Mad Money w/ Jim Cramer 4/15/26

啤酒板块股票真正的意外之处在于，一路持续下跌。

A real surprise for stock in beer trend has been just nothing but down.

记住，长期以来，星座品牌一直是一个绝佳的增长故事，也是查佩尔信托的成功持仓。

Remember, for a long time, Constellation Brands was a fabulous growth story and a very successful holding by Chapel Trust.

该股票在2024年4月达到峰值，但在酒类整体遭遇逆风后，它仍顽强抵抗，比大多数竞争对手更久地维持在高位附近。

The stock peaked out two years ago in April 2024, but it put up a good darn fight and stayed close to its highs for longer than most of its rivals after the tide turned against all things booze.

不过，最终该股还是掉头向下，暴跌了37%。

Still, the stock did eventually roll over plunging 37%.

卖出。

Sell.

卖出。

Sell.

卖出。

Sell.

卖出。

Sell.

卖出。

Sell.

因为整个酒精行业正遭受围攻。

Because the whole alcohol industry is under siege.

你可以一一列举。

You can tick them off.

共和党政策第一点：减肥药物减少了对酒精的渴望，还有合法大麻的竞争。

GOP dash one, weight loss drugs that reduce cravings for liquor, competition from legal cannabis.

一个更注重健康与养生的年轻一代。

A younger generation that's more committed to health and wellness.

康斯特布尔公司在特朗普第二任期还面临一些品牌特定问题，如今还要面对从墨西哥进口啤酒的关税，而其客户群体中有很多拉丁裔人群。

Constellation's also had some brand specific problems under the second Trump administration, now faces tariffs on imported Mexican beer, and its customer base includes a lot of Hispanic people.

其中许多人因当前严厉的移民执法环境而变得更加谨慎，不愿外出。

Many of whom have become more cautious about going out in age of aggressive immigration enforcement.

压力实在太大了。

Became too much to bear.

所以我们于二月卖出了康斯特布尔，提前避开了另一次50%的下跌。

So we sold Constellation for the February, getting out ahead of another 50 decline.

哇。

Wow.

好吧，我们假设康斯特布尔品牌在十一月初见底了。

Well, let's say Constellation Brands did bottom in early November.

过去一年里，该股票从那些低点悄然上涨了一段不错的幅度，尤其是在最近几个月。

The stocks quietly made a decent move off those lows this past year, just in the last few months.

与此同时，我们终于开始看到酒精行业整体出现企稳的迹象。

At the same time, we've started seeing signs of stabilization in the broader alcohol space for once.

三周前，我跟你们提过布朗福尔曼公司。

Three weeks ago, I told you about the Brown Forman.

还记得杰克丹尼的母公司吗？

Remember the parent of Jack Daniel's?

在多年首次实现温和的销量增长后，这家公司似乎吸引了收购兴趣，旗下还有众多其他品牌。

Among many other brands seems to be attracting takeover interest after putting up modest volume growth for the first time in ages.

《华尔街日报》今晚报道，萨泽拉克公司已提出每股32美元的收购报价，或已经提出了报价。

The Wall Street Journal reported this evening that Sazerac is going to offer $32 a share or has offered.

目前还不太清楚。

It's not really clear.

比当前股价高出3美元。

$3 above where the stock is currently trading.

我们还看到一些行业数据显示，酒类市场实际上正在触底。

We're also we've also seen some industry data that suggest that the booze market is actually bottoming.

当我看到康斯特勒尔品牌在业绩平平的季度后股价大幅上涨时，这告诉我华尔街也开始相信这个板块了。

And when I see Constellation Brands roaring after a not so hot quarter, it tells me that Wall Street is starting to believe in this group too.

再次强调，这里的整体数据其实并不特别强劲。

Again, the overall numbers here, they weren't really particularly strong.

尽管康斯特勒尔在营收和利润上都 technically 超出了预期，但这更多是由于预期过低，而非实际表现优异，不过这也没关系。

While Constellation has technically reported a top and bottom line beat, that's more of a function of low expectations than anything else, but that's okay.

这样挺好。

That works.

净销售额同比下降了11%。

The net sales fell 11% year over year.

调整后的每股收益下降了28%。

The comparable earnings per per share were down 28%.

这并不重要。

It doesn't matter.

康斯特布尔全年的预测也相当令人沮丧，管理层预计销售额持平、利润率收窄，每股收益仅为11.20至11.90美元。

Constellation's full year forecast was also pretty discouraging It with management guiding for flat sales, smaller margins, and just eleven twenty to eleven ninety of earnings per share.

市场原本预期为12.38美元。

The street was looking for $12.38.

看到这些数字，就不难理解为什么股票在盘后交易初期大幅下跌了。

Looking at those numbers, it's no wonder the stock initially sold off in after hours trading.

为什么康斯特布尔在上周四会出现如此巨大的反弹？

Why the heck did Constellation make such a huge comeback last Thursday?

我们先从本季度本身说起。

Let's start with the quarter itself.

不仅整体数据好于预期，我们还注意到至关重要的啤酒业务中出现了一些积极迹象。

Not only were the headline numbers better than feared, but we also spotted some green shoots in the all important beer business.

具体来说，在过去四个季度中，星座公司其啤酒业务的发货量和消耗量一直为负。

Specifically for four straight quarters, Constellation had seen negative shipments and depletions for its beer business.

但在最新季度，这些数字出人意料地转为正增长。

But in the latest quarter, those numbers surprisingly turned positive again.

2026财年全年发货量下降了3.8%，但最新季度实际上增长了1.1%。

Shipments were down 3.8% for the full year 2026 fiscal year, Actually, increased 1.1% in the latest quarter though.

华尔街原本预计会下降1.2%。

Wall Street was expecting 1.2% decline.

这个差距非常大。

That's a very big delta.

而消耗量，即批发商销售给零售商的销量，增长了0.6%，而分析师原本预期会下降1.4%。

And completions, meaning volumes sold by wholesalers to retailers, they were up point 6% when the analysts were anticipating 1.4% decline.

这实际上是关键数据。

That was actually the key number.

这些是康斯特布尔令人鼓舞的迹象。

Those are the really encouraging signs for Constellation.

此外，随着对本季度的正式反应开始出现，很明显投资者和分析师将康斯特布尔的全年预测视为一个偏低的数字。

On top of that, as the formal reaction to the quarter started to roll in, became clear that investors and analysts are treating Constellation's full year forecast as a lowball set of numbers.

他们认为管理层设定了保守的预测，因为他们知道这些预测是可以超越的。

They're assuming management throughout conservative forecasts that they know they can beat.

周一，TD Cowen的分析师上调了康斯特布尔品牌的评级，并将目标价从142美元提高到190美元，正是因为他们认为这可能是一个偏低的预测。

On Monday, analysts of TD Cowen upgraded Constellation Brands raised the price target from $1.42 to $1.90 precisely because they think this could be a lowball forecast.

分析师们提到了我刚刚提到的逐季改善的消耗数据。

The analysts pointed to sequentially improving depletion numbers like I just mentioned.

明白吗？

Okay?

容易比较，而且我这里引用一下，‘拉美消费者压力缓解’。

Easy comparisons and I'm gonna quote here, subsiding pressure on Hispanic consumers, end quote.

我基本同意所有这些观点，我想补充的是，康斯特布尔现在有了新的管理层。

I agree with pretty much all that and I wanna add the Constellation is now under new management.

二月，我们得知长期担任CEO的比尔·莫林斯将卸任，将接力棒交给了尼克·芬克，你可能还记得他曾担任福腾宝创新公司的CEO。

In February, we learned that longtime CEO Bill Moulins would be stepping down and passing on the torch to Nick Fink, who you might remember from his previous role as the CEO of Fortune Brands Innovations.

那是一家家居和安防企业。

That's a home and security business.

但在那之前，他在酒精行业担任过多个职位，比如担任三得利全球酒业的首席战略官。

But look, before that, he had a bunch of jobs in the alcohol industry, like serving as the chief strategy officer for Suntory Global Spirits.

放松的时光，就是三得利时刻，我觉得。

Relaxing times, making it Suntory time, I think.

费思已于周一正式接任，我认为康斯特布尔公司压低业绩预期是很有道理的。

Faith officially took over on Monday, and I think it makes a lot of sense for Constellation Brands to lowball the numbers.

这能让他在任职第一年就轻松达成目标。

It'll get his first year on the job.

这样，当他不可避免地超越预期时，就能成为英雄，而我认为他确实能做到。

That way he can be a hero when he inevitably beats the numbers, which I think he will.

我觉得他无论如何都会很出色。

I think he will be great anyway.

他拥有成为众人眼中英雄所需的非凡直觉。

He has tremendous instincts required as quite a hero among the crowd.

请记住，五朔节即将到来，之后今年夏天还将迎来世界杯。

Keep in mind, Cinco de Mayo is right around the corner, and it'll be followed by the World Cup this summer.

与此同时，康斯特布尔去年业绩疲软，今年的对比基数较为轻松。

Meanwhile, Constellation's benefit of easy comparisons after its weak performance last year.

此外，该股票价格非常低廉，当前市盈率不足今年预期收益的14倍。

Doesn't hurt that the stock is just very cheap, trading at less than 14 times this year's earnings estimates.

同时提供高达2.5%的稳健股息收益率。

Also pays a solid 2.5% dividend yield.

我从未想过康斯特布尔品牌会便宜到这种地步。

I never thought I would ever see Constellation Brands this cheap.

那边境酒精业务呢？

How about the border alcohol business?

本周早些时候，瑞银的一位分析师发表了一篇关于行业预期的深刻分析报告。

Earlier this week, an analyst at UBS penned a very thoughtful note about their expectations for the industry.

简而言之，瑞银仍预测未来十年销量将出现结构性下滑。

Long story short, UBS still predicts a structural volume decline over the next decade.

我明白。

I get that.

但他们预计，美国的销售额将以1.3%的温和速度增长，全球增速则更高，因为消费者正越来越多地转向高价产品。

But they're betting that dollar sales will grow at a modest 1.3% pace in The US and higher than that worldwide as people increasingly swap to premium priced merchandise.

这看起来相当合理，这是一个合理的观点。

That seems pretty reasonable for That's a reasonable take.

虽然我不会说前景乐观，但可以说，比六个月前我们还在谈论酒精业务时的情况好太多了。

And while I wouldn't call it rosy, let's just say it's a heck of a lot better than when we were hearing about the alcohol business six months ago.

而且，这种乐观情绪足以让我相信，在这种环境下，高质量的运营商依然能表现不俗。

Plus, it's optimistic enough to make me think that a higher quality operator can still do pretty well in this environment.

康斯特布尔的品质非常高。

Constellation is very high quality.

总而言之。

Here's the bottom line.

我一直在非常缓慢、非常谨慎地寻找酒精业务的底部迹象，却不断看到信号表明转折可能已经到来。

I've been looking very slowly, very cautiously for potential bottom in the alcohol business, and I keep seeing signs that the turn may already be upon us.

这就是为什么康斯特布尔品牌在业绩平平的季度后仍能强势上涨的原因。

That's why Constellation Brands roared in response to a really lackluster quarter.

我赌酒吧的判断是对的。

I'm betting the bars are right.

更广泛的行业掌握着男性市场，而康斯特布尔可能是最值得拥有的啤酒公司。

The broader industries own the men and Constellation may be the beer company worth owning.

天啊，广告后资金又回来了。

Man, money's back after the break.

接下来，你打电话进来是想了解更多关于Stonex的信息。

Coming up, you called in looking to learn more about Stonex.

在仔细分析了这些数据后，克莱默即将呈现他对这只股票的精彩分析。

And now after chipping away at the numbers, Cramer is ready to present his masterpiece on the stock next.

是什么让你有信心去做一件以前没人做过的事情？

What made you confident that you could do something that hadn't been done before?

我不怕失败。

I have no fear of failure.

开拓进取的女性正在改变游戏规则。

Trailblazing women changing the game.

我最喜欢的一条建议是：想想你的老板的老板需要什么。

One of my favorite pieces of advice, think about what your boss's boss needs.

领导力可以以多种多样的形式呈现。

Leadership can look in many, many different forms.

归根结底，就是要相信自己。

It really does come down to just trusting yourself.

人生短暂，而且

Life is short, and

你只有志存高远，才能成就大事。

you just gotta think big to accomplish big things.

朱莉娅·博尔森主持CNBC的变革者与权力人物节目。

Julia Borson hosts CNBC Changemakers and Power Players.

新集数每周二在您收听播客的平台上线。

New episodes every Tuesday wherever you get your podcasts.

上周，我接到了来自佛罗里达的杰伊的电话。

So last week, I got this call from Jay in Florida.

他想了解一下Stonex集团。

He wanted to know about Stonex Group.

我说我会回头再跟进这件事。

I said, I'd circle back to it.

这种股票正是我喜欢深入研究的类型，因为它很难理解。

This is the kind of stock I love to do homework on because it's hard to understand.

表面上看很无聊，但一旦你深入细节，就会发现这里可能正酝酿着大事。

It seems boring till you dig into the details, realize there might be something big going on here.

Stonex是一家金融服务公司，别小看它，它正好处于大宗商品、衍生品、证券、货币、支付和清算的中心位置。

See, Stonex is a financial services company, don't you dare you on, that sits right in the middle of commodities, derivatives, securities, currencies, payments, and clearing.

它不像一家经纪公司，更像是金融系统的底层管道。

Rather than a brokerage house, it's more like the plumbing of the financial system.

而现在，波动性处于极高水平，与其待在其他地方，不如待在这些基础设施中。

And right now, with volatility at pretty extreme levels, there are certainly worse places to be than in the plumbing.

这就是为什么Stonex的股价今年迄今已上涨超过61%，过去一年涨幅接近100%，过去五年更是上涨了五倍以上。

That's why Stonex has seen its stock rally more than 61% year to date, nearly 100% gain over the past year, and it's more than quint upled over the last five years.

刚刚创下历史新高，这是一家长期资本增值的公司。

Just changing a new all time high, and this is a long term capital compounder.

为什么？

Why?

简单来说，Stonex为需要完成交易的机构提供金融基础设施。

Put simply, Stonix operates financial infrastructure for institutions that need to get things done.

它将商业企业、机构客户、支付客户和自主交易者与全球市场连接起来。

It connects commercial businesses, institutional clients, payments customers, and self directed traders to global markets.

这些人通过佣金、交易价差、清算和执行来赚钱。

These guys make money from commissions, the spreads on trades, clearing, and execution.

我放弃了。

I give up.

一切都不在它该在的位置。

Nothing's where it should be.

但这没关系。

But that's alright.

他们还通过风险管理以及支付服务收取费用。

And and they also make fees to for risk management, and they do it for payments.

他们做着大量你根本不知道、也不关心的幕后工作，但这些却让他们赚到了钱。

They make a lot of different kind of behind the scene things that you would never know and wouldn't really care about, but they get to make the money.

听起来很无聊？

Sounds boring?

这无关紧要。

It doesn't matter.

现在这是一项好生意，因为世界越动荡、越复杂，客户就越需要额外的服务。

It's a good business right now because the more volatile and complicated the world gets, the more clients needs to own extra services.

我预计这种波动性会持续一段时间。

And I'm betting that volatility will be with us for some time.

我们知道，在这种环境下，公司一直在高效运转。

We know the company's been firing on all cylinders in this environment.

在2026财年，Stonex报告了创纪录的净营业收入，同比增长47%；净利润创纪录，增长63%；每股收益远超预期，增长48%。

In its 2026, Stonex reported record net operating revenue, up 47% year over year, record net income up 63%, and much better than expected earnings per share, up 48%.

他们的机构和商业部门几乎在印钞，尽管零售业务仍在挣扎，但这没关系。

Their institutional and commercial segments are practically printing money even as the retail business continues to struggle, but that's okay.

商业部门的收入增长了72%，而机构业务增长了78%。

Commercial segment income rose 72%, while the institutional business was up 78%.

这些数字太惊人了，朋友们。

These are staggering numbers, people.

即使它来自金融服务领域，也不意味着赚钱就不有趣或不令人兴奋。

Even just because it's from financial services, it doesn't make it less interesting or exciting to make money.

管理层特别提到了全球金属、证券业务的强劲表现，以及最近对RJ O'Brien收购案的整合。

Management simply called out strong performance in global metals, securities, and the recent integration of an acquisition called RJ O'Brien.

我不太了解，但他们确实收购了它。

I don't know it, but they bought it.

基本上，每当市场波动时，这些家伙都能大赚一笔，因为这通常意味着交易量增加。

Basically, these guys are making a killing whenever the market gets volatile because that typically means more trading.

Stonex 的市场评论一直高度关注与伊朗相关的紧张局势。

Stonex own mark market commentary has been heavily focused on Iran related tensions.

他们一直在谈论石油、黄金和货币。

They've tossed around oil, gold, and currencies.

他们的商业模式在混乱中能赚更多钱。

Their business model makes more money when things are in disarray.

天啊，现在确实一片混乱。

And, man, are they ever in disarray.

这简直就是一场混乱投机。

This is like a disarray play.

你现在可能会感到困惑，因为 Stonex 在最近一个季度报告的收入约为 390 亿美元，而这家公司的市值只有大约 80 亿美元，这听起来太荒谬了。

Now you might be confused by the fact that Stonex reported revenue of about $39,000,000,000 in its most recent quarter, which sounds absurd for a company with a, you know, $8,000,000,000 market cap.

但这个总收入数字其实并不是真正关键的数字。

But that gross number is not really the right number.

这不是正确的视角。

It's not the right lens.

因为大量的实物商品交易都体现在他们的损益表中，而这些实物销售的成本也一并计入。

Because a huge amount of physical commodities activity runs through their income statement, and the cost of those physical sales run through it.

在同一季度，实物商品的销售成本高达3.0376万亿美元。

In that same quarter, the comp the cost of sales on physical commodities was $3,037,600,000,000.

更清晰的数字是净运营收入，这是一个更合理的数值。

The cleaner number is net operating revenue, which is a more reasonable figure.

即使看这个指标，Stonex也并不真的那么昂贵。

Even on that metrics though, Stonex is just isn't really that expensive.

你没错过多少东西。

You haven't missed much.

我喜欢这一点，这不是一个单方面的故事。

What I like here is this is not a one legged story.

Stonex拥有多个真正的业务。

Stonex has a a number of real businesses.

机构清算、交易执行、证券、固定收益、衍生品，为专业客户、商业机构提供类似主经纪商的服务，帮助从事大宗商品、货币和利率交易的真实企业进行风险管理与对冲。

Institutional clearing, execution, securities, fixed income, derivatives, prime brokerage style services for professional clients, commercials, risk management, and hedging for real businesses dealing with commodities, currencies, and interest rates.

支付业务处理跨境资金流动和外汇交易。

Payment handles cross border money movement and foreign exchange.

零售业务让个人交易者能够接触各类市场。

Retail gives individual traders access to all sorts of markets.

这种多元化是一个真正的优势，各位。

That diversification is a is a real strength, people.

如果其中一个业务板块降温，另一部分就能补上缺口。

If one of the businesses cools off, another part can pick up the slack.

比如现在，零售业务有点平淡，但商业和机构业务非常火爆，根本没人在意。

Right now, for instance, the retail business is kinda lackluster, but commercial and institutional are so hot, nobody cares.

同时，去年夏天，Stonex以大约9亿美元的现金和股票收购了RJ O'Brien。

At the same time, last summer, Stonex acquired RJ O'Brien for roughly 900,000,000 in cash and stock.

这一收购使他们成为美国最大的非银行期货佣金商。

This transition made them the largest nonbank futures commission merchant in The United States.

现在这不仅仅是为了规模而扩大规模。

Now that that's not just more size for the sake of size.

这笔交易使Stonex变得更加重要，成为业内最出色的业务之一，尤其是在期货清算和商业风险管理方面。

The deal makes Stonix more important and one of the better it's actually like the best businesses, futures clearing and commercial risk management.

所以，Stonex还收购了基准公司。

So next also bought Benchmark Company.

我知道，这些公司在去年八月以7500万美元的价格收购了对方，拓展了其在投资银行、股权研究以及机构销售与交易领域的业务版图，这表明他们专注于打造更高价值的咨询、研究和资本市场业务。

Now those guys I know last August for $75,000,000 is spending their footprint in investment banking, equity research and institutional sales and trading, which shows that they're focused on building out higher value advisory research and capital market side of the franchise.

这家公司的形象正越来越不像一家专业经纪商，而更像一个综合性的金融平台。

Increasingly, this company is looking a lot less like a niche broker and more like a broader financial platform.

就在过去几周，Stonex推出了全新的证券化银行、贷款和资本市场平台，与Pathfinder集团合作拓展跨境支付业务，并收购了WCSI。

Over just the last few weeks, Stonex launched a new securitization banking, lending, and capital markets platform, partnered with the Pathfinder Group to expand cross border payments, and acquired WCSI.

这是一家英国的批发银行票据交易公司，管理层表示，这笔交易通过拓展支付以外的能力，强化了他们的金融机构生态系统。

That's a British wholesale bank notes trading company and management said the deal strengthens their financial institutions ecosystem by expanding its capabilities beyond payments.

简而言之，Stonex持续拓展与其资产负债表、全球影响力和客户关系相契合的周边业务领域。

In short, Stonex keeps expanding into adjacent businesses where its balance sheet, global reach and client relationships can help them win.

公司还从客户余额中赚取利息和费用，随着客户将更多资金存放在公司手中，这部分收入变得越来越重要。

Company also earns interest and fees on client balances, which has gotten more significant as those clients leave more money in their hands.

在最近一个季度，来自客户余额的利息和费用同比增长了61%。

In the latest quarter, interest and fees earned on client balances were up 61% year over year.

客户平均权益和上市衍生品翻了一番。

Average client equity and listed derivatives doubled.

当利率较高且交易活跃时，这非常有利。

That's great when interest rates are higher and trading activity is strong.

当然，反过来，利率下降会直接削弱这一业务的盈利能力。

Of course, the flip side is is that lower rates would directly make this part of the business less profitable.

但目前来看，这是一项非常不错的业务。

For now though, this is a very good business.

但这不仅仅是一个时机故事，Stonex 并非仅仅因为高利率和市场波动而获益巨大。

But it's not just the the a timing story where Stonex has benefited enormously from high interest rates and market volatility.

这些人早已长期致力于打造这项业务。

These guys have been building this business for a long time.

在投资者演示材料中，管理层表示，自2003财年以来，运营收入年复合增长率为31%，BookFlag的年复合增长率则为29%。

In its investor presentation, management says operating revenue has compounded at 31% annually since fiscal two thousand three, and BookFlag BookFlag has had a compound annual growth rate of 29%.

这些数字令人震惊，确实令人震惊。

These numbers are staggering, and it is staggering.

这也不是偶然。

They're not fluke either.

它们告诉我们，这是一家真正的复利型企业。

They tell us that this is a real compounder.

只不过恰好存在于大多数人并不关心的市场领域。

Just one that happens to live in a part of the market most people don't really care about.

而且，你知道，我一再提到这一点，但我知道这听起来很无聊，但我们做这行到底是为了什么？

And it's just, you know, I I keep going back to this, but I know it seems boring, but what are we in this business for?

我们需要赚钱。

We need to make money.

明白吗？

Okay?

所以Stonex仍然是一个受市场影响的业务。

So it Stonex remains a market sensitive business.

如果全球经济大幅下滑、利率大幅下降，或者这些收购的业务表现不佳，数字可能会变得不那么令人兴奋。

If the world comes down too much, interest rates fall a lot, or some of these acquired businesses disappoint, the numbers can get less exciting.

这是该股票长期被忽视的原因之一。

That's one reason the stock stayed under the radar for so long.

但这也是我认为Stonix值得近期上涨的原因。

But it's also why I think Stonix deserves its recent run.

如果你相信我们正进入一个地缘政治摩擦加剧、大宗商品波动性上升、跨境复杂性增加、以及对大型金融中心银行之外的金融基础设施需求更大的时代，那么这家公司就是赢家。

If you believe we're entering a work with a moment with more geopolitical friction, more commodity volatility, more cross border complexity, and more need for financial infrastructure outside the giant money center banks, well, then this one's a winner.

总而言之，我得感谢来自佛罗里达的杰伊。

Bottom line, you know, I gotta thank Jay from Florida.

他深入研究了这家公司。

He looked into this one.

他比我们更了解它，我真的很喜欢它。

He knew it better than we do, and I really like it.

我认为这是你从未听说过的最棒的公司之一。

I think it's one of the best businesses you've never heard of.

但考虑到昨天股价已涨至历史新高，它显然不再像以前那样便宜了。

But after running to all time highs yesterday, it's no longer as cheap as it was, obviously.

这更像是一家非常优秀的公司，其股票你应该在回调时买入，而不是在大幅上涨后追高。

This feels more like a a very good company with a stock you should buy on weakness, not a stock you chase after a huge move.

如果市场出现回调，我完全支持你买入一些Stonex。

If the market gives you pullback, you have my blessing to buy some Stonex.

不过在当前高位，我说要系好安全带，但要做好准备，因为一旦出现抛售，我认为你必须抓住机会采取行动。

At these elevated levels though, I say keep your belt on your shoulder, but get ready because on any sell off, I think that you've gotta take a chance and you gotta do something.

再见。

Bye.

再见。

Bye.

再见。

Bye.

关于Stonex。

Of Stonex.

我们来接电话吧。

Let's take calls.

我们连线纽约的汤姆。

Let's go to Tom in New York.

汤姆。

Tom.

嗨，吉姆。

Hi, Jim.

你好吗？

How are you?

我很好。

I am doing well.

你呢，汤姆？

How about you, Tom?

很好。

Good.

很好。

Good.

来自纽约上州的大霸主。

Big bully off from Upstate New York.

非常好。

Excellent.

非常好。

Excellent.

所以，

So,

是的，我只是在思考，想听听你对Robinhood基本面的看法。

yeah, just thinking and seeing what you think on the fundamentals for Robinhood.

你知道吗？

You know what?

今天他们在交易次数限制方面得到了SEC的放宽。

They got a break from the SEC today in terms of the number of trade day trades people can do.

我非常欣赏他们的管理团队。

I've liked management very much.

尽管股价大幅下跌，但年轻人仍然愿意留在那里。

The stock has come down so much, and yet younger people still wanna be there.

他们还拿到了特朗普账户的业务，而我甚至没有动这只股票。

And they got the Trump accounts business, and I didn't even move the stock.

我建议你看看。

I invite look.

每当我看到政府支持一家券商时，我就觉得你应该平仓，然后远离那位CEO。

Anytime anytime I sees the government backing a broker, then I think that you get flat on and you cut the eye of the CEO.

然后你就会说，你知道吗？

And you just say, you know what?

我说，买，买，买，买，买，买，买。

I say, buy buy buy buy buy buy buy.

我找到了那个按钮。

I found the button.

我认为Sternex是你从未听说过的最佳企业，但这个股票你该在疲软时买入，而不是在强势时。

I think Sternex is the best business you've never heard of, but this is a name you wanna buy into weakness, not strength.

接下来会有更多中等规模的投资机会，包括我对区域性银行巨头First Horizon的独家访谈。

Much more mid money ahead, including my exclusive with regional bank giant, First Horizon.

此外，市场上还有一些值得寻找价值的地方。

Then there are places to look for value in this market.

我告诉你目前看起来最便宜的板块，以及如何利用这一机会。

I'm telling you in the sector that looks the cheapest right now and how you can take advantage of that.

当然，今晚的闪电轮环节还将快速回应你们的所有来电。

And of course, all your calls rapid fire in tonight's edition of the lightning round.

请继续关注克莱默。

So stay with Cramer.

本周所有大型银行都公布了业绩，现在是时候转向我非常看好的小型区域性银行了。

All the major banks reported this week, so it's time to move on to the smaller regional banks that I happen to like a great deal.

以孟菲斯为基地的First Horizon银行。

Take First Horizon, the Memphis based regional.

它已经成长为东南部最大的银行之一。

It's become one of the largest banks in the Southeast.

今天早上，First Horizon公布了相当不错的季度业绩。

This morning First Horizon reported a pretty darn solid quarter.

尽管收入表现一般，但每股收益超出预期3美分，而其净利息收入、效率比率和有形普通股权益回报率均优于预期。

3¢ earnings beat off a 50¢ basis even as its revenues were okay, but their net interest income and their efficiency ratio and their return on tangible common equity were all better than expected.

当然，股价对此有所下跌，但我认为这是因为股价已经上涨了一年左右。

Of course, the stock still got dinged in response, but I think that's because it's up, what, a year.

过去十二个月，股价已经上涨了38%。

It's already up 38% over the past twelve months.

它在三月底从低点强劲反弹。

It bounced hard off its lows in late March.

让我们与布莱恩·乔丹一起深入分析。

So let's take a closer look with Brian Jordan.

他是第一 horizon 的董事长兼首席执行官，让我们来深入了解。

He's the chairman and CEO of First Horizon to learn more.

乔丹先生，欢迎再次做客《人与金钱》。

Mister Jordan, welcome back to Man Money.

谢谢您的邀请。

Thank you for having me.

很高兴来到这里。

It's great to be here.

好的。

Alright.

所以，布莱恩，要准确把握这些因素真不容易。

So Brian, it's hard to get all these things right.

要准确预测净利息收入真不容易。

It's hard to get the net interest income right.

要准确把握利润率真不容易。

It's hard to get the margins right.

要让收益变得更好很难，但你全都做到了。

It's hard to get earnings better, but you did it all.

那么，是什么让这一切成为可能呢？

So what's going on there that it was that it was possible to do?

是的。

Yes.

我真的很兴奋，过去十八个月到两年里我们取得的成就。

I'm I'm really excited by the accomplishments over really the last eighteen months to two years.

我们的团队表现得非常出色。

Our team has done a fantastic job.

在2025年期间，我们将一份70页的三年战略计划浓缩成了一份六到七页的摘要。

Over the course of 2025, we laid out really a six, seven page summary of our 70 page three year strategic plan.

这实际上起到了指引作用。

And that really served as a guidepost.

所以，如果用数字来说明，我们全年贷款增长了约3%，但净利息收入增长了6%。

And so if you put it in numbers, we had about 3% loan growth over the year, but our net interest income grew 6%.

我们的有形普通股权益回报率提升了超过200个基点，达到15%以上。

Our return on tangible common equity was up a little over 200 basis points area to 15 plus percent.

因此，我们在提升业务盈利能力方面取得了良好进展。

So we've made good progress improving the profitability of the business.

最重要的是，吉姆，我相信这将是可持续的，并将在未来几年推动我们的盈利和增长。

And most importantly, Jim, that is what I believe will be sustainable and will drive our profitability and our growth over the next several years.

我们组织内部聚焦于我们在市场中的差异化优势、如何实现差异化，以及如何为客户群体提供真正深入且独特的服务。

The focus we have in the organization around where we differentiate in the market, how we differentiate in the market and how we provide real deep differentiated service to our customer set.

嗯，你们电话会议的一个亮点是，当有人问到当前局势时，你说：看，中东局势并没有阻碍任何事情。

Well, did seem one of the highlights of your call was when someone asked you about the current events, she said, look, The Middle East hasn't stopped anything.

这怎么可能呢？

How is that possible?

在其他时候，人们会说，正在打仗，我要撤退。

There would be another time where people would say, there's a war going on, I'm pulling back.

没人撤退。

No one's pulling back.

是的。

Yes.

我一直感到鼓舞，去年我们也看到了类似的现象，当时涉及关税以及在第一季度末、第二季度初逐步实施的影响。

I've I've been encouraged, and and we saw the same phenomena to an extent last year with the tariffs and and the impact of rolling those out early in the in the sec late first quarter, early second quarter.

今年，我们目睹了中东地区的动荡和冲突。

This year, we've seen the disruption in The Middle East and the conflict.

借款人会提到这些情况，但到目前为止，他们并没有改变自己的决策流程。

And borrowers will talk about it, but at this point, they're not changing their decision process.

因此，当我听到我们对能源价格、运输和全球局势感到担忧时，我原本预期会更负面。

So where I where I hear we're concerned about energy prices and transportation and what's going on globally, I expect something much more negative.

但随之而来的是，我们仍在考虑新建工厂、购买新设备、投资我们的业务。

But what follows is we're still thinking about building a new plant, buying new equipment, investing in our business.

这总体上是一个积极的信号。

And that is a net net positive.

我认为，如果我们能在未来几周到一两个月内解决中东问题，下半年将会迎来真正的加速增长。

And I think if we can get resolution in The Middle East in the next couple of weeks to a month or two, we're gonna see a real takeoff in the back half of the year.

那项宏伟的法案影响有多大？

How much did the, one big beautiful bill matter?

我们有很多人并没有创业，也不了解这些措施，比如折旧政策，这些政策实际上让投资和行动变得非常值得。

We have a lot of people who don't who are not necessarily have have built a business and don't know about all these different things that were done like depreciation that really make it so it's worthwhile to build into and to make things happen.

我认为这项法案正在产生影响。

I think the bill is having an impact.

我认为这项法案在许多方面都产生了影响。

I think the bill is having an impact in in many ways.

显然，在消费者层面，额外的可支配收入、小费免税、加班收入免税、社会保障福利税率降低，以及投资折旧加速等措施都非常重要。

Clearly at the consumer level, having additional additional expendable income, the no taxes on tips, the no taxes on overtime, the the reduced taxes on Social Security benefits, things of that nature have been important, the acceleration of depreciation for those making investments.

因此，在多个领域，这项宏伟的法案正在推动今年年初的经济增长。

So across a broad array of fronts, I think the one big beautiful bill is driving economic growth in the first part of this year.

但这不会永远持续下去，不过我认为它为我们开启2026年注入了一剂强劲的兴奋剂。

And and that will not last forever, but I think it gives us a very nice shot of of adrenaline, so to speak, as we start 2026.

你是否也认为，就像我一样，让我告诉你我的看法。

Do you think it's, as I do, I'll tell you where I am on this.

我认为你说的2.5%到3%的增长率，在这个伟大的国家里是不够的。

I think two and a half to 33% growth is what you said we can do isn't enough in this great country.

我觉得把目标定在4%是可以的。

I think it's okay to shoot for four.

你认为因为正如你所说，我们正经历二十年来最低的抵押贷款发放量，所以降息几次是合理的吗？

Do you think it would be justified to cut interest rates a couple times, particularly because as you say, we have the lowest mortgage origination in twenty years.

降息能被合理化吗？

Can it be justified to cut?

我认为降息是合理的。

I I think it can be justified to cut.

我觉得我们必须让通胀更接近2%的目标，而且它会继续逐步下降。

I think we've got to get inflation closer to that 2% target, and it will continue to work itself down.

目前通胀还卡在2%以上，从百分比来看，这仍然是相当显著的。

It's sort of stuck in the high twos now, which on percentage wise basis is still fairly substantial.

但正如你所知，从长期来看，2.5%到3%的美元贬值幅度，远比2%更显著。

But as you know, the math over an extended period of time, 2.5% to 3% devaluation of the dollar is much more significant than the two.

所以我认为美联储必须带领我们实现这一目标。

So I think the Fed has got to get us there.

除非油价下跌，否则我认为这很难，但我相信一旦进入今年下半年，如果我们能以可持续的方式让通胀朝着2%的方向下降，就应该有能力降息。

Absent oil prices coming down, I think it is hard, but I think once we get into the back half of this year, there should be the ability to cut rates if we can get that inflation headed towards 2% in a sustainable fashion.

我认为这非常公平。

I think that's very fair.

我不想在CPI为3%的情况下，鼓励通胀进一步升温。

I don't want to, with a 3% CPI, I don't want to encourage it to be hotter.

你说得对。

You're absolutely right.

现在，你接触了很多地区。

Now, you're in a lot of regions.

哪些地区商业活动最活跃，或者你看到的商业活动最多？

Which are the regions that is the most best for, or you're seeing commercial activity?

我们在整个覆盖区域都看到了这种活动。

We're seeing it all across the footprint.

我们在东海岸各地都看到了巨大的增长。

We're seeing a tremendous amount of growth all up and down the Eastern Seaboard.

卡罗来纳州和佛罗里达州的表现尤为强劲。

The Carolinas and Florida have been particularly strong.

德克萨斯州依然表现强劲。

Texas continues to be strong.

目前我们看到墨西哥湾地区正在复苏，比如路易斯安那州，田纳西州尤其是中田纳西和东田纳西地区吸引了大量投资。

We're seeing right now resurgence of growth in the Gulf Area, Louisiana as an example, Tennessee, in particular Middle Tennessee and East Tennessee have seen a lot of investment.

每天查看我们的地图时，我都感到振奋，南方经济的强劲势头将在多年内推动美国向前发展，并逐步加速我们的增长。

I'm encouraged when when I look at our map every single day, the strength we have in in just the sheer economy in the South is going to pull The The US forward over many years, and it's gonna throttle our growth up over time.

那么，你认为这是由于税收友好、政府政策有利，还是因为‘右翼工作’法律呢？

Now do you think that it's a tax tax or friendly governments or maybe right to work?

我不确定。

I don't know.

但就你的业务范围而言，你的区域是我们国家最强大的部分。

But there is just in your footprint, your footprint is the strongest part of our country.

我一直在努力弄清楚，为什么这里看起来如此有利于商业。

I'm always trying to figure out exactly why it just seems business friendly.

这些州的政策都非常有利于企业。

It is business friendly legislation in all of these states is very friendly to business.

能够招聘到合格且受过训练的员工非常重要。

The ability to hire qualified and trained workers is important.

这里的气候很好，尤其是你提到了税收问题。

It's got a great climate and most particularly you touched on taxes.

税收是一个关键驱动因素。

Taxes are a key driver.

当你观察人口和企业的大规模迁移时，南部吸引了远超其比例的份额。

So when you look at the big relocation of populations and businesses, the South is attracting more than its fair share.

我认为这很可能是一个持续的趋势，在近期内不太可能改变。

And I think that is likely to be a continued trend and unlikely to change in the near term.

所以我们必须去那里探索，因为那里的人们真心希望创造就业、保障生计，或者为什么不能为人们提供医疗保障呢？

That's why we've gotta go down there and explore it because it's just it's just so great to be among people who wanna put people to work, who wanna put food on the table, or why don't we give people health care?

这让我真的很开心。

It makes me real happy.

我想感谢布莱恩·乔迪。

Wanna I thank Brian Jordi.

他是第一远景银行（First Horizon FHN）的董事长、总裁兼首席执行官。

He's the chairman, president, CEO of First Horizon FHN.

这仍然是家非常优秀的银行。

Still a great bank to own.

嘿。

Hey.

谢谢，兄弟。

Thanks, bro.

让他继续做节目真是太好了。

It's great to keep him on the show.

很好。

Great.

谢谢邀请我。

Thanks for having me.

当然。

Absolutely.

老兄，广告后他回来了。

Man, buddy's back after the break.

接下来，你们有提问。

Coming up, you've got questions.

克雷默来解答。

Cramer's got the answers.

准备好迎接接下来的快速闪电问答环节吧。

Get charged up for a fast fire lightning round next.

扩大问答环节结束了。

The widening round is over.

你准备好了吗？

Are you ready?

你看，这就是白房间和AJ一起出现的方式。

See, that's how the white room comes with AJ.

AJ。

AJ.

它没走。

It's not going.

AJ，别离开我们。

AJ, don't leave us.

AJ。

AJ.

我在这儿。

I'm here.

好吧。

Alright.

很好。

Good.

很好。

Good.

我原以为你可能会被交易走。

I thought you might be traded.

发生什么事了？

What's going on?

没有。

Nope.

您好，克拉默先生。

Greetings, mister Cramer.

我持有某种制药股票，收益不错，但股价一直停滞不前。

I am holding pharmaceutical stock that puts up good numbers, but the stock has been flat.

您对吉利德科学公司怎么看？

What is your take on Gilead Sciences?

你知道吗，我喜欢丹尼尔和戴夫在做的事。

You know, I like what Daniel and Dave's doing.

我总是在摩根大通会议上碰到他。

I always bump into him at the JP Morgan conference.

我觉得他是个聪明人，公司也不错。

I think he's a smart guy and the company's good.

我持有它。

I hold on to it.

他们有一些不错的业务板块。

They've got some good franchises.

我们连线纽约的卡特琳娜。

Let's go to Katrina in New York.

卡特琳娜。

Katrina.

你好，吉姆。

Hi, Jim.

嗨，卡特琳娜。

Hey, Katrina.

你最近怎么样？

How you doing?

是的。

Yeah.

很好。

Good.

很好。

Good.

谢谢你接我的电话。

Thanks for taking my call.

当然。

Of course.

我很想听听你对ASC spoil space mobile的看法。

I would love to hear your opinion on ASC spoil space mobile.

我非常喜欢。

I like it very much.

你知道吗，我觉得他们拥有一个独特的资产。

You know, I think that they've got a unique property.

我的意思是，看，我可能会找他来谈收购，不一定，但在我看到全球星和亚马逊发生的事情之后，天哪，我们得拿下这个。

I mean, look, I might call him for a takeover here, not necessarily, but after what I saw happen with global star and Amazon, I mean, come on, let's own this one.

我们连线加利福尼亚的基蒂，基蒂。

Let's go to Kitty in California, Kitty.

嘿，吉姆。

Hey Jim.

哇哦。

Woah.

是的。

Yeah.

最后

Last

七月关于一只股票。

July about a stock.

他们的市盈率相当不错。

They had a pretty good PE.

股价低于5美元。

It was under $5.

那是我需要的一个效应器。

It was an effector I needed.

所以我咬牙买了。

So I, I bit the bullet.

在过去的八天里，它达到了52周的最高点。

And in the last eight days, it had a fifty two week high.

我开始留意它，真的没想到，自从我买入后，市值翻了一倍，而收益率却下降了。

I started checking it out, and I really holy Toledo, the market cap doubled since I bought it, and the yields gone down.

到底发生了什么

What the heck is going on with

首先，凯蒂在这里赚了很多钱。

Well first of all what Katie has done here is make a lot of money.

现在有很多人去玩各种预测游戏，做一堆傻事。

Now there are a lot of people going to play on different prediction stuff and do all sorts of silly things.

事实上，凯蒂分析了这个情况。

The fact is Katie looked at the situation.

她决定喜欢诺基亚。

She decides she liked Nokia.

她买了它。

She bought it.

凯蒂一直持有。

And Katie hold on.

我觉得那里还有30%的上涨空间。

Think I got another 30% going on there.

就像我这里快撑不住了一样。

Just like I'm dying here.

哦，还有那个。

Oh and that.

女士们先生们，这一轮结束了。

Ladies and gentlemen it's the end of the.

轮次。

Round.

闪电轮由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

我听腻了说这个市场太贵了。

I'm getting tired of hearing that this market's too expensive.

任何觉得市场太贵的人，现在都应该仔细看看各大银行，因为它们在我眼里根本不算贵。

Anyone who feels that way should take a hard look at the big banks now that they've all reported because they sure don't seem very expensive to me.

首先，我们得说，出于各种原因，投资银行一直被严重低估。

First, let's just say that there's a tremendous subversion of owning banks for a variety of reasons.

它们很难理解。

They're hard to understand.

影响因素太多，而且在大衰退期间遭受重创。

They have so many variables, and they got blasted during the Great Recession.

这些都对，但我要告诉你，相对于整个市场，银行股便宜得离谱，我们不得不考虑买入一只。

All these are true, but I would tell you their stocks are so darn cheap versus the entire market that we have to think about owning one.

如果有什么好事发生，银行股会全面飙升，因为它们实在太便宜了。

If something good happens, the banks will all take off because they're so darn cheap.

我所说的便宜是什么意思？

What do I mean by cheap?

好吧。

Okay.

我说的是与标普500指数的市盈率进行直接对比。

I'm talking about an apples to apples comparison versus the price to earnings multiple of the S and P 500.

是的，你可以通过汇总指数中所有公司的每股收益预测，并按照它们在指数中的权重进行加权，来计算标普500的市盈率。

Yes, you can figure out the PE multiple of the S and P by taking the earnings per share estimates of all the companies in the index collectively and then giving them the same weightings that the stocks get.

当你看这些对比时，用一个不太恰当的词来说，简直荒谬。

When you look at these comparisons, they are, for lack of a better word, insane.

标普500目前的交易价格约为今年预期收益的22倍。

The S and P five hundred trades at nearly 22 times this year's earnings estimate.

标普500的预期收益增长率是17%。

The expected earnings growth rate of the S and P is 17%.

22，17。

22, 17.

现在让我们从同样的角度来看看银行股。

Now let's consider the banks on this apples to apples basis.

花旗集团今年的预期收益增长率为52%。

Citigroup is expected to see 52% earnings growth this year.

它的股价仅为今年每股收益预测的12.4倍。

It sells at 12.4 times this year's earnings per share estimates.

高盛预计增长14.9%。

Goldman Sachs is expected to grow by 14.9%.

它的交易市盈率为15倍。

It trades at 15 times earnings.

美国银行预计增长14.2%。

Bank of America is expected to grow by 14.2%.

它的市盈率为12.5倍。

It sells for 12.5 times earnings.

摩根士丹利预计每股收益将增长11.7%。

Morgan Stanley is expected to see 11.7% earnings per share growth.

它的市盈率低于17倍。

It sells for less than 17 times earnings.

花旗银行，你看，它上个季度表现不佳，但预计仍会增长11.7%，市盈率为11.5倍。

Wells Fargo, look, it had a not so hot quarter, but it's still expected to grow by 11.7%, and it trades at 11.5 times earnings.

摩根大通预计增长9.7%，市盈率为13.9倍。

JPMorgan is expected to grow at 9.7%, and it's got a p multiple of 13.9.

换句话说，这些银行股的公司增长速度略低于标普500的平均水平。

Or in other words, with these bank stocks, you have companies that are growing a tad slower than the average stock of the S and P.

但在估值方面，它们相对于整个标普500指数有显著折价。

But in terms of valuation, they sell at a dramatic discount to the S and P as a whole.

巨大的折价。

Huge discount.

那么，这个差距是如何被弥合的呢？

So then how does that gap get fixed?

老实说，我不在乎。

Frankly, I don't care.

我认为未来的收益将会非常出色。

I think the earnings are going be terrific going forward.

投资银行部门可能会非常庞大。

The investment banking side could be huge.

并购和首次公开募股都表现得非常好。

M and A, IPOs, both doing very well.

资产聚集 somehow 依然强劲。

Asset gathering somehow remains strong.

我说somehow是因为很难相信还有成千上万的超级富人正在更换银行或开设账户。

And I say somehow because it's hard to believe that there's still hundreds of thousands of really rich people who are switching banks or opening accounts.

我知道历史对这个群体并不友好。

I know history has not treated this group kindly.

不过目前，它们的市盈率之所以最低，部分原因是被认为严重暴露于疲软的私人信贷风险中。

Right now though, they have the lowest price earnings multiples in part because they're considered to be brimming with weak private credit exposure.

但大部分情况下，这种说法也不成立。

But for the most part, that's not true either.

即使富国银行也尽力说明了这一点，尽管它们拥有大量私募股权，但其中只有很小一部分是备受厌恶的软件领域。

Even Wells Fargo did the best to say it, although they had a lot of private equity, only a small part was the hated software category.

在私人信贷担忧之前，人们曾因硅谷银行引发的混乱，对贷款增长和它们的资产负债表产生过疑问。

Before private credit worries, there were questions of loan growth and their balance sheets because of the chaos sewn by Silicon Valley Bank, the late.

再之前是大衰退，以及互联网泡沫破灭带来的冲击。

And then before that was the great recession, wiping out all the and the .com fiasco.

我总觉得总有什么在拖累这个群体。

I feel like there's always something weighing on this group.

但我反复认为，这正是它们市盈率如此之低的原因。

But I come back and say that that's why the price journeys multiples are so low.

但没有被计入考量的是，本届政府对银行极其友好的态度。

What's not being factored in is the outrageously pro bank attitude of this administration.

当与伊朗的战争结束时，你不仅会看到一波并购和上市潮，我认为白宫也会批准银行合并。

When the war with Iran is over, not only will you see a wave of mergers and offerings, I think the White House will sign off on bank mergers.

大银行收购小银行。

Big ones buying small ones.

两家银行合并，还有大量其他并购交易。

Two banks merging a plethora of tie ups.

没人考虑到这一点。

No one's thinking that out.

没人。

No one.

但你只管等着吧，因为这一定会发生。

But you just wait because it's gonna happen.

我想说一点。

I'd like to say this.

永远是牛市的夏天。

Always bull market summer.

我向你保证，邦妮，就在这里，我会为你奋力抗争。

I promise to fight it just for you right here, man, Bonnie.

我是吉姆·克拉默。

I'm Jim Cramer.

明天见。

See you tomorrow.

吉姆·克拉默在本播客中表达的所有观点均为克拉默个人意见，不代表CNBC及其母公司或关联公司的立场，这些观点可能已通过电视、广播、互联网或其他媒介此前发布。

All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, Internet, or another medium.

您不应将克拉默表达的任何观点视为特定的投资建议或遵循特定策略的明确诱导，而仅应将其视为他的个人观点。

You should not treat any opinion expressed by Cramer as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of his opinion.

克拉默的观点基于他认为可靠的信息，但CNBC及其关联公司或子公司不保证其完整性和准确性，不应依赖于此。

Cramer's opinions are based upon information he considers reliable but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such.

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