RUSH TRANSCRIPT Welcome back ░░░░░░░░ morning movers I m ░░░░░░░░ all coming to lie ░░░░░░░░ the floor of the ░░░░░░░░ York Stock Exchange or ░░░░░░░░ is that James different ░░░░░░░░ and chief investment officer ░░░░░░░░ main street research James ░░░░░░░░ you So much for ░░░░░░░░ us are sl Tech ░░░░░░░░ made quite the recovery ░░░░░░░░ those April lows That ░░░░░░░░ saw but they re ░░░░░░░░ clearly room to run ░░░░░░░░ say by the tech ░░░░░░░░ correction Why do you ░░░░░░░░ there s still room ░░░░░░░░ run here And I ░░░░░░░░ there s a lot ░░░░░░░░ room to run The ░░░░░░░░ were sold off dramatically ░░░░░░░░ with the tariff uncertainty ░░░░░░░░ basic economic uncertainty We ░░░░░░░░ t yet to think ░░░░░░░░ going forward if the ░░░░░░░░ cuts which we think ░░░░░░░░ will in the second ░░░░░░░░ and things get more ░░░░░░░░ There is no better ░░░░░░░░ rate Story then detected ░░░░░░░░ stocks in across the ░░░░░░░░ The I play absolute ░░░░░░░░ alive I think people ░░░░░░░░ sort of forgotten that ░░░░░░░░ of a we think ░░░░░░░░ s got legs Okay ░░░░░░░░ think it s has ░░░░░░░░ I mean look at ░░░░░░░░ sense when you see ░░░░░░░░ of that growth in ░░░░░░░░ mega cab tech names ░░░░░░░░ videos made quite a ░░░░░░░░ met As made that ░░░░░░░░ I mean that s ░░░░░░░░ performer among the mac ░░░░░░░░ Microsoft as well Google ░░░░░░░░ under some pressure it ░░░░░░░░ obviously got the alphabet ░░░░░░░░ got those anti trusts ░░░░░░░░ around that apple so ░░░░░░░░ pressure and many analysts ░░░░░░░░ experts that I talk ░░░░░░░░ feel like that s ░░░░░░░░ because they have the ░░░░░░░░ hair of exposure These ░░░░░░░░ share that same sentiment ░░░░░░░░ I think that s ░░░░░░░░ very good point of ░░░░░░░░ have to be stock ░░░░░░░░ here because we re ░░░░░░░░ of entry a different ░░░░░░░░ with tariffs and that ░░░░░░░░ going to put some ░░░░░░░░ was with apple potentially ░░░░░░░░ Google but it certainly ░░░░░░░░ t for a lot ░░░░░░░░ the other spaces so ░░░░░░░░ re big fans of ░░░░░░░░ nvidia In the I ░░░░░░░░ the bedrock of picks ░░░░░░░░ shovels type of company ░░░░░░░░ out Outside of that ░░░░░░░░ could go outside the ░░░░░░░░ as well as a ░░░░░░░░ mcardle libra the Amazon ░░░░░░░░ Latin America These stocks ░░░░░░░░ all gone down a ░░░░░░░░ story coming back but ░░░░░░░░ you really think about ░░░░░░░░ they ve gone nowhere ░░░░░░░░ six weeks in the ░░░░░░░░ have gone up so ░░░░░░░░ peas have gotten compressed ░░░░░░░░ that s what we ░░░░░░░░ it s a great ░░░░░░░░ Our I got some ░░░░░░░░ coming up And the ░░░░░░░░ security space you re ░░░░░░░░ on that space at ░░░░░░░░ when it comes to ░░░░░░░░ alto tell us about ░░░░░░░░ views here We re ░░░░░░░░ on the cyber security ░░░░░░░░ in general It is ░░░░░░░░ must have reported but ░░░░░░░░ companies around the world ░░░░░░░░ was probably the best ░░░░░░░░ of the group so ░░░░░░░░ we re expecting earnings ░░░░░░░░ least that use meet ░░░░░░░░ beat expectations I liked ░░░░░░░░ fact that they bought ░░░░░░░░ I protect That s ░░░░░░░░ Smaller company is going ░░░░░░░░ help them dry This ░░░░░░░░ a I person to ░░░░░░░░ us all be protected ░░░░░░░░ cyberattacks What are you ░░░░░░░░ for when it comes ░░░░░░░░ guidance from power so ░░░░░░░░ think the gardens is ░░░░░░░░ to be in line ░░░░░░░░ better than expected Him ░░░░░░░░ to orders back to ░░░░░░░░ in in in their ░░░░░░░░ I think we ll ░░░░░░░░ positive Okay let s ░░░░░░░░ a little bit about ░░░░░░░░ earnings that are already ░░░░░░░░ already had to take ░░░░░░░░ Depot big felt that ░░░░░░░░ morning It seems like ░░░░░░░░ street was bracing for ░░░░░░░░ potential shooter drop especially ░░░░░░░░ you think about the ░░░░░░░░ exposure when it comes ░░░░░░░░ materials that Home Depot ░░░░░░░░ with they beat on ░░░░░░░░ missed on abs But ░░░░░░░░ guide and say did ░░░░░░░░ by that how due ░░░░░░░░ All of that you ░░░░░░░░ I think that s ░░░░░░░░ really good one because ░░░░░░░░ lot of people just ░░░░░░░░ Home Depot in with ░░░░░░░░ other company in the ░░░░░░░░ builder space It is ░░░░░░░░ best of breed and ░░░░░░░░ know what s really ░░░░░░░░ Is those earnings were ░░░░░░░░ but the last two ░░░░░░░░ of you really dig ░░░░░░░░ the the revenue started ░░░░░░░░ increasing and I m ░░░░░░░░ to put that on ░░░░░░░░ nature We had a ░░░░░░░░ traffic in stores I ░░░░░░░░ you re to see ░░░░░░░░ and target tomorrow and ░░░░░░░░ and I think it ░░░░░░░░ put that on uncertainty ░░░░░░░░ is the best of ░░░░░░░░ best manage of the ░░░░░░░░ builders in home segment ░░░░░░░░ like Home Depot here ░░░░░░░░ be a buyer okay ░░░░░░░░ You would be a ░░░░░░░░ mean look shares are ░░░░░░░░ higher this morning off ░░░░░░░░ back of their numbers ░░░░░░░░ it looks like the ░░░░░░░░ likes that guide inside ░░░░░░░░ re expecting sales growth ░░░░░░░░ than two percent two ░░░░░░░░ eight percent same store ░░░░░░░░ growth they re projecting ░░░░░░░░ percent do think that ░░░░░░░░ will bode well for ░░░░░░░░ because they have their ░░░░░░░░ Buying season and that ░░░░░░░░ essentially their their holidays ░░░░░░░░ Depot in a lot ░░░░░░░░ the companies reporting this ░░░░░░░░ something to to really ░░░░░░░░ growth and it s ░░░░░░░░ which I think we ░░░░░░░░ the second half around ░░░░░░░░ and remember home people ░░░░░░░░ percent of the parties ░░░░░░░░ not even terror their ░░░░░░░░ removed or made a ░░░░░░░░ was so get best ░░░░░░░░ breed and the other ░░░░░░░░ we need it Is ░░░░░░░░ cuts and I think ░░░░░░░░ re going to get ░░░░░░░░ in the second half ░░░░░░░░ the housing market has ░░░░░░░░ been worse since two ░░░░░░░░ and nine So this ░░░░░░░░ the worst housing more ░░░░░░░░ we soon and that ░░░░░░░░ Home Depot You get ░░░░░░░░ to come down Home ░░░░░░░░ s two years ago ░░░░░░░░ are you really expecting ░░░░░░░░ be cut Especially like ░░░░░░░░ it comes in this ░░░░░░░░ meeting because I m ░░░░░░░░ from different economists that ░░░░░░░░ doesn t look likely ░░░░░░░░ think investors should not ░░░░░░░░ I think is part ░░░░░░░░ the market is assuming ░░░░░░░░ cuts in June I ░░░░░░░░ t think there s ░░░░░░░░ evidence to do that ░░░░░░░░ really need the labor ░░░░░░░░ to to get softer ░░░░░░░░ powers told us that ░░░░░░░░ it has insinuated when ░░░░░░░░ sees that he s ░░░░░░░░ to go I m ░░░░░░░░ of we re going ░░░░░░░░ see it the second ░░░░░░░░ So when we look ░░░░░░░░ wal marts latest results ░░░░░░░░ still were indications that ░░░░░░░░ consumer still has some ░░░░░░░░ Just mentioning the labor ░░░░░░░░ In the labor market ░░░░░░░░ well for consumer What ░░░░░░░░ you paying attention to ░░░░░░░░ it comes to their ░░░░░░░░ resilience out of the ░░░░░░░░ Well that s an ░░░░░░░░ part of this economy ░░░░░░░░ it s the biggest ░░░░░░░░ and you know our ░░░░░░░░ in the United States ░░░░░░░░ tariffs and policy Is ░░░░░░░░ rude goldilocks to simply ░░░░░░░░ Is an economy doesn ░░░░░░░░ go too hot It ░░░░░░░░ t shoot Too cold ░░░░░░░░ a warmer is exactly ░░░░░░░░ you want to be ░░░░░░░░ can service model and ░░░░░░░░ growth but resilient road ░░░░░░░░ think that s what ░░░░░░░░ re going to see ░░░░░░░░ we want to keep ░░░░░░░░ eye on consumer confidence ░░░░░░░░ think it is going ░░░░░░░░ get better with some ░░░░░░░░ things I mentioned earlier ░░░░░░░░ the back so interesting ░░░░░░░░ that Walmart making the ░░░░░░░░ about they may have ░░░░░░░░ pass some of those ░░░░░░░░ increases off Or tariffs ░░░░░░░░ to consumers to present ░░░░░░░░ back on social media ░░░░░░░░ that so it feels ░░░░░░░░ it s a dance ░░░░░░░░ regard to how consume ░░░░░░░░ how these companies will ░░░░░░░░ to explain and a ░░░░░░░░ increase in prices versus ░░░░░░░░ from the government any ░░░░░░░░ or any final thoughts ░░░░░░░░ want to leave us ░░░░░░░░ regard to Broader strategy ░░░░░░░░ portfolio positioning given where ░░░░░░░░ are especially given this ░░░░░░░░ of a 90 day ░░░░░░░░ off period, it