evercore did say the expectation around growth have now come down to about 15% per year. that's really important because it was way too optimistic growth expectations that started the selloff to begin with. when rates were next to zero, there was so much momentum behind solar. consumers were going solar and companies were starting from a very low base so it was easy to show doubling of customers, doubling of revenue. now that systems are more expensive to finance, we've seen that growth slow just as manufacturers have increased their production. so, it's basically a perfect storm with what i've heard from executives in terms of a slowdown on the demand side just as there's an oversupply of the product. essentially evercore saying long-term growth is still there but it may take a few quarters for this to correct itself. >> i think we talked to first solar last week. there is some shading within the space, whether it's residential or nonresidential, right? >> that's right. first solar has a big moat around it. they are the only accessible manufacturer that sets them up to g

jumping higher today, one of the best performing stocks on the s&p, on an upgrade from mark mahaney's evercoreing revenue growth that he believes will accelerate in 2024. we have a senior research analyst joining us for some perspective. thanks for being with us. let's start with there's concerns and anxiety that revenge travel is going to return -- is going to back off. how do you think that progresses and is that a key test of that thesis? >> so thank you for having me. we like expedia. i have a buy rating on them. talking about travel, some of that has occurred already. it occurred last year. the u.s. was the first market to rebound, followed by europe, and now it's happening in asia. if you think forward from there and how the demand for travel will materialize, there are some factors i think the company can benefit from, the looking at the travel market, it's one sector where we see the consumer with strong intent to travel. if you look at the commentary, they are not seeing anything. specific to expedia, they have something that can help them grow. they have also re-architectured their t

evercor is bringing its grading to airbnb and looks at the stock at the current price level and investorsold out for a better evaluation. zoom rating is on hold. they see the stocks below the target price with most the downgrade concerns playing out in the particular stock. >>> time for your global briefing. inflation pulling back in the european union according to the data a short time ago, a 3% from last month and 4% in september. in the uk, retail sales following unexpectedly last month and revised figures showing september's drop was worse than first estimated. and sales of volvo cars falling to a record drop overseas. the holdings are at a deeper discount price. >>> coming up on the show, the one word that every investor needs to know today. and the stocks heading into the holiday shopping season. we'll be back after this break. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more th

dani: we were speaking with ralph of evercore earlier about china and about the u.s.king about how important it is that they come together. that both economies have a lot at stake, china's economy especially which is weak going into this meeting. >> which may make it more likely than xi is willing to deal more with the biden administration then he would have been otherwise. we heard the president talking about it is not because -- decoupling that the u.s. is seeking. they want to seek american national security interests and to derisk. they are trying to walk a delicate line of being hawkish on one hand but also trying to normalize relations especially military to military communications which will be a big objective for the president. dani: i will tell you that all i want is an invitation to the meeting he has happened with is this executives. -- with business executives. we are willing to fly last minute to san francisco if anyone can get us there. we are heading to the european close. we have a lot of 52 week highs. abfoods was at a 52 week high when i made the boa

evercore price target 124. you bought this recently. >> it's a great company. i don't think we'll dispute the quality of the brand. it went through a tough couple of years. the two things that held it back, one is china demand slowly coming back, inventory has been destocked and is continuing to be. they had one good quarter two months ago. i bought it right after that. these turnarounds for high quality, it takes two or three good reported quarters in a row. so here is my point on this. i bought it at around $93.50. i'm happy with the results so far. i'm not going to add to it right here. i think there will be a holding pattern for at least another couple of months until the next earnings report f. that one is positive, that will propel it to the $124 target. bottom line, there's no rush. >> weiss? what about nike? >> it is a quality company. there is more competition, i don't know that it's really hurting because their business is so big. coming from on cloud, coming from hoka, the point is the market is open to new brands. again -- >> i don't think nike is l

i turn to that quote from evercore.rday and saw the stock price reaction and thought julia nailed it. lisa: this is an overachieving child. what more can you do for me? they came out and said, this is really good. everyone is thinking, eh, you can do better. jonathan: this feels personal. is that what happened to bra mo? [laughter] lisa: no. jonathan: what do you have? postgrad? lisa: lower the bar. it is on the floor. [laughter] tom: restaurant is the way to go. jonathan:jonathan: you have said that a few times. why not? tom:tom: i have huge respect for both of you. this is a really important conversation right now. it was important 30 days ago but it is important into 2025. earl davis his head of fixed income at bmo. his call that jerome powell will stay the moment and keep rates higher for longer. do you stick with that call? earl: 100%. that is one of the things we are looking at in the market now and how many eases are being counted for next year. i always believe the market but in regards to pricing at the moment

the company, quote, think cautiously about the consumer for more let's bring in greg mellic with evercore> yeah. i think it was all where the expectations had gotten. walmart has been doing very well, not just this year but over the last i would say five or six quarters. a lot of traffic momentum. they have been growing ebitda double digits the last few quarters and had a good comp of almost 5 but didn't flow through to margins that's where the market is taking some back from them. >> is it almost the flip side of the target story, where target had bad same-store sales, but profit margins or bottom line earnings looked a little bit better walmart seems to be the opposite. >> that's truly true target talked about being laser focused on margins and making sure their profit model is still working. walmart didn't have that problem. what they were doing was leaning in to all the consumers and traffic they've been winning the last three years, and frankly, this quarter, because they had a high level of remodels and sales got weak they said it got better in early november but that volatility is

evercore 51 from 78. >> it'll be dealt with at the end of january.oday we're equally weighted. look where we are today. we're doing just fine. >> palo alto, jenny. how about it? is this as idiosyncratic as joe suggests? >> i think it is. if we remember last quarter fortinet announced it was down, palo alto followed. then palo alto saw it was idiosyncratic. the reason we've owned it instead of fortinet, a more diversified and a more resilient sustainable free cash be flow yield. they both have free high cash flow yield. it was more resilient than fortinet. that's played out to be accurate. >> b. belski, what do you think? >> we own fortinet. do not underestimate -- >> you think the management team is probably great at every company you own, what do you mean? >> no, i don't. we sold some stocks because we got it wrong recently. don't underestimate how important some of the redistribution back into bricks and mortar has been, too, because of what's going on around the world. that might have had something to do with it as well. >> all right. headlines no

amazon also has a partnership from in pinterest and meta that was announced just last week and evercoree, help drive more robust overall ad targeting and measurement on meta and snap's ad platforms and potentially grater user engagement by keeping users on its apps during transactions tiktok has become a social shopping behemoth. >> julia boorstin, thank you so much there's the sound effect for the two-minute warning 20 fed speakers this week, bob. >> thank god i'm not steve liesman. that man is a saint. >> we have comments from goolsbee they're dpoung to filter in a big way in the next few days let's see what they collectively have to say. you've got cpi, ppi. >> let's see if the ppi kind of supports this. heaven knows it could reverse. i don't think so my conspiracy theory is i'm feeling better, a lot more bullish. the onus is on the bears at this point. we've had two bar markets in the year remember, january to september of last year when we were down 25% and then we had another bear market from the end of july to the end of october we were down 11% or 12%. two bear markets in a year

. >> that's roger altman joining us from evercore. >>> groundswell co-founder and ceo jake wood is here he's made giving back a key part of his life and we'll join us here on post 9 with how he's making strides to democratize corporate philanthropy. "closing bell" will be right back. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. tuesday, a perfect occasion to introduce our next guest, someone who has made giving a central part of his life. jake wood spent four years in the marine corps as an elite sniper and he recruits for disaster relief all around the world and co-founder and ceo of groundswell, a venture-backed company for philanthropy and he's here on post 9. >> thanks for having me, scott. >> for people who don't know you and you

evercore recently put them on underperform lichte because of slowing grocery and consumable demand sayinghing how new credit cards are faring and membership renewals. after what we heard today from walmart, you do have to wonder if bjs could be next domino to fall >> yeah. people are getting out in front of that. right? seeing retailers, it's a bad word today again down before earnings which is fascinating to see. remember, this is also a very small market cap $9 billion compared to costco. nationally owned costco. i don't oh bj but i think you can own it as a trade. technically see pullback, $2, $3 lining up in the average you see bj, alluded to earlier, so many consecutive quarters a pop in the name. you have to be considerate looking longer-term exposure don't own bjs but great volatiles, small market cap. $ 9 billion to $10 billion. >> $9 billion market cap for bjs. costco is $256 billion, for what a lot of consumers think is the same company very different. >> and maybe, bjs about 200 stores in 17 states. costco has 1,000, 600 in the united states and 300 out of the united states. lo

. >>> evercore upgrades expedia to outperform, with revenue growth, margin expansion, something they say is not captured in current estimates. they do take down airbnb to in line with what robusts call robust 29 times pe ratio not making the stock as attractive in their eyes expedia trading at levels not seen since june of '22 their target of 200 does imply almost 50% upside. >> i didn't hear any sign of slowdown from tony capuano of marriott, on leisure travel in the u.s., on global travel it remains hot, the travel sector. >>> carl, a note from the desk of piper sandler catching our attention this morning raising estimates for nvidia ahead of its earnings next tuesday, citing robust u.s. demand and a promising product road map while also expecting minimal disruption overseas as the company tries to navigate the trade bans in china. why are you taking estimates higher into earnings >> thank you for having us on your show. we see a very strong tailwind from the data center cohorts for nvidia gpus. there's the traditional data center guys, people such as oracle, microsoft, others that

comes after evercore's tactical outperform yesterday on bj, and target as well. >>> a note on wynn today attention from the desk of deutsche analyst say buy the dip, citing the fundamental growth store under pressure despite an earnings beat and this tentative agreement with the las vegas hotel workers to avoid a strike. it was weakness in macau driving the move to the downside let's bring in contessa brewer jim said it was being sold unfairly today >> i couldn't agree with him more to me this is much ado about nothing. do you know what the miss was in macau? it was $4 million. that was the miss on expectations they have gamblers who go to macau and drop more than that at the tables they're you're seeing the reaction wynn macau the specific stock down almost 13%. i just think what you're saying here is, number one, wynn gets no credit for the fact that things have reopened in macau. basically their stock is off year-to-date even though this has been the big reopening we have heard from las vegas sands, we heard from mgm and melco, which did have a bad earnings report ought of macau said

evercore isi and the outperform shares, earnings, i saw 27% since january 1. would you buy it here?ll. the retail space is just very, very difficult for everybody essentially except amazon and costco target was once my favorite mass merchandiser to shop in that's passed and they have executed really poorly, almost horribly, their solution to shrinkage and shoplifting is almost worse than the disease and it is tough to imagine that, they have very low inventory, they're trying to cut it very close, so it is tougher to even take advantage of what would be a sales bump, and given that they have very low inventory going into christmas, it's tough to see how christmas is going to be the savior, if you will, for the company. they have a much better chance than macy's of bouncing back, but i think they really have to rethink their strategy >> let's move on to another one. kind of a forgotten tech stock cisco systems reports on wednesday. shares flat today. recently downgraded by multiple analysts what's your trade here what do you think of cisco >> we had to get out of retail to find a buy

some of what he said he said before, but fed watchers like chris from evercore ifi said the speech representedting a substantive shift in policy signaling as opposed to a tone correction and do not, for instance, see serious efforts to put a december hike back in play it's kind of how the market took it futures markets raised the outlook for another hike but remain low in january of 16% still the message was received a bit more forcefully in the stock market, after the treasury auction of 30-year bonds was not well received. the bond market seemed to be having a better time today, though, digesting the issuance with the long-term bond out of the way for a couple weeks now, all that tees up the inflation data next week as the markers for where the rates will be headed and our interview at 1:00 p.m. with san francisco fed president mary daly. leslie, rest easy this weekend doesn't get easier next week. >> it doesn't. we can look forward to that interview. i'm sure you have lots of questions for her. thank you, steve. >>> that's also a great place to start with our next guest, moody's chief econo

two people who say that target should be bought today, why because brian cornell derisked it >> evercoreoes a tactical outperform >> i've got it in front of me, and i really liked it, and it says, it's down and up that's an idea i like. but you get these kind of ideas because we knew -- it's like we can't keep rolling walmart we can't keep saying good things about costco we can't keep saying good things about tjx. people are trying to find new things to recommend where the estimates very cut or derisked, but that, again, is not what i want to see. i would prefer to note -- another note on costco, because i don't think costco is that expensive. but yeah, you want to do target? go ahead but that's not -- i want high quality, and i don't want to see interest rates where they are, and the futures should be down, not up that's the kind of moronic thing. they want us to notice it and say, oh, it looks good today >> we will see there's a lot of wood to chop before now and the close we'll get cramer's "mad dash," countdown to the opening bell. take a look at the premarket here still a bunch of n

jonathan: chief equity strategist over at evercore asset. participating in this wonderful beautiful thing. >> we have. several weeks ago we just felt when you backed off of that 5% yield we've been talking about it but it is the fact that in this world now for the last year and a half we are -- where stocks and bonds have been positively correlated if bond yields go down stocks go up and backing off a 5% was huge for the psychology and now we've got this unexpected oil price plunge which is even bigger. >> break of 450 on the 10-year. at what point in these correlation start to break the other way. >> we are watching that very closely and guess what, the high-frequency data is really important because that chart you were talking about with the unemployment rate rising from 34239 in the past when that starts to happen it tends to snowball but where we will get the initial read on that is that jobless claims number starts edging over 200 50,000 we get a little bit cautious, a 300,000 is where we know the economy will turn down. tom: i'm suppos

. >> another breakout lately is expedia, which is another 52-week high here, jim evercore goes to outperform> it's such cheap stock it's at 14 times earnings,and booking.com is, i think, not as good a company, and that's selling for 21 times earnings. i thought that the airbnb -- that seemed to be damning with faint praise it talked about how it's plateauing i don't know i think airbnb is a company that continually gets -- it is the gold standard, and people just don't give it its due, but it's not been a bad stock and brian jchesky, very good ce. >> when you say they don't give it its due, what do you mean >> a lot of analysts don't like it many analysts think it's peaked. i'm not buying that. i don't think it's peaked. i didn't think the piece, the downgrade, made sense even a valuation basis. i thought it was not a cheap shot i just didn't think it was good judgment not good judgment. >> starting to see some upgrades, jim, of some down-beating names zoom today out of citi they go to neutral you know -- you've known this company pretty well. >> my stepson worked at zoom, and look, there is

next up, airbnb and expedia, both on the move this morning, due to analyst commentary out of evercored 10,000 shares of volume after getting downgraded to in line from outperform, citing valuations the stock is close to the $136 target price with the lack of potential near term catalyst expedia is actually getting upgraded to outperform from in line and the target price up to 200 bucks. it was 135 they cited amongst other things underappreciation of revenue growth and profit margin growth acceleration amidst the backdrop of global leisure travel demand. shares higher around 3%. 12,000 shares of volume. analog devices higher by 2% on just around 2,000 shares of volume the semiconductor company upgraded to overweight from equal weight at morgan stanley target price up to 225 from 176. they think that the end is in sight, not there yet, but in sight for the current down cycle in microcontroller units or mcus and the products are more insulated from potential downward pricing pressures analog pretty decent upside, 2%. few stocks to watch. back over to you >> okay, thank you, dom. >>> stil

this is what evercore have got to say. it remains to be seen how much brain drain there will be over at openai. the fundamental risk to microsoft is largely contained with altman and team on board. lisa: they are creating an independent ai group headed by sam altman and his peers. here's my question. openai was founded almost as a nonprofit. the board is a nonprofit. and there was attention. is this a commercial business or if there something bigger about creating new technology that can innovate for humanity? how does an independent agency that has the focus of making money polices sell at a time of really uncertain looks? tom: i would suggest that people like me who are saying can the giants and the jets be disbanded? the reality is there with three or four soap opera's going on this weekend. one is the incredibly narcissistic idiocy of the broader sense of silicon valley. two, is this something really going on here? i've got a brother who says chatgpt is the second coming of christ. great, and microsoft got that. micros

jonathan: a note from evercore, we expect that his speakers this week will lean against continuation and easing of financial conditions. barclays talked about how circular this is. lisa: what are they going to say? things had gone tovar -- things have gone too far? at a certain point, how specific do they have to be versus being agnostic insane, we do not know what is going to happen? jonathan: if you stay tuned, we will give you the near-death take on things. in the middle east, joining us now is retired lieutenant colonel daniel davis. colonel davis, thank you for being with us. something you would like to talk about is something we would also like to talk about, maintaining a true presence, the united states, and places like a rack, in syria. can you help us understand whether the benefits of doing that outweigh the risks? >> i argue and have for many years, not only does it benefit us, it gives us strategic vulnerability. in 2019, president trump tried for the third time to say i am going to withdraw our troops from syria. i was an advocate for that. i said, we need to get those