RUSH TRANSCRIPT You were ░░░░░░░░ to dream about it ░░░░░░░░ years We were made ░░░░░░░░ help you book it ░░░░░░░░ minutes Cheryl time now ░░░░░░░░ the word on Wall ░░░░░░░░ Top investors watching your ░░░░░░░░ Joining me is managing ░░░░░░░░ and founder Ryan baliner ░░░░░░░░ with me Chris mcmann ░░░░░░░░ let s take a ░░░░░░░░ a look at futures ░░░░░░░░ re starting this first ░░░░░░░░ trading weak for the ░░░░░░░░ of may and you ░░░░░░░░ got the dow up ░░░░░░░░ NASDAQ up 39 S ░░░░░░░░ up 16 and change ░░░░░░░░ re up year to ░░░░░░░░ for the major indices ░░░░░░░░ are starting to get ░░░░░░░░ about weak profit outlook ░░░░░░░░ that threaten the rally ░░░░░░░░ the year And you ░░░░░░░░ got several first quarter ░░░░░░░░ coming out this week ░░░░░░░░ ve got spirit airlines ░░░░░░░░ first off they ve ░░░░░░░░ they missed on earnings ░░░░░░░░ in line with expectations ░░░░░░░░ also expect that their ░░░░░░░░ saving initiatives are going ░░░░░░░░ benefit this year by ░░░░░░░░ than 75 million We ░░░░░░░░ going to hear from ░░░░░░░░ foods later on this ░░░░░░░░ Disney before the bell ░░░░░░░░ We ve got our ░░░░░░░░ company fox corp uber ░░░░░░░░ on Wednesday and warner ░░░░░░░░ discovery on Thursday First ░░░░░░░░ talk about these margins ░░░░░░░░ squeezed and if that ░░░░░░░░ a concern for you ░░░░░░░░ that going to threaten ░░░░░░░░ rally Second question to ░░░░░░░░ What are you expecting ░░░░░░░░ week from some of ░░░░░░░░ big entertainment names Yeah ░░░░░░░░ think any time you ░░░░░░░░ margin pressure that s ░░░░░░░░ the case for concern ░░░░░░░░ if any company I ░░░░░░░░ that s highlighted by ░░░░░░░░ there I think this ░░░░░░░░ we re definitely focused ░░░░░░░░ the consumer I mean ░░░░░░░░ being such a big ░░░░░░░░ of GDP We ve ░░░░░░░░ some indications that things ░░░░░░░░ slowing down you heard ░░░░░░░░ from a lot of ░░░░░░░░ fast food chains McDonald ░░░░░░░░ has been saying it ░░░░░░░░ months and the data ░░░░░░░░ the fast food sales ░░░░░░░░ down 2 and a ░░░░░░░░ percent year over year ░░░░░░░░ that s also bleeding ░░░░░░░░ grocery sales are now ░░░░░░░░ 2 year over year ░░░░░░░░ my guess Cheryl is ░░░░░░░░ the consumer fresh out ░░░░░░░░ the stimulus probably maxed ░░░░░░░░ credit starting to get ░░░░░░░░ with their spending and ░░░░░░░░ look where am I ░░░░░░░░ my dollars I need ░░░░░░░░ be more careful I ░░░░░░░░ t just buy anything ░░░░░░░░ I think that s ░░░░░░░░ we re starting to ░░░░░░░░ with some of the ░░░░░░░░ names and we ll ░░░░░░░░ watching it with dishe ░░░░░░░░ and uber this Disney ░░░░░░░░ uber this week as ░░░░░░░░ Cheryl that s why ░░░░░░░░ think it s so ░░░░░░░░ and I brought this ░░░░░░░░ already the March consumer ░░░░░░░░ report That comes out ░░░░░░░░ Economists expect credit to ░░░░░░░░ to 15 billion Not ░░░░░░░░ surprise because we ve ░░░░░░░░ personal a savings rates ░░░░░░░░ down and then obviously ░░░░░░░░ ve seen credit card ░░░░░░░░ go up Hen we ░░░░░░░░ going to get that ░░░░░░░░ reading for may consumer ░░░░░░░░ that s Friday To ░░░░░░░░ point The Wall Street ░░░░░░░░ wrote that consumers are ░░░░░░░░ up with these high ░░░░░░░░ costs and they re ░░░░░░░░ big brands as a ░░░░░░░░ They say that restaurant ░░░░░░░░ and food manufacturers are ░░░░░░░░ sliding sales slowing growth ░░░░░░░░ they re saying that ░░░░░░░░ s because of consumers ░░░░░░░░ or more importantly Chris ░░░░░░░░ you the refusal to ░░░░░░░░ high prices It s ░░░░░░░░ amacing They re actually ░░░░░░░░ about brands that used ░░░░░░░░ be value brands We ░░░░░░░░ family dollar had to ░░░░░░░░ 1 000 stores people ░░░░░░░░ they won t buy ░░░░░░░░ ahoy cookies McDonald s ░░░░░░░░ up 39 since 2019 ░░░░░░░░ affects folks in a ░░░░░░░░ way It s something ░░░░░░░░ we see this We ░░░░░░░░ t know what s ░░░░░░░░ At the end of ░░░░░░░░ day 1 4 trillion ░░░░░░░░ credit card debt means ░░░░░░░░ can t spend any ░░░░░░░░ There will be impacts ░░░░░░░░ bright spot Walmart is ░░░░░░░░ a good thing for ░░░░░░░░ better foods whole brand ░░░░░░░░ goods a brand they ░░░░░░░░ coming out with 300 ░░░░░░░░ cost brands that I ░░░░░░░░ will take a big ░░░░░░░░ of this consumer who ░░░░░░░░ looking for better value ░░░░░░░░ look waller mart marketplace ░░░░░░░░ s Walmart marketplace they ░░░░░░░░ basically taking over grocery ░░░░░░░░ stores making shawl grocery ░░░░░░░░ r that s how ░░░░░░░░ re making money Staying ░░░░░░░░ this Look at this ░░░░░░░░ the journal fast food ░░░░░░░░ in March 33 higher ░░░░░░░░ they were in 2019 ░░░░░░░░ prices have jumped 26 ░░░░░░░░ basically consumers are saying ░░░░░░░░ re comparing pre Covid ░░░░░░░░ to what they re ░░░░░░░░ now and they re ░░░░░░░░ that s it I ░░░░░░░░ out they re not ░░░░░░░░ to pay it anymore ░░░░░░░░ is a big wakeup ░░░░░░░░ for the industry the ░░░░░░░░ products industry I think ░░░░░░░░ For many many quarters ░░░░░░░░ companies have just been ░░░░░░░░ rising sales but it ░░░░░░░░ all been priced the ░░░░░░░░ are ticking down slowly ░░░░░░░░ surely Wall Street Journal ░░░░░░░░ street is going to ░░░░░░░░ the companies to figure ░░░░░░░░ out they have to ░░░░░░░░ leaner more productive A ░░░░░░░░ might factor into some ░░░░░░░░ that progress But the ░░░░░░░░ is pretty much tapped ░░░░░░░░ and so I think ░░░░░░░░ will be something we ░░░░░░░░ watching in the coming ░░░░░░░░ It s no surprise ░░░░░░░░ 401 k hardship withdrawals ░░░░░░░░ at a record level ░░░░░░░░ now I mean people ░░░░░░░░ trying to find cash ░░░░░░░░ they can and so ░░░░░░░░ think that s really ░░░░░░░░ to make companies think ░░░░░░░░ about raiseing prices because ░░░░░░░░ are fed up Companies ░░░░░░░░ to get more creative ░░░░░░░░ productive or we ll ░░░░░░░░ a slowdown p pretty ░░░░░░░░ Cheryl they re not ░░░░░░░░ to Starbucks That s ░░░░░░░░ the report Kraft heinz ░░░░░░░░ ahoy people are passing ░░░░░░░░ up they re going ░░░░░░░░ generic products generic brands ░░░░░░░░ travel we ll see ░░░░░░░░ happens with Disney other ░░░░░░░░ Spirit airlines had a ░░░░░░░░ this morning They have ░░░░░░░░ problems They have good ░░░░░░░░ But we have concerns ░░░░░░░░ re talking about taking ░░░░░░░░ planes possibly out of ░░░░░░░░ this year because of ░░░░░░░░ metal dust that may ░░░░░░░░ with the operation of ░░░░░░░░ engine by the way ░░░░░░░░ s an alarming way ░░░░░░░░ phrase that I think ░░░░░░░░ the end of the ░░░░░░░░ some of these companies ░░░░░░░░ really going to have ░░░░░░░░ of the companies have ░░░░░░░░ retool tight n their ░░░░░░░░ because the consumers is ░░░░░░░░ tapped out Cheryl they ░░░░░░░░ also got the failed ░░░░░░░░ issue going on as ░░░░░░░░ Ryan thank you very ░░░░░░░░ for being with us ░░░░░░░░ you re going to ░░░░░░░░ with us all morning ░░░░░░░░ Appreciate it is guys ░░░░░░░░ drama in the house ░░░░░░░░ no sign of stopping ░░░░░░░░ Johnson claims he’s the