RUSH TRANSCRIPT Am ok ░░░░░░░░ a week or 2 ░░░░░░░░ get back to my ░░░░░░░░ belt caused the fire ░░░░░░░░ not been released But ░░░░░░░░ course we will be ░░░░░░░░ of And if you ░░░░░░░░ market stock movers that ░░░░░░░░ re watching for with ░░░░░░░░ Depot reported better than ░░░░░░░░ third quarter earnings today ░░░░░░░░ retailer reported revenue increased ░░░░░░░░ 6 to 38 8 ░░░░░░░░ billion dollars Free market ░░░░░░░░ of the company are ░░░░░░░░ down ever so slightly ░░░░░░░░ almost about one percent ░░░░░░░░ have been keeping an ░░░░░░░░ on Home Depot s ░░░░░░░░ to see whether shoppers ░░░░░░░░ still spending on renovations ░░░░░░░░ do it yourself home ░░░░░░░░ in the face of ░░░░░░░░ Home Depot says customer ░░░░░░░░ were down slightly more ░░░░░░░░ 4 but average ticket ░░░░░░░░ rose about 9 and ░░░░░░░░ Buffett s Berkshire I ░░░░░░░░ a 4 1 billion ░░░░░░░░ stake in Taiwan semiconductor ░░░░░░░░ the move is a ░░░░░░░░ John it s the ░░░░░░░░ sector by billionaire Warren ░░░░░░░░ s conglomerate free market ░░░░░░░░ of Taiwan semiconductor are ░░░░░░░░ up over 12 here ░░░░░░░░ getting a major boost ░░░░░░░░ that in the past ░░░░░░░░ it didn t shy ░░░░░░░░ from the tech industry ░░░░░░░░ he didn t want ░░░░░░░░ invest in businesses that ░░░░░░░░ didn t fully understand ░░░░░░░░ In recent years that ░░░░░░░░ has changed now stick ░░░░░░░░ there s much better ░░░░░░░░ after the break It ░░░░░░░░ 11 eliminate stand we ░░░░░░░░ that the layers of ░░░░░░░░ favorite celebrities I come ░░░░░░░░ those same shoes that ░░░░░░░░ want tara look what ░░░░░░░░ ve done it you ░░░░░░░░ do to come there ░░░░░░░░ job to the latest ░░░░░░░░ making venture because I ░░░░░░░░ like man this is ░░░░░░░░ I would be free ░░░░░░░░ belt and this new ░░░░░░░░ Frank de Larry is ░░░░░░░░ re fired warming luxury ░░░░░░░░ Great product high quality ░░░░░░░░ the price of the ░░░░░░░░ we should end This ░░░░░░░░ Catch new episodes Sunday ░░░░░░░░ the representation and inclusion ░░░░░░░░ business with today s ░░░░░░░░ and shining a light ░░░░░░░░ women are making strides ░░░░░░░░ their industries Women breaking ░░░░░░░░ own feeling tune in ░░░░░░░░ chat her fridays at ░░░░░░░░ 30am Yeah much better ░░░░░░░░ in your face than ░░░░░░░░ would expect whether you ░░░░░░░░ at home On the ░░░░░░░░ or check your inbox ░░░░░░░░ the store Learn more ░░░░░░░░ cheddar dot com And ░░░░░░░░ morning everyone welcome back ░░░░░░░░ wake up with cheddar ░░░░░░░░ much out a long ░░░░░░░░ chloe aiello and the ░░░░░░░░ just opening just a ░░░░░░░░ moments ago stocks open ░░░░░░░░ training over the New ░░░░░░░░ Stock Exchange franklin templeton ░░░░░░░░ over at the NASDAQ ░░░░░░░░ group holding limited to ░░░░░░░░ stocks obviously moving well ░░░░░░░░ of better inflation numbers ░░░░░░░░ s see how things ░░░░░░░░ up that rate Yeah ░░░░░░░░ s get a check ░░░░░░░░ those major this is ░░░░░░░░ the dow Jones putting ░░░░░░░░ almost 300 points there ░░░░░░░░ and p 500 up ░░░░░░░░ and a half percent ░░░░░░░░ the NASDAQ up almost ░░░░░░░░ and a half percent ░░░░░░░░ to baker s the ░░░░░░░░ of better than wholesale ░░░░░░░░ that s right we ░░░░░░░░ talking with the producer ░░░░░░░░ index did show a ░░░░░░░░ of about 0 2 ░░░░░░░░ below What was anticipated ░░░░░░░░ coming after consumer price ░░░░░░░░ data last week that ░░░░░░░░ came in less than ░░░░░░░░ giving investors something to ░░░░░░░░ optimistic perhaps the Fed ░░░░░░░░ moves to hike interest ░░░░░░░░ are having the desired ░░░░░░░░ pushing inflation I m ░░░░░░░░ that will be waiting ░░░░░░░░ see the Fed s ░░░░░░░░ to this data to ░░░░░░░░ if potentially there could ░░░░░░░░ a more dovish it ░░░░░░░░ worth noting that inflation ░░░░░░░░ still far above that ░░░░░░░░ target there are also ░░░░░░░░ major movement from companies ░░░░░░░░ Walmart which just reported ░░░░░░░░ know beats on top ░░░░░░░░ bottom lines and it ░░░░░░░░ late this earnings report ░░░░░░░░ Taiwan semiconductors was up ░░░░░░░░ free market over 12 ░░░░░░░░ Berkshire hathaway did take ░░░░░░░░ stake in that ocelots ░░░░░░░░ and in the early ░░░░░░░░ of trading joining us ░░░░░░░░ to discuss all this ░░░░░░░░ Brian bend a president ░░░░░░░░ I m jp wealth ░░░░░░░░ Brian thanks so much ░░░░░░░░ joining us welcome to ░░░░░░░░ show as I mentioned ░░░░░░░░ off to a strong ░░░░░░░░ this morning What s ░░░░░░░░ the positive sentiment to ░░░░░░░░ Thanks corey I think ░░░░░░░░ now we re in ░░░░░░░░ period of time where ░░░░░░░░ are optimistic as you ░░░░░░░░ about a change in ░░░░░░░░ from the Fed And ░░░░░░░░ to back readings on ░░░░░░░░ of the inflation gauges ░░░░░░░░ definitely support people going ░░░░░░░░ longer thinking about risk ░░░░░░░░ However I do think ░░░░░░░░ in the backdrop of ░░░░░░░░ it s good news ░░░░░░░░ we ve seen over ░░░░░░░░ last couple of days ░░░░░░░░ fundamentals haven t changed ░░░░░░░░ much for the economy ░░░░░░░░ I think the market ░░░░░░░░ still pricing in about ░░░░░░░░ half first at 4 ░░░░░░░░ the basis point increase ░░░░░░░░ in December and possibly ░░░░░░░░ small rate increases at ░░░░░░░░ start of the year ░░░░░░░░ what works keeping an ░░░░░░░░ on He s looking ░░░░░░░░ those earnings outlooks for ░░░░░░░░ as we move into ░░░░░░░░ year just to see ░░░░░░░░ earnings are changing and ░░░░░░░░ these market valuations Now ░░░░░░░░ stocks are leading the ░░░░░░░░ this morning but obviously ░░░░░░░░ tech sector has really ░░░░░░░░ hammered by the vault ░░░░░░░░ the in the you ░░░░░░░░ a decrease in digital ░░░░░░░░ spending we see the ░░░░░░░░ layoffs so would you ░░░░░░░░ buying let s talk ░░░░░░░░ now where you actually ░░░░░░░░ value in the tech ░░░░░░░░ Definitely I mean I ░░░░░░░░ still think that it ░░░░░░░░ a little bit too ░░░░░░░░ to jump into the ░░░░░░░░ end of the pool ░░░░░░░░ now with the tech ░░░░░░░░ but where we re ░░░░░░░░ for opportunities are companies ░░░░░░░░ have ongoing stable cash ░░░░░░░░ and strong customer base ░░░░░░░░ so thinking about cloud ░░░░░░░░ about server management and ░░░░░░░░ in in the cloud ░░░░░░░░ places that seem to ░░░░░░░░ a little bit more ░░░░░░░░ I would say we ░░░░░░░░ would probably feel a ░░░░░░░░ bit more comfortable with ░░░░░░░░ after we hear from ░░░░░░░░ Fed after week about ░░░░░░░░ own as we move ░░░░░░░░ next year because multiple ░░░░░░░░ compression still concerned I ░░░░░░░░ rather it more toward ░░░░░░░░ know in the short ░░░░░░░░ dividend paying stocks strong ░░░░░░░░ sheet strong cash lows ░░░░░░░░ well as thinking about ░░░░░░░░ of those consumer staple ░░░░░░░░ were Investors and Schumer ░░░░░░░░ are thinking trading down ░░░░░░░░ on price and maintaining ░░░░░░░░ The feds let s ░░░░░░░░ about that we re ░░░░░░░░ more signs that inflation ░░░░░░░░ easy with the producer ░░░░░░░░ index coming in below ░░░░░░░░ of you know rising ░░░░░░░░ 0 2 there You ░░░░░░░░ you say that the ░░░░░░░░ will continue to hike ░░░░░░░░ rates through March of ░░░░░░░░ year when to anticipate ░░░░░░░░ actually see a slowdown ░░░░░░░░ and what might that ░░░░░░░░ like Well I think ░░░░░░░░ now that s a ░░░░░░░░ question But I think ░░░░░░░░ now what we re ░░░░░░░░ with is a step ░░░░░░░░ Shannon change with the ░░░░░░░░ meeting that right now ░░░░░░░░ re beating and trying ░░░░░░░░ understand the impacts of ░░░░░░░░ policies But unfortunately those ░░░░░░░░ take a while the ░░░░░░░░ through the economy so ░░░░░░░░ think what more is ░░░░░░░░ likely to hear from ░░░░░░░░ is that they re ░░░░░░░░ to take a step ░░░░░░░░ in rates because we ░░░░░░░░ still very much above ░░░░░░░░ 2 target I think ░░░░░░░░ would be encouraging to ░░░░░░░░ is if their outlooks ░░░░░░░░ change relative to inflation ░░░░░░░░ they might actually raise ░░░░░░░░ because the world it ░░░░░░░░ moving away from globalization ░░░░░░░░ I think higher cases ░░░░░░░░ going to stay here ░░░░░░░░ little bit longer however ░░░░░░░░ still optimistic that headline ░░░░░░░░ could move that down ░░░░░░░░ a 4 5 handle ░░░░░░░░ the end of next ░░░░░░░░ but that might be ░░░░░░░░ by a mile the ░░░░░░░░ gated recession in the ░░░░░░░░ So a lot of ░░░░░░░░ to still monitor and ░░░░░░░░ react to as the ░░░░░░░░ gives us guidance moving ░░░░░░░░ Brian we have big ░░░░░░░░ earnings out this week ░░░░░░░░ Walmart target what anticipating ░░░░░░░░ we near the end ░░░░░░░░ season and of course ░░░░░░░░ into this all important ░░░░░░░░ shopping season 2 Well ░░░░░░░░ re still seeing that ░░░░░░░░ ours spending and more ░░░░░░░░ the higher income side ░░░░░░░░ the Based on consumers ░░░░░░░░ with still having 5 ░░░░░░░░ that year over year ░░░░░░░░ in wages so we ░░░░░░░░ expect that consumers will ░░░░░░░░ going into the season ░░░░░░░░ really we think about ░░░░░░░░ year I think it ░░░░░░░░ more of a concern ░░░░░░░░ say is that spending ░░░░░░░░ to continue I think ░░░░░░░░ Taylor s are getting ░░░░░░░░ up accordingly But at ░░░░░░░░ end of the day ░░░░░░░░ think going to be ░░░░░░░░ in to a slower ░░░░░░░░ period moving forward so ░░░░░░░░ to watch those retail ░░░░░░░░ in the new year ░░░░░░░░ it mentions you know ░░░░░░░░ terms of companies are ░░░░░░░░ at you know dividend ░░░░░░░░ stocks companies with strong ░░░░░░░░ flows But are there ░░░░░░░░ particular sectors that you ░░░░░░░░ watching what you think ░░░░░░░░ should be paying attention ░░░░░░░░ as well Well we ░░░░░░░░ think that in the ░░░░░░░░ environment chloe there s ░░░░░░░░ demand supply issues around ░░░░░░░░ and we still like ░░░░░░░░ it with with natural ░░░░░░░░ story in the natural ░░░░░░░░ overall trying to help ░░░░░░░░ Europe get out of ░░░░░░░░ that was directly impacted ░░░░░░░░ the start of the ░░░░░░░░ war on February with ░░░░░░░░ we also like sectors ░░░░░░░░ I mentioned before and ░░░░░░░░ consumer staples area where ░░░░░░░░ are are making decisions ░░░░░░░░ on price and looking ░░░░░░░░ fast casual retailers in ░░░░░░░░ space is the means ░░░░░░░░ support that that choice ░░░░░░░░ consumers are going through ░░░░░░░░ beating out for this ░░░░░░░░ to a grocery store ░░░░░░░░ I guess sectors that ░░░░░░░░ playing on a slowing ░░░░░░░░ Us a strong consumer ░░░░░░░░ at the same point ░░░░░░░░ time of the world ░░░░░░░░ to move through this