let's bring in steve grasso. give me the deets, steve. good to see you. >> good afternoon, kelly.s was a binary instance. this could have gone very bad against me, but it didn't. i look great on a micro basis after the fact. i own nvidia. i originally nvidia i should say in the 120s. that was my average. i expanded that position considerable so now my average is around 102. that's how much i was buying on that dip. once again, it could have -- that dip could have gained more trend, market could have sold off more precipitously. it didn't. once i started to see the market solidify, i really leaned into that position for nvidia. >> what's the exit strategy? >> so normally, you know, those of the people who follow me on twitter, i usually trade around a core position, which means that i'll have my core positions and then i'll trade tails around this. the tail actually became the core. i think the stock probably trades back up to the 120 range and, you know, shorter term obviously 115. that was just a blink of an eye of where it was today. i think you'll see higher prices. i think the

on the desk tonight, steve grasso, bonawyn eison, dan nathan, guy adami. we start with the most important earnings report of the quarter. it's not nsync, it's nvidia. as much as 8%, despite beating estimates. the chipmaker also off thorizing a $50 billion buy-back. not really all that big, i guess, in a trillion dollar plus company. the conference call kicked off at the top of the hour. our seema mody has all of the details and will be monitoring the call. >> hey, tyler. shares are falling here after nvidia's second quarter earnings beat estimates. some questions around the q-3 guide. i would point out that gross margins on a sequential basis decreased, driven by what the company says inventory provisions for a higher mix of new products within data centers. in an effort to quiet concerns around blackwell's launch, nvidia's cfo says she expects to ship several billion dollars in blackwell revenue in the fourth quarter, with production expected to ramp in the fourth quarter and continue throughout into fiscal year 2026. we'll want more clarity from manageme

on the desk tonight -- tim seymour, steve grasso, dan nathan, and guy adami. >>> we start with the ceo switchup at starbucks. sharing spiking 25%, their biggest increase since going public in 1992. that after news the chipotle chief will take the reins. starbucks has been a favorite target of activist investors since the ceo took over last year. elliott and starboard have taken stakes in the company and earlier this year, howard schultz penned a scathing open letter calling on the company to fix the open stores. let's bring in kate rogers with some of the reaction to today's news. a lot of analyst upgrades today, kate. >> certainly. busy day, melissa. the starbucks chair said it this morning that nichol is the right leader for this moment, and clearly wall street agrees. analysts pouring in, mostly positive sentiment. td writing, in our view, starbucks picks up a hall of fame restaurant ceo and his appointment as starbucks ceo and chairman suggests a new era is under way. btig saying, we believe this is a significant victory for starbucks, and evercore isi writing, brian is likely the

on the desk tonight -- steve grasso, karen finerman, dan nathan and guy adami. >>> stocks jumping across board. the s&p up more than 2%. its best day since november 2022. the dow gaining 700 points. the nasdaq up nearly 3% for its best day since february. the gains comingafter weekly jobless claims fell more than expected last week. helping to ease concerns that a weak labor market could push the u.s. into a recession. but look under the surface suggests that not everything is sunshine and rainbows. check out the mag seven names, while all were up today, they were mostly down for the week and far underperformed the broader market. the s&p only down half a percent after today's big rally. so, what is holding back the trade that has been working so well this year? the really hot trades that everybody was all geeked up over, as dan likes to say, dan. >> it's interesting. i think some of the air was coming out of those big trades, too. and it's not gen a.i. until lilly had the move today, i think people were worried after looking at novo. and there was the banks. jpmorgan had a really bad da

on the desk tonight -- steve grasso, karen finerman, bonawyn eison, and guy adami. >>> contessa brewer has more on ulta and nike. >> yeah, we're receiving ulta climbing after berkshire hathaway reviewed they added 690,000 shares. and pershing square revealed a new stake in nike. 3 million shares. consumer discretionary getting a little love here, melissa. >> contessa, thank you. contessa brewer. these are consumer discretionary stocks we talk about a lot. there can be similarities, maybe drawn to a starbucks situation where these were great brands, declining a little bit. >> yes. >> under pressure. >> although -- well, yes, for nike and having some of the same global issues, as well. the ulta one, to me, was more interesting. if you look, these -- this is a 13 13f, and from june 30. ulta closed at $329 today. if they liked it there, they probably like it here. so, ulta's stumbled a bit. the valuation is really low. they report shortly, i forget the date, but they've had same-store sales that have been a little bit anemic and we saw elf that really missed, and that traded poorly and ult

on the desk tonight, steve grasso, karen finerman, dan nathan, and guy adami. a fine group. >>> we start with three key retail reports, showing two winners and a loser. target jumping more than 11%. the move comes despite a warning that full-year sales forecast could come in flat. tjx jumped 6%. they hiked their full-year outlook and delivered better than expected results. the big loser, though, macy's. shares plunged almost 13% after slashing their full-year forecast. so, are consumers still spending, just more deliberately? guy, it seems like that whole tradedown dynamic is still in full effect. >> eit's a thrill to have you here. you've done it once before, i wasn't here. so, this is -- >> this is like a party for me. >> it's great to have you. i think it speaks to finally, i think, target figuring things out a little bit better. oper operationally, they were a disaster for a long time. so, if you look at their inventories, the inventories came down, sales growth wasn't a problem, good for them. with the valuation, you can say, okay, you can understand why i

tim seymour, steve grasso, dan nathan, guy adami, and lori cavalsina. >>> the major averages dropping 2% or more, the nasdaq down 6.4% early in the day. still shed 3.5% at three-month lows. the dow dropping more than 1,000 points. its biggest point drop since september 2022. and the small cap russell 2,000 officially giving back all its gains from the start of that supposed rotation last month. it has been down 3% or more for three days in a row. the first time that's happened since 1987. the volatilitysurging to more than 65. that's the highest it's been since the start of the pandemic. all these moves had an outsized impact on technology. the magnificent seven tumbling, losing a combined $665 billion in market cap today alone. since the nasdaq's record close in july, they have slashed nearly $3 trillion in market cap. the recent selling seems to have been sparked by last week's softer than expected jobs report. but are these concerns overblown? i go to the strategist to set the tone tonight, lori. how do you take this all, in stride, do you stick by your forecast, does anything chan