A quarterly beat despite increasing costs Berkshire Hathaway including d. R. Horton and lennar weve gotten another warning from fitch, this time the Rating Agency telling cnbc it may be set to downgrade dozens of banks that could include jpmorgan chase. Lets begin with the markets. A lot of credit card data said retail was going to come in strong here. Look, the fed has tightened we know that i dont want a big jackson hole boom, but the economy the consumer is strong the enterprise is strong the weakness is, what, in trucking, in some really bad retailers . David, at times you have to play a game where you find this weakness i need to know where theres weakness give me some weakness. China go to china, young man. China is not in america i just want to give you a little well, you didnt specify geography to be fair no. But in the absolutely china is weak. I wont give out numbers about unemployment because theyre all in school. Many of them are in school at least thats what the chinese ar
Comparable store sales. Sales guidance did come inabove consensus. Ai, of course, also in focus, as it always is. Sergei brint speaking out saying the company definitely messed up its gemini image generation launch. Apple down in the premarket, again, following the report that iphone sales plunged 24 in china yearonyear for the first six weeks of 2024, face competition from local smart phone firms like huawei. This is boutique data, but they are on track for five days of losses. Trying to get a confirmation. A lot of these Different Services you have to take with a grain of salt. I would say, if you take china itself and look what theyre buying, theyre all trading down. Theres a lot of things wrong with china. I told club members yesterday, it could go to 160 without really a problem. You have one of the great ef performers of all time, caught in mid cycle. David, we dont know if theyre going to have the samsung like ai in the next edition, the 16. Its one of those things where you jus
Launching its ipo road show, a blockbuster deal which could value the company as much as 52 billion. Were watching media names, wbd warning of prolonged impact from the strike while disney fires its latest volley in its dispute with charter. Its great to have cramer back in the chair. We missed so much last week, between lulu and the china names and chewy and wolf. First of all, its great to be back. Thank you for the wellwishers. It was a triple hernia. I managed to come through it in a way that i feel very, very strong. I always love september in our business because everybody does come back to work except for the people that still work at home. They want to get back to work. There are a couple of points we have to talk about. One is the bonds are going the other way. Thats going to be septembers headwind. Again, the Interest Rates are up. I think were making much too little about the strike, the uaw strike. By the way, the writers strike, obviously for Warner Brothers is important.
Revenue. More labor strikes to come. Thousands of hospitality workers in vegas planning to picket this week after another round of failed negotiations with the casinos. Lets begin with the markets trying to build on yesterdays rally, jim. Were you surprised at all by what stocks and oil did . Yes. Actually i started my show last night by saying a little counterintuitive you could have both at the same time. If you take a look at the same time, obviously, vice chair jefferson speaks and boom, 1 30. They couldnt take the oil stocks down because of whats going on in the middle east. They didnt have the bonds because of columbus day. It was a threepronged oddity that the s p could roar and we didnt have the bonds to key off of and set up a picture that i think was counterintuitive to most people. You had logan and then jefferson talking about higherterm premiums and being mindful, they said, of the impact of higher rates. Yeah. I also think you had the note from edgar din any. Hes always d
Pack inning. Bob pisani is down at the new york stock exchange. What do you make of the action today . Make in the long run, now in the short run. Rates have moved up. Forget about it. The market is in a complete tizzy. Well have to hear what sheila has to say about this. The consumer names, cocacola, some of the other names, procter and game able. Conagra, soandso. The lowerend consumer, the s p 500, we need a bit more energy here. They were briefly positive, for a nanosect. 13,000 the last two weeks, i would say again. Just let me show you the idea of being oversold. Since september, thats when the rates started moving up . Well oversold conditions here, thats really the problem. Im calling it a yield object section. Its a buyers strike. The buyers just dont want to buy anything. So when will it start to stabilize . Just look whats happening. Right across the board, amex, home depot, mcdonalds cocacola. Verizon is down 7 , u. S. Bank corp is not in the dow, but you get the point here