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美国哪些州最适合做生意？
Which are America's top states for business?
获取完整数据，逐州详细分析。
Get all the data and complete state by state analysis.
看看你的州表现如何。
See how your state measures up.
美国最适合做生意的州。
America's top states for business.
立即前往 topstates.cnbc.com 查看完整榜单。
See the full list now at topstates.cnbc.com.
现场直播，地点位于纽约时代广场的纳斯达克交易市场。
Live from the Nasdaq market site in the heart of New York City's Times Square.
这里是快钱频道。
This is fast money.
今晚有哪些精彩内容？
Here's what's on tap tonight.
软件行业突发震荡。
A software shocker.
IBM股价遭遇史上最惨一天，因对公司最新季度发出严厉预警。
Shares of IBM seeing their worst day on record after a stark warning for its latest quarter.
这一举动是合理反应，还是抄底的好机会？
Is the move justified, or is this an opportunity to buy into the stock?
银行业出现分化，我们深入分析高盛和花旗截然不同的业绩表现。
In a bank bifurcation, we dig into the results that had Goldman Sachs and Citigroup moving in vastly different directions.
今晚，一位顶级分析师将分享他对这两家公司的看法。
Tonight, one top analyst gives us his thoughts on the names.
此外，比特币出现反弹。
Plus, Bitcoin gets a bounce.
医院运营商HCA因前景黯淡而下跌，而SK海力士则大幅回升。
Hospital operator HCA drops on weak guidance, and SK Hynix rebounds in a big way.
这只芯片股在纳斯达克上市第三天为何强势上涨？期权交易者又如何布局？
What is powering the chip stock in its third day on the Nasdaq, and how are options traders positioning amid the move?
我是梅丽莎·李，正在纳斯达克B演播室为您现场报道。
I'm Melissa Lee, coming to you live from Studio B at the Nasdaq.
今晚坐在我身边的有：蒂姆·西摩、凯伦·费曼、史蒂夫·格拉索和盖达米。
On the desk tonight, Tim Seymour, Karen Feynman, Steve Grasso, and Gayedami.
我们先来聊聊蓝色大巨人IBM带来的坏消息。
We start off with a big bummer for Big Blue.
IBM股价大跌，这名字和新闻真是绝配。
IBM losing I want alliteration.
IBM今天的市值蒸发了四分之一。
IBM losing a quarter of its value today.
这相当于市值缩水了近700亿美元。
That is nearly $70,000,000,000 in market cap.
这一波动让道琼斯指数暴跌450点。CEO阿文德·克里希纳警告说，客户正将资本支出从软件和基础设施转向服务器和内存芯片等硬件。
The move cutting a whopping 450 points off the Dow CEO Arvind Krishna warning that clients were shifting their capex spend from software and infrastructure to hardware like servers and memory chips.
其他老牌软件公司如Atlassian、ServiceNow、Adobe、Salesforce和Oracle也表现不佳，其中Oracle自6月初以来跌幅已超40%，创下一年多来的最低水平。
Other legacy software names like Atlassian, ServiceNow, Adobe, Syncing and Sympathy, Oracle, which is down more than 40% just since the start of June, hit its lowest level in more than a year.
但这一领域也不是全无好消息。
But it wasn't all bad news in the space.
像CrowdStrike、Zscaler和Palo Alto这些专注网络安全的股票，今天都大幅上涨。
Cyber focused stocks like CrowdStrike, Zscaler, Palo Alto, all saw outsized gains today.
这到底是IBM独有的问题，还是整个软件行业的一个预警信号？
So was this an IBM specific problem or a warning sign for the broader software sector?
Guy，你怎么看？
Your thoughts, Guy?
我觉得是后者。
Think the latter.
嗯，这确实跟IBM有关，但我觉得这可能是第一个信号，虽然还不算典型。
I well, clearly, it's an IBM problem, but I think in terms of this is might be the first, although it's not.
之前其他公司也出现过类似苗头，但肯定不会是最后一个。
We've seen it around the edges with others, but it's certainly not gonna be the last.
而且，IBM也算是把这个问题摆到台面上了。
And, you know, IBM sort of put that out there.
凯伦之前说过，你可能会好奇背后的原因，但这些原因可能是为了提前应对一些问题。
Karen said earlier that, you know, you wonder the reasons why, but the reasons why are maybe to get in front of some things.
有时候，最好赶紧把所有坏消息一次性公布出来，抢在别人前面。
And you sometimes it's best to get all the bad news out quickly ahead of everybody else.
我这么说吧。
I'll say this.
从估值角度看，他们在其他业务上还是有底气的。
Valuation wise, they're in other businesses.
很明显，这些因素在其中占了很大比重。
Clearly, all this is a big part of it.
我确实觉得，今天成交量接近正常水平八倍的这只股票，这个价位值得留意。
I actually do think that a stock that today traded almost eight times normal volume, it's worth a look at these levels.
资本支出重新排序，这个说法很到位。
The the the term CapEx reprioritization Well done.
说起来容易，但这一点确实被反复强调了。
Relatively easy for me to say, is something that was emphasized.
而且你看整个软件板块今天表现都不错，但IBM却稳住了，最近几日还微微上涨，这明显是IBM自身的问题。
And it did feel that when you see the rest of the software space have a pretty good day, actually, IGB's been holding serve and and actually ticking higher over the last few that it it does seem IBM specific.
他们提到了毛利率，下降了70个基点。
They did talk about gross profit margins, came in 70 bps down.
实际上，基础设施业务的收入是下滑的。
You actually had a decline in infrastructure revenues.
IBM这些年从硬件公司转型为软件公司，跟甲骨文的路子正好相反，我觉得它在这波行情里是个特例，情况肯定没他们说的那么糟。
So IBM, which had transformed itself really from kind of a hardware play into a software play, kind of the opposite of what Oracle's been doing, by the way, is is you know, I I think they probably are an outlier on this one, and I bet things aren't anywhere near as bad as they're talking about.
我觉得它的估值还挺有吸引力的。
And I do think that the valuation's interesting.
今天非得追进去吗？
Do you need to go chase it today?
我觉得没必要。
I don't think so.
但软件股和IBM之间的表现差距，确实挺有意思的。
But there's no question that that different that that that that spread between software stocks and IBM was fascinating.
是的
Yeah.
说到IBM的硬件业务，这确实是个缓冲。
I mean, to your point, in terms of hardware side of IBM, that is sort of the the hedge.
对吧？
Right?
如果他们重新聚焦硬件，这部分业务理论上应该会受益，而且咨询业务也可能受益，因为企业正在寻找AI解决方案并着手部署。
I mean, if they're rediverting, the hardware side of the business should theoretically benefit, and also the consulting side of the business could actually benefit as companies are looking to deploy AI and find AI solutions.
对。
Mhmm.
不过咨询业务其实反而更容易被AI取代。
Although, consulting, I mean, that's one that would seem vulnerable to AI Displacement.
对吧？
Right?
没错。
Yes.
被取代。
Displacement.
我不太确定。
I I don't know.
我觉得这特别有意思。
I thought it was fascinating.
IBM股价上涨了25%，这太惊人了。
A 25% move in IBM is extraordinary.
不过，看看图表，这个走势其实从五月底就开始了。
However, looking at the chart, that takes us all the way back to the end of May.
所以，这波涨势已经持续很久了。
So, it's not I mean, it's been quite a run.
我不确定最近这几个月——其实连几个月都不到，大概六周左右的热潮，是不是有点过热了，对吧。
I don't know if some of the the last couple of months, not even couple months, six weeks or so of of excitement there has been somewhat quantum, which Right.
但实际情况并没有改变。
Which didn't change.
事实上，他们确实努力去谈论量子这一部分的故事。
And in fact, they were you know, made efforts to talk about the quantum part of the story.
但我对这里的反应强度感到很意外。
But I I was surprised at the magnitude of the reaction here.
这挺有意思的。
And it was interesting.
我知道今天早些时候有人提到，那位首席执行官说我们出现了失误。
I know there was some talk earlier today about, you know, the CEO saying we faltered.
我不确定是我们真的失误了，还是市场已经变了，而他们没能及时跟上。
I don't know if we faltered or the market has moved and they didn't pick on pick up on it immediately.
像他们这么大的公司，要做到这一点实在太难了。
That's that's very hard to do when you're as big as they are.
所以我对这件事挺感兴趣的。
So I'm sort of intrigued by it.
我不会在第一天就入手，但这种反应的规模确实值得玩味。
I wouldn't buy it day one, but the magnitude of this response is interesting.
不过，如果你也在同一个行业，遇到过类似的问题，看到其他公司也这样，倒也不奇怪。
It wouldn't be shocking though to see some other companies, if you're in the same business as they are, and you may have been having these same issues.
节目一开始，他就提到，其实他们根本没必要公开说这些。
This guy talked about at the top of the show, they didn't need to say this.
没错。
Right.
他们是主动选择早早地撇清关系。
They chose to renounce this early.
现在其他人会不会也感到压力，不得不跟着这么做？以后这个领域是不是一有坏消息，就会再次被抛售，还是同样的理由？
Are others now going to feel pressured to do that, and will this whole space trade down this over again on bad news, the same bad news?
我不确定。
I don't know.
但跌了25%，这数字不小，真不知道他们之前预估会跌多少。
But, down 25% isn't an I wonder how much they thought it would go down.
我觉得有意思的地方在于，你提到的那一点——传统软件公司和AI软件公司的区别。
I think the interesting part is where you started where the legacy names in software versus the AI software names.
所以像Snowflake、CrowdStrike、Palantir这些，才是你现在该入手的标的。
So so the Snowflakes, the CrowdStrike, the the the Palantir, those are the ones you wanna be buying off of this.
Karen说，这价格早在五月就这么低了。
Karen said this was the same price back in May.
2024年的时候也是这个价位，过去大概六次都在这附近触底反弹。
It's also the same price back in 2024, and it's bobbed around here probably six times where it bottomed out.
我正在考虑买入。
I'm thinking about buying it.
我考虑买，主要是因为现在差不多在200美元附近。
I'm thinking about buying it only because around $200.
也许还会再跌10%，但过去两年，这里一直是人们进场抄底的位置。
So maybe you get another 10% to the downside, but this has been a spot where people come in to buy the stock for the last two years.
Quantum这家公司。
Quantum.
他们才是真正的AI先驱。
They were the original AI.
沃森才是最早的AI。
Watson was the original AI.
所以人们通常不会觉得他们走在了潮流前面。
So they're usually not gifted or credited with being ahead of the curve.
这个名字让我觉得，它真正改变了大家对‘领先一步’的看法。
This is a name that I think has changed the perspective where you can get ahead of the curve with this name.
不过这里有个关键问题。
Except that there is one key question.
这个问题你每次都会问。
This is a question that you always, ask.
这些收入是递延的，还是根本拿不到了？
Is this revenue deferred or denied?
没错。
Right.
比如阿尔文·克里斯蒂安提到六月份有些大单子黄了，这些单子是彻底没了，还是只是推迟了？因为客户现在先花在硬件上，等短期一过，还是会回头买软件的。
And so are these deals you know, when Arvin Christian talks about faltering and some big deals falling through in the month of June, Are these deals gone, or are they just pushed out as their customers are spending immediately in the short term on hardware, but will go back to spending on software?
我觉得这一点有点不清楚。
I felt like that was a little bit unclear.
我觉得这是个很好的问题。
I I I think it's a it's a good Karen question.
这类问题通常都很到位。
They're often good Karen questions.
而且这明显是向网络安全领域传递了一个非常积极的信号。
And and I think it was definitely a read through through to cyber and and a very positive one.
网络安全领域，比如你们提到的 CrowdStrike、Palo Alto 或 Zscaler，都是如此。
And cyber, you know, whether you're CrowdStrike or Palo Alto Zscaler as mentioned.
我的意思是，这大概就是核心信息。
I mean, the, I think, that's the message.
核心信息是，尽管软件行业整体面临挑战，网络安全板块的表现却非常强劲。
The message is that that that cyber, despite all of what's going on in cyber, excuse me, in software, is is been trading very, very well.
这就是我的看法。
And I that that's my call.
我觉得对IBM来说，正如我们所说，这里确实有个机会。
I I think for IBM, ultimately, as we're saying, I think there's an opportunity here.
他们表现得太过坦诚了。
They were overly honest.
我不觉得这已经是他们定位的终点。
I don't think this is the end of of where they positioned.
他们将在八天后公布财报。
So they're reporting eight days from now.
我不知道还能透露多少细节。
I don't know how much more color.
也许他们会说更多。
Maybe they do.
这是截至6月30日的数据吗？
This was was this an as of June 30?
我不太确定。
I'm not quite sure.
我不太确定。
I'm not quite sure.
对。
Mhmm.
关于你的问题，
And so to your question,
我不确定会不会
I don't know that it'll
会明朗起来，而且我们会获得更多信息。
be cleared and, you know, that we'll have much more.
也许他们在分析师电话会上会透露一些，
Maybe they'll decide to divulge it on the analyst, you know, call when
到时候吧。
that happens.
在距离公布还有八天的时候，股价已经下跌了百分之二十五。
Leading up to it down 25% into a print eight days away.
你已经把很多模糊的地方清理掉了。
You've taken out a lot of ambiguity into it.
不过你说得对，他们是不是在引爆一个会急剧恶化的隐患？
To your point though, is it are they pulling a pin on something that's going to get dramatically worse?
我觉得这种情况不会发生。
I can't see that happening.
六月底的时候，我觉得总统开始提到量子技术了，具体时间我有点记不清了。
At the end of June, I think the president started touting quantum was it the end of I'd lose track of time.
他后来开始谈量子股票，还真的点名了。
But it started talking about quantum stocks, and he actually mentioned
如果你连时间都搞混了，那确实挺让人担心的。
That's scary for you if you lose track of time.
嗯，拿到了四十年的走势图。
Well, got
四十年的走势图。
the forty year chart.
我挺好
I'm good
就那样。
at that.
挺难的。
Difficult.
这说明问题了。
That's a sign.
是的。
Yeah.
好的。
Okay.
不过，刚才我们在聊什么来着？
Anyway, what
你们刚才在讨论什么？
were you just talking about?
哦，好吧。
Oh, well.
不过呢，说到量子计算相关的公司名称。
But you know, talking about the quantum names.
你特别提到了IBM。
You specifically mentioned IBM.
就像我之前从政府角度提到甲骨文一样。
So, you know, the same way I mentioned Oracle through the lens of the administration.
我感觉等他再谈量子公司、谈IBM的时候，你可能会给个底线。
My sense is you're gonna sort of put in some bottom when he starts talking about quantum names again and IBM.
至于你问的，这类交易量下跌25%，说明市场觉得那些交易很可能不会成行了。
And to answer your question, down 25% on that kind of volume suggests the market thinks it's deals that are not gonna happen going
我们刚收到一条新闻提醒，OpenAI可能要发布新的硬件产品。
We've got a news alert on some potential new hardware products from OpenAI.
凯特·罗尼带来了这条报道。
Kate Rooney's got this story.
凯特，凯特。
Kate Kate.
嗨，梅丽莎。
Hey Melissa.
OpenAI 现在正在开发一款没有屏幕的智能音箱。
So OpenAI is now working on a new screenless smart speaker.
我是梅丽莎。
This is Melissa.
这是公司硬件布局的一部分，我们之前聊过很多，尤其是最近面临苹果诉讼的压力之后。
Part of the company's hardware push that we've been talking a lot about, especially as it comes under pressure from this news lawsuit from Apple.
彭博社最新报道称，这款设备是一款无屏幕、专为家庭设计的AI伴侣。
Bloomberg now reporting that this would be a screen free, basically AI companion designed for your house.
根据这份报道，它听起来有点像亚马逊的Alexa这类产品。
According to this report, kinda sounds like an Alexa device similar to what Amazon has in the market.
它是一款便携式电池供电设备，可以跟着用户从一个房间走到另一个房间。
It is a portable battery powered device that's designed to follow users from room to room.
他们说这个设备能控制其他智能家居产品、管理消息、播放音乐，还能回答问题，就跟你在语音模式下问ChatGPT一样。
They talk about controlling other smart home devices, managing messages, playing music, and again, answering questions similar to what you would hear with voice mode and ChatGPT.
我们还没联系上这家公司。
We have not gotten in touch with the company yet.
我们已经去征求他们的回应了。
We have reached out for comment.
不过彭博社报道称，这款产品可能在今年晚些时候或2027年发布，但这个时间表可能会因为上周那场诉讼而变得复杂。
Bloomberg, though, reporting that this timeline is about later this year or 2027 release, although that could be complicated based on this trade, lawsuit that we saw on Friday.
提醒一下，苹果公司起诉了OpenAI收购的那支设备团队，索赔金额高达60亿美元。
As a reminder, that came out that Apple did sue some of the devices team that OpenAI acquired for about $6,000,000,000.
他们收购了约翰尼·艾弗斯的初创公司，就是那位设计iPhone的设计师。
They bought Johnny Ives startup, the iPhone designer.
当然，这笔收购价大约是65亿美元。
Of course, they're for roughly 6 and a half billion dollars.
现在苹果方面声称，OpenAI的这些团队成员窃取了知识产权和商业机密，压力因此越来越大。
That now under pressure as Apple claims that OpenAI, some of the team members have stolen intellectual property and stolen trade secrets.
这份报告最后一个重要点是，据称OpenAI并不认为这款设备与苹果目前市场上的任何产品有重叠。
One last key part of this report, OpenAI reportedly does not believe that the device has any overlap with anything that Apple has in the market today.
他们还表示，这款设备不太可能侵犯苹果公司的商业秘密。
And they say here that it is unlikely that it violates trade secrets belonging to the iPhone maker.
这一说法来自了解内情的人士。
That is according to people familiar with the matter.
如果我们能获得OpenAI的回应，会第一时间告诉你，但他们对这款设备的外观一直守口如瓶。
We will let you know if we get any comment from OpenAI, but they have been extremely secretive about what these devices might look like.
之前一直有传闻说，它可能是个别针、小型音箱，或者耳机一类的东西。
There have been rumors that it would be a pin or some sort of speaker or an earpiece.
这是最新的消息，看起来这款产品今年就有可能推出。
So this is the latest, and it looks like this could be coming out as soon as this year.
我们回到节目。
Back to you.
好的。
Alright.
凯特，谢谢。
Kate, thank you.
凯特·罗尼。
Kate Rooney.
不清楚。
Don't know.
你觉得怎么样？
How does that sound?
你想要一个没有屏幕、会跟着你走、随时能跟你说话的家用音箱吗？
You want a home speaker with no screen that follows you around and you can ask you questions all the time?
这东西能放音乐吧，我猜是这样。
Is this have it play things, would think.
大概可以吧。
Turn on I guess so.
现在用Alexa你可以让它播放...
What you can do now with an Alexa and say play
这听起来像是初代Alexa。
Sounds like generation one of Alexa.
对吧？
Right?
说实话，音箱刚出来的时候就是这样的。
Seriously, this is how it started out with the speaker.
我们在谈机器人，他们却在说那种没屏幕的音箱。
We're talking about robots, and they're talking about speakers that have no screen.
就连最新的Alexa也能跟着你在家转悠，屏幕还能跟着你转动。
Even the latest Alexa can follow you around the house with the tilt of the of the screen.
这感觉有点过时了。
This seems a little archaic.
你现在有空吗？
Do you have a minute here?
其实没有，不过你说吧。
Not really, but go ahead.
我喜欢去超市买东西。
I I like going to the grocery store.
对。
Yes.
我以前常去
I used to go to
阿克拉。
Accra.
你得去找银行柜员。
You go to the bank teller.
你得去超市，还有其他现代人常去的地方。
You go to the grocery store, all the things that modern day people usually go to.
普通人。
Person.
总之，他坐公交车。
Anyway, he takes the bus.
我去本地的Stop & Shop，那里有那种带轮子的机器人，会跟着人走。
I go to the local stop and shop, and they are these things on wheels, the robots that follow you around.
我故意往它们身上撞，想把它们撞倒，因为我觉得被侵犯了。
I purposely walk into them and try to knock them over, because I feel violated.
现在，Stop & Shop里看监控的人
Now, the folks watching from the Stop
你和Shop那边的人，现在都被列入黑名单了。
You're and Shop, now know now on the black.
这没什么。
That's fine.
但这就是我们想生活的世界——
But that's the world we want to live is
我不太明白为什么我们扯了这么久。
what we're I'm not sure why we got that long.
我们刚才只是在聊那些跟着人走的东西。
Well, we were just talking about things following you around.
凯特在描述这个全新硬件设备的功能时，你一直在打哈欠。
You were yawning as Kate was describing what this brand new hardware thing would do.
如果这算得上是突发新闻的话——顺便说一句，这话可不是冲着凯特去的，她一向能把新闻讲得特别精彩——但如果你真能在这里卖OpenAI的股票，现在倒是个好时机。
If this is breaking news, and by the way, is not directed at Kate who always delivers great news, or at least the way she delivers it is great, but this is a reason to go sell OpenAI if you could go sell it here.
我可能反应过头了，但关键是，这根本算不上什么突破性进展，我们根本不在乎他们进军硬件领域；更别说，这件事还激化了他们和苹果的关系——也许苹果本来根本不在意，也许关系已经没法修复，也许他们压根不觉得自己的诉讼有道理——可为这么点事闹出这么大动静，我真看不出这有什么改变游戏规则的地方。
I'm overreacting, but the point is that not only is this nothing that's groundbreaking, that we don't care about them being in the hardware business, but also if it has inflamed a relationship with Apple that maybe, you know, maybe they didn't care, maybe it's beyond repair, maybe they don't think that their lawsuit has merit, but it's a whole lot of noise for something that I don't see how this is a game changer.
这事儿偏偏赶在我们特别担心OpenAI可能不仅在三大巨头里排第三，而且还被甩开一大截的时候。
It comes at a time when we're very concerned that OpenAI may be, you know, not only in third place here of the big three, but but but trailing significantly.
所以，结合这个背景来看，这个发布不仅不给力，反而可能把原本可以成为重要客户的人都给得罪了。
So, this isn't a great announcement when coupled with that I think they've alienated many people around them that could be important customers.
明白了。
Alright.
meantime，咱们聊聊银行股吧。
Meantime, let's get to bank stocks.
今天早上财报季拉开帷幕，各家银行的业绩全线超预期，但股价反应却参差不齐。
Kicked off earnings season this morning with beats across the board, but stocks had very mixed reactions.
高盛利润飙升近80%，创下历史新高。
Goldman Sachs setting a new record after profits surged nearly 80%.
摩根大通股价也创出新高，营收和指引双双上调，但花旗盘中反转，股价下跌超过5%。
The stock adding 580 points to the Dow.
摩根大通股价也创出新高，营收和指引双双上调，但花旗盘中反转，股价下跌超过5%。
JPMorgan also closing an all time high and record revenue raising guidance, but an intraday reversal in Citi sent shares down more than 5%.
关于这些财报的更多分析，RBC资本的杰拉德·卡西迪现在加入我们。
For more on the reports, RBC Capital's Gerard Cassidy joins us now.
杰拉德，很高兴你今天能来。
Gerard, great to have you with us.
谢谢，梅丽莎。
Thank you, Melissa.
我想先聊聊花旗的情况。
I wanna start off with Citi.
你觉得为什么会突然反转？
Why do you think the reversal happened?
是担心成本问题吗？
Was the concern about expenses?
是因为他们没上调全年预期，尽管净利息收入超预期了？
Was it the fact they didn't raise the full year despite the net interest income beats?
梅丽莎，你一针见血。
Melissa, you put your thumb right on.
主要是他们对成本增长的表态。
It was primarily their commentary about expense growth.
他们在上半年的表现非常出色，尤其是第二季度，效率比率——也就是成本与收入的比例——控制得相当好。
They had a very strong first half when it came to their what they call their efficiency ratio measuring expenses to revenue, particularly in the second quarter.
情况确实不错，但他们没有下调全年的效率比率，仍然维持在60%左右，这意味着下半年成本可能会加速上升，而他们自己也基本确认了这一点。
It was very good, But they didn't lower the efficiency ratio for the full year, which remains around 60%, suggesting expenses could grow faster in the second half of the year, and they pretty much verify that.
这正是财报电话会期间股价转折的关键点。
And that was the turning point in the stock during the earnings call.
杰拉德，我是凯伦。
Gerard, it's Karen.
谢谢你参与这次对话。
Thanks for being on.
我们聚焦在支出上，我觉得这确实是问题的核心。
So focusing in on expenses, was, yeah, I think the center of the storm there.
你觉得简·弗雷泽认为这些支出会带来很好的回报吗？我觉得是这样，还是市场有别的看法？
Do you think those are expenses that Jane Fraser believes will be money very well spent, which is my guess, or do you think that the street thinks something else?
她一向以谨慎著称，在指引上从不夸大。
And she's known to be somewhat conservative in her guidance.
那你从整场电话会中得到的最主要印象是什么？
So what did you what was your takeaway from the whole call?
不是的。
No.
凯伦，你说得对。
Karen, I think you're right.
这更像是一次主动出击的策略，他们是在投资未来，以提升盈利能力。
It's more of an offensive call, meaning they're making the investments to become more profitable.
他们正在投资以持续推进重组。
They're making the investments to continue the restructuring.
所以我认为，从中长期来看，这会带来更高的盈利能力，但在最近三到六个月里，支出可能会暂时升高。
And so I think what this will lead to in the medium term, higher profitability, but over the very near term, over the next three to six months, you could see an elevated level of expenses.
但这仍然让他们朝着投资者日公布的中期目标稳步前进。
But it still keeps them in track for those midterm targets they announced on their Investor Day.
杰拉德，你对巴塞尔III一直很有研究。
Gerard, you've been all over Basel III.
它从逆风变成了顺风。
It went from a headwind to a tailwind.
那这一季度，你最关注的是什么？
So is this quarter, what are you focused on?
是信贷、利差，还是巴塞尔III带来的顺风？
Is it credit, margins or Basel III tailwind?
如果是的话，你最看好哪一个？
And if so, which is your favorite pick?
这是个很有意思的问题。
It's an interesting question.
我在摩根大通的业绩电话会上提到过监管稳定性的前景，这对公司来说是个真正的利好，长期来看也是顺风。
I brought that up on the earnings call with JPMorgan about the outlook for regulatory stability, and that could be a real positive for the group and is a tailwind longer term.
但就本季度而言，如果你看整个银行业，不只是资本市场的大型投行，你其实已经点到了关键——信贷。
But this quarter, I think when you look at the total banking sector, not just the big investment banks in capital markets, You put your thumb on it with credit.
本季度信贷表现非常出色。
Credit was very good this quarter.
如今，信贷质量是所有银行中最亮眼的亮点。
This is the real shining star for all the banks, credit quality in the industry today.
到2026年2月，表现依然强劲。
02/2026, very strong.
杰拉德，我们聊聊高盛吧。
Gerard, let's talk about Goldman.
今天这走势真让人意外，而且它交易起来就像一只AI概念股，毕竟它正处在AI行业的中心。
What a day and and the sense that it it trades like an AI stock because it's in the middle of the AI industry.
顺便说一句，它正处于最前沿。
It's it's at the leading edge, by the way.
高盛在亚洲的布局非常有利。
Goldman very well positioned in Asia.
这里的感觉是，如果你听一下所有人的评论，就会发现，人工智能的迅猛发展正把高盛推到一个关键位置。他们今天还发行了三百亿美元的投资级债券，认购远超预期，今年他们一直在做更多这类融资。
The sense here is, and if you listen to all of the comments, it was if, you know, this is, you know, the rush to build out AI is is really putting them in a place where the major facilitators, they also issued 30,000,000,000 in investment grade bonds today that were well, well oversubscribed, and they've been doing more of that this year.
你对这些怎么看？
Your thoughts on all of that.
这是个非常好的问题，我之前在几次电话会议中也提过，你说得对。
It's a it's a great question, which I brought up in a few of the calls because you're right.
无论是美国还是全球经济体，人工智能基础设施的规模都极其庞大，而建设这些设施所需的资金需求也非常巨大。
The AI infrastructure throughout The US or even global economy is gigantic and the funding for building out this infrastructure is a very large need.
高盛和其他机构正好处在这一中心位置。
And Goldman Sachs as well as the other players are sitting in the center of this.
那么问题来了，什么时候会放缓呢？
The question then becomes, you know, when does it slow down?
这种情况可能再持续两年，也可能就半年，现在谁也说不准。
It may stay this way for another two years or another six months, we just don't know.
但这个问题我们真得好好想想，尤其是对这些大型投行来说——整个AI产业链带来的连锁反应，包括半导体、七巨头这些，你们比我还清楚，正是这些部分真正推动了高盛的发展。
But that is really the question we have to ask ourselves with these big investment banks, is the first and second derivative coming from the whole AI trade, semiconductors, mag seven, you guys know it better than I do, and that's the part that has really helped Goldman Sachs.
杰拉德，今天就到这里吧。
Gerard, gotta leave it there.
谢谢。
Thank you.
这是来自瑞银的杰拉德·卡西迪。
Gerard Cassidy of RBC.
我们甚至都没提到凯伦最爱的摩根大通。
We didn't even mention Karen's favorite, JPMorgan.
我刚才心里其实已经提到了。
I was mentioning it in my head.
你一向如此。
As you normally do.
我一向如此。
As I normally do.
没错。
Yes.
摩根大通今天也因财报创下了新高，但我想问的是，现在股价接近有形账面价值的三倍，是不是太贵了？
JPM also hitting a record today on the back of earnings, but the question I guess is, is it expensive now at almost three times tangible book?
没错。
Yes.
确实贵。
It's expensive.
一直以来都挺贵的。
It has been expensive all the way long.
这一季度表现非常出色，跟高盛一样，虽然没那么夸张，但依然非同寻常。
This, though, was an extraordinary quarter like Goldman Sachs, but not as many sort of not as gigantic, but still an extraordinary quarter.
但也没贵得离谱。
And it's not crazy expensive.
对我来说，最大的风险就是Jamie什么时候走。
To me, the biggest risk is when will Jamie leave?
一旦Jamie离开，我觉得股价可能会跌个五到七成，甚至到十成。
And on the day that Jamie leaves, I think it's probably down five seven ten seven to 10%.
我不知道这事儿啥时候会发生。
I don't know when that's gonna happen.
他们确实被问到这个问题了。
They did get that question.
他们总被问到这个问题，但我觉得这个季度表现真的很不错。
They always get that question, but I thought the quarter was really good.
我觉得每次都是这样。
I think this happens every time.
他们一说成本会高，大家就慌了。
They say expenses are gonna be high, and then people freak out.
他们没法控制成本，除非想清楚这些成本为什么会涨。
They don't have control on expenses without thinking through how do those expenses get higher.
因为投资银行的业务做得更好了
They get higher because the investment bank
正在
Is doing
表现更好
better.
收取费用
Pays fees.
没错
Right.
对
Right.
这和他们的业务量直接相关
That directly correlate with the amount of of business that they do.
这本身不是坏事，但我觉得这次真的做得很好
So that's not a bad thing, but I thought I thought it was really good.
花旗银行的反应让我挺意外的。
Citi, I was surprised at the reaction.
今天快收盘的时候，一点三十三分左右，我额外买了比之前多25%的量。
I actually bought about 25% more than I already have at the near the close today, one thirty three something.
我觉得市场跌得有点过头了。
I thought it was just way overdone to the downside.
是的。
Yeah.
我同意这个看法。
I agree with that.
你说了三次，摩根大通的情况完全就是精准到位。
I mean, again, you said three times it is exactly on the screws, JPMorgan.
他还专门提到了这一点。
And he talked about it.
蒂姆刚才谈到了当前非常有利的市场环境，交易活跃度高，执行严谨，而且是多年规划的结果。
I mean, Tim just talked about the environment, particularly favorable environment, elevated level of market activity, rigorous execution, years of planning it out.
听起来高盛也是这样，所以他们得到这样的评价也不奇怪。
I mean, sounds like Goldman Sachs as well, which is why they probably deserve it.
但如果他们值三倍，花旗至少也该值一点五倍，甚至可能到一点八倍。
But if they deserve three times, Citi deserves at least one five, if not 1.8 times.
他的意思是，现在的情况已经接近极致了。
His comment was it's getting close to as good as it gets.
但他并不是交易员。
Now he's not a trader.
贾米通常是个非常保守的人，我觉得这反而帮了他大忙。
Jamie is often a very conservative guy, and and I think that's held him in good stead.
但重点是，现在赚的钱不只是来自投行业务。
So but the point is that the money that's being made is not just investment banking.
所有大型华尔街投行的交易收入加起来飙升了72%，达到大约720亿美元。
Mean, trading revenue at all of the big Wall Street shops was up 72% combined to something like 72,000,000,000.
市场波动和超大规模云服务商的兴起，给华尔街带来了巨大红利，我觉得我们讨论的AI热潮也不会改变这一点。
I mean, the the volatility in memory and hyperscalers has been a boom to Wall Street, and I don't think that's gonna everything we're talking about in AI isn't gonna change.
我觉得情况依然如此。
I think it remains so.
关于摩根大通的电话会，高盛的季度业绩太出色了，杰米还专门提到了高盛表现有多好。
One thing about the JPMorgan call, Goldman Sachs quarter was so good that Jamie called it out about how good the Goldman quarter was.
态度非常友善。
Very cordial.
是的。
Yeah.
没错。
Right.
那
What
会发生什么？
can happen?
当然。
Of course.
这个世界还挺和谐的。
It's a cordial world.
我能想象Jamie和David在一起说说笑笑的样子。
I could see Jamie and David, you know Yucking it up.
说说笑笑，顺便喝杯咖啡。
Yucking it up, getting a coffee.
他们为什么不呢？
Why wouldn't they?
今天每个人都很开心。
Pretty happy day for everybody.
我的意思是，你最喜欢的银行就是它了。
Mean, I'm it's good Your favorite in the banks.
JPMorgan的业务最多元化。
So it it well, JPMorgan is the most diversified.
而且很明显，每次听Jamie Dimon讲话，他总是挺悲观的。
And, obviously, when we listen to to Jamie Dimon, he's always pessimistic.
展开剩余字幕（还有 416 条）
今天早上，布莱恩·莫伊尼汉在CNBC接受了萨拉的采访。
And Brian Moynihan had an interview with Sarah today on CNBC.
他看起来特别乐观。
He seems really optimistic.
我喜欢这张图表。
I like the chart.
它的表现超过了摩根大通。
It's outperformed JPMorgan.
我会选美国银行。
I would go with Bank of America.
好的。
Alright.
别忘了明天早上八点十分收看Squawk Box，摩根大通首席执行官杰米·戴蒙的访谈。
Be sure to catch JPMorgan CEO Jamie Dimon tomorrow morning on Squawk Box, 08:10 a.
。
M.
东部时间，凯伦。
Eastern Time, Karen.
知道了。
Okay.
我早就知道了。
I know already.
凯伦是联合主持吗？
Is Karen cohosting?
她可能在窗边那儿。
She might be at, like, at the window.
就在标志附近。
Around the sign.
我支持你。
I heart you.
限制令针对
Restraining order for
他表现得太棒了。
him is so good.
马上到。
Coming
上来。
up.
原油价格正逼近每桶80美元。
Creery closing in on $80 a barrel.
尽管特朗普总统在缓和波斯湾的保护措施，但目前伊朗局势如何，以及这对能源市场将产生什么影响，我们接下来为您详解。
Even as president Trump walks back, protection fees in the Strait Of Hormuz, the latest and where things stand with Iran, and the energy market impact next.
另外，比特币出现反弹。
Plus, a bitcoin bounce back.
是什么推动了今天的反弹？投资者该如何应对当前的加密货币波动？
What is driving today's rebound and how investors should navigate the crypto volatility right now?
别走开。
Don't go anywhere.
快钱又回来了。
Fast money's back in two.
欢迎回到《快钱》节目。
Welcome back to fast money.
尽管特朗普总统放弃了在霍尔木兹海峡征收通行费的计划，今天油价仍上涨了超过百分之一。
Oil settling up more than a percent today even as president Trump abandoned his toll on the Strait Of Hormuz.
今天下午，美国对伊朗发动了新一轮空袭。
The US launching additional strikes on Iran this afternoon.
梅根·卡塞拉现在为我们带来最新动态。
Megan Casella joins us now with the very latest.
梅根。
Megan.
梅丽莎，没错。
Melissa, that's right.
美国已经连续第四天对伊朗发动攻击。
The US attacking Iran for the fourth straight day.
美国中央司令部表示，新一轮空袭于东部时间下午3点左右展开，目标依然是削弱伊朗攻击霍尔木兹海峡商船的能力。
US Central Command saying an additional round of strikes began around 3PM eastern and was once again aimed at degrading Iran's ability to attack commercial ships in the Strait Of Hormuz.
下午4点，中央司令部确认，美国对伊朗港口的封锁已正式恢复生效。
Then at 4PM eastern, CENTCOM confirming that The US blockade of Iran's ports is officially back in effect.
中央司令部在声明中称，目前有超过20艘美国海军军舰和数百架军机在中东地区部署，始终保持高度警惕、具备致命打击能力，并随时待命。
CENTCOM saying in the post that more than 20 US Navy warships and hundreds of military aircraft are now operating across the Middle East and remain, quote, vigilant, lethal, and ready.
这些最新袭击发生在总统放弃昨日提议之后——当时他主张所有通过海峡的船只必须支付20%的保护费。
Now these latest attacks coming after the president backed off his proposal from just yesterday that ships transiting the strait should pay a 20% toll to The United States for protection.
他在Truth Social上写道，已与中东领导人沟通，决定用贸易和投资协议取代这项收费。
He wrote on truth social that he'd spoken with Middle East leadership and decided to replace the fee with trade and investment deals.
他后来对记者说，他更喜欢这个安排，因为他认为不该允许任何人收取这种费用。
He later told reporters that he liked this arrangement better because he doesn't think anybody should be able to charge a fee.
梅丽莎，总统把这描述为一笔全新的投资，超过了此前所有承诺的总额。
And the president, Melissa, framed this as new money being invested above anything that had previously been pledged.
但我要指出的是，目前还没有任何海湾国家证实此事，总统声称已沟通的那些国家，本周也都没有宣布任何新的投资计划。
But I will note we have not yet heard confirmation from any Gulf countries on this, and none of the countries that the president said he spoke with have announced any new investments this week.
梅丽莎？
Melissa?
梅根，谢谢。
Megan, thank you.
梅根·卡塞拉。
Megan Casella.
那我们怎么处理这些石油？
So what do we do with the oil?
所以这就是为什么能源领域会有竞标。
So this is why there's gonna be a bid in energy.
对吧？
Right?
时而重启，时而暂停，情况总在变。
On again, off again, the circumstances change.
所以竞标会一直存在。
So there'll always be a bid.
风险溢价始终都会存在。
There'll always be some sort of a risk premium.
但你想想，我们开战前就已经供过于求了。
But when you think about, we came into this war oversupplied.
现在伊拉克在跟欧佩克周旋，甚至暗示想退出欧佩克，好增加产量。
Now we have Iraq, flirting with or tempting OPEC saying they want to, pull out of OPEC so that they could pump more.
他们最后压住了这个念头，但那确实是个威胁。
They squashed that, but that was their threat.
接着沙特又在增产。
Then you have Saudis pumping more.
而中国进口的原油量，是过去十年来最低的。
Then you have China importing the least amount of oil in in the last desk decade.
这些因素加在一起，本来应该让油价更低才对。
All these things are a host of reasons why oil should be lower.
但局势紧张、市场波动，又给价格撑住了一点空间。
But the the hostility, the volatility, that could keep a bit in it.
我还是更愿意选瓦莱罗涨了85%，或者马拉松PSX涨了85%或56%，而不是雪佛龙或埃克森美孚只涨10%到15%。
I'd still rather play it with Valero up 85% or marathon PSX up 85% or 56% versus CVX or ExxonMobil up 10 or 15%.
炼油股会被推高，因为油价下跌时，那是他们的主要成本，而大型一体化石油公司对每桶油价的反应却不一样。
You're gonna get the refiner bid because as oil comes in, that's their input costs and the large integrated names don't react the same way to the barrel.
没错。
Yeah.
对，我同意。
Yeah, I agree.
至于埃克森，我觉得还是可以持有的。
And Exxon, I do think you can own.
他们7月31号要公布财报，我觉得本季度业绩应该不错。
Mean, July 31, they report, I think the current quarter's going to be good.
你看，我们可能就要突破自今年三月高位以来的下行趋势了。
If you look, we're about, I think, to break in the downtrend that's been in place since the all time high, I think we made in late early March or so.
所以，我们一直对这只股票保持一致的看法，就像史蒂夫提到的那样。
So listen, we've been consistent on the name Steve mentioned.
我觉得也可以考虑买那些综合性石油公司。
I think you could buy the integrated too.
对。
Yeah.
我同意。
So I agree.
我觉得能源板块和相关股票，还有油价，都有支撑，不过你们一直押注炼油股，这确实是个非常棒的选择。
I think there's a bid for energy and related stocks and oil, but I think you guys have been on the refinery trade, which has been really excellent place to be.
是的。
Yeah.
Crocs的价差仍处于历史高位。
Crocs spreads at record still.
对。
Yeah.
因此，康菲石油看起来很有吸引力。
And and I think, therefore, Conoco looks very interesting.
雪佛龙肯定是，我觉得OIH也在进入新钻探领域。
Chevron certainly and and I think OIH though getting into at least drilling for new stuff.
我认为石油需求永远不会下降。
I I'm of the view that oil demand is never gonna go down.
地球上的人越多，对石油的需求就越大。
I'm of the view that the more people on the planet, the more demand we're gonna have for oil.
如今全球的电力需求从未如此之高，而化石燃料仍然是其中的重要部分。
The power demand dynamics that are in the world today have never been higher, and right now fossil fuels are still a major part of it.
我没听到谁在下调全球石油需求的预测。
I don't hear anybody downgrading global oil demand forecast.
我觉得你看一下，过去五年我们每年大概增长一百万桶。
I think that if you look at, you know, we've been growing about a million barrels a year over the last five years.
尽管我们都希望减少碳排放，但我认为这根本不可能实现。
And as much as we want to be less carbon footprint dependent, I don't think it's happening.
好吧。
Alright.
还有更多快钱即将涌入。
There's a lot more fast money to come.
接下来会发生什么？
Here's what's coming up next.
比特币正在回暖，今日反弹逼近6.5万美元，而整个低迷的加密市场前景如何？
Bitcoin coming off the bench as the token closes in on 65 k inside today's rebound and what's ahead for the struggling crypto complex.
此外，CPI数据让夏日的高温也显得没那么灼人了。
Plus, CPI beats the summer heat.
六月的通胀报告为消费者带来了一些喘息空间。
The June inflation report offering some relief for consumers.
但这会不会让美联储的下一步行动更难抉择？
But could it complicate the Fed's next move?
一位前央行官员发表了看法。
A former central bank official weighs in.
您正在收看来自时代广场纳斯达克交易现场的《快钱》直播。
You're watching fast money live from the Nasdaq market site in Times Square.
我们马上回来。
We're back right after this.
美国哪些州最适合做生意？
Which are America's top states for business?
获取完整数据，查看各州的详细分析。
Get all the data and complete state by state analysis.
看看你的州排在第几位。
See how your state measures up.
美国最适合做生意的州。
America's top states for business.
立即访问 topstates.cnbc.com 查看完整榜单。
See the full list now at topstates.cnbc.com.
欢迎回到《快钱》节目。
Welcome back to fast money.
今早公布的通胀数据低于预期，比特币因此上涨了4%。
Bitcoin bouncing 4% after this morning's softer than expected inflation data.
消费者物价指数出现了自2020年4月以来最大的环比降幅。
CPI seeing its biggest month over month decline since April 2020.
其他与加密货币相关的股票和矿工股今天也都在上涨，不过比特币今年至今仍然下跌了26%。
Other token crypto related stocks and crypto miners also seeing gains today, though Bitcoin's still down 26% this year.
这是永久性反弹的开始吗？
Is this the beginning of a permanent bounce?
大家觉得呢？
What do
你觉得呢？
you think?
我觉得我们可能做不到
I I don't think we could
恐怕很难说比特币会出现持久的反弹。
talk about a permanent bounce in Bitcoin ever probably.
但在这种环境下，我觉得得等它突破75,000美元，我们才敢抱点希望，当然最终目标是100,000美元。
But in this in this environment, I think you have to wait until it clears 75,000 before we even start to cross our fingers, and obviously, ultimately, a 100,000.
但我们离目标还远着呢。
But we're a long way from Kansas.
所以我不觉得低通胀就一定对比特币不利。
So I don't even know that lower inflation isn't necessarily pro Bitcoin.
你可以说高通胀才对比特币有利，但我觉得这并不是主要原因。
You can make the case higher inflation is pro Bitcoin, but I don't think that's what it was.
我觉得关键在于《清晰法案》的进展，我认为特朗普正在推动它，甚至听说他提到过可能要推动林赛·格雷厄姆的某个提案——我不确定是Claude还是Gemini告诉我的，当时我正纳闷为什么价格动了，结果就得到了这个说法。
I think that it's about the clarity act and whether it's moving along, and I think Trump is trying to push it along and even sort of talked about maybe a Lindsey Graham dedication or something like that is what I don't know if it was Claude or Gemini which told me that because I was sort of wondering why it was moving, and that's what I got back.
所以如果《清晰法案》真能通过，那将是一个重大利好。
So a clarity act, you know, if they were to pass that, that would be a big catalyst.
对。
Yeah.
我
I
我觉得这根本不是关于那个，对我来说，关键是看那些构成比特币交易核心的标的，比如Robinhood，我持有它，而且表现一直不错。
don't think it's really about well, to me, it's about thinking about the trades that were a big part of the Bitcoin trade, and Robinhood is a name that that I'm long and has traded very well.
而且在回吐了不少收益之后，我觉得即使比特币下跌的日子，它也在持续积累势能。
And and after giving a lot back has been, I think, building on days even when Bitcoin has had down days.
这背后讲的是更多产品的推出。
This is a story of more products.
这讲的是不同的人群。
This is a story of a different demographic.
昨天还喜欢比特币的人，明天可能就不喜欢了，但他们就是喜欢Robinhood。
This is a story of the same people that love Bitcoin yesterday, may not love it tomorrow, but they do love Robinhood.
我觉得你完全可以继续持有这个标的。
And and I think you can stay long this one.
根据CME联邦基金工具的数据，今天加息预期已经消失了，但债券市场其实没怎么反应——前端可能有点变动，但十年期收益率今天只是微幅波动。如果你指望利率下降，那今天确实是个机会。
Rate hike came off the table today according to CME Fed Funds tool, but the bond market really didn't re I mean, maybe in the front end a little bit, but ten year yields moved slightly today, which I think if you were looking for yields to go lower, today was your day.
但这种预期并没有实现。
It did not happen.
所以我觉得比特币在当前水平上很可能要失败。
So I actually think Bitcoin probably fails at these levels.
接下来，聚焦美联储的动向。
Coming up, flight path for the Fed.
前达拉斯联储主席理查德·费舍尔将加入我们，分享他对美联储主席今日国会听证会的看法，以及他对下半年走势的判断。
Former Dallas Fed president Richard Fisher will join us with his take on chairman Washington's Capitol Hill testimony today and where he sees heading in the second half.
广告后，《快钱》继续为您带来。
Fast Money's back right after this.
错过快钱的精彩瞬间了吗？
Missed a moment of fast?
随时随地都能收听我们。
Catch us anytime on the go.
关注《快钱》播客。
Follow the Fast Money Podcast.
广告后，我们马上回来。
We're back right after this.
欢迎回到《快钱》，周二股市普遍上涨。
Welcome back to Fast Money Socks, broadly higher Tuesday trade.
纳斯达克上涨近百分之一。
Nasdaq up nearly a percent.
标普500收盘仅差一点就创历史新高。
S and P closing within a percent of a record.
道指勉强上涨了10点。
The Dow eking out a gain of just 10 points.
优步股价下跌3%，因公司正努力扩大国际业务。
Uber falling 3% as the company looks to bolster its international presence.
德国的配送巨头Delivery Hero今天确认，正与优步进行深入收购谈判，但具体交易条款尚未公布。
Germany's delivery hero confirming today that it is in advanced talks to be bought by Uber, though the exact terms of potential deal are not yet public.
渤健股价下跌8%，因其中期阿尔茨海默病临床试验未达预期，其实验性疗法在关键疗效指标上不及现有药物。
Biogen dropping 8% on a mid stage Alzheimer's trial miss, the company's experimental treatment failing to meet a key disease metric when compared to drugs already on the market.
波音公司因六月交付了64架客机，股价上涨近1%。
Boeing meanwhile rising almost a percent after reporting 64 jetliner deliveries in June.
这使得波音今年上半年的总交付量达到314架飞机。
That brings its total deliveries in the first half to 314 aircraft.
这是自2018年以来最强劲的一次。
That is the most going back to 2018.
SpaceX又跌了2%，连续第三天下跌。
And SpaceX down another 2% for its third straight losing day.
目前股价仅比每股135美元的发行价高出1美元。
It's now trading just $1 above its initial offering price of $135 a share.
刚刚在盘后交易中传来消息，狮门影业股价飙升。
And this just crossing after hours, Lions Gate shares are jumping.
路透社报道称，该公司已收到收购意向，并正聘请顾问评估潜在交易。
Reuters is reporting the company has attracted takeover interest and is working with an adviser to evaluate potential deals.
受此消息影响，股价目前已上涨10%。
The stock is now up 10% on this news.
这么说的话，其实挺有道理的。
What I mean, that makes a lot of sense in a way.
内容是
Content is
就在派拉蒙、华纳兄弟和奈飞那档子事儿中间。
In the middle of that Paramount Warner Brothers Netflix thing.
我们之前一致认为，要是想找一个没人关注的地方，那就看看狮门影业，理由就在这儿。
I know collectively we said if you wanna look someplace that nobody's looking at, look at Lions Gate, and these are the reasons why.
有烟必有火，我觉得这事八成能成。
So where there's smoke, there's fire, and I think this probably does happen.
对。
Yeah.
迈克尔·伯恩斯，咱们节目的老朋友，他们一直是个内容生产机器，这正是别人想收购的原因。
Michael Burns, friend of the show, they've been a content machine, and that's what people are looking to buy.
从相对规模来看，这算不上一笔大收购。
It's not a big acquisition in some sense on a relative basis.
与此同时，消费者价格出现了自2020年4月以来最大的月度跌幅。
Meantime, consumer prices seeing their biggest monthly drop since April 2020.
由于上个月油价下跌，6月份的消费者价格指数下降了0.4%。
CPI fell 0.4% in June as oil prices fell last month.
这些数据出炉几个小时后，美联储主席凯文·沃尔什就在国会山遭到议员们就通胀问题的猛烈质询。
The data coming hours before Fed chairman Kevin Walsh got grilled on inflation by lawmakers on Capitol Hill.
我们请来前达拉斯联储主席理查德·费舍尔。
Let's bring in former Dallas Fed president Richard Fisher.
他现在是杰富瑞的高级顾问，同时担任华纳兄弟探索公司和坦特医疗公司的董事。
He's now senior adviser at Jefferies and is on the Warner Brothers Discovery and Tennant Healthcare boards.
理查德，很高兴见到你。
Richard, good to see you.
你的履历可真够亮眼的。
You got a big resume.
我能怎么说呢？
What can I say?
你从凯文·沃尔什的证词或回答里听出了什么？
What what did you learn from Kevin Worsch's testimony or in his answers?
我的意思是，我们好像完全没摸清他对经济的真实看法，也没看出他对数据的解读，更别提美联储接下来会怎么行动了。
I mean, we it seemed like we didn't get any clues on where he stands on the economy, on where he stands about, you know, what the data point to, any sort of indication of what the reaction function is for the Fed.
别忘了，他一开始还夸了艾伦·格林斯潘，这事儿他提过好几次。
Well, remember he started up by giving a praise to Alan Greenspan and he's talked about that quite a bit.
实际上，他的回答比格林斯潘直接多了，格林斯潘可是出了名的含糊其辞。
Actually, was a much more direct in his answers than Alan ever was, who we call the great mumbler.
艾伦那时候，问什么问题他都躲着不答。
He, Alan would dodge every question he was asked.
我觉得凯文表现得不错，也别忘了他才56岁。
I think Kevin did a good job and I think it's important to remember he's only 56 years old.
我接手达拉斯联储的时候也是这个年纪，他得好好想想自己要树立什么样的形象。我觉得他讲得很清楚，最根本的一点就是绝不能让通胀卷土重来，必须把它压下去。
That's the same age I was when I took over the Dallas Fed or when I was given the Dallas Fed and he has to think about what presence he's going to serve and I think he made it very clear, obviously the one commitment that is iron bound is not to let inflation raise its ugly head and to bring it down.
我觉得这就是大家最该记住的一点：一个月的CPI数据，根本不能用来做决策。
And I think that was what the takeaway was and making clear one month's CPI does not decision making do.
这一点他讲得非常明白。
He really made that very clear.
我很佩服他，人很聪明，沟通能力也很强，但他也得明白，像马丁那样，他这个年纪完全有可能服务五任总统。
I was impressed, mean I think he's got great interpersonal skills, He's smart, but he also has to realize, like Machines Martin, he could serve five different presidents at this age.
而且我觉得我们的意思表达得非常清楚。
And I I think that we came through very clear.
理查德，我是蒂姆。
And, Richard, it's Tim.
感谢你加入我们。
Thanks for joining us.
他也没法控制财政政策，而财政政策对通胀影响很大。
He can't control fiscal policy either, which is has a lot to do with inflation.
但我觉得今天最有趣的是，他明确提出了五个将要做出改变的重点方向，还谈到了他打算如何沟通。
But what I thought was fascinating about today is he's kinda carved out the five pillars in which he's gonna do things differently, and he talked about how he's gonna communicate.
他谈到了美联储真正会关注哪些数据。
He talked about the the data that the Fed will actually look at.
有些人认为，核心通胀的一些主要指标其实并不能准确反映真实情况。
I mean, there's some people that would argue, some of the core measurements, of course, of core inflation, are not really accurate reads.
你觉得他提到的哪些改变，会对市场解读美联储政策产生最重要的影响？
What do you think is the change that he's, at least referenced that will be most meaningful for how the market has to interpret the Fed?
说实话，我真的不太清楚。
You know, I really don't know.
这五个工作组的成员都是长期为JPAL和美联储提供建议的人，从艾伦·格林斯潘那会儿就开始了。
The five task forces are staffed with people that have been advising J PAL and the Federal Reserve going back to Alan Greenspan.
我特别感兴趣的是，其中一位是来自巴西的央行官员，还有英国的马文·金，他们负责沟通工作。
The one I get a kick out of by the way is a central banker from Brazil and then Marvin King from England, we're going to do the communications.
也许我们该改用葡萄牙语，我也不确定，但我觉得设立这些工作组很重要。
Maybe we'll change it to Portuguese, I have no idea, but it's it's I think it's important to have these task forces.
凯文提到了达拉斯联储的 trimmed mean，听到这儿我忍不住有点得意。
Kevin's talked a great deal about the Dallas trim mean, which, you know, I popped my chest out a little bit.
这方法是我们当年在那儿时完善起来的。
We perfected that when I was there.
可三月的 trimmed mean 是 2.9%，四月和五月都是 2.4%，好像卡住了。
And yet the trim mean in March was 2.9%, in April 2.4%, in May 2.4%, it seems to be stuck.
你看看他一直强调的这些数据，下一期六月的要到七月三十一号才公布。
And you look at that data, which he's talked a great deal about, it doesn't come out the next one for June until July 31.
所以这并不是实时的数据，他也提到过，要获得准确的测量很不容易。
So it's not really contemporaneous, which he's also talked about getting good measurement.
先生，如果真要走葡萄牙语路线，你们可以找我，你们知道的，你们看过这个节目，我说的是流利的葡萄牙语，不过我们今天不是来谈这个的。
Mister, if they go the Portuguese route, they can call me in, as you know, because you watch the show, I speak affluent Portuguese, but we're not here to talk about that.
但给我们讲讲会议室里的情况吧。
But take us inside the room.
你们在里面都聊些什么？
What do you cats talk about?
比如，你们坐在一起的时候，会不会说，日本是个问题？
Like, do you guys sit around when you were there and say, Japan is a problem.
我们一直在密切关注这件事。
We are watching this very closely.
他们是全球持有我们最多债务的国家。
They're the largest foreign owners of our debt in the world.
他们正以惊人的速度在崩溃。
They are blowing up before our eyes.
这些对话真的在发生吗？
Is those conversations that are going on?
他们在美国国债上持有整整一万亿美元。
Well, they have $1,000,000,000,000 in with us in treasuries.
大家当然都担心，他们一边说要更多投资自己的证券，一边可能会抛售这些国债。
And of course, everybody's worried they're going to sell them as the they keep talking about now investing more and more in their own securities.
不过没错，这确实是讨论的一部分。
But yes, that's part of the conversation.
但真正关键的是信贷市场的状况，还有通胀、通缩、就业和失业，整个经济到底在发生什么。
But the real conversation is the health of the credit markets and really the inflation, deflation, employment, unemployment, what's going on with the economy overall.
这才是你真正紧盯不放、像激光一样聚焦的焦点。
And that's really what you're focused on and focused like a like a laser.
我想他在今天的证词里已经说得非常清楚了。
And he made that clear, I think, in his testimony today.
通胀永远是美联储最关心的问题，通胀还是通缩。
Inflation will always be a preoccupation of Fed, inflation deflation.
就业一直是政客们关注的重点，因为这正是他们竞选的筹码。
Employment is always a preoccupation of politicians because that's what they run on.
只要通胀不失控，他们就能靠这个赢得选举。
That's how they get elected as long as inflation doesn't get out of control.
理查德，每当主席谈到经济时，他总是会避开房地产市场。
Richard, when when when the chair talks about the economy, he always takes out the housing market.
他几乎暗示了自己或美联储会采取某种措施来应对房贷利率。
Is there any way and he almost alludes to the fact that he wants to do something or collectively with the Fed do something for mortgage rates.
我不确定他能做什么，除了动用资产负债表之外。
I I don't know what what he would do except for using the balance sheet.
那这个问题的答案是什么？
What what's the answer to that?
你有没有想过
Have you
怎么解决房贷这个问题
thought about that, getting that mortgage
把利率降下来？
rate lower?
我确实想过很多，因为我当初反对购买抵押贷款支持证券。
Thought about a lot because I was against the acquisition of mortgage backed securities.
当时里士满联储的负责人提出了最清晰有力的反对意见。
And actually, the head of the Richmond Fed at the time argued the most articulate argument con.
结果现在他们手里还压着超过两万亿美元的资产。
And now they're stuck with over $2,000,000,000,000.
但我也不确定。
But I don't know.
我还没看过4月1日的报告。
I haven't looked at the age four one report.
我记得抵押贷款支持证券的规模都涨到2.7万亿美元了。
I thought it was up to $2,700,000,000,000 in mortgage backed securities.
那现在你打算怎么把利率降下来？
Now, how would you bring down rates?
你得再买更多。
You'd have to buy more.
而且说真的，他曾经投资过，还提过要从投资组合里剔除这部分资产。
And if anything, that's one thing that he invested and talked about stripping out of the portfolio somehow.
所以我不明白，怎么能在不扩大投资组合规模的情况下帮助房地产，而他们又想把规模缩小。
So I don't see how you would help housing by expanding a portfolio without jeopardizing the size of the portfolio, which they wanna make smaller.
这根本说不通。
It just doesn't it doesn't compute.
理查德，每次见到你都特别好。
Richard, always great to see you.
谢谢。
Thank you.
好的。
Okay.
我得练练我的葡萄牙语。
I'll practice my Portuguese.
你好。
Hi.
哦，谢谢。
Oh, brigado.
你知道的，
You know how
就是这么回事。
it is?
给忘了。
Forgot.
理查德。
Richard
费舍尔。
Fisher.
好的。
Alright.
所以我们怎么理解这个我们经常玩的游戏呢？
So what do we make of we play this game a lot.
你知道，要是我告诉你市场会有什么反应，那头条新闻就出来了。
You know, if you if you saw if I told you what the reaction to the market would be, we'd The headline.
是的。
Yeah.
对。
Yeah.
头条新闻，市场会怎么反应？
Headline, what would the market
两年期收益率的图表。
The two year yield chart.
你明白吗？
Did that make sense to you?
今天是明白了。
Today, did.
是的。
Yeah.
十年期收益率，就像我之前说的，我觉得不太合理。
Ten year yield, as I said earlier, did not make sense to me.
它稍微回落了一点，但我认为有很多原因，即使通胀如此，我依然觉得收益率还会继续上升。
It backed off slightly, and I think there are a lot of reasons why inflation notwithstanding, why I still think yields are going higher.
我觉得你是在说他的证词，还是数据公布？
I do think the are you talking about his testimony or the print?
因为说的是证词。
Because it's the The testimony.
对。
Right.
没错。
And Right.
证词和图表都要看。
Testimony and and the charts.
所以市场对数据的反应完全说得通。
So The print the print the reaction to the print made complete sense.
没错。
Yes.
不过我觉得这个数据表现
Although, I think the print
转瞬即逝。
is so fleeting.
是的。
Yeah.
我的意思是，确实如此。
I mean Right.
油价当时大幅下跌。
We had a big oil move down.
对。
Right.
在那之前，油价还大幅上涨过，现在又回升了。
And we had a big oil move up before that, and now it's back higher.
所以我也说不准。
So I don't know.
我真是不太清楚。
I I was I don't know.
我觉得他态度很明确，就是要应对通胀问题。
I do think he's sort of being he's very clear that he wants to address inflation.
他对这一点非常清楚，而且明显表明，他不会听命于总统。
He's very clear on that, and he seemed to be pretty clear on, I will not answer to the president clear on that.
除此之外，我就不太确定了。
Other than that, I'm not sure.
不过我觉得，这应该就是他的打算。
So I think that's what he wants to do, though.
对。
Yeah.
作为黄金多头，我觉得沃什说的这些对黄金并不有利。
As a gold bull, I you know, what Warsh says is not gold positive.
我想把这一点说清楚。
I just wanna be clear about this.
这个人可是决心要遏制通胀的。
This is a guy who's gonna root out inflation.
过去市场一直觉得美联储对通胀并不上心。
The market in the past has said the Fed's not really focused on inflation.
买黄金吧。
Buy gold.
这对黄金可不是什么好事。
This is not good for gold.
SK海力士即将迎来关键时机，作为纳斯达克上市股票，其股价在内存行情反弹的第三个交易日开始获得买盘，期权交易者正如何应对这笔快速资金的回归。
Coming up high time for SK Hynix, Nasdaq listed shares catching a bid in their third trading day inside the memory melt up and how options traders are approaching the move when fast money returns.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
韩国芯片巨头SK海力士在美国上市的股票今天大幅上涨，自周五在纳斯达克上市以来首次重回正轨。
US listed shares of South Korean chip giant SK Hynix soaring today back into positive territory since Friday's Nasdaq debut.
该股的期权今天早上上市，但交易员们的反应出乎意料地冷淡。
Options on the stock launched this morning to a surprisingly chilly reception among traders.
我们的奥利弗·雷尼克正在芝加哥CBO现场为您带来最新动态。
Our Oliver Renick is live from the CBO in Chicago with the action.
嗨，奥利弗。
Hey, Oliver.
嗨，梅丽莎。
Hey, Melissa.
到收盘时，SK海力士的期权交易表现不错，总成交量接近22万手。
SK Hynix options had a solid first showing by the close with just shy of 220,000 contracts traded.
这个数字超过了SMH的19万手，但大约是DRAMETF或美光公司期权成交量的一半。
That's more than the 190,000 contracts traded in SMH, but about half the options volume of DRAM, the ETF or Micron.
从交易量来看，看跌和看涨期权的成交几乎平分秋色，但按金额计算的前十笔交易，要么是中性，要么是看跌。
Flows were almost perfectly divided between puts and calls by volume, but the top 10 trades by dollar amount were either neutral or bearish.
不过，我们当天早些时候注意到的一些大额看涨期权卖方，随着股价在收盘前飙升了27%，被狠狠地扫了一波。
That said, a few big call sellers we noted early in the day actually got run over as the stock ramped 27% by the closing bell.
有可能今天同时上市的十几只杠杆ETF分走了部分期权交易量，但也可能是期权交易者正在略微从存储板块撤出，转向SMH板块或英伟达——这两者今天，尤其是英伟达过去一周，都出现了更明显的看涨期权倾斜，Melissa。
It's possible that the dozen leveraged ETFs that also launched on the stock today competed away some of the options volume, but there's also the possibility that options traders may be rotating away from the memory trade a bit and into the SMH sector generally or Nvidia, both of which saw more notable bullish call skew today and in the case of Nvidia the past week, Melissa.
谢谢，Oliver。
Oliver, thanks.
Oliver Renick。
Oliver Renick.
这走势真有意思。
Really interesting action.
我的意思是，得找个合理的评估依据。
I mean, make an evaluation basis that makes sense.
有点道理。
A little bit of sense.
对。
Yeah.
听我说，这些股票的波动性真的挺大的，尤其是过去一个月左右，SK海力士、迈克罗恩、桑迪士克这些公司，股价时涨8%、时跌8%，不是每天这样，但每周肯定有好几次。
Listen, the volatility, I'll continue to say the volatility in these names, you throw SK Hynix in the mix over the last month ish in Mike Ron Sandisk, up 8%, down 8%, not on a daily basis, but a few times a week for sure.
我觉得这有点让人担心。
To me, it's a little bit concerning.
通常这种波动会出现在低位，但我们现在显然没到低位；或者出现在高位，而我觉得我们可能正好就在高位。
You typically see action like that on the lows, which we're not at, or at the highs, which I think we might be at.
对。
Yeah.
美国存托凭证相对于韩国本土股票的溢价高得离谱，这说明市场上肯定有不少技术性因素在起作用，这简直就是个典型的股票类别套利案例。
The the premium that The US ADR trades to the underlying in Korea is extraordinary, and it tells you that I think there are a lot of technical things going on because this is a a great case of share class ARB.
你知道，你不一定能直接持有韩国本地的股票。
You know, you you can't necessarily own the
在韩国市场，技术面因素确实存在。
Technical in in Korea.
没错。
Yes.
是的
Yeah.
对
Yeah.
这里确实需要特别谨慎对待。
And and I and I think it's it's something you have to be very cautious about here.
我觉得这部分溢价迟早得回落。
I think some of that that premium's gotta come out.
在韩国，各种情况都有，比如已经有很多杠杆ETF，还有保证金追缴之类的问题。
Well, in Korea, there's all sorts I mean, there's a lot of leveraged ETFs already, margin calls
这些都在发生。
That are happening.
等等。
Etcetera.
是的
Yeah.
这就像是个恶性循环。
So it's a it's like a spiral.
是的。
Yeah.
这些股票一点错都不能有。
Zero zero room for error on these names.
我们刚才谈了那么多机械性的抛售和买入，但本质上，这些股票的价格已经完全押注于完美表现了。
So all of these other things, we're talking about mechanical, structured selling, structured buying, but the underlying, these are priced truly for perfection.
但这家公司掌握了60%的高带宽内存市场。
But this is a name that holds 60% of the high bandwidth memory.
这个份额对他们来说太庞大了。
That's a huge share for them.
我不确定。
I don't know.
他们不可能再从60%的份额上继续增长，但一旦出任何差错，后果都承受不起——因为只要业绩差8%，股价就会暴跌30%。
They're not gonna grow from 60%, but they cannot afford to stumble whatsoever with all those levered bets behind it because an 8% miss reacts with a 30% stock fall.
是的
Yeah.
它是目前最大的纯内存概念股。
It is the biggest pure play memory name out there.
而且还是IBM新闻的受益者。
And a beneficiary of the IBM news.
是的
Yeah.
是的
Yeah.
这进一步印证了这样一个观点：内存领域的支出将持续下去
Mean, that sort of underscore the notion that there is a longevity to this notion that the spend will
继续在内存领域增长吗？
continue in memory?
而且似乎势头越来越强。
And it just seemed to gain momentum.
我的意思是，我们才刚进入这段特别动荡的时期，我想。
I mean, we're three days into a really volatile history, I guess.
但说实话，这消息在其他地方早就公开了。
But, I mean, it's been public for a long time elsewhere.
至于这种套利操作，我绝对不可能去操作。
But that arbitrage, there's no way I would ever set that up.
绝对不可能。
No way.
是的。
Yeah.
把设备厂商的名字发给我，我好跟进。
Send me equipment names start to report to.
我的意思是，明天就是ASML的财报，这会对市场情绪产生很大影响，毕竟之前全球其他地方的情绪一直很脆弱。
I mean, you got ASML tomorrow, and I think it's it's a really big print for sentiment, has been fragile, especially in other parts of the world.
没错。
Yep.
接下来，HCA医院因下调盈利预期而遭遇重击，面临医保压力，这可能会对本季其他公司的业绩产生影响。
Coming up, a hospital hang up as HCA gets slammed on lower guidance, the health insurance headwinds the company faces, and what it could mean for others this earnings season.
再有两条快讯。
More fast money in two.
欢迎回到《快钱》节目。
Welcome back to fast money.
医院运营商HCA下调全年盈利预期后，股价下跌了7%。
HCA shares sliding 7% after the hospital operator lowered earnings guidance for the full year.
公司指出，无保险患者增加，手术数量减少是主要原因。
The company is citing a rise in uninsured patients and a drop in the number of surgeries.
这只股票已经连续五天下跌。
The stock now down five days in a row.
其他医疗股也跟跌。
Other health care stocks falling in sympathy.
Tenet Health股价下跌近6%。
Tenet Health down nearly 6%.
你这话是什么意思？
What do you mean?
我的意思是，住院和门诊手术数量都大幅下降，同时无偿医疗支出却增加了，所以……
I mean, it's inpatient and outpatient surgeries were down significantly, and then also uncompensated care was up Well, the
我第一反应就是医疗保险公司和医疗赔付率，毕竟这部分成本下降会直接利好他们。
first thing I thought of was health insurers, and medical loss ratios, and that being the benefit going to them.
所以我才想到这一层，不过联合健康股价还是微跌了。
So, that's where I would go, although UNH ended up down a little bit.
我不太确定，盖伊一直关注医院板块。
I don't know, Guy's been a hospital space
是啊，你还记得滕纳特医疗以前的情况吗？
Yeah, mean remember the old days at Tennant Healthcare?
我简单说一句。
I'll say this quickly.
自2022年以来，HCR曼恩在恩格尔伍德悬崖的员工数量一直呈上升趋势。
There's an uptrend that's been in place in HCR crack staff from, in Englewood Cliffs from 2022.
我们今天正好在那个点上完成了交易。
We closed basically right on it today.
估值方面，你没法拿这些公司去玩估值游戏，但它们的成交量几乎是平时的四倍。
Valuation, you can't play the valuation game with these names, but it did trade almost four times normal volume.
所以我觉得这里值得留意一下。
So I actually think it might be worth a look here.
总的来说，今天医疗板块表现偏弱。
Mean, healthcare overall today was sort of weak.
我们之前提到过百健的消息，他们的阿尔茨海默病药物试验结果令人失望。
Mean, we mentioned the Biogen news in terms of the disappointing Alzheimer drug trial.
这本来被认为是安全的，
This had been a safety Yeah,
我本来还以为会这样。
I would have thought.
礼来股价下跌了。
So, Lilly was down.
我不确定礼来因为Biogen的新闻而上涨，是不是跟他们的阿尔茨海默病药物有关。
I don't know if Lilly was embedded up on that Biogen news because of their Alzheimer's.
但接着他们又碰上了Teva的事。
But then they had that Teva thing.
Teva重新提起了一起诉讼，说是礼来有不当行为。
A Teva bringing back a a lawsuit or I guess it was allowed to bring back a lawsuit about improper behavior from Lilly.
哦。
Oh.
我本来以为股价下跌是因为这个，可它之前涨得可太多了。
I thought that's why it was down, but it's had a huge run.
对。
Yeah.
涨得非常多。
Huge.
联合健康才是该持有的标的。
UNH is the one to own.
在我看来，这只股票相对于它最近的表现来说仍然很便宜。
To me, this is a stock that's still cheap relative to its recent history.
我知道大家对他们的盈利能力有些担忧，但他们已经很大程度上消除了这些疑虑。
I I understand there there have been some concerns about their earnings power, but they've they've answered a lot of that uncertainty.
所以我觉得你一直持有这只股票。
So I think you stayed long this one.
你刚开始讲这段的时候，提到过 uninsured 人群增多，还有不少诊疗项目不被覆盖。
You know, when you when you led this segment off, you said the comments were more under insured people and and and more procedures that weren't covered.
你不可能指望 HCA 或者 ACA，就是那个叫什么的政策。
You can't have so the HCA or the ACA, whatever that was called.
HCA 补贴。
HCA subsidies.
对。
Yeah.
补贴。
Subsidies.
所以很多人已经不再参保了。
So so people are rolling off the ranks.
他们现在没保险了。
They're not covered anymore.
那剩下的是谁？
Who's left?
就是那个掏钱买单的人。
The person that's writing the check, paying the bill.
所以有很多公司，我是不会碰的。
So there's a lot of these names that I wouldn't touch.
虽然Humana现在的图表在行业内看起来相当出色，但我并不觉得它基本面值得买入，
Although Humana's chart looks actually pretty extraordinary for the space right now, and and I don't think fundamentally it's a great name to buy,
这么做的话
doing so
没错。
well.
我想是这样。
I guess that.
这个东西。
This thing.
但是这个
But the
没人这么认为，蒂姆。
o No one's assuming, Tim.
但没人像蒂姆那样，做得不太行。
But no one's Tim Bo, not doing so well.
你明白我的意思吧？
You know what mean?
最后的交易。
Final trades.
对。
Yeah.
不好意思。
Sorry.
哎呀，不好了。
It's the oh, no.
最后交易时间了，蒂姆·博。
Final trade time, Tim Bo.
我觉得货运行业正在转变。
I think the freight world is turning.
我觉得联邦快递现在很便宜，我觉得你应该继续持有。
I think FedEx is cheap, and I think you stay in this one.
凯伦？
Karen?
对。
Yes.
花旗银行。
Citigroup.
今天买了一些。
Bought some today.
买过头了。
Overdone.
史蒂夫。
Steve.
消防员的交易。
Fireman's trade.
大家都在往外跑。
Everyone's running out.
我正在买入IBM。
I'm running in an IBM.
那个人。
Guy.
我说实话，忘了把它记在卡片上。
You know, I forgot to put it in the card.
埃克森？
Exxon?
对。
Yes.
XOM。
XOM.
行吧。
Alright.
全完了。
All over.
现在是个好资源。
Great resource now.
算得不错。
Good math.
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Which are America's top states for business?
获取全部数据和详细的各州分析。
Get all the data and complete state by state analysis.
看看你的州表现如何。
See how your state measures up.
美国最适合做生意的州。
America's top states for business.
立即访问topstates.cnbc.com查看完整榜单。
See the full list now at topstates.cnbc.com.
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