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Looking Ahead To Fed Decision; Waystar CEO on AI in Health Care 9/15/25
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- [00:03]
Melissa Lee
At.
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Karen Fireman
Janice Henderson Investors we believe working together is the way to work better. Like combining your portfolio plans and our in depth strategy, your valued assets and our valuable insights, your vision and our mission working in harmony to seek the right investment opportunities. Janice Henderson Investors Investing in a brighter future together.
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Tim Seymour
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- [01:01]
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 at CNBCEvents.com fastmoney live from the NASDAQ marketsite in the heart of New York City's Times Square, this is FAST money. Here's what's on tap tonight, a China boom, Beijing's tech stocks jumping today as President Trump reportedly gets ready to meet with Xi Jinping, what it means for trade between the two nations and investing in emerging markets. And the newest member of the $3 trillion club, how Alphabet got back on top in the air race and where the stock goes from here. Plus, Tesla keeps rolling after a big buy from the CEO. Is it time to sell Citi as a stock at 17 highs? And Novo gets a nod. The data that has the weight loss drug maker higher today. I'm Melissa Lee, come to you live from studio Be at the nasdaq. On the desk tonight, Tim Seymour, Karen Fireman, Steve Grasso. And look who's back, Guy Adami. And we start off with another round of records on Wall street as US And China trade talks reclaim the spotlight. The Nasdaq and S and P both setting intraday highs while the dow gained nearly 50 points. Chinese stocks higher with the tech heavy K Web ETF at nearly 4 year highs. Large cap stocks in Beijing also seeing gains early today. Treasury Secretary Scott Bessen said the Trump administration had reached a framework deal on TikTok. All this amid reports the president will meet with his Chinese counterpart at a summit on Friday for The very latest. Let's bring in CNBC's Eamon Javors who is at the White House.
- [02:45]
Eamon Javers
Heyman hey there Melissa. Officials here have not provided any new details throughout the day of what they're calling this framework of a deal. So we don't know yet who the buyer is going to be, how much the buyer will pay or exactly what the assets are that are going to apparently be sold here. Treasury Secretary Scott Bessant, as you point out, said this morning in Spain that more details won't be available until later this week.
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Guy Adami
I think the framework is for it to switch to US Controlled ownership.
- [03:17]
Tim Seymour
But again, I'm not going to get.
- [03:19]
Guy Adami
Ahead of the leaders call on Friday.
- [03:21]
Tim Seymour
We have a framework. They'll have to confirm the deal.
- [03:26]
Eamon Javers
Now the Chinese side put out a statement on Monday confirming the idea of a framework and also suggesting there may be more in play here than just TikTok itself writing that the two sides reached a basic framework consensus on properly resolving TikTok related issues through cooperative means, reducing investment barriers and promoting relevant economic and trade cooperation. So a key question here is whether the Chinese side will allow the sale of the actual tick tock algorithm or if the US Buyers will be expected to produce their own version of it. All of this seems positioned to clear the decks for the possibility of an in person meeting between Presidents Trump and XI somewhere in Asia sometime this fall. Melissa and you heard the Treasury Secretary there reference it. They are talking about a call between the two leaders as soon as Friday and that might be the final agreement and we might get more details on this tick tock deal of which we only have a framework for now.
- [04:23]
Melissa Lee
Back of you call me a skeptic, Amy, but it doesn't sound like they've agreed to all that much. I mean if if at issue is still whether or not they're going to allow for the sale of the algorithm, that seems like a big potential stumbling block that they hadn't agreed to in the past. And the vice commerce minister also said today in Madrid that they will agree to the idea of a framework but they will not sacrifice their principles.
- [04:45]
Eamon Javers
Yeah, there was some pretty tough rhetoric from the Chinese side today. And I think Melissa, either there's two possibilities here, either there's a deal and it's just waiting to be blessed by the two leaders in this call on Friday and that's as soon as they can have the call, or there's not really a deal, there's an agreement to kind of generally pursue a deal and they'll see if they can finalize it on Friday. We just don't know which one it is. Officials here at the White House not giving any answers to my questions today on exactly what's been agreed to, exactly what the sales price will be, who the buyers are, any of the, the basic parameters of any deal.
- [05:17]
Melissa Lee
But the US Side has clearly said that there, that there is a call scheduled. I only ask this because Eunice Yun in the last hour said there is no reporting on the Chinese side of any sort of conversation scheduled for Friday.
- [05:28]
Eamon Javers
Yeah, I mean, you heard it there from the Treasury Secretary in that sound bite that we just played. He's referencing a call between the two leaders. I talked to some officials here today who say, you know, they're not going to be able to read out any details at all on this framework until perhaps later in the week. So it's all pointing toward the end of the week, Friday, as the day where we might see that call between those two leaders. These things can be moved around. They can be scheduled at late notice. So it does seem like there's something on the books for Friday. But whether that happens or not, you know, we'll just have to follow the bouncing ball.
- [05:59]
Melissa Lee
Yep. And so it bounces. Eamon, thank you so much. Eamon Javers at the White House. Well, whether or not there is the idea of a framework, a framework, something agreed upon, not agreed upon, it's better than both sides walking away with nothing. Tim. I mean, I mean, it does sort of pave the way at least for the possibility that there could be a conversation on Friday, which is a good.
- [06:18]
Tim Seymour
And President Trump is speaking in glowing terms about their relationship. I think there was three exclamation points after he talked about that relationship. And it's like framework for a deal. That's great. Chinese, you made a great point. They're not going to sacrifice their, their core principles. You know, what's a bit ironic here is where are the core principles? We talk about state ownership of a company, and that's something that we, we kind of want to have here. And so we'll see. I think ultimately it has set the backstage for two things that are driving outperformance for emerging markets and for China Tech, which include the Fed. Let's not forget what's going on this week. You know, an easier backdrop for US Interest rates in a world where growth doesn't fall apart is great for em. A weaker dollar is great for em. And then you have a dynamic with China Tech. We've been, we've been getting great numbers. We've been getting and again people been able to drill into the fundamentals around Alibaba which include Ali Cloud, which includes some of the other drivers. Tencent. You know these are stories. I mean I'm long Alibaba, it's the largest position in my etf. So I mean I think there's a lot more to go. I think there's a case here that you can see in emerging markets which now if you look at the composition of the EEM 10 years ago, there's a lot of oil and gas and kind of low multiple stocks and this and that. The top five names are Taiwan Semi is 11%. You get Alibaba, you get Tencent, you get Samsung, you get Hynix. I mean you've got an exciting tech play to invest in emerging with and I think, I think you should guy.
- [07:45]
Melissa Lee
Welcome back.
- [07:45]
Guy Adami
Hello.
- [07:46]
Steve Grasso
Hello everybody.
- [07:47]
Tim Seymour
Welcome back. We're gone. Just one gone. A couple couple lackluster class. Welcome home.
- [07:53]
Guy Adami
I expect nothing but lackluster hello.
- [07:55]
Melissa Lee
But we got to go back to you on on tube. We haven't forgotten your tube. Even in your app.
- [08:00]
Guy Adami
How could you forget? I mean even in absentia my tube is always around somewhere.
- [08:04]
Tim Seymour
Yeah.
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Guy Adami
And there it is. The tube is Alibaba. I'm just looking at the screen now and Tim's right. I mean this stock had closed 155, the highest level we've seen in quite some time. But K. Webb, if you want to sort of play ETFs, it's absolutely a bearish to bullish reversal. If Carter were here, he would say that. And once we got above 39 and a half, it broke this level that we basically been flatlining at over the last three years. FXI definitely is broken out to the upside. And if you want to sort of stay domestically, look at Win for example which is now through a seven year downtrend line pretty impressively. So I think all these stocks and Tim is right, despite the fact that Alibaba moved the way it has this year, there's still further room to the upside.
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Karen Fireman
Yeah, I agree with both of them. I think the point about the relationship maybe being on better terms between the US and China is definitely better for these names like we're seeing in video now, sort of caught in the crosshairs. Maybe, maybe not. It sort of rallied as things on the day seem to get friendlier. I guess. So that is good. I mean anything that that would allow this question mark of how are these stocks going to be caught in the crosshairs? If we can remove that the Valuation on Alibaba is still extraordinarily attractive.
- [09:19]
Steve Grasso
It is up 86% year to date so far. So that might be a little bit of pull forward on that. But if you think about the trade extensions for TikTok, TikTok, January, April and June, those are the three times that extended the trade deadlines. And I think that setting it up right now with the framework I think is setting up for another extension. There's nothing on fentanyl, there's nothing on chips, there's nothing on ip. So this is just enough to keep it going until November where that deadline is. I think that's enough. Being as though we have the Fed this week, that'll be China November.
- [09:55]
Melissa Lee
I'm curious, Tim, if there is a real thawing of relations and let's say there's a China trade deal and granted we don't know that we would know the details, let's say that there is a deal, both sides are happy, etc. Is that better for Chinese stocks or US stocks which would, which would react more sharply?
- [10:11]
Tim Seymour
Well, I think US stocks have kind of forgotten about China. I really do, with the exception of a couple of the big mega caps. And we still think there's an overhang and Karen brings up every day there's seemingly some concern that China could say, hey, we've got a compliance issue at Nvidia or But I think ultimately this is about China. I think, and I, and I, I know that, you know, when we were investing in Alibaba and Tencent, there were people that said, well, what do you do if you get delisted? And I think that was something that was out there. I think people think about and you know, the extreme case are Russian adrs which were wiped off of people's portfolios. I think if you have a green light in terms of the China tech sector and then what we've been talking about for a year on this show is that China is making their tech companies more investable. So, you know, some of the biggest tech companies in the world and you know, let's not forget about Alibaba. I mean, excuse me, Baidu, let's not forget about JD.com let's not forget about NetEase, let's find, I mean there's, there's a lot of, you know, go through that K web, you can see these are other names. I think it's better for them. But I also think that em underperformance of developed markets for how long? You know, if you want to make a case that there could Be mean reversion here again, you can't have growth fall apart. But if the Fed is, is your friend and rates are weaker and the dollar is weaker, much better for international.
- [11:25]
Steve Grasso
Their export economy though. So it has to be bigger for them. We have a more diverse economy. So China is reliant on this deal going through because you can make the case that China's economy is weaker right now than the US is. So they're dependent on this because they don't have that many dimensions to their economy the way that the US does.
- [11:41]
Tim Seymour
But in terms of China, tech companies aren't necessarily exporters. Right. Domestic, I mean, you know, I'm talking.
- [11:48]
Steve Grasso
About China as a whole. Sorry, the Chinese economy as a whole. I think it's, it's a better, bigger win for China if this dispute gets settled.
- [11:56]
Guy Adami
Yeah, I think for the markets though, I mean I can't speak to the economy, but for the market, I think the Chinese market absolutely is the big winner here. And you know, not that any of this matters, but Alibaba was probably a $600 billion maybe more market cap company five years ago when everybody loved. Yeah. So you know, we're basically halfway back. I think 180 is a very reasonable level which would be a 50% retracement of that all time high and the recent low we saw at the beginning of this year.
- [12:25]
Melissa Lee
Okay, let's get more on the China rally and bring in all spring global senior portfolio manager Derek Irwin. Derek, welcome to the show. Thank you.
- [12:32]
Derek Irwin
Hi, how are you?
- [12:34]
Melissa Lee
Good, good. Your portfolio is emerging markets overall. So how do you view the China trade talks? What has progressed so far? What hasn't progressed in relationship to what we've seen in terms of the gains in stocks. Are we spring loaded for more? Should there be a further thawing?
- [12:50]
Derek Irwin
Look, I think that the trade talks are going to be really important and I'm glad we're, we're talking about them. But I think your point with the broader Chinese rally that we've seen is really about a lot more than just the trade talks. Right. So it's about AI as you've talked about already with Tencent with Alibaba and China emerging as an AI force. It's about after four years of very difficult anti growth policies, a policy switch toward growth. And I think that those have legs. So I think for certain sectors of the Chinese market they will continue to do well. And I'm very optimistic just as you are, particularly on the tech and AI side. Now in terms of the broader market, I think the Trade will be very important. My sense of is that while the news today is very positive for trade talks, I think there's a lot of positive expectations already priced in. We've had delay after delay with TikTok. We've had a pushback on a lot of deadlines. And I think the general sense among investors I talk to in China is that the direction of travel on trade talks is reasonably positive.
- [14:04]
Melissa Lee
The direction of travel. So which side is building the inbound?
- [14:10]
Derek Irwin
Yeah, no, I think in the sense that we should see an improvement in relations and trade relations between the US And China one way or another. I think that the risk of trade talks falling apart or going backwards is much less than progress on trade talks. And certainly today, despite the Nvidia nude, I would say we've certainly seen that.
- [14:33]
Karen Fireman
Derek, it's Karen. Thanks so much for being on. What would you say is the most likely thing to trip up the talks if that happens? Is it AI, is it China's relationship with Russia? What do you think it is?
- [14:44]
Derek Irwin
You know, I think the Russia issue is a big one and bigger than we think. Right. If we look at what Trump was willing to do in India on the back of Russian oil, he's made a lot of noise about Russian oil being sold into China recently. I think that can be a real risk. The big concern that we have with trade policy since April is that we've moved from trade focus to the US Trying to reorganize global trade systems to using tariffs and trade policy as a geopolitical tool. So I worry about that only because it is very unpredictable. We just don't have much visibility there.
- [15:23]
Tim Seymour
Derek's Tim, what is the one stock we're not talking about that you love? People know about Alibaba. What stocks in your portfolio highest conviction that it doesn't have to be a small cap. It could be one of these big caps that we haven't named.
- [15:38]
Derek Irwin
Yeah. Well, I'll give you two, but the easiest one for me, you've been talking about Alibaba and I fully agree that the opportunity not above is a good one. But I think the, the other big elephant in China is Tencent, and I think Tencent is as well positioned or maybe better than Alibaba, particularly as AI in China develops, simply because Tencent has such a powerful ecosystem with, with all of their apps that can work together so well and use AI as an agent to accomplish so much, arguably with less investment in AI than maybe Alibaba has. So I'm really looking forward to the opportunity that Tencent has to exploit what is incredibly powerful AI in China.
- [16:24]
Guy Adami
Derek, where does Taiwan fall into all of this, if at all? Are they a chip in the negotiations in these deals, do you think?
- [16:32]
Derek Irwin
Oh, that's a good question. I don't think so. I think that both sides would really, really like to punt that question as far down the road as they can. I think that both sides of the negotiation recognize that that's a third rail for China and the less we can talk about it, the better for now. So I don't think as a trade bargaining chip, Taiwan will be on the agenda.
- [17:00]
Melissa Lee
Derek, great speaking with you. Thank you so much.
- [17:02]
Derek Irwin
Thank you.
- [17:04]
Melissa Lee
Derek Irwin, what's your favorite well of.
- [17:09]
Tim Seymour
Stocks people can buy? I mean Hynex to me is another one of these names that most people don't know. And in terms of, you know, tech and infrastructure, I think it's really exciting. I'll go with Tencent. In fact, I believe I've said before I think Tencent is maybe outside of Google, the greatest global incubator in the world and it's also got a lot of social media, social media elements to it and I think it's wildly undervalued and it's the number four or actually the number three weighted stock in the emerging markets index that a lot of people don't own.
- [17:36]
Guy Adami
Baidu, I think this, and it's had a move recently, but not nothing nearly as close as some of the other names we talked about. So if you look at a 10 year chart of Baidu, it feels like it's just getting going now. So that would be the other one in this list.
- [17:49]
Melissa Lee
If you think before that there are national champions in China, I mean you would think that now there is more. So national champions as we have this war, right? East versus west, sort of the dividing line is being drawn and they really have to make sure their industry is seated and is supported here.
- [18:05]
Steve Grasso
Well, we saw that with Deep seek, right. So we just don't know how, how deep they're going to go down the chain. And there are a handful of companies the same way that we have a handful of companies that signify their technology and that signify their markets as a whole. But if you look at JD same token with Baidu, it hasn't done anything for so long.
- [18:24]
Karen Fireman
Just one point on your question earlier for who would benefit more. If you look at Bob and think of them as the Amazon of China and you back out the extraordinary amount of cash, you're looking at like a 15 multiple. And when you look at Amazon which actually is net debt. Not, not for them, but at 35 times, I've got to think that Alibaba would be the beneficiary over Amazon.
- [18:44]
Melissa Lee
The B in carved, of course.
- [18:46]
Karen Fireman
Thank you.
- [18:46]
Melissa Lee
As opposed to the C. Chinese Internet.
- [18:48]
Karen Fireman
No, it's not the B in carved, it's the A in carved. The B is Boeing.
- [18:53]
Guy Adami
What is the B?
- [18:53]
Tim Seymour
Oh, Boeing.
- [18:54]
Guy Adami
Is it Boeing.
- [18:55]
Steve Grasso
Makes perfect sense.
- [18:56]
Karen Fireman
Of course it makes sense.
- [18:57]
Melissa Lee
It's in there.
- [18:57]
Karen Fireman
It's the R that's so troubling. Anyway, United rental. To me, the whole thing's troubling.
- [19:03]
Melissa Lee
By the way, make sure to tune in the smack box tomorrow for an interview with Treasury Secretary Scott Bessen for the latest on the China trade talks. That's 7am Eastern time only on CNBC. Meantime, Google parent Alphabet becoming the fourth company to reach a trillion $3 trillion market cap in with that, the Mag 7 is worth roughly $20 trillion in combined value. That is more than China's entire economy, according to the imf. So the significance of obviously a huge pop after the antitrust ruling, that was a huge sigh of relief for shareholders like yourself.
- [19:34]
Karen Fireman
Yes. Yeah. And in fact, I Friday put on a collar. I feel like that run was, was really extraordinary. I mean, things are great. We all know about the nano nano banana coming in number one of image generation and editing. I have not used it yet, Nano banana. But the idea that, okay, Google is in front on the AI, not behind, has also been very good.
- [19:59]
Guy Adami
I think Tim has used a nano banana before.
- [20:01]
Tim Seymour
I was going to, I was going to ask whether. When's the nano banana going in your tube?
- [20:06]
Guy Adami
Well, that's. A lot of people wonder that.
- [20:08]
Karen Fireman
Yeah, yeah.
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Melissa Lee
Can we get the blame onto it before we go too far down?
- [20:11]
Guy Adami
Google we talked about a couple of weeks ago, we said once it got through that prior high, we can make a valuation case somewhere between 242 and 245. It overshot it a little bit here, but you know, this is the level that it should be trading, I think, on a valuation basis if you just want to throw a market multiple. So this move actually does make sense.
- [20:28]
Melissa Lee
Still cheaper than a lot of the Mag 7.
- [20:30]
Tim Seymour
It's, it's, not, it's, it's about 10 turns cheaper than the closest one, really. I mean, and I would just point out that I think in the case of Google, what were we talking about before? The antitrust case was all about how somehow Google was not in the game in terms of their core search or how they're where Gemini was in the new world order. I mean, basically the antitrust result has unlocked value on the core businesses in a way that I don't think, I don't think the street had predicted. The analyst community had not predicted. Most investors had not predicted.
- [21:01]
Melissa Lee
Up 18% since the antitrust ruling totally.
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Steve Grasso
And it caught everyone off guard. But it seems like that was the only tailwind that people were looking at. And when I look at the valuation, I think of it as lack of growth that's pushing it. Not about maybe a value pseudo value trap. But obviously the movement that we've seen has been incredible. Going from 2 trillion to 3 trillion. Nvidia did it in 96 days. Google did it in 900 days. I think people have been betting against the stock for so long, they were so surprised I would sell it.
- [21:31]
Melissa Lee
Coming up, Citi surge continue. Shares of the Money Center bank hitting $100 a share today for the first time since the great financial crisis. Why? One of our traders says maybe time to take some profits. That's next. Plus boosting uranium. The news sending nuclear stocks. Well, nuclear. Can the names keep the rally going strong? Don't go anywhere. Fast money's back into.
- [21:55]
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Melissa Lee
It's your way of showing you care. Visit 1-800-flowers.com pandora and connect today. That's 1-800-flowers.Com pandora welcome back to Fast Money. Shares of Citigroup touching $100 a share today, bringing its gains for the year to nearly 42% on a split adjusted basis. That's its highest level since November 2008. But it's still a fraction of what it was before. The financial crisis guy, you say maybe time to take some profits.
- [23:56]
Guy Adami
I think collectively, when I say collectively, everybody on this desk been talking about how Citi is in terms of its valuation price to book compounder JP Morgan. It just doesn't make sense. And now at least it's gotten itself to a reasonable level where if you've been fortunate enough to be long the stock, you have to do something here. So we thought maybe between 100 and 105 it got there today. I think you got to be, you got to be moving your feet here. So whether that's selling a quarter, third, half your position, but to think that it's going to go down to 125 in a straight line, I don't think that happens.
- [24:26]
Tim Seymour
Look, I know Citigroup was a poster child for everything that was wrong around the great financial crisis and they were overextended. They were, they didn't know what they owned. They blew up in many different ways. But, and I don't think we're doing that here. But that chart is meaningless. It's what's it going to do tomorrow? And in fact this is a bank that's still cheap to the other money center banks. CFO Mark Mason just. Yeah, I think, yeah, I was trying to get his pronunciate Mason pretty straightforward. Mark Mason, we're sensitive about those things here. Mark Mason gave an update at a conference that he talked about the capital markets business and really the earnings profile of that business. And it left the street in a place where they were upgrading both revenue and profitability For a bank that all we've done is talk about the expense cut. I mean to me the story really is the year of efficiency or the three years of efficiency that the C suite has undertaken. So I, I stay long and I think of the money center banks and I think moneycenter banks are the perfect way to play what's going on with rates and the economy. Stay at city.
- [25:28]
Karen Fireman
I agree. I mean a lot of great things going on there for all of them, for all the money center banks. I mean look at the amount of activity we're seeing in Capital Markets in IPOs, but I. At 15 times earnings per city, they have to really start, I think accelerating on the promise of some of those efficiency gains. And I think they will. So I'm staying long. I have put on a 100, 110 but overridden, so selling extra 1 tens because I agree with guys run a lot and if it gets north of 110, then I'll be called away on some. But that's just for October expiration. They do report on the 14th. So I still like the story, but it's overbooked now.
- [26:10]
Melissa Lee
Right?
- [26:11]
Karen Fireman
Yeah.
- [26:11]
Melissa Lee
And you were talking on the call, Karen. So you in the call earlier today about that pull to 100 and so there's sort of this gravitational pull and I'm sure you've seen it lots on the floor. I mean, terms of stocks just moving.
- [26:21]
Steve Grasso
To a magnet to that price and think about where we are. If rates are cut, that's going to be a tailwind for financials, so that could rally them a bit further. But if, if, if rates are cut by 50 basis points, no one really expects that.
- [26:35]
Melissa Lee
Right.
- [26:35]
Steve Grasso
But if you get that, I think financials will rip higher if we get 25 basis points. I think they move sideways to higher. If we get nothing, you mean? I think the market craves this meeting at this meeting.
- [26:47]
Tim Seymour
So just going back to this. This magnet pulled 100, does that mean then it sticks at 100? I mean, because we're at 100. So I mean, what are we doing after we get pulled there?
- [26:57]
Steve Grasso
But what is resistance becomes support. So if you have to actually play it to 2 par, which is 100, and if it goes above it, then you look for it to hold. If it doesn't, then it still maintains as resistance.
- [27:09]
Guy Adami
I'm still trying to figure out the confusion around Mark Mason, but since he's.
- [27:13]
Tim Seymour
A fan of the show.
- [27:14]
Guy Adami
Maybe, Maybe.
- [27:16]
Melissa Lee
Yeah. Timothy. Sometimes.
- [27:18]
Tim Seymour
Yeah.
- [27:19]
Guy Adami
I'm kidding.
- [27:20]
Tim Seymour
I could have put a. I'm kidding. I mean, you're making fun of my pronunciation. That's not the name.
- [27:25]
Melissa Lee
Right. That's. That's admirable.
- [27:26]
Steve Grasso
Tim's never made fun of anyone.
- [27:28]
Melissa Lee
Moving on. Thank you.
- [27:29]
Tim Seymour
Wow.
- [27:30]
Melissa Lee
There's a lot more fast money to come here.
- [27:31]
Commercial Announcer
Coming up next, you can't spell nuclear without an eu. The news pushing uranium stocks higher and how to trade the names now. Plus countdown to rate cut. How markets will react to this week's Fed decision and what Powell will say as the central bank's independence comes into focus. You're watching Fast Money live from the NASDAQ Market site in Time Square. We're back right after this. I'm no tech genius, but I knew if I wanted my business to crush it, I needed a website. Now thankfully, Bluehost made it easy. I customized, optimized and monetized everything exactly how I wanted with AI. In minutes my site was up. I couldn't believe it. The search engine tools even helped me get more site visitors. Whatever your passion project is, you can set it up with Bluehost with their 30 day money back guarantee. What have you got to lose? Head to bluehost.com to start now.
- [28:38]
Melissa Lee
Did you know that skincare can start in the laundry room? Allfreeclear is the number one laundry detergent brand recommended by dermatologists, allergists and pediatricians for sensitive skin. Allfreeclear is 100% free of dyes and perfumes. It provides an effective clean that's gentle on skin while removing and impurities like dirt and body oil without leaving irritating residues. Plus, all free clear liquid is safer choice certified by the US EPA for a clean you can feel good about. All you need is all free clear. Welcome back to Fast Money. The global uranium ETF URA hitting more than 10 year highs after Energy Secretary Chris Wright said that the US is looking to ramp up its strategic uranium reserve while investing in nuclear power. Long term. The remarks come as the US seeks to rebuild the country's nuclear supply chain and turn away from Russia's uranium assets. Names like Cameco, Constellation Energy, Vistra, they are all higher today. Tim, you've been on this, this one for a long time.
- [29:37]
Tim Seymour
Yeah, and by the way, you know, cameco themselves are adding to the frenzy here because they talked about a production shortfall. So I mean there's such a squeeze going on here between the actual consumers of and then there's the investment side of it. And then, then you have the sovereign trade and then you have just the thematic. So. So Cameco is wildly expensive at this point and I wouldn't trade it. In fact, it is interesting to play with volatility here and think about where upside calls and there's been some real cycles here but I think the long term kind of supply agreement with Slovakia is also just kind of tells you where this is the global demand, the push, pull and I think this is a place you want to still be.
- [30:16]
Melissa Lee
So there aren't too many pure play uranium stocks out there. So if Cameco is expensive, then what?
- [30:23]
Tim Seymour
Well, I think you could get into yellow cake, you could go all the way down, you could go through the uranium ETFs or you could buy an ETF or you could think about. And again I remember, you know, Constellation energy at one point was, was being, you know, people were being critical of, of it as just a data center play. And part of the story between the. The constellation story to me is all about Nat Gas getting Texas and nuclear. That's why you want to own it. It's less about data center. So there's other ways to get your exposure. And I like that one.
- [30:53]
Guy Adami
You are as had a big move but to your point, I mean these CAMECO is probably, probably the biggest holding in it, but you get some other things as well and that's the way to play it again. Not that any of this matters, but you go back 14 or 15 years, it was probably triple the level that we see now. So uranium is always. It's a secular shift. It's real problem is when everybody starts talking about it historically over the last couple of years is the time to fade it and look for better entry point. But this URA I think still has wheels to the upside.
- [31:20]
Melissa Lee
You got the administration on board right now a fifth of all electricity is generated by nuclear and they're looking to expand that vastly. That's the only way we can meet those energy demands by AI.
- [31:29]
Steve Grasso
And this is a bipartisan effort, is a bipartisan agreement. There's very few things in D.C. that people agree on. Uranium is one of them. And then once we start talking about strategic, strategic safety or if it's a strategic stock, then you throw into that mix of maybe someone wants to take a stake in it inside the administration or some other.
- [31:50]
Melissa Lee
An MP for instance.
- [31:51]
Tim Seymour
And I think I would second this Devil with the blue dress on from Springsteen on the no Nukes album is one of the great numbers of all time. So pick up that no Nukes album. There was some great music, even though the concept Jackson Brown, I mean Jackson Brown was part of great concerts here in New York. I was a young guy.
- [32:05]
Melissa Lee
But tangent just because it says no nukes.
- [32:07]
Tim Seymour
Yes, yes, that's why we're talking. No nukes was a big deal and now everybody wants nukes.
- [32:12]
Melissa Lee
That's the whole point.
- [32:13]
Tim Seymour
Well, I mean I use a shadow of Indian, a dumb idea which they.
- [32:16]
Melissa Lee
Are looking to restart by the way. Poltech, the owner of Indian Point is looking to restart that.
- [32:20]
Guy Adami
Go figure. Yeah, I mean for you people on the Hudson river and up in northern Westchester now we had to worry about those things in Scarsdale.
- [32:28]
Tim Seymour
Anyway, thank you streets of Croton.
- [32:30]
Melissa Lee
All eyes on the Fed. Will the Central bank cut rates as expected this week. By how much? What will it mean for markets? Everything we should expect from Chair Jerome Powell as markets trade near record highs. Fast Money's back into.
- [32:47]
Commercial Announcer
Moment of fast. Catch us anytime on the go Follow the Fast Money podcast. We're back right after this.
- [33:02]
Melissa Lee
Welcome back to Fast Money. Shares of Novo Nordisk up more than a percent higher today on news that higher doses of Wegovy resulted in increased weight loss. Trial participants were given a three times bigger dose of the GLP1 drug and saw a 19% reduction in body weight after 72 weeks. The patients did experience more skin irritation and nausea. Additionally, the European Medicines Agency approved Novo Nordisk oral diabetes drug Ribosis, which is used to treat cardiovascular problems. Shares are down about 35% this year. More specifically, it got an extended label indication which covers cardiovascular, which is seen as a very good thing in terms of getting that label indication here in the United States and elsewhere. But you're noticing the divergence between Lilly and Novo, right?
- [33:45]
Karen Fireman
I think that's why Lilly was down today. But I would have thought actually no on this news, which was good news that because Novos so done so poorly this year and is so relatively inexpensive that it would have had a bigger jump today than it did, which was sort of muted, 1/2% or so. Yeah, but I'm long Novo and Long Lilly. More Lilly than Novo, but both at this level. I like Novo as well.
- [34:07]
Melissa Lee
There's still a lot of potential catalysts this week, this week, specifically because of a European diabetes conference that is going on. So there are going to be a lot of readouts on, on different, different studies, different trial results and also how patients are are faring on these various doses.
- [34:20]
Tim Seymour
Yeah, I was going to say, I mean really, the tolerability, it seems to be what's driving it. It was either, it was either oral or tolerability. These percentage numbers, at some point I know I'm starting to wax over on. I mean the bottom line is 15% versus 19%. My guess is that's a success for whoever takes them. The mass market dynamic is something that I still think is well ahead. And people forget that Novo really has the biggest market share. So, you know, I like Novo. I'm long them both as well. I own more Novo than Lilly Karen makes.
- [34:49]
Guy Adami
That's exactly what I thought. Now it has bounced from 45 NVO. But you know, when you hear news like this, given the sell off, again, not that it matters, but this time last year this was $150 stock seemingly impervious to anything. And then you get what should be, you know, 5 to 10% type of moves news, especially given how much it's sold off and it really didn't do much. So that should be concerning.
- [35:10]
Steve Grasso
When I look at both charts, neither one get me excited. There was a time when we're on the show and we talked about them every night and they were really exciting stories. Now it seems like you have a couple of days of excitement due to a headline or a positive FDA trial or something, but neither stock really shows any explosive ability to the upside on the technicals.
- [35:29]
Melissa Lee
Coming up, billion dollar buy how Elon Musk is giving a vote of confidence to Tesla shares. That's next. More Fast Money into.
- [35:46]
Guy Adami
Odd what we're talking about.
- [35:48]
Melissa Lee
I mean that applies to everything. Welcome back to Fast Money. The latest Tesla rally getting another boost after CEO Elon Musk revealed he bought $1 billion worth of shares. It's the CEO's first Tesla purchase in the open market since February of 2020. The EV maker stock gaining another 3.5% today, its fifth straight day of gains. A move enough to pull shares back into positive territory for the year. That is quite a vote of confidence, Grasso. I would think.
- [36:14]
Steve Grasso
There's plenty of reasons why CEOs sell stock. There's plenty of reasons why management teams sell stock. There's only one reason why they buy stock, because they think the stock is going up. This is something where we're moving into seasonality for Tesla. November, December are good months. September, sort of a coin flip. I think this one obviously has mitigated.
- [36:32]
Guy Adami
That trillion dollar pay package if they hit certain milestones, stock price probably being one of them. He knows probably better than anybody that if he's going to announce a billion dollar purchase, he's going to get that type of reaction in the stock. So it all makes sense. I was in Italy last week, as you mentioned at the top of the show, and I will tell you, I was woken up by the concierge saying, you know, dan Nathan of CNBC's Fast Money just made a bullish call on Tesla. Mike, Horse hockey.
- [37:01]
Melissa Lee
Apparently that happened like right. I mean of course, news around the world here.
- [37:05]
Tim Seymour
Were you on a Vespa?
- [37:07]
Guy Adami
Excuse me?
- [37:08]
Tim Seymour
Were you riding a Vespa, drinking espresso?
- [37:10]
Guy Adami
You say that. I mean again, derogatory.
- [37:12]
Melissa Lee
No, no, these are all one might do if Italy. Yeah, I mean, you know, you're visiting anyway, but I mean there are a lot of other milestones that he has that he can't buy his way to. Such as delivering a certain number of robots and cars and etc.
- [37:27]
Tim Seymour
I mean, look, I think sentiment in the stock's been awful. I think the stock also has had a pretty massive move. None of this changes anything for me that I haven't been long the stock in good times and bad and I'm not sure I even understand how to value it. So I know that it's a car company that's looking for other ways to get valuation support and it seems to got it on this news, it's a billion dollars.
- [37:50]
Karen Fireman
That's a lot of money to a lot of people. To him, I mean it is a drop in the bucket. I do find the whole thing about him getting potentially a trillion dollars because he needs to own 25%. Why does he have them over a barrel? He is the largest shareholder. I don't really get that. Who's hurt the most?
- [38:07]
Melissa Lee
Next Final trades. Final trade time.
- [38:17]
Tim Seymour
Tim, if you don't like Baba, JD.com has not rallied as much and is cheaper.
- [38:22]
Melissa Lee
Karen yes.
- [38:23]
Karen Fireman
So our little discussion of Novo Nordisk makes me think, wow, really? I think it is bottomed out. So Novo Nordisk, that's my final trade.
- [38:29]
Melissa Lee
Stephen rates are going lower.
- [38:31]
Steve Grasso
Avis budget, that's a tailwind for them. Car key.
- [38:34]
Melissa Lee
Welcome back.
- [38:35]
Tim Seymour
Thank you.
- [38:35]
Guy Adami
Peter Frampton is a fan of the show. He now he's very upset.
- [38:41]
Tim Seymour
Oh man.
- [38:42]
Steve Grasso
Win so good.
- [38:43]
Tim Seymour
Yeah.
- [38:44]
Melissa Lee
Thank you for watching Fast Money. See you tomorrow. The exchange Mad Money starts right now.
- [38:52]
Disclaimer Narrator
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 Department of Rejected.
- [39:34]
Melissa Lee
Dreams if you had a dream, rejected.
- [39:36]
Disclaimer Narrator
IKEA can make it possible.
- [39:37]
Steve Grasso
So I always dreamed of having a.
- [39:39]
Melissa Lee
Man cave, but the wife doesn't like it.
- [39:42]
Steve Grasso
What if I called it a woman cave?
- [39:44]
Melissa Lee
Okay, so let's not do that. But add some relaxing lighting and a comfy IKEA hofburg ottoman and now it's a cozy retreat. Nice.
- [39:51]
Steve Grasso
A cozy retreat, man.
- [39:53]
Melissa Lee
Cozy retreat, sir. Okay.
- [39:56]
Disclaimer Narrator
Find your big dreams, small dreams and cozy retreat dreams in store or online.
- [40:00]
Melissa Lee
At ikea.us dream the possibilities.