you said energy in general, the xle is what you're saying. yes, tim. what do you make of. >> yeah i'm long utilities i think across the board. i also am long mlps which have also gotten hit in the last couple of days. and this has been a story about efficiency and companies that are just run better to generate free cash flow. so on weakness on buying utilities. i'm buying mlps and i'm buying constellation. >> okay. got a lot of good names there. coming up next. now your final trade after this. >> next you. >> might believe. >> you own.

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margin rates and high interest earned on idle cash to get better results. get a better platform. the best informed investors choose interactive brokers. >> final trade is sponsored by interactive brokers. the best informed investors choose interactive brokers. >> it's now time for the final trade. let's go around the horn, joe. you get to go first. >> with everything going on in the state of college athletics today, three years from now, there will be at least five college football players that will be making eight figures. >> hopefully they're on the ohio state university team. >> they are. they will be. they're probably already doing that. >> great to have you, joe. >> thanks for thanks. great to. >> be here. great to have you again. back to back t-mobile. i mean it's been back to back to back to back. this is the story that keeps on executing and the margins get better. t-mobile. >> karen. >> yeah. so last week i one day too early said sell alibaba calls which is what i did. but

if you wait till the next day which then that worked out nicely. today i covered half of those alibaba calls. i like it a lot. >> good move. good to have. >> you, joe. >> thank you. >> karen won't be here. >> tomorrow, but i want everybody to know it's her birthday. >> happy birthday karen. >> tomorrow. karen. >> p a s court. >> all right. thank you for watching fast money. mad money starts right now. >> this. >> is indeed to go down before non fat stocks can trump. that's what's happening. it's just a fact of life in this business. after last week's meltdown