Fast Money 9/18/25

Summary

CNBC Fast Money – September 18, 2025

Host: Brian Sullivan (Melissa Lee off)
Panelists: Tim Seymour, Dan Nathan, Guy Adami, Laurie Calvin (RBC)
Special Guests: Christina Parson, Frank Holland, Julia Boorstin, Diana Olich, Tom Rogers
Theme: Decoding record market highs, Fed impact, breakout stories in Intel, and navigating the evolving landscape of media and regulation.

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1. Episode Overview

This episode covered a pivotal, risk-on day in markets with all major indices closing at record highs, centered on post-Fed optimism and a rare record in the small-cap Russell 2000. The team debated whether this rally is sustainable, dove into sector-specific drivers, and explored the wider market implications of the Intel/Nvidia partnership, FedEx/Lennar earnings, and media industry shakeups. Notable attention was given to policy tailwinds, valuation concerns, small cap vigor, and the crosswinds rocking big media.

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2. Key Discussion Points & Insights

A. Market Record Highs & Fed Rate Cut Impact

[01:29 - 08:40]

• Day’s Highlights:
  • All four major indices hit record highs.
  • Russell 2000 set its first record close since November 2021.
  • 10-year yield rose to 4.14%, up from sub-4% yesterday.
• Appaloosa's David Tepper's Caution:
  • Cited the market's expensive valuation and moderate incremental impact of further Fed cuts.
  • Guy Adami: “When he’s somewhat cautious, which you really haven’t heard him be over the last decade or so, I think you have to take note.” [04:22]
• Goldilocks vs. Stagflation Light:
  • Tim Seymour: “You’ve got an easy [Fed] position and you’ve got an economy that’s not falling apart. Even if stocks are expensive, you’re buying equities in that environment.” [05:51]
  • Laurie Calvin: Warns market needs “a period of digestion,” raising concern over broadening trades and small cap valuations. [07:03]
• Yield-Stock Divergence:
  • Dan Nathan: Warned that rising yields (if they revisit 4.5%) could slow the S&P's breakneck surge and highlighted rotation out of “Mag 7” stocks. [05:51-07:03]

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B. Debate: Do Small Caps Matter to This Rally?

[08:40 - 10:34]

• Tim Seymour: Downplayed small caps’ significance, calling them “insignificant” to most portfolios. [08:44]
• Panel Pushback:
  • Guy Adami & Melissa Lee: Defended small caps as “the number one barometer...representative of the entire economy.” [10:05]
  • Brian Sullivan: “They’re not the fifth Beatle. They matter and they’re representative of the entire economy, I think.” [10:07]
• Valuation Caution:
  • Laurie noted Russell trading at 16.5x PE, cautioning there's little upside room left. “You might get a couple more weeks...You watch valuations. We’re at 16 and a half times on the Russell PE...not a lot of room.” [09:01]

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C. Breadth of the Rally – Industrial & Financial Leadership

[10:34 - 13:02]

• Brian Sullivan: Marker of broad-based strength—financials, industrials, and regionals joined the rally.
  • “This is a broad-based rally.” [11:12]
• Regionals Lagging:
  • Dan Nathan: Regional banks have not fully confirmed the move; may be the next breakout. [11:12]
• Sector Caution:
  • Melissa Lee: Industrials are “the most expensive sector in the S&P 500 right now…rally led by financials…makes me feel a little bit better." [13:02]

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D. Managing Risks Ahead: Correction Coming?

[13:16-14:40]

• Laurie Calvin: “You do need to pull a little bit of flat froth out of here...might hit a few potholes in here...but I do think we go through some potholes.” [13:16]
• Drawdown Debate:
  • Brian Sullivan: “Would it be that bad if we had a 10% drawdown between now and the end of the year? I don’t think that would be an unhealthy thing for this market.” [14:06]
  • Guy Adami: “It’s great to say it when you’re sitting here in the catbird seat, but when you’re in the midst of one, nobody wants to go through it.” [14:15]

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E. Intel/Nvidia Surprise: Is This a Turning Point for Intel?

[14:58 - 19:54]

• Christina Parson:
  • Nvidia’s $5 billion investment in Intel for joint work on data centers/PCs, not foundry.
  • “This is a vote of confidence in Intel, not necessarily their Foundry business…” [15:21]
  • Highest one-day Intel stock gain since 1987.
• Panel Insight:
  • Dan Nathan: "This is a company [Intel] that's missed every major tech cycle over the last 20 years...” [16:43]
  • Tim Seymour: “Collaboration with Nvidia is good for Intel…but that Taiwan Semi relationship...is tough to knock off.” [18:45]
  • Christina Parson: Noted potential political motivations, with Nvidia gaining US goodwill amid US-China tensions. [19:18]

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F. FedEx Earnings: Guidance and Market Outlook

[21:49 - 23:56]

• Frank Holland:
  • "FedEx previously only offered guidance for the quarter…they gave full year guidance. Revenue outlook much better than expected…EPS…midpoint was below the estimate but obviously the top end was well above." [21:49]
  • Express division beat revenue/margin expectations.
  • Spinoff of FedEx Freight on track for June 2026.
  • UPS’s Mexico deal falls through; shares trading on FedEx sympathy.

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G. Comcast’s Versant Spinoff: Media Industry Reshaped

[24:24 - 26:22]

• Julia Boorstin:
  • Versant to become parent of CNBC, MSNBC.
  • Revenue and operating cash flow declining, but "balance sheet showing strength..." [24:35]
  • Emphasis on flexibility for both organic and inorganic growth.

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H. StubHub IPO Flounders, Ticketing Under Regulatory Fire

[27:50 - 29:28]

• Tim Seymour on StubHub: "Some of this is competitive landscape...Some value in Stub was derived in private markets." [28:26]
• Dan Nathan: “It's literally highway robbery,” on 25% fees in aftermarket ticket sales, with portents of coming regulatory/crackdown risk. [28:57]
• FTC sues Live Nation/Ticketmaster for excessive fees.

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I. CDC Vax Guidance, Live Events, & Fast Money Live

[29:28 - 32:03]

• CDC votes against combo MMR/Varicella shot due to seizure risk in infants. [29:38]
• Fast Money Live trading event plug—broad attendance, audience banter.

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J. Media Regulation & Jimmy Kimmel Suspension

[32:03 - 39:21]

• FCC chairman criticizes Kimmel over misleading statements on a public incident; Trump suggests revoking broadcast licenses.
• Tom Rogers (media exec):
  • Cited key history: “The Fairness Doctrine…was repealed by the FCC. An attempt by Congress to reinstate it, but President Reagan vetoed it...individual words or comments were divorced from the public interest standard.” [33:54]
  • Warns executive pressure on licenses could create chilling effect for shareholder-minded media conglomerates.
  • “President Trump has taken a view that independent regulatory agencies are really part of the executive branch...that sense, certainly, they're capable of doing that.” [38:26]

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K. Earnings Recap: Darden (Olive Garden/Longhorn) and Lennar (Homebuilders)

[41:03 - 44:51]

• Darden Restaurants:
  • Disappointing quarterly results, up on raised full-year revenue guidance.
  • Guy Adami: “Valuation is still compelling...I don’t think you run too far from it despite the Olive Garden…” [41:24]
• Lennar (Homebuilder):
  • Q3 beat on EPS, revenue miss, weak guidance.
  • Chairman Stuart Miller: “We are going to bring down our expectations...it was a rough quarter, no question.” [42:15]
  • Laurie Calvin: “Analyst has been telling people to fade the trade because of affordability concerns. The why behind rates coming down matters.” [43:46]
• Panel agreed: Lower rates alone won't solve housing gridlock.

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3. Notable Quotes & Memorable Moments

• Guy Adami on Tepper’s caution: “[That’s] about as dour as you’re going to hear David Tepper. So when he has that type of tone...I think you have to take note.” [04:22]
• Tim Seymour on Market Mood: “This is Goldilocks. You've got an easy position and you've got an economy that’s not falling apart.” [05:51]
• Brian Sullivan on Market Surprises: “If somebody was surprised that the Fed cut rates by a quarter percent, they should go back to whatever day job they had…” [08:03]
• Melissa Lee on Market Digestion: “We do think we need a period of digestion...the workhorse part of the market is hitting valuation ceilings.” [07:03]
• Christina Parson (on Intel): “This is a vote of confidence in Intel, not necessarily their Foundry business…” [15:21]
• Tom Rogers (on regulation): “Individual words or comments were divorced from the public interest standard. The only comments now that you can really be held liable for as individual comments are the seven dirty words.” [33:54]
• Tim Seymour (on media deals): “Private equity is great at value. I think this deal is going to happen.” [40:13]

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4. Timestamps for Important Segments

• Market Records & Fed Takeaways: 01:29 – 08:40
• Small Cap Debate: 08:40 – 10:34
• Breadth Rally + Sector Rotation: 10:34 – 13:02
• Correction Risks: 13:16 – 14:40
• Intel/Nvidia Collaboration: 14:58 – 19:54
• FedEx Earnings: 21:49 – 23:56
• Comcast/Versant Spinout: 24:24 – 26:22
• StubHub & Ticketmaster Scrutiny: 27:50 – 29:28
• Media Regulation—Kimmel, Trump, FCC: 32:03 – 39:21
• Darden/Lennar Earnings & Housing Outlook: 41:03 – 44:51

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5. Panelists’ Final Trades

[45:11]

• Tim Seymour: Money-center banks like Citibank at highs.
• Laurie Calvin: Financials – better value, benefit from rate cuts.
• Dan Nathan: UPS – down big from highs, argues for a bounce.
• Guy Adami: Not specified, typical banter on show camaraderie.

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6. Summary Tone & Language

True to “Fast Money,” the banter was fast-paced, sometimes sharp, with humor and plainspoken assessments. Panelists maintained a skeptical yet opportunistic lens on recent frothy moves, called out risks, and debated the durability of everything from small cap rallies to media business models. Lively, blunt, and actionable.

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For further details, key news, or revisit of topics, please reference corresponding timestamps above.

Transcript

[Melissa Lee]

What does it mean to live a rich life? It means brave first leaps, tearful goodbyes.

[Brian Sullivan]

And everything in between.

[Melissa Lee]

With over 100 years experience navigating the ups and downs of the market and of life, your Edward Jones financial advisor will be there to help you move ahead with confidence.

[Brian Sullivan]

Because with all you've done to find.

[Melissa Lee]

Your rich, we'll do all we can to help you keep enjoying it. Edward Jones Member, SIPC.

[Dan Nathan]

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[Melissa Lee]

Hi, it's Melissa. Before we jump into today's show, I've got something exciting to share. On December 11, we are hosting a special edition of Fast Money Live Trading the holidays right here at the NASDAQ market site. You get to watch a live taping of Fast Money, meet and interact with the traders and of course, celebrate the holiday season with us. It's stocks and cheers in the heart of the city, Times Square in December. You will not want to miss this. Tickets are available now@cnbc events.com Bassmoney.

[Brian Sullivan]

Live for the NASDAQ market site right here in the heart of New York City's Times Square. This is Fast Money Big show. Here's what's on tap. A day to turnaround stock surging investors digesting yesterday's Fed decision. Small cap Russell 2000 hitting its first record high in nearly four years. What is behind the day after euphoria? More importantly, how long could it last? A late night lowdown. What Jimmy Kimmel suspension may say about the state of Broadway broadcast TV and what it might mean for a multibillion dollar deal in media. Plus, intel soars on a big investment. From Nvidia, we dig in the Latest results from FedEx and home builder Lennar. Cyber surge the headlines. Crowdstrike sent the sector soaring today. Hi, everybody. Melissa Lee is off tonight. I'm Brian Sullivan coming to you live from Studio B at the nasdaq. On your desk, Tim Seymour, Dan Nathan, Gai Adami. And we are very pleased and thank God you're here. Laurie Calvin, head of U.S. equity strategy at RBC. Laurie classing up the joint. All right, we got a lot to do. We're going to start with a slate of all time. Highs on Wall Street. Now the major averages hit record highs. That's happening almost every day. Investors digesting yesterday's Fed rate cut. Earnings still look good, blah, blah, blah. The Nasdaq up about a percent. But it was the small cap Russell 2000 leading the gains. It rose more than two and a half percent. And you may not know this, but the index setting its first record close since November of 2021. Interestingly, though rates actually were up. The benchmark 10 year yield went higher, not lower. In fact, at one point Today it hit 4.14%. Yesterday's very brief drop below 4% seems long forgotten. But Appaloosa Management president and founder David Tepper, also the owner of the Carolina Panthers, urging caution, telling Squawkbox this morning we could all be headed for dangerous territory to go. Too much more on interest rates, depending what happens with the economy. You know, is it gets into the danger territory right now to go another 25 basis points or another 50 basis points, does it really matter? You know, one way or another, it probably keeps the stock market a little buoyant. You know, you have to be careful because we're like you said, where the average stock isn't cheap, the big stocks are not cheap. Guy Adami so I won't use the term basis point except to say that I'm not going to say basis point. Let's talk 1/4%, 1/2%. Is David Tepper correct?

[Guy Adami]

First of all, it's great to have you here. I'm sure Tim greeted you last night.

[Brian Sullivan]

I did, I did.

[Tim Seymour]

But we can do it again.

[Guy Adami]

Well, why not?

[Tim Seymour]

You're back. You should do it. So.

[Guy Adami]

Hello, Brian. Number two, that's about as dour as you're going to hear. David Tepper. So when he has that type of tone, listen, I don't think he's saying you sell everything today or tomorrow. But when he's somewhat cautious, which you really haven't heard him be over the last decade or so, I think you have to take note. And what I think he's speaking to is now the Fed sort of in the rearview mirror. Another couple of cuts are probably not going to move the needle that much. But it's hard finding value right now and the market has gotten itself expensive. So when I listen to him and I hear the tone in his voice, to me it sounds somewhat cautious for the first time in a while.

[Tim Seymour]

Well, he was really balanced and he talked about a lot of things. He even talked about his politics and he said he's right up the Middle. And that's what I heard in terms of his market view and what I hear, what I think are saying what I think the market did today. When you see all four indices close at all time highs, but you've got the high growth, very expensive Nasdaq but maybe you're paid for that growth finishing and then small caps rallying, you've got kind of a barbell strategy. You've got people saying that's a glass half full interpretation of the Fed saying yeah, we're, we're certainly in easing mode. 2, 5, how many cuts but the economy's not falling apart. Jobless claims today, a volatile data point but nonetheless show that jobless claims fell. That gave the market a little more ammunition to say the labor market's not so bad. So my summary on all of this is. Sorry guy, hold your ears. Yeah, this is Goldilocks. You've got an easy position and you've got an economy that's not falling apart. Even if stocks are expensive, you're buying equities in that environment.

[Dan Nathan]

Yeah, I guess you are. Unless like yields start going up. And so when you think about which.

[Brian Sullivan]

They did today, well, they did a.

[Dan Nathan]

Little bit last year at this time, you know, we had that jumbo cut 50 basis points. The 10 year was trading at 3.7% or something like that. Went all the way to 5% or so over the next three to four months. And so you've seen a big divergence over the last couple of months where the S and P has just kind of blown out to new highs and you've seen yields on the ten year go the opposite way. If you start to see yields maybe work their way up to four and a half where they were just, I don't know, two months ago, that might be cause for the s and P500 at least investors to kind of take their foot off the pedal a little bit. And I also say that they'll we see this rotation in the Mag 7. It's, you know, it happened when we saw Google, we saw Amazon, the like. Now you're starting to see these names kind of underperform these moves. Nvidia has never confirmed the new highs in the S and P or the nasdaq. And we're starting to get kind of, I guess, long in the tooth. You know, you take this Nvidia investment I know we're going to talk about later, you know, it feels like we're trying to pull lots of rabbits out of hats. And I'm not saying that is by design. The Sox massively outperforms today for something that is not going to be really relevant to the technology complex for a while. At least six months, maybe a year.

[Melissa Lee]

Yeah, look, our call on the market has been we like stocks into next year on kind of a 12 to 15 month view. We put out a 7100 target earlier this week for the second half of 2026, but we kept our target low for this year. We nudged it up a little bit to 6350, but that's lower than where we are right now. What we're trying to reflect, you know, what the message we're trying to communicate there is we do think we need a period of digestion. We think that this kind of workhorse part of the market is hitting valuation ceilings. And when we look at the broadening trade, you know, I understand people want to get bullish on rate cut bets, but I've been hearing about that for months. And if you look at the small caps, they're not expensive, they've been or they're not cheap, they've been under owned, but the valuations have already crept up.

[Brian Sullivan]

And I don't want to counter sort of the coverage guys, right. Because I think the Fed was a part of this. But let's to your point, I think you're saying if somebody was surprised that the Fed cut rates by a quarter percent, they should go back to whatever day job they had because investing is not for them. I don't know if today, I don't know if today.

[Tim Seymour]

That's hardcore, man.

[Brian Sullivan]

It is, it's brutally honest. That's my middle name, it's actually Thomas. But either way, you see my point, nobody should be surprised. So I just don't know if today was really because of the Fed.

[Melissa Lee]

Right. Well, I go back to what Tim said. You used the word Goldilocks and I think that Goldilocks view, our economists call it stagflation light. But you know, that informs my view view that stocks can move higher into next year, you know, kind of getting past some short term issues. But when people are sort of banking all their hopes and dreams on the broadening trade and the small caps and the riskier stuff, I'm sorry, but Goldilocks is not good enough for those stocks to embark work.

[Brian Sullivan]

Today though, we got the new high for the Russell, first time in three and a half years.

[Tim Seymour]

But as I've said, I know if this is famously or infamously or no one even cares, but I mean who cares about small caps? Like I don't even know why we talk about them so much, they're such an insignificant part of the market. I understand there are stock pickers out there and you're saying I'm not chasing small caps.

[Brian Sullivan]

What about regional?

[Tim Seymour]

I know, you're right. I'm just as mean as you are. Brian.

[Melissa Lee]

2000 companies, hedge fund oriented parts of the business that are looking to make some trades. And you know what we've said to those folks. Sure. Is this could work a little bit more in the shorter term. But if I'm talking to my retail investors who are more long term investors, my small cap PMs who adjust what kind of stocks they own based on kind of the overall health of that asset class, I can't sit here with a straight face and tell them I think we're going to have another year of outperformance. You might get a couple more weeks. You might get a couple more days. You watch valuations. We're at 16 and a half times on the Russell PE last we updated our model. Guess what they topped out last time at 17. Before that 18. There's not a lot of room and.

[Guy Adami]

I think not to push back on Tim, who is basking in the afterglow of a nice victory at Shea today.

[Tim Seymour]

We needed that. But we're not glowing in anything you appear to be.

[Guy Adami]

But what I think committed and loyal.

[Brian Sullivan]

We flushing we're loyal.

[Guy Adami]

People will look at the small caps as sort of some indication that maybe the economy is getting back on somewhat solid footing.

[Brian Sullivan]

Bingo.

[Guy Adami]

Excuse me.

[Brian Sullivan]

That's why we care. Tim was saying nobody cares about small caps. Why we even talk about them.

[Guy Adami]

Why are you yelling? That's why.

[Melissa Lee]

Number one barometer. They're a barometer.

[Brian Sullivan]

Right. They're not the fifth beetle. They matter and they're representative of the entire economy. I think.

[Guy Adami]

I think I sort of said that. I don't know. By the way, why do you have an umbrella? Do you know something that I don't know?

[Brian Sullivan]

I left it here yesterday.

[Guy Adami]

Okay, fair enough.

[Tim Seymour]

Well, they say when cows are lying down in the field, it's going to rain. Yes, I've heard when Brian brings an umbrella to fast money, it's obviously a beautiful day out. Open that up.

[Brian Sullivan]

Go to your point about small caps representing the macro economy.

[Guy Adami]

I think that's it. I think that's what people are looking for, the all clear. If small caps can get through this level that we saw, as you just said, November of 2021, people say, okay, it's mostly regional and small banks, maybe that gives us the all clear. The economy's okay. Fed is cutting but you know, we're on terra firma here and we can continue to be long this market.

[Brian Sullivan]

What was interesting, Dan, about today's market, small caps included, is that. And it wasn't just the Mag 7. Cummins hit a new high. Pentair hit a new high. JP Morgan Chase, Morgan Stanley, Goldman Sachs, American Express. Who am I missing? Corny? Caterpillar. Caterpillar, Caterpillar. This is a broad based rally.

[Dan Nathan]

Maybe you can pull up Caterpillar for a sec. And it was broad. And that if you're in the broadening out trade then you'd like to see this sort of performance. I think most importantly to me was the regional banks out. Like wake me up when they make a new high. They're still up 5, 6% off those 52 week highs. You would have thought, and I think I mentioned this last night, sorry to be a broken record that, you know, all this progress, deregulation, all this stuff coming into the year, you'd think that regionals are acting better now. They're acting pretty well right now and maybe that's the next one to break out. Caterpillar is interesting to me because it's been in this sort of consolidation after this massive run off the April lows. And I don't see any news in Canada, but you guys see any news in Canada? It just there was out. Yeah, no, it was the same thing. So, you know, a lot of traders or investors, whatever, they're looking to rip certain stocks here. And I think that is something that is worth paying attention to. But it also might mean like a last gasp, if you will, of this rally.

[Brian Sullivan]

So Tepper, Laurie Tepper owns the Carolina Panthers and to use a football analogy, you know, sometimes you're a little bit tired. They put the smelling salts under the guys. It kind of perks them back up. He said in that soundbite maybe 25 or 50 basis points. I said it. I know doesn't matter that much whether you get one or the other. But I think he said it might keep the market buoyant. It doesn't hurt the market buoyant.

[Melissa Lee]

No, it doesn't hurt the market. But I mean going back to your comment earlier, I've been hearing about cuts, may cuts are coming, cuts are coming. Capex is coming. You know, people have been trying to play this rebound for a long time and that's what's gotten us to this point. It's not like we just woke up and said, oh my gosh, the Fed cut, we weren't looking for this. And you know, if we sort of look at the sector action, you know, I appreciate that people think industrials, you know, are cyclical and benefit from rate cuts. And I'm certainly not disagreeing from a fundamental perspective, but industrials are the most expensive sector in the s and P500 right now. A rally led by something like financials, you know, that's, that makes me feel a little bit better because even in the big caps, you do still have some relative valuation.

[Tim Seymour]

Lori's bringing the heat, by the way.

[Brian Sullivan]

I love it. She's had her on.

[Tim Seymour]

She's like, I'm not buying this rally at all. I mean, I.

[Brian Sullivan]

But you do have a 70. I want to repeat what you said earlier. You have a 77,100 target on S and P next year. So you remain optimistic.

[Melissa Lee]

So, you know, we have this four tiers of fear framework. Right. Which we, we kind of formalized earlier this year. It's how we think about drawdowns. And we had a tier 2 one in April. Right. It's a growth scare, 15 to 20%. I'm not looking for that kind of drawdown this time around. Garden variety tier one, 5 to 10%, that feels like that's enough. You know, maybe not even 10%, frankly. Right. But you do need to pull a little bit of flat froth out of here. And I think the other issue frankly is we've got all these uncertainties now around the labor market. Obviously we had a good data point today, but that's something new that really was not being contemplated. So we think, you know, you might hit a few potholes in here that aren't really being anticipated. I think the path ultimately is higher, but I do think we go through some potholes.

[Brian Sullivan]

And I don't, and I don't know, Guy Domi, if it wouldn't, I'm going to say something a lot of people won't like would it for like the fourth time.

[Tim Seymour]

That's why this is what you do.

[Brian Sullivan]

This is what I do. Okay. Would it be that bad if we had a 10% drawdown between now and the end of the year? I don't think that would be an unhealthy thing for this market.

[Guy Adami]

So it's funny you say that. So it's easy to say that at all time highs, but then we're in the midst of one. It's always for reasons you never saw coming, they always feel scarier than you thought they would feel. So I think just in terms of the overbought conditions on just about every metric. That would make a lot of sense. And it's great to say it when you're sitting here in the catbird seat, but when you're in the midst of one, nobody wants to go through it. What is. What do you mean? What does that mean?

[Brian Sullivan]

I just never knew what that term meant.

[Guy Adami]

Shakespeare, by the way. Remember the movie War games?

[Brian Sullivan]

Yeah.

[Guy Adami]

DEF CON 1 2. That's what she's. She was channeling her inner War Games. I like that thing.

[Brian Sullivan]

I like that.

[Tim Seymour]

I'm not. I'm being told by the producers not to talk about War Games, so I'm no whoppers. I promise I won't War.

[Brian Sullivan]

Anyway, Christina Parsonevilis is here because guess what else happened today? Intel popped in a big way. One of the best days intel investors have ever had. By the way, that says a lot. Nvidia is investing $5 billion, part of a partnership to develop data centers and PC chips. We had a massive gain. Christina, I know you've been on a lot all day. We appreciate you staying late. What's kind of the main takeaway here on this story?

[Christina Parson]

It's a vote of confidence in intel, not necessarily their Foundry business, because that was completely missing from the press release, missing from the press conference with the CEO and Lip Bhutan CEO, I should say Nvidia. They spoke about the integration of data centers and the PC market. So that's two great things that intel and Nvidia will be working on and why you saw a negative reaction in aam, in AMD as well. Even though AMD said essentially that they're not worried. They put out a little statement afterwards. I think it was telling that the White House wasn't on the press release either, but they got in about a month ago. They bought 433 shares of intel at $20.47. So that's almost 50% upside right now. Not a bad. Yeah, good fast money, good trade. But to your point, your conversation you were just discussing before about froth in the market. Look at the increase in the price for Intel. Is it warranted when there's a lack of timeline? We don't have specifics on the products. Exactly. The Foundry business, which needs the most help, is not being mentioned in here. And then you're seeing, you know, quantum names, other, I don't want to say meme type names really rallying today. So perhaps that added to that massive stock bump, which we can say has been the highest since 1987 for Intel.

[Brian Sullivan]

And you know what? A very, very smart, with the smartest AUDIENCE on television we do. Nathan. We had somebody point out to me today and said this reminds them of when Microsoft invested in Apple.

[Dan Nathan]

Yeah.

[Brian Sullivan]

Back in 1997.

[Dan Nathan]

But it's a very different situation here. Right. And so when you think about, I think, you know, Christine, just like if they're not using their foundries, like this is a company that's missed every major tech cycle over the last 20 years or so. And so when you think about in video, $4.3 trillion market cap company, you know, what are they going to do $200 billion in sales there' that these guys could do together. That actually helps in video. So you think about what happened here. The White House says hey listen, we.

[Brian Sullivan]

Need a little bump.

[Dan Nathan]

We ran ahead of this thing. You know what I mean? And you know what I mean? Like it's just not.

[Tim Seymour]

But doesn't this deal make on some level more sense for Nvidia than it does for Intel? Because it gives them expanded, you know, from, from discrete GPUs to the integrated and something that they've got more addressable market. And so yeah, to that point in.

[Christina Parson]

The collaboration, especially with everything going to be on on location.

[Brian Sullivan]

Right.

[Christina Parson]

Your phones, Qualcomm will argue not that every all is going to be on your phone on PCs. And so this is an opportunity with intel having 70% of the PC market and they're already, you know, the x86 architecture and stuff, they're fully integrated everywhere. Why not have Nvidia join forces, stick their GPUs and they're calling it technical system on a chip and just creating that. So here's Nvidia tapping into Intel's market, which they still are very relevant despite the hate and people may not trade intel and don't like it, etc.

[Brian Sullivan]

Stock boom today, guy. Best day as you can see on the screen, 1987. But is this a long term intel buy?

[Guy Adami]

I don't know long term. If you're a fan of the show, which the smart audience you spoke of earlier, hopefully they are.

[Brian Sullivan]

It's the art of the Dell.

[Guy Adami]

We've been collectively talking about how this set up Homeland Security, play whatever you want to call it and that the logical place for intel to go, albeit I had no idea that we don't think any of us thought Nvidia would make an investment, but would be this 32 and a half, 33 level which is where we broke down from in July of last year. It made it there today on north of half a million shares, which is more than five times normal. Volume. So I don't think today is the day to go pouring into Intel. I think today is we taking some money off the table.

[Tim Seymour]

I agree with that. I think that ultimately collaboration with Nvidia is good for it for Intel. And I do think that right now that Taiwan semi relationship, that Nvidia, I mean, it's going to be tough to knock that off. I also think the other things that sold off today, that's an opportunity because it's not something I would be worried about with arm. It's not something I would be worried about with some of the other peripheral players.

[Brian Sullivan]

But you know what, it does, I think and we'll have to go. But Christine, it gives Nvidia a lot of political cover. I'm not saying they need it. I'm not saying they're ever going to need it. But if anybody politically ever came after, they could say, oh, look what we did, we invested a bunch of money in Intel.

[Diana Olich]

Yeah.

[Christina Parson]

And they're not going to agree with you on that. But of course, think of the timing. Right now they're used as a bargaining chip between the United States and China. So here, let's invest on American soil, just what President Trump in the White House wants. I'm not going to finish the sentence. Let our audience are smart audience once again.

[Tim Seymour]

No, it's good we point that out.

[Christina Parson]

Because we know mid sentence the implication is there that Nvidia is used as a bargaining chip. President Trump and Xi Jinping still have to discuss matters. Nvidia is being blocked in terms of all of their advanced chips. So here's an opportunity for the United States to really push Nvidia forward. I'm being told to stop talking.

[Brian Sullivan]

There you go. Christina Parson. Elvis, we appreciate it. Thank you very much. Coming up, the results. Moving FedEx and homebuilder Lennar. And another shake up in late night. The potential ripple effect for Jimmy Kimmel is taken off the air indefinitely. Don't go anywhere. Fast money back at 2. You can't count on much these days. No way. Jim.

[Guy Adami]

This is incredible.

[Brian Sullivan]

But you can always count on Sundays with the NFL on C and Paramount. Plus, here we go.

[Guy Adami]

This time for real.

[Brian Sullivan]

Watch your local NFL game live every Sunday all the way through the AFC championship game. And he's in for a touchdown. Visit paramountplus.com NFL to get started today and count on Sundays with the NFL on CBS and Paramount. Plus, the scariest sound to hear in a factory floor is silence. That means something somewhere broke. And now you're paying the team to wait. Maintain X is the asset and maintenance management app that brings your unplanned downtime to zero. Maintain X helps you build preventative maintenance schedules and manage work orders in real time. Try for [e-mail] that's maintain in the letter. X.com Smarter by CNBC Make It Career and income boosting online courses to help you be smarter and more successful. Get the new his course now. How to start a business? Go to CNBC make it.com/courses special offer end September 30th all right, we've got an earnings alert on FedEx. Shares are moving higher, up about 6% right now. Earnings and revenues topping Wall street expectations. The conference call just minutes away. Let's get out of Frank Collin with the latest on FedEx.

[Frank Holland]

Frank hey there Brian. You know the story of this report. It's really the guidance. So FedEx previously only offered guidance for the quarter. They just reported they gave full year guidance. Revenue outlook much better than expected. Came in at 4.4 to 6% compared to the estimate of 1.2%. So blowout outlook, the EPS outlook, that was a bit of a different story. Very wide range from 1720 to $19 a share and the midpoint was below the estimate but obviously the top end was well above. Another metric that investors and analysts I spoke with were watching very closely was the margin for Express where the majority of the revenue for this company is generated. Demand for air freight and also the rates for air freight were both expected to be just a bit soft because of the end of the de minimis exemption that allows small value items to be imported without tariffs. But Express beaten both revenue and margin with actual margin expansion 6% this quarter compared to 5.4% a year ago. The company also said its plan to spin off its freight business. FedEx Freight is still on schedule for June of 2026. Now that business, it missed on revenue and margin, but investors you can see clearly focused on the very strong outlook. Back over to you.

[Brian Sullivan]

Yeah, Frank, by the way, can I just give you a shout out? Frank, you're doing 10 the hard way. Five and five and I know. So you've done it a million times.

[Frank Holland]

We've done it together. A million.

[Brian Sullivan]

By the way, can you give us a preview of WEX tomorrow morning?

[Frank Holland]

Can I give you a pre. Come on, Brian, a preview. What I can tell you about UPS shares are higher traded in sympathy with FedEx. However, they just announced that their acquisition of Arafetta. This is a Mexican parcel delivery company. It's not going to go through. They announced it in June of 2024. That's not going to go through. That was actually a near shoring play down in Mexico for ups. So announcing that's not going to work out. Perhaps a reason for the stock just to trade just a bit lower. But obviously trading on sympathy with FedEx in a positive way. Sometimes we say in sympathy, it's a negative thing. So a lot of developments in the parcel space. The real question is with rate cuts, what is that going to mean for both of these businesses specifically when it comes to B2B revenues, higher margin, B2B revenue, specifically in manufacturing, is this one rate cut going to spark a manufacturing resurgence? Does it? Do we need a couple? I think that's the question for both of these companies.

[Brian Sullivan]

There we go. We got a preview. Worldwide Exchange tomorrow morning. 5 and Frank, Frank Holland, thank you very much. Tim Seymour.

[Tim Seymour]

Well, Frank, as he often does, he nailed it. The trades, ups and ups, which is in a major underperformer even relative to FedEx. And when you hear about some of these trends and granted ups a year ago all we could do is talk about how FedEx was stepping all over themselves and UPS. It was really about a year and a half ago where they were really that much better. On a relative value, it's completely reversed. But listening to those macro trailwinds, tailwinds, listening to what's going on with the US business and the strength they're offsetting international ups.

[Brian Sullivan]

All right guys, thank you. We've got a news alert on Comcast spin off Versant, which will be our parent company. The news is breaking. Julia Borsten has the details. Julia?

[Julia Boorstin]

Brian, that's right. SEC filing here. Comcast spin off Versant will be listed on the NASDAQ under the ticker VS and T. The company saying in the SEC filing we are well capitalized business bolstered by multiple revenue streams, significant operating cash flows and a robust balance sheet. Our cash flow profile and ample liquidity will afford a significant optionality in investing across our business, whether through organic or inorganic growth strategies. Following the separation, we expect to have the capacity to return capital to shareholders. Now digging into the numbers here, the company's revenue has been in Decline. Revenue was 7.8 billion in 2022. In 2023 declined to 7.45 billion and then declined to 7 billion in 2024. In the first six months of this year, revenue for the company was 3.4 billion. Looking at the at the net cash provided by operating activities, that number has also been in decline. It was 2.5 billion in 2022, declining to 2.4 billion 2023 and then 2.2 billion in 2024 and then again declining to 1.1 billion in the first half of this year. But the balance sheet again showing strength, which is what was flagged earlier. Total equity staying Fairly steady between 2025 and 2024. Now total equity of about 10.6 billion, down from 10.9 billion in 2024 and then adjusted EBITDA in the year ended December 31st of last year it was 2.8 billion. First six months of this year, 1.4 billion. I'm sure we'll continue to dig into these numbers of our parent company Versant. Back over to you, Brian.

[Brian Sullivan]

All right, Julia Boorstin with some breaking news there on what will be our parent company and a disclosure. Comcast is the parent company of NBCUniversal, which owns CNBC. Versant will become the new parent company of CNBC, MSNBC and others. On the plan, spin off of Verse. There you go. All right. Coming up, we've got more after hours action. We are still waiting on homebuilder Lennar's latest earnings report numbers. We get them, you'll get them watching Fast Money live at the nasdaq. Right. Smarter by cnbc. Make it career and income boosting online courses to help you be smarter and more successful. Get the newest course now, how to start a business. Go to CNBCMakeIt.com courses. Special offer ends September 30th. All right. Welcome back to Fast Money. Stocks today jumping across the board, investors digesting yesterday's rate cut. But there's other stuff out there as well. The Dow, the sb, NASDAQ and Russell all closing at record highs. Small cap index hitting its first Intraday record since November and its first record close since 2021. Laurie, people care a lot about the small caps. The crypto trade also higher today. Coinbase up 7 bitcoin 7%. Bitcoin trading around $117,000. Other cryptocurrencies higher as well. But the rally did not extend to the recent IPO of StubHub, which fell for a second day in a row. The online ticket seller down 6% in its market debut, down another 7% today and not in that news. Tim Seymour, I know you're a music guy, wife's in the business. Is that the FTC sued Live Nation over Ticketmaster, alleging basically too many fees. It's an allegiance, but I wonder if it did hurt.

[Tim Seymour]

Stubborn, but how many times have we. Yeah, well, I don't know I think some of this is a competitive landscape. Some of this is actually that. I think some of the. Some of the value in Stubb was derived in the private markets. You know, I think what's going on in the concert business is what's going on in the sports business means that Stub and their bid ask and where they're pulling commissions on every trade. It's a great business. It's a high margin business. I wouldn't be running out the window here.

[Dan Nathan]

If they're coming after Ticketmaster, going to come after StubHub, they're like 25% big on each side of these.

[Tim Seymour]

That's what I mean.

[Dan Nathan]

Literally is one of the last places in our capitalistic sort of thing where you have those sorts of fees. And I think folks like us who go to a lot of shows, I mean, you buy them in the secondary. It literally is highway robbery.

[Brian Sullivan]

Yeah, I think that was kind of the point. StubHub, the bankers had no way of knowing this lawsuit was coming. They list literally the day before they get whacked with a law, their main competitor gets hit with the law.

[Dan Nathan]

Seats is down 65%. If they can pull up that one, it comes out seat. Yeah.

[Brian Sullivan]

All right, we got a news guys about to jump in. Got a news alert out of the CDC with some new recommendations on vaccines. Angelica Peebles has that.

[Melissa Lee]

Hey, Brian. Well, the CDC's Advisory Committee on immunization practices just now voting to not recommend a combination shot of measles, mumps, rubella, and varicella for infants. So they're now saying that you should separate those vaccines. So MMR and then varicella separately, those separate vaccines are already available. In fact, earlier today, we heard that only about 15% of people in the US are actually using that combination shot. But now they're actually recommending that you shouldn't use that at all because there is a slightly higher risk of febrile seizures. And this is one of the two, actually one of the three big updates that we are expecting from this committee as they go and review some of those vaccine recommendations that they have. So we'll have more votes tomorrow and we'll be back with any updates on that, guys.

[Brian Sullivan]

Okay, Angelica, thank you. By the way, quick programming. How excited are you guys? Fast Money Live is coming back. This one is a special Trading the holidays Live event. Guy Dami, I know you haven't heard about it, but it's happening right here at the NASDAQ.

[Guy Adami]

December 11th.

[Brian Sullivan]

December, how'd you know? December 11th. Check this out. We got folks Joining from all over the country right now. All over the world. All over the world. Tickets have been sold.

[Tim Seymour]

Come from the land down under, 22 states. Yeah.

[Brian Sullivan]

An Alaskan or Alaskans are on their way.

[Tim Seymour]

A state.

[Brian Sullivan]

By the way, the event. Yes, it is a different place, by the way. It was just there. Met a bunch of fans of cnbc. Also have fans coming from someplace called Kanata.

[Tim Seymour]

Looking at me.

[Brian Sullivan]

Canada, France and now even Switzerland. I'm told those people are very neutral. They're not right down the middle.

[Tim Seymour]

There's no political bent as we are.

[Brian Sullivan]

Tickets, by the way, they're going fast. So if you want to come see Dan Nathan, I'm not invited. I got to buy a ticket. Scan the QR code on your screen. Head to CNBC events.com fast money to get your tickets. It's New York during the holidays. You get to meet all the stars of fast money like Melissa Lee, Dan Nathan, some others. That is December 11th.

[Guy Adami]

Can I say something? I think you are always invited to these. What are you laughing at?

[Brian Sullivan]

Thank you. Can we put that.

[Guy Adami]

No, this is an odd map. Can we put the map app on? Sorry, Sandy or the crack staff. And east coming up, we're missing a couple states. Like if you're from Louisiana, what are you doing? Yeah, like you want to color that in. Like this is like a, you know.

[Tim Seymour]

That'S a great point.

[Brian Sullivan]

You know who might live there? Leonard Skinner. Coming up, the fallout from Jimmy Kimmel suspension and the potential ripple impacts across all of media. CBC creator Tom Rogers, your guest coming up. All right. President Trump telling reporters today that he would consider revoking the licenses of broadcast TV networks that are, quote, against him. Comes after Disney owned ABC pulled Jimmy Kimmel live off the air indefinitely. Could come back, we don't know. Happened yesterday after complaints about the late night host comments around the murder of conservative activist Charlie Kirk. FCC chairman Brendan Clark was on squawk on the street today and here's why. He thinks Kimmel crossed a line. The issue that arose here where lots and lots of people were upset was not a joke. It was not, you know, making fun or pillaring me or the administration or the president. It was appearing to directly mislead the American public about a significant fact of probably one of the most significant political events we've had in a long time for the most significant political assassination we've seen in a long time. And so I think that's categorically different. Let's bring in now media executive Tom Rogers for reaction. CNBC contributor. He is a senior Advisor to Versant, which as we noted will soon become CNBC's and others parent company. Tom, welcome. Listen, you've been on Capitol Hill during times of regulatory changes and during your pre interview because we call a lot of guests and sort of get their views. You took issue with that interpretation or his interpretation of the public interest standard. What is it? What does that mean? What does it mean to you?

[Tom Rogers]

Well, Brian, first let me say that my views are my views and expressly not those of Versant. I do have a clear view of the public interest standard because I happen to be on Capitol Hill as counsel to the Telecommunications Committee when much of the public interest standard issues were debated. And what ended up happening was the Fairness Doctrine, which required broadcasters to air both sides of controversial issues was repealed by the fcc. It was an attempt by Congress to reinstate it, but President Reagan vetoed it. And local broadcast stations affiliated with local with networks throughout the country were the ones most active trying to get rid of that rule. And then later the derivative rules, the so called personal attack rules, which if a group or person was attacked in a wrongful way, gave a right to have airtime to respond, and the so called political editorial rules, all those were repealed. And it was very much a function of not holding any one set of comments as potentially creating violations of the public interest standard. Because if you violate that public interest standard, it can lead to license revocation, which is capital punishment for local stations. And so really individual words or comments were divorced from the public interest standard. The only comments now that you can really be held liable for as individual comments are the seven dirty words. Of course, Dan and Tim and Guy have never ever voiced those words, not.

[Brian Sullivan]

Even in their, not even in their personal lives. But let me ask you this and again, you can choose to answer or not. I understand you're a senior advisor to Versant, Jimmy Kimmel. People are coming out on all sides. Some are saying it's because of the nexstar Tegna deal. Nextar is trying to buy Tegna. People have never heard of them. They own 200 plus local TV, a lot of local TV stations, ABC affiliates included. Some people say this is about that. Others say this might be because the decline of late night tv. I think Greg Gutfeld actually has the highest ratings of anybody, to be perfectly blunt. Tom, what do you think the. Or maybe this is about what he said about Charlie Kirk. What do you think?

[Tom Rogers]

Well, first, my personal view is that Charlie Kirk stood for open debate, no matter how distasteful views were on either side. And I Think in the name of Charlie Kirk trying to silence voices is not necessarily what he and his cause stood for. But that aside, there's nothing new about FCC chairman taking issue with content that are aired by networks that's been going on for a long time. From children's television issues on, it is somewhat new to say that individual comments rise to the level of license revocation. And that seemed to be where this was possibly going. And transfer of license or renewal of license are huge issues. And if you're a CEO of a public company trying to grow your public company and you need to merge to create growth and synergies and the first people that have to pass on license transfers say that they're going to take a look at your license if you continue to air a program that's going to cause some people, I think, to say, geez, we have to purchase shareholder value here and make sure we don't end up in a license reputation proceeding.

[Brian Sullivan]

And we'll take quickly take it back to stocks. Fast money got Paramount, Skydance owning cbs. Obviously Warner Brothers Discovery might be in play. That according to reports you got Disney owning abc. Would a president or the head even of the FCC have the actual ability to revoke a license?

[Tom Rogers]

Well, the commission has the ability to revoke a license. They have to do it. It's as I said, capital punishment for a station. And the question whether something like this rises to a level that would qualify as a violation of the public interest standard that would enable that to be upheld by the courts. But President Trump has taken a view that independent regulatory agencies are really part of the executive branch and commission or serve at his pleasure. Supreme Court still has to decide that issue, but in that sense, certainly they're capable of, of doing that.

[Brian Sullivan]

Tom Rogers, senior advisor to our soon to be parent company Versant, founder of this very fine network and all around good guy. Tom, we appreciate you coming on. Thank you very much.

[Tom Rogers]

Thanks for having me. Don't let Dan and company know what those seven dirty words are. Don't want them using.

[Brian Sullivan]

I'll tell them after the show when I'm off a mic. So it's, it's all Tom, don't worry about it. It's all good. Politics aside, guys. So any trade here?

[Tim Seymour]

Yeah, let me jump in on the Paramount, Skydance, Warner Brothers dynamic. I mean, what I think that that deal shows is that private equity has been looking at a new world order where you're not saddled necessarily. And in some cases we don't know what the end structure would be with. We don't even know for Warner Brothers is totally in play to Paramount's guidance. But debt. What we do know is that if you separate clean companies from companies that are laden with debt with, with failing businesses, you have a lot of opportunity. I think the, the intrinsic value in a lot of cable assets and even just assets in traditional TV are undervalued. Private equity is great at value. I think this deal is going to happen.

[Brian Sullivan]

All right. Thank you, Tim. Coming up when you're here, you're dropping by. Shares of Olive Garden parent company Darden are getting treated like, well, maybe a member of Guy Adami's family. We're back in two. All right. Welcome back to Fast Money. Got a bit of a buzz kill now on Darden restaurants and of course the parent company of Longhorn Steakhouse, Olive Garden and other American chains. The stock is down about seven and a half percent. Disappointing quarterly results. Company missing earnings estimates. But it did rain. Did raise Guy its full year revenue guidance stock still up 3%.

[Guy Adami]

Yeah. Reaffirm.

[Tim Seymour]

You love Long.

[Guy Adami]

Of course I do. Why wouldn't I? You said mean. You say that you're trying to be derogatory.

[Tom Rogers]

Yes.

[Guy Adami]

Might be going there later tonight. Wisenheimer trip to Longhorn. Maybe some of the Met fans will be there. I'll say this. You're putting up. Sorry. People don't know what I'm. You're making hand gestures at me.

[Brian Sullivan]

They can't make a hand gesture.

[Guy Adami]

I'm wondering. I'll say this. The full year guidance disappointed people. The stock made an all time high in June. Valuation is still compelling. I think. I don't think you run too far from it. Despite the Olive Garden, which I haven't been doing quite some time, by the way.

[Brian Sullivan]

The one right here. Right here. There's an Olive Garden right in the middle of Times Square. Packed. Come to New York. Go to all after the show coming up. Let's do it. We're bringing you all the details out of Lennar, the homebuilders earnings report. What it might mean for the housing market for the housing trade. Stocks down about 4 1/2 percent. We're back right after this. Got an earnings alert on Lennar. The stock is down about about 2%. Third quarter numbers coming out. Diana Olich has more. Diana.

[Diana Olich]

That's right. Mixed results for Elenar. It was Q in Q3. It's reporting EPS of $2.29 a share versus estimates of $2.10. That's a beat. But revenue of 8.8 billion versus estimates of 8.99 billion deliveries of 21,584 homes. That's light new orders of 23,004 homes, a bit stronger than estimates were. Now, home building gross margin came in at 17.5% versus estimates of 17 point. Delivery guidance was weak. Now, I just got off the phone with Lennar's chairman, Stuart Miller. He said they do need to shrink their margins and he said that before in order to get homes to an affordable level. And he noted that his trades are working with him to do that. He also said they are not seeing any major impact from tariffs, but he says they need to shrink those margins because that's where they're going to get people in. He also said, and this is a quote, as we look ahead to the fourth quarter, we are going to bring down our expectations and guidance relative to deliveries in the fourth quarter. And this is simply us feeling that it's an opportune time given the fact that in the third quarter was another tough quarter. Interest rates have trended down as we came to the end of the quarter and into the now fourth quarter. And yes, they trended back up today. But he said, I think there is a little bit of optimism that we're closer to six than we are to seven on the mortgage rate and that should give a little bit of space for the buyer to transact. So there was a lot in the report, Brian, but you know, he said it was a rough quarter, no question.

[Brian Sullivan]

Diana, thank you very much. Lori, thoughts on Lennar home builders housing in general?

[Melissa Lee]

Yeah, it kind of goes back to the conversation we had on small caps earlier. The same crowd that's been asking me about small caps on rate cut bets has been asking me about home builders in the next sentence. And so when I've called up Mike Dahl, my home building analyst, who I've known since the gfc, he basically has been telling people to fade the trade because of affordability concerns. The why behind rates coming down matters. And, you know, he's sort of been saying the same thing on homebuilders that I've been saying on small caps.

[Brian Sullivan]

I love his research. Dahl's house, I believe the name of the report. Stan Nathan, well, star of Fast Money.

[Dan Nathan]

Have they been buying down rates, you know, for the last year or so? So, like, if you get a quarter point, you've seen mortgage rates come down dramatically already. I'm not sure that's going to do a whole heck of a lot to unlock this, this housing market.

[Guy Adami]

If you go back last year in September, the homebuilding stocks all of them topped out right around the time the Fed cut rates. Rates sold off into April. They've all rallied into this rate cut. I think you're going to see a replay of last year.

[Brian Sullivan]

Also, Guy Dami bonds bond yields rose today. They didn't fall.

[Guy Adami]

We talked about that earlier in the show. Where were you?

[Brian Sullivan]

I was here. But it's for people who might, you know, being people on the radio.

[Guy Adami]

They're waking up you folks on the radio.

[Brian Sullivan]

All right, coming up next, your final trades maybe ever. All right, final trade time. Tim C. Won't kick it off.

[Tim Seymour]

First of all, great having Laurie here. Brian, great having you here. We, you know, Guy didn't say enough at the top of this show. Citibank, MoneyCenter, banks, all time highs.

[Brian Sullivan]

And Lori, thank you for being here.

[Melissa Lee]

Thank you guys for having me. I'll go with financials, a more reasonably valued rate cut.

[Brian Sullivan]

Beneficial.

[Melissa Lee]

Yeah.

[Dan Nathan]

UPS Tim, you laid out like a nice little bull case for something that's down 33% of the year, down 65% from its five year highs. UPS.

[Guy Adami]

Hi, Brian.

[Brian Sullivan]

Guy down there.

[Guy Adami]

We have a little bit of time.

[Tim Seymour]

Yeah.

[Guy Adami]

You know, Lori said in the break that she really loves doing this. She enjoys it a great deal, more so than the other shows she does from time to time.

[Tim Seymour]

We hear that a lot here.

[Brian Sullivan]

Definitely one of the top shows on the network 100.

[Melissa Lee]

I did not say that.

[Brian Sullivan]

MP MPC to Mad Money, which starts right now.

[Melissa Lee]

All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC, NBCUniversal, their parent company or affiliates, and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the Fast Money participants consider reliable. But neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Fast Money disclaimer, please visit cnbc.com fastmoneydisclaimer Smarter by CNBC.

[Brian Sullivan]

Make It Career and income boosting online courses to help you be smarter and more successful. Get the newest course now. How to start a business, go to CNBCMakeIt.com courses special offer ends September 30th.