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NewsTranscript
00:00All right, we are about two minutes away from the end of the trading day.
00:03Katie Greifeld and Matt Miller in for Romaine Bosick.
00:06And here to help take us through the closing bell, we're joined by a global simulcast.
00:10Carol Masser and David Gurra in for Tim Stenevich, bringing together all of our different audiences.
00:16Glasses off for this moment.
00:18And Carol, it looks like we're going to finish just slightly in the green here.
00:22Just slightly in the green, but we've been bouncing around a little bit, certainly in today's session.
00:25Again, I go to the semis, which we've often seen outperformance throughout 2025.
00:31As a whole, they're up about just shy of 3%.
00:33I'm going to get into some of the reasons why when I talk about some of my individual gainers.
00:37I wonder what she's going to say.
00:39What's she going to say?
00:40Well, I won't reveal.
00:42Carol talking about how the market's been bouncing around, looking at sort of how things are settling out at the end of the day here.
00:46Roughly half in the green, half in the red.
00:48But I think we're seeing this market that still is being driven by this roiling trade war that maybe has gone ignored or been less looked at, let's say, over these last few weeks.
00:58But that dynamic between the U.S. and China, I think is something we're still following closely.
01:01I think it's actually pretty surprising that it took us pretty much until Friday to realize that, wait, China said it's going to cut us off from pretty much all rare earth minerals.
01:11And, you know, we don't really have that many of those and desperately need them to make pretty much everything.
01:16So now we're paying a lot closer attention.
01:19Still, we're getting some really good news.
01:21Great earnings from the banks.
01:23We're getting continued multibillion-dollar deals from super interconnected parties in AI.
01:29And that continues to drive up the MAG-7 or the Great 8, as Katie likes to call it.
01:34That's true.
01:34And really, I mean, if you think about the index map here, that's all you need.
01:38But still, a more broad rally might quell some of these investor fears.
01:42But in any case, on the day, you can see the S&P 500 will finish in the green.
01:46We are bumping up against 6,700 on the S&P 500.
01:50Not quite there.
01:51The Nasdaq also mightily in the green today, up about 7 tenths of a percent.
01:55The Dow Jones didn't do anything.
01:57Let's just move right past that because the small caps had a pretty good day as well, Carol Master.
02:02So the little guy is also getting in on the big rally.
02:05So formal, Catherine Greifel.
02:08All right, S&P 500, let's go back there to the big caps.
02:12Almost an even split.
02:14251 to the upside, 252, Katie, to the downside.
02:17All right, we do have some news.
02:19This from not a big bank.
02:20Some earnings coming from United Airlines.
02:23Third quarter adjusted EPS beating estimates here.
02:26Coming in at $2.78.
02:28You take a look at the estimate for $2.66.
02:31That is a beat here.
02:33Then you take a look at some of the other numbers as well.
02:35Third quarter CapEx coming in at $1.46 billion.
02:40And operating revenue for the third quarter also coming in pretty much on expectations.
02:46Still waiting to see some of the guidance here.
02:48But at least when it comes to the look behind, Carol, it looks like we got good news coming out of United.
02:53Yeah, stock bouncing around here in the aftermarket.
02:55Right now, down 1.5%.
02:56It was just up 1%.
02:57It's a stock that, if I look year to date, is up 7%.
03:01But, you know, go to something like revenue, passenger miles.
03:04Actually, let's go to the outlook because, Katie, you mentioned it, highlighted it.
03:07The company sees fourth quarter adjusted EPS of $3 a share to $3.50 a share.
03:14That, folks, is above what the street was looking for.
03:16They were looking for $2.82.
03:17So right now you're seeing investors saying, OK, folks, United, I like your outlook.
03:21And setting the stock up about 2.8%.
03:23Yeah, absolutely.
03:25It does look like we're getting a kind of Delta Airlines set of earnings from United.
03:31And this may have to do with the fact that we are in somewhat of a K-shaped economy, right?
03:36Those who are doing well still want to travel, still want to buy tickets, and still need to fly premium economy because we want to be group one, right?
03:44So beating on the revenue in terms of the – or meeting on the revenue, I should say, in terms of $15.2 billion in the third quarter.
03:55Adjusted EPS beating.
03:56And then on the outlook, beating as well, Carol, as you say, looking for $3 to $3.50, and we were only looking for $2.82.
04:02Matt, I'm glad you bring up that K-shaped economy because we got that beige book from the Federal Reserve earlier today,
04:06and that was really manifest in the comments that we got from those regional Fed banks.
04:10The fact that we're seeing that division that you're talking about among consumers, yes, the anxiety and agita just about the uncertainty that lies ahead.
04:18But then you still see people who are spending and spending on services, and that seems – and you look at these data here – seems to be a good thing for this airline in particular.
04:25Also, just before I get into individual gainers, when you talk about spending, I mean, United talking about still on track, I think,
04:32to spend a billion dollars this year in terms of improving the experience, product, and service,
04:38and then it expects to invest over a billion dollars more in 2026.
04:42That is good news.
04:44Yeah, right?
04:44They're spending.
04:45They feel upbeat.
04:46They're willing to do that.
04:47That is good news.
04:48And right now that stock is up 3% here in the aftermarket.
04:51All right.
04:51We'll continue to track for anything else after the market close here.
04:55Let's go to some of the individual gainers in the regular session.
04:58I've got to highlight, Matt, you knew I was going to do this.
05:00AMD, because chips, once again, outperforming.
05:03Thank you, Advanced Micro Devices.
05:05That stock up about 9% here.
05:07HSBC affirming a buy rating on AMD, boosted its price target to 185 from –
05:12From $310.
05:13From $310.
05:14From $310.
05:15Yeah, talk about a boost.
05:17It's a street high.
05:18We know that they had that recent deal with OpenAI.
05:21So they're just, you know, going gangbusters.
05:23Got to talk about the big banks continuing to report earnings.
05:26B of A up about 4.5% in today's session.
05:29And then you had Morgan Stanley up about 4.7%.
05:32B of A beating third quarter earnings.
05:35Investment banking activity increased.
05:37A long-awaited comeback in M&A.
05:38We've been talking about this a lot.
05:39And then Morgan Stanley, they're stock traders, topping rivals on the surge in trading activity.
05:45And the CEO also saying he might slightly up the pace of buybacks.
05:49And one more, Papa John's.
05:51Oh, pizza.
05:52Had to do it.
05:53Up more than 9% here.
05:55Highest intraday since June.
05:56Reuters reporting that Apollo Global submitted a bid within the last week to take the pizza chain operator private at $64.
06:03A share stock closing at $53.
06:05Is it good?
06:05I'm not expecting it to be like a great local place.
06:09But, I mean, compared to Domino's and Pizza at the Hut, does anybody have experience with Papa John's?
06:15It's been a while since I've ordered one, but it would be my preference.
06:18It's no Sally's in New Haven.
06:20It's no Raza in Jersey City.
06:22I'm just going to put that out there.
06:23Go far afield for those.
06:24Full disclosure, I shop there or go there.
06:26All the way to Sally's.
06:27Yeah.
06:27You should go to Rubino's in Bexley, Ohio.
06:31It's the best pizza in the entire country.
06:34Yeah, says the dude from Ohio.
06:37Let me do some decliners.
06:38I'm very curious if those gainers were in line with what Matt was expecting.
06:41But my decliners, the first one, get in the zone, auto zone.
06:45Investors squarely did not do that today as we saw sizable losses there in that stock.
06:50And I think it has to do with a couple of things.
06:51The first having to do, of course, with the implosion of that first brands group.
06:54And this company obviously has better credit than that company did before the bankruptcy.
06:58But I think it's a tariff story as well, this kind of roiling concern about whether an auto
07:02parts retailer is going to be able to get what it needs to get and not have to raise
07:05prices as much as I think many consumers fear it might.
07:08See that stock sagging today.
07:10The two other ones I wanted to flag kind of go together, they complement one another,
07:12is Northrop Brumman and Lockheed Martin, these two big defense contractors.
07:16Such an interesting moment here for these defense contractors in light of the cessation
07:20of fighting that we saw in the Middle East.
07:22And I think also you have Ukraine coming to Washington, the president of Ukraine going
07:27to meet with President Trump tomorrow to talk about their desire to get more American weaponry.
07:30We'll see what kind of manifests itself from that going forward.
07:33All right.
07:33We're looking at some earnings crossing now from J.B. Hunt.
07:37The trucker says third quarter EPS was much better than expected by 30 cents, $1.76.
07:42We were only looking for $1.46 revenue.
07:46It looks like they had $3.05 billion in total revenue in the quarter.
07:53That's better than the $3.02 billion we were looking for.
07:56And they break it down to intermodal revenue, $1.50, $1.52 billion.
08:01Dedicated revenue, $864 million.
08:04So J.B. Hunt handily beating earnings expectations certainly on the bottom line.
08:09Yeah, you can see shares flying right now up about 8%.
08:11This is a company that needed some good news.
08:14Shares down about 18% on a total return basis through today's close.
08:18But let's take a look at what is going on in the bond market.
08:21And it's a relative snooze, I would say.
08:24I mean, when it comes to the 10-year yield, we couldn't quite get to 4%.
08:28Not too much action in yields.
08:30I don't know if we'll show them, but I hope they do.
08:32But overall, there we go.
08:34You can see that the long end, maybe you could frame that as a gain.
08:37But overall, just some slight losses here on the Treasury market.
08:41All right, did I mention the Olympics to you?
08:46Yes.
08:47To Carol.
08:48I know I went into the radio studio earlier and talked about this a little bit with Carol.
08:51Oh, good.
08:51And David Gurra, because I love the idea of...
08:54Were you on air?
08:55Nope.
08:55It was during a commercial break.
08:57During a commercial break.
08:58But I love the idea of these big cities bid on the Olympics.
09:02And all the naysayers are like, they always lose money, which for the most part is true.
09:06But L.A. is always held up as the model of profitability for the Olympics because they had an Olympics back, I think, in the 80s.
09:16Was it 1984?
09:17That's right.
09:17And they actually did well because they didn't plow a ton of money into new infrastructure, new stadiums, new facilities.
09:25They reused, and Carol, you're going to love this because of the circular economy.
09:28They reused all of the stuff they had, for example, a stadium that was there since 1930.
09:33Which is great.
09:33Why not do that?
09:34And they ended up not losing a ton of money.
09:35Yeah.
09:36But that was then.
09:37This is now.
09:38They're prepping a $1 billion bond for their convention center ahead of the 2028 Olympics.
09:43I have to say, I'm psyched.
09:45Also, you know, maybe this will be good for the muni market as well.
09:48But look at that.
09:49A whole billion.
09:50Wow.
09:51That's a lot.
09:52That's a lot.
09:52That's aggressive.
09:53As you can see, the sign says a new era for Los Angeles.
09:56I always think it's sad you go to a city that, you know, where they hosted the Olympics and it's just like empty buildings.
10:00Is that Montreal?
10:01Is that what you're talking about?
10:01Well, or is it going to be even like Lake Placid?
10:04It's a little quiet, although there's some stuff.
10:06You go to Lake Placid?
10:07Yeah.
10:08For the pizza.
10:08Did you ever go to the Mirror Lake Inn?
10:10No.
10:10Listen, if you have not been.
10:11I've been to the Mirror Lake.
10:12I've been there.
10:13It's beautiful.
10:13Yeah, sure.
10:14Yeah, so you know.
10:15But it's kind of quiet.
10:16Yeah.
10:16Down the luge.
10:16Skate around the lake.
10:17Yeah.
10:18All right.
10:18But listen, if you have not been.
10:20Okay.
10:20If you're not into Sally's in New Haven, you should go.
10:22All right.
10:22I got to wrap because Finley's going to yell at me.
10:24Rubinos.
10:25No.
10:25Rubinos.
10:25No.
10:26In Bexley.
10:26It's right down the street from Grater's Ice Cream.
10:28That's a wrap.
10:29Oh, that is good.
10:29Gotta go.
10:30Gotta go.
10:30Gotta go.
10:30Gotta go.
10:30Gotta go.
10:31Gotta go.
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