[LAUGHTER]
STUART: POLAR OPPOSITES.
ALL RIGHT.
THE MARKET -- THANK YOU, MIKE.
THE MARKET IS OPEN, AND WE OPEN
ON THE DOWNSIDE, BUT IT’S NOT A
HUGE SELLOFF BY ANY MEANS.
TENSION OVER PELOSI’S VISIT TO
TAIWAN IS A FACTOR IN THE
MARKET.
BUT, AGAIN, IT’S NOT PUSHING IT
DOWN TOO MUCH.
DOW’S OFF ABOUT 150 POINTS, AND
I SEE ABOUT HALF THE DOW 30 IN
THE RED, HALF IN THE GREEN.
THAT’S THE DOW OPENING DOWN HALF
A PERCENTAGE POINT.
HOW ABOUT THE S&P 500?
ALSO OPENING ON THE DOWNSIDE.
NOT THAT BAD.
IT’S DOWN .35%.
AND THE NASDAQ COMPOSITE,
WHERE’S THAT THIS MORNING?
IT IS DOWN, AGAIN, A TINY
FRACTION.
WE’LL GET THERE.
YOU’LL SEE THE NASDAQ ANY DAY
NOW.
>>> ALL RIGHT, LET ME MOVE ON --
LAUREN: THERE IT IS.
STUART: DOWN .6%.
SHOW ME BIG TECH, THEY REALLY
COME OUT.
THE ONE WINNER -- IT WAS A
WINNER -- WAS AMAZON.
NOW THEY’RE ALL IN THE RED BUT
NOT BY MUCH.
ALL RIGHT.
PINTEREST, ABSOLUTELY SURGING
THIS MORNING.
LOOK AT THAT, 16, 17% UP.
AN ACTIVIST INVESTOR, THAT’S THE
IMPORTANT WORD, ACTIVIST
INVESTOR, TOOK A MAJOR TAKE IN
THE COMPANY.
WHO DID IT?
LAUREN: ELLIOT INVESTMENT
MANAGEMENT NOW THE LARGE
SHAREHOLDER IN PINTEREST.
IT BACKS THE CEO WHO JUST TOOK
OVER AT THE END OF JUNE.
SO YOU HAVE WALL STREET THINKING
BILL REDDY IS READY TO TAKE
PINTEREST TO THE NEXT PHASE OF
GROWTH, AND YOU HAVE YOU HAVE
THE MANAGEMENT AND STRONG
ACTIVIST ENDORSEMENT OF THAT
MANAGEMENT.
I THINK THAT’S WHAT WALL STREET
NEEDED TO HEAR TODAY, AND THAT’S
HELPING THEM OVERLOOK LOWER
PROFITS THAT DID COME OUT.
STUART: IT WAS MUCH HIGHER THAN
THIS --
LAUREN: IT WAS AT 89 LAST
FEBRUARY.
STUART: OKAY.
LAUREN: IT WAS A PANDEMIC
KARLING.
EVERYONE STAYED AT HOME --
DARLING.
EVERYONE STAYED AT HOME AND MADE
HAIR PRETTY LITTLE BOARDS AND
THEN, YOU KNOW, WE WENT BACK OUT
AGAIN.
STUART: SOME BIG COMPANIES
REPORTED BEFORE THE BELL THIS
MORNING.
I KNOW MIKE JUST COVERED UBER,
BUT GO THROUGH IT AGAIN, PLEASE.
LAUREN LAUREN I WANT TO TO ADD
TO IT.
YOU SAID WHEN THE DRIVERS COME
BACK, THEY ARE COMING BACK.
UP 76% YEAR-OVER-YEAR, HELPS
EXPLAIN THE 12, 13% GAINED TO.
HAY DID STILL REPORT A LOSS, BUT
REVENUE IS MUCH STRONGER, AND
THEY’RE ABLE TO EXPAND RIGHT
NOW.
CASH FLOW POSITIVE.
$380 MILLION FOR, I BELIEVE, THE
FIRST TIME.
STUART: HANGING OUT ON A STREET
CORNER IN MANHATTAN, NEW YORK
CITY.
YOU DON’T SEE MANY YELLOW CABS.
LAUREN LAUREN NO.
STUART: YOU SEE A FLEET OF THESE
UBERS, PEOPLE WAVING CELL
PHONES.
>> AND, STUART, WHEN UBER
FIGURES OUT THE ADVERTISING
PIECE WHICH IS A MUCH BIGGER
MARGIN BUSINESS, YOU’RE GOING TO
SEE THE NUMBERS TAKE THE OFF.
STUART: WHERE DO THEY ADVERTISE?
>> THEY’LL BE ADVERTISING ON TOP
OF THE CARS, INSIDE OF THE CARS,
ON THE APP --
LAUREN: I HAVEN’T SEEN ANYTHING
IN A CAR, RIGHT?
>> NOT YET.
[LAUGHTER]
STUART: NOT YET.
CAT CANNER PILLAR.
IT’S A DOW STOCK --
LAUREN: YEP.
STUART: -- AND IT IS DOWN 5%.
LAUREN: BECAUSE OF THE SUPPLY
CHAIN, IT’S SUSPENDING
OPERATIONS IN RUSSIA.
THEY’RE GETTING HIT.
THERE IS DEMAND, BUT THEIR SALES
ARE BEING CAPPED BY SHORTAGES OF
RAW MATERIALS, AND SO EXPENSIVE
TO SHIP EVERYTHING, RIGHT?
SO THAT PUSHED THEIR OPERATING
PROFIT MARGINS DOWN, AND THE
STOCK IS RESPONDING.
STUART: TELL ME ABOUT JETBLUE.
LAUREN: OKAY.
THEY’RE STILL LOSING MONEY.
THAT’S WHY IT’S DOWN.
BUT THEY DO EXPECT A CURRENT
QUARTER PROFIT.
THEIR COSTS ARE RISING.
DEMAND’S RISING, COSTS ARE
RISING.
I JUST PICKED OUT ONE EXAMPLE OF
THIS.
THEIR FUEL COSTS, IT WAS $4.24 A
GALLON IN THIS PAST QUARTER,
COMPARE THAT THAT TO $1.91 IN
THE SAME QUARTER LAST YEAR.
YOU CAN’T BUDGET FOR A JUMP LIKE
THAT, AND THAT’S WHAT CORPORATE
AMERICA, EVERY INDUSTRY I CAN
THINK OF, HAS BEEN GRAPPLING
WITH.
AS WE CRITICIZE SOME OF THESE
EARNINGS, EVERYTHING THAT’S BEEN
THROWN AT STRONG COMPANIES
THEY’VE BEEN ABLE TO HANDLE.
STUART: YEP, YOU GOT IT.
TELL ME ABOUT APPLE.
DID I SEE THAT THEY ARE STARTING
TO SEE BONDS?
LAUREN: YEAH.
STUART: WHY ARE THEY DOING THAT?
LAUREN: WELL, I GUESS THEY FIND
IT ATTRACTIVE RIGHT NOW TO TAP
THE CORPORATE MARKET.
MY QUESTION IS, WHY AREN’T THEY
BORROWING MORE IN THIS WAY?
$5.5 BILLION IS POCKET CHANGE.
IT’S POCKET CHANGE.
GO AHEAD.
>> SO THEY’RE BORROWING MONEY AT
A MUCH LOWER RATE TO INVEST AND
BUY BACK THEIR OWN STOCK.
IT’D BE LIKE YOU TAKING A HOME
EQUITY LOAN AND TAKING 2 THE %
SAYING I CAN INVEST AT 10%.
THEY’RE BETTING ON THEMSELVES
THAT THEY’RE GOING TO RETURN A
LOT MORE MONEY THAN THE INTEREST
THEY’RE PAYING.
STUART: WHAT WOULD SENATOR
WARREN SAY ABOUT THAT?
LAUREN: WHY DON’T THEY JUST
BORROW MONEY AND BUY NETFLIX OR
PELOTON?
>> THEY MAY.
STUART: APPLE BUY PELOTON?
IF I CAN’T SEE THAT, CAN YOU?
MIKE, CAN YOU SEE THAT?
>> AT SOME POINT, PELOTON STILL
HAS A HIGH VALUATION, BUT AT
SOME POINT APPLE WANTS TO EXPAND
INTO HEALTH AND WELLNESS IN A
MUCH BIGGER WAY, SO THAT WOULD
BE A WAY TO DO IT.
STUART: ALL RIGHT.
LET’S TALK LICK ARE CORPS.
[LAUGHTER]
ALCOHOL -- LIQUOR CAN.
WHY NOT?
CONSTELLATION BRANDS, WHAT’S IT
DOING?
LAUREN: NOTHING.
STUART: NOT VERY MUCH.
READING OFF THE PROMPTER HERE,
ANALYSTS THINK A STRONG DEMAND
FOR BEER COULD HELP THE STOCK.
LAUREN: THE NEWS IS THAT BEMO
INITIATED COVERAGE WITH AN
OUTPERFORM.
WE HAVE SPOKEN HOW QUICK THE
CONSUMER CHANGES THEIR TASTE FOR
EVERYTHING, INCLUDING ALCOHOL.
NOT HAPPENING FOR BEER.
BEMO SAYS THAT WILL CONTINUE FOR
CONSTELLATION BRANDS.
STUART: I AM TOLD AMONGST THE
DRINKING FRATERNITY THAT PEOPLE
ARE DRINKING LESS WINE, DRINKING
LESS WINE AND MORE HARD SPIRITS.
LAUREN: I’VE HEARD THAT.
OUT STUART HAVE YOU NOTICED
THAT?
>> I’M JUST COMING OFF MY
DAUGHTER’S GRADUATION PARTY, SO
I’M LAUGHING.
MAYBE I HAD SOMETHING TO DO WITH
[LAUGHTER]
YEAH.
THERE’S A BIG PUSH TO TEQUILA.
A LOT OF THE YOUNGER
GENERATION --
STUART: NO.
NO, NO, YOU’VE GOT IT WRONG.
THEY’RE ALL GOING TO TITO’S
VODKA.
>> NO, IT’S OVER.
TEQUILA.
STUART: TEQUILA.
LAUREN: THE FICKLE GENERATION.
HARD CIDERS WERE REALLY BIG, NOW
THEY’RE NOT.
NOW IT’S THE HARD, LIKE --
STUART: SELTZER HAS TAKEN A HARD
TURN.
LAUREN: ICED TEA AND LEMONADE --
VERSIONS OF TWISTEDDED TEA.
THEY’RE TELLING ME THAT IN MY
EAR.
LET US KNOW YOUR FAVORITE DRINK.
STUART: LOOK AT THE BIG BOARD.
NOW WE’RE DOWN 230 POINTS, FOR
HEAVEN SAKE, AND I’VE GOT TO
BELIEVE PART OF THIS IS THE
TENSION I BECAUSE OF PELOSI’S
VISIT TO TAIWAN.
SHE LANDS WITHIN THE NEXT HOUR
AND A HALF, BY THE WAY.
>>> ALL RIGHT.
CHECK THAT BIG BOARD, WE’RE
DOWN.
TAKE A LOOK AT THE DOW WINNERS
HEADED BY MERCK, AMGEN, J&J,
CISCO, PROCTER & GAMBLE.
S&P 500 WINNERS TOPPED BY PSI
LAND, DON’T KNOW WHAT THEY DO,
GARDNER.
OKAY, LET’S MOVE ON.
THE NASDAQ COMPOSITE, WHO’S THE
WINNER THERE?
INTUITIVE SURGICAL.
I DON’T KNOW --
LAUREN: ZOOM.
STUART: ZOOM IS ON THERE, BUT NO
BIG TECH ON THAT LIST.
>> HAD A HUGE RALLY IN JULY AND
NOW IT’S JUST KIND OF SAYING
HERE, NOT A BIG SELLOFF.
WE HAVE TO DIGEST RALLY BEFORE
WE MOVE HIGHER.
STUART: WHATEVER YOU SAY.
>> YES, SIR.
STUART: THANK YOU.
10-YEAR TREASURY, LOOK AT THAT.
THE YIELD’S GONE UP TO 2.58.
TEN MINUTES AGO SERVICE AT
2.5 -- IT WAS AT 2.53.
>> 20 MINUTES AGO WE WERE
TALKING ABOUT 3.5-4, SO THAT’S
VERY POSITIVE FOR BIG TECH.
STUART: I GUESS IT IS.
CHECK THE PRICE OF GOLD, 1798
PER OUNCE.
BITCOIN, 22,000 AND CHANGE.
OIL, WHERE IS IT NOW?
$99 4 A BARREL WITH.
NAT GAS, WHERE’S THAT TODAY?
7.84.
AND GASOLINE KEEPS ON COMING
DOWN 2-3 CENTS A DAY.
YOUR NATIONAL AVERAGE FOR