Closing Bell - Closing Bell Overtime: 7/11/25

Episode Date: July 11, 2025

From the open to the close, “Closing Bell” and “Closing Bell: Overtime” have you covered. From what’s driving market moves to how investors are reacting, Scott Wapner, Jon Fortt, Morgan Brennan and Michael Santoli guide listeners through each trading session and bring to you some of the biggest names in business.

Well that's the end of regulation. On your screen you'll see that familiar face Jim Kramer and the investing club ringing the closing bell here at the New York Stock Exchange. It is the club's third annual meeting over at the NASDAQ Yield Max ETFs doing the honors there. Well stop sending the day lower following two days of record highs for the NASDAQ and the S&P. The Dow was the worst performer as Visa and Salesforce weighed on the blue chip index for the week. The Dow ending down about 1 percent. S&P lower by about a quarter percent.

The Nasdaq finishing basically flat. The Russell 2000 breaking a three week win streak. Your leaders today, consumer discretionary and energy, healthcare and financials are the S&P sector laggards. Treasure yields perhaps not surprisingly moving higher today following the announcement&P sector laggards. Treasure yields, perhaps not surprisingly, moving higher today following the announcement of 35% tariffs on Canada. Big moves in the commodity complex as well.

Crude, silver, gold, all closing higher. We're gonna have more on that straight ahead. Well, that is the scorecard on Wall Street, but winners stay late. Welcome to Closing Bell Overtime. I'm John Fort alongside Morgan Brennan. Coming up on Overtime, a big week for big tech. The NASDAQ setting new records, NVIDIA topping $4 trillion

in market cap. We'll discuss it all with Lo Tony of Plexo Capital. Plus, Ceramicoh Resources will build a mine in Wyoming to extract rare earth minerals. This is the first new rare earth mine in the US in more than 70 years. We're gonna talk to the CEO about the growing importance of those critical minerals.

And it's a bird, it's a plane, it's Superman coming to theaters this weekend. The box office rebounding. IMAX is now heading for its best year ever. The CEO joins us exclusively ahead. Well, let's start with some of the individual names that are making moves today as stocks close lower. Christina Parts-Nevelis is at the NASDAQ and she's breaking it down for us. Hi, Christina. Hi, Morgan. Let's start with software stocks because they have been

under pressure this week and the reasons are just piling up. The IGV ETF is down about 3 percent. And to pick your reason, you got Piper downgrading Workday, new CIO surveys, specifically one from Morgan Stanley that point to weaker IT spending. And this according to Jeffries, Broadcom CEO H Hawk Tan warned that AI could erode long-term software value, saying Broadcom won't pursue more software deals right now. You're seeing Palo Alto data dug down 11.5%, Salesforce down 5%.

These are just examples, a sea of red within that sector. Let's switch over to fintech stocks because those also took a hit late in the day today after a Bloomberg report said JP Morgan plans to charge fintech firms like Venmo, Coinbase, Robinhood for access to their customer bank data. Something they've mostly gotten for free up until possibly now and that's why you see shares of PayPal for example down almost 6% today. CoreWeave, another big name dropping 9% after you pick it. Multiple downgrades earlier this week tied to its $9 billion deal for Core Scientific.

Analysts are skeptical of the cost. And with the IPO lockup expiring in September, some investors may be heading for the exits a little early. And lastly, Kraft Heinz is higher today, closing higher on a Wall Street Journal report. It's exploring a breakup, potentially spitting off a chunk of its grocery business in a deal that could be worth up to $20 billion.

That's why shares closed 2.5% higher, John. All right, Christina, thank you. Meantime, bond yields rising once again today on the latest tariff threats. Rick Santelli joining us from Chicago. Rick. Hi, John. You know, just assuming, and it seems quite logical that tariffs were the reason the catalyst rates going up But I do want to point out it seems though

It's always something the long end and the yield curve seem buoyant. It's a steepening now. What's really important today? First of all look at twos and tens. This is the one week Okay, and the pictures worth a thousand words We definitely youturn back up today versus where we were trading earlier in the week. It's a bear steepening as you look at a two day of twos and tens. Bear steepening means that all interest rates are going up,

but long rates are going up faster. And why is that distinction so important? Because it really isn't a Fed dynamic today. It's not from two-year yields moving lower, anticipating easing steepening the curve. All rates are going up. Pretty much, you can assume that it's debt and deficits and supply that always is a sticking point

on long-dated treasuries. The dollar index, everybody's talking about it's the worst start for the dollar index in a long time that's hard to disagree with. However, if you look at one week in the dollar index it's really fighting down here as a matter of fact as it sits now we're on pace for a three week high close in the dollar index. Morgan back to you.

Alright Rick Santelli have a great weekend thank you. Well from stocks and bonds to commodities, silver having a big day. Pippa Stevens has the details for us. Hi Pippa. Hey Morgan. Well, silver is closing out a big week, jumping another 5% today and now hitting its highest level going back to 2011. Now high gold prices have prompted a rotation into silver, with silver also benefiting from

being both a precious metal as well as an industrial commodity. Moving over to WTI, adding more than 3% today after President Trump said he'll make a major announcement on Russia on Monday with Commerce Bank saying the U.S. could impose new sanctions on oil. Fresh data showing the U.S. rig count is down for an 11th straight week, now at the lowest since 2021, also supporting prices here. Now, two metals we don't focus a whole lot on. Take a look at palladium and platinum. Palladium at the highest since 2023 with platinum at an 11 year high. Citi pointing to stockpiling ahead of potential tariffs, fueling that move. Finally,

copper wrapping up a big week, hovering around its high record high hit earlier in the week after the 50% tariff announcement. Copper stocks though significantly lagging the commodity. NDR saying the COPX was overbought and that sluggish performance including from the largest domestic miners Freeport in Rio indicates skepticism that copper prices will remain elevated. You see the ETF is down 3% on the week while the commodity is up 10%. John? Alright Pipp Pippa, thank you. Well, let's stay with the markets here. The major average is finishing the week about flat

after the record highs that we have seen. While a lot of focus was on big tech, Energy was actually the best group for the week. So which areas of the market present the best opportunity from here? BD8 Capital Partners CEO Barbara Duran and Ariel Investments, Vice Chairman Charlie Verbinskoy join Join us now guys. Happy Friday. Barb, how much do you factor in the president's saber rattling on tariffs here with the markets, Big Tech, Nvidia,

all hitting these record levels and perhaps the risk rising again that maybe this time he really is going to be serious about these higher tariff levels. Yeah, well, John, the risk is always there, but I think the market is clearly telling us that they think it's a lot of, as you said, saber rattling, you know, that he's shown that he backs off from these draconian threats, and I think that's clearly the assumption this week. I mean, you saw that when he announced Canada last week, and the briefly. Had a swoon and then came right

back so I think there's a big discount which I think is a little bit risky I think the and the rates will come down like copper at 50% when we import 50% of our copper and it's so important so many industries construction semis

renewables etcetera. Yes I think the market is discounted that that won't be much however there still is a risk. We have to see, it should be starting to show up a little bit in the second quarter earnings, what's happening with tariffs. I mean, the tariffs at the effective rate of 13, 14%

didn't really start to kick in until May. So second quarter earnings might actually be better than expected, which right now, it's looking to be less than half of what it was for the first quarter. Charlie, we know you're all about value, those value stocks, now it's looking to be less than half of what it was for the first quarter. Charlie, we know you're all about value, those value stocks, and it's been comparatively maybe a bit of a rough go at times,

but I'm curious what you think about what Gulsby said about potential tariff impacts with what the White House has been saying lately and how that affects interest rate policy perhaps from here and then how that affects the rest of the year for value stocks. So Gulsby is the Fed chairman in Chicago and he's always been pretty dovish which means that he puts more emphasis on unemployment than on restricting inflation. And he clearly signaled that he thinks it's getting close to time to cut rates. I think there's more of a split today on the Fed in terms of what policy should be than I can remember. I think we've got almost exactly 50-50

split of 50% of the people thinking that interest rates are unnaturally high and need to come down. 50% of the people worried about tariffs in their place in their inflation effect. So hard to make that call but it's very much up in the air. All right so Charlie because we've talked about the yield curve over the years I do want to get your insights now as Rick Santelli was laying out this bear steepening that we're seeing especially as we go into bank earnings next week. Yeah so this is one of my complaints people think that the bond market is omniscient that they whenever there's an inverted yield curve you're gonna have a

recession I heard for years about how that was an infallible indicator. I don't think that bond investors have any particular crystal ball on the future. Right now, we are getting a steepening in the yield curve, which is generally considered positive for the overall economy when people are worried about a recession. The folklore is that you get an inverted yield curve. A positively sloped yield curve is very good for banks. Banks borrow short and lend long, so that's true for investment banks, it's true for commercial banks, it's good for bank earnings.

So I think fundamentally the banking sector is benefiting from what's going on with the yield curve. Barb, what do you think? Whether it's financials, which have had a big run up ahead of next week, or some of these other parts of the market, for example, Mega Cap Tech, which we know has really pulled out into the lead again.

Right. Well, I think both are interesting. I think Charlie's right. They're big beneficiaries of a steepening yield curve. In addition, the economy, while it's weakening on the edges, we're seeing it in all sorts of economic data, although there's conflicting data on that, that's good for the banks. And so I think that even though the mega cap banks are up on a big way, like JP Morgan is a two and a half times book, which is at the very high end of its valuation,

you still have some of the mega regional banks that look interesting and are cheap. So I think there are still opportunities there. And of course in the mega cap tech, I think I have continued to be a bull there and I think even though they've had a big bounce back from their lows, they still have a lot of room to run because these are very long running pathways of growth.

And so I think there is normal pullbacks in this. We see this periodically profit taking, but this is where the play is. And also they're relatively invulnerable to tariffs, with all that uncertainty there. And if you look at what's happening pre-earnings, we start, as we all know, next week with the banks, some 60% of positive pre-announcements or positive indications are from the tech

names versus, say, industrials, it's about 14%. So I think there's still a lot to go here and their earnings reports should be solid. Okay. We've got the calm before the storm. Barbara Duran and Charlie Babrinska, I thank you both for kicking off the hour with us with all the major averages finishing the day lower. The S&P taking a breather here for the day and the week 6259 in your level there.

Well, we've got new focus on rare earths this week. MP materials reaching a deal with the government and today Remco resources opening a new mine for rare earths. Also metallurgical coal. Remco CEO is gonna join us next. And despite some record highs, the S&P 500 didn't really build on gains for the week. Up next, we'll look at some of the individual stocks

with big gains. Overtime's back at two. Welcome back to Overtime. While the major averages, end of the week pretty flat, couldn't hold on to gains really, let's take a look at a few stocks that did finish the week solidly in the green. Delta soaring on its results in guidance.

Moderna gaining after getting approval for a COVID shot for at-risk kids. And Tapestry continuing to hit new highs. Barclays raising its price target on the stock to 105, 105 bucks a share. Breaking news on Boeing now, Phil LaBeau has the story. Phil. Hey John, we are 30 days, basically 30 days since the crash of an Air India plane on June 12th and since then the authorities

in India have been investigating, well they have released their initial, initial conclusions. This is not a final report, this is not a final determination. But the most important thing for investors to focus on here is with regard to Boeing and GE Aerospace. This was a Dreamliner and it had GE engines when it went down. And according to Reuters, which is citing the report, at this stage of the investigation, no recommended actions for Boeing 787-8 Dreamliners and or GE Gen X 1B engine operators and manufacturers. Bottom line, there's not a systemic issue that has been found at this point that can be linked to the crash. Doesn't mean it's a final conclusion, but it is important, Morgan, and that's why you see both shares, the implications here.

And I think this has been widely expected because as we've talked with crash investigators, all of them have said the same thing as this probism going on. There has not even been a whiff of a potential issue with either the Dreamliner or with the GE engines. And again, this is the initial report, according to Reuters, out of India regarding this crash and what the investigators are finding. Okay. Phil LaBeau, thank you for bringing it to us. We're shares are going up fractionally right now here in overtime. Well, President Trump has his complaints about Jerome Powell saying he's too late, too slow

on interest rates, even calling him a moron. But now the administration has a different gripe with the Fed chair. We're going to take a closer look at that coming up. Welcome back to overtime. Check out shares of drone makers. Finishing off the highs but still closing at lofty levels here. Names like Kratos and AeroVironment and Redwire, they're all up today because Defense Secretary Pete Hegseth ordering the removal of any policies

which would slow down drone deployment and development. Now this builds on an executive order from the president designed to help U.S. drone makers compete with their Chinese rivals and as drone warfare has really taken center stage in conflicts around the world. These are the publicly traded names, but John, there are a number of private companies

as well that are poised to benefit from this. Yeah, big important space for sure. Well, a news complaint from the Trump administration about Fed Chair Jay Powell, this time not about interest rates, but about the renovations of the Fed's headquarters. Our Amon Jabbers has more on the story. Amon? Hey there, John. There is a long and tortured backstory to these Fed renovations. First, just take a look at the scale of what's now a $2.4 billion project. The core of this encompasses the main fed

building plus two other large office buildings that are just off Constitution Avenue. You've seen this on TV years and years ago. This is a huge construction project that dates all the way back to 2001 when the Fed decided it needed additional security after the September 11th attacks. They first proposed a visitor's center and a screening area, then they added a conference center, then a full renovation of one building, and the project just grew and grew and grew over the years.

The Trump White House says this is financial mismanagement, which may be part of an effort to find a quote unquote for cause reason that the president could seek to fire Powell, though the administration denies that. Here's Trump's OMB director on CNBC this morning. They just have built and built with no consequence and no conscience with regard to the taxpayer. And now it's overrun and you get the sense that they're talking about the gardens on the terrace, the waterworks outside, the private VIP elevators. This is wrong. Now, Fed Chair Jay Powell himself was asked about cost overruns during his June testimony on Capitol Hill. Here's what he said at the time. There are no special elevators.

They're old elevators that have been there. There are no new water features. There's no beehives, and there's no roof terrace gardens. Other than that, you know, so all of the sort of inflammatory things that the media carried are either not in the current plan or just inaccurate. And John, I've spent some time looking at all the historical Fed and IG reports on this. The Fed, if you look back, they offered robust disclosure

and discussion on the costs and the nature of construction in the early year reports. But since about 2020, as these costs have ballooned, their annual reports have offered less and less detail on this project. Some years you can find almost nothing about it in the annual report John. I guess I'm trying to get a sense of how unusual this is. I mean we used to talk about how much the military paid for you know golden

toilets and things like that so and I've heard there are historic preservation issues here with this building, labor costs and construction factoring into the overruns. But do we have any sense of how this compares with other historical government contracts and construction projects as far as the overruns or have others not really come into the glare of our eye in quite this way? Yeah, look, I mean, the contracting boondoggle is not new to Washington, right? So this is a complicated project. Inspector General criticized the Fed years ago for the way they rolled this project out

in the early years. They kept changing the requirements and expanding it, telling the designers to go back, redo it, add more, add more, add more. Also, there's some questions about whether the early design firms were up to the task in terms of what they were doing. So there have been criticisms of this particular project for years and you're right. This is right up on the National Mall So it is a historic building dating back to the 1930s

And so there's all sorts of historic preservation issues with it. The National Capital Planning Commission has to get involved So this is not an easy thing to do Even if you do it perfectly. And this one has been criticized for years as having not been done perfectly. Okay, Amon Javars digging into all the details for us. Thank you. You bet.

Well, winner this week was Ramico Resources. Now that stock surging nearly 40%. Today, the company opened or cut the ribbon on the first new rare earth mine in the United States in over 70 years. It is also the first new coal mine in Wyoming in more than five decades. Joining us now is Ramico resources CEO Randall Atkins. Randall, it's great to have you on the show.

Welcome. Delighted to be on. Okay, so you cut the ribbon today. You had an event. How long has this Brook mine been in the works? And perhaps even more importantly now, how quickly can you start to begin to extract these critical minerals? Well, we bought the mine site about 15 years ago.

We permitted it about five years ago. And frankly, we discovered the rare earths about seven years ago and have been working very hard to kind of shift the focus from a traditional coal mine to really a critical mineral mine that has basically critical minerals and rare earths co-mingled with coal. So we started mining actually last month. We are going to build a pilot plant for processing this. It'll take us probably a better part of a year for that. And then we'll

go into commercial construction to build essentially a plant that will take the coal and turn it into rare earth oxides. So you're basically looking to stand up a vertically integrated supply chain from extraction to final production? We've got a supply chain that at the moment looks like mined oxides, but candidly, the government has encouraged us to consider

the possibility of taking this all the way to either magnets, because we have heavy rare earth magnets, or rather oxides, and we also have critical minerals so it's even conceivable that we would be able to go from mine to semiconductor wafers because we have gallium and germanium which are key ingredients for semiconductors. So what did you think of the MP materials deal that was struck with the Pentagon yesterday in which the government is going to take a large stake in that company, create a price floor for and also end markets for their magnets?

Are you interested in doing something similar with the government? Are you engaged with the government in talks? Well, I think first of all, it's a smart move by the United States because essentially you've got a nation state that is trying to do everything to stop or impede anybody getting into the rare earth business except for China. So in order to do that, you have to simply block and tackle and establish commercial markets which are transparent, that have transparent pricing, that have in use contracts that you can count on the counterparty.

And so I think what the government is doing is essentially stepping in to try to create a level playing field. And I think that's well overdue and I think that's necessary. And as far as ourselves, we have been involved with the government from day one. The essentially two of the national labs from the Department of Energy have helped us since we initially found this. We have got some discussions going back channel right now with the Defense Department. But I think, you know, at the end of the day, you know, as I said, this will be America's

mine because we have about 1.7 million tons that we've discovered using about only a third of the site. So the other two thirds we expect to have similar type of results. The U.S. only uses 10,000 tons a year. So at that basis, we've got probably well over 100 years of supply just in this one spot. Randall, is there a line here where government involvement you think would go too far in rare earths, whether it was a certain level of investment or control in companies, or is this so nationally important that even if they were to have very heavy influence in the industry, that would be fine?

Well, I think, again, this is a very nascent industry. Obviously, there's only one other company involved in rare earth that really began 70 years ago. So we are the next one that is just getting started. And I think, again, back 70 years ago, there wasn't a nation state like China that was trying to put everybody else out of business. That is the case today. So I think government involvement at this point in

the game is necessary. Whether that continues throughout the cycle of rare earths over the decades and years ahead, it remains to be seen. But I do know that the nation has a critical need and a strategic need for rare earths. As Secretary Wright just said, what do you use rare earths for? Everything that you push a button on. So we do not wanna be dependent upon China for that. the Thank you for joining us. Real pleasure. Well, it's time for a CNBC News Update with Angelica Peebles.

Angelica. Hey, John, President Trump and the First Lady are touring the devastation from the Texas flooding today, saying that he and Melania Trump were there to express the anguish of the entire nation for the flooding that killed at least 120 people. The president also highlighted a Coast Guard rescue crew, which he says saved 169 children at Camp Mystic. The Pentagon today acknowledging its air base in Qatar was damaged during an Iranian assault in June, though a spokesperson for the DOD said an Iranian ballistic missile caused minimal

damage to a dome that houses communications equipment. The response comes hours after satellite images from Planet Labs' PBC showed damage to a nearby building and the dome gone. And Walmart is recalling about 850,000 reusable water bottles. The Consumer Product Safety Commission says the lid on the Ozark Trail stainless steel bottles can eject forcefully when people try to open it,

increasing the risk of an injury. According to the commission, at least two people have suffered permanent vision loss. Back over to you guys. Wow, Angelica. Be careful out there. Yeah, thank you. Well, big tech names in the headlines,

Nvidia becoming the first $4 trillion company this week, leaving Apple nearly a trillion dollars behind, but is it too early to count Apple out of the AI race? And it was also a record week for Bitcoin, soaring to new highs. We're gonna look at what's driving BTC higher and the names that are going along for the ride. Stay with us. Big week for tech. Nasdaq, Nasdaq 100 hitting all-time highs.

Nvidia pushing above $4 trillion in market cap. First company ever to reach that level. And some on Wall Street are now questioning Apple CEO Tim Cook's leadership. Let's talk about it all with Plexo Capital founding managing partner and CNBC contributor, Lo Tony. Lo, it's been a long time. Good to see you. Happy to be here.

Good to see you, John. So I want to try to wrap all of this together in a way because so much of this narrative is AI driven about Apple being behind. Of course, NVIDIA is king with its chips, but I think back 20 plus years to the rise of the internet when everybody thought they knew who was winning. Back then, you were at eBay, and eBay had the better business

model, right, because it was so profitable, versus Amazon building all these warehouses. But the internet evolved. Might AI be similar? I think it's very possible. You know, what's really interesting is to think about that evolution in the context of, we didn't really understand how big the internet was gonna be, and I think, you know,

we might be underestimating how big this AI shift is going to be. We tend to, I think, you know, if you go back and look at history, often with these platform shifts, we tend to, I think, if you go back and look at history, often with these platform shifts, we tend to not only, to your point, underestimate the ability for incumbents or entrants to battle and who's going to win, but also how big these markets are ultimately going to be.

So help us break down how investors should think about maybe who's winning, but also how to factor in the way AI develops, particularly when it comes to Apple. It seems to me, Apple's this vertically integrated company. Not only do they have the devices and the software on them, but they're designing chips and then the AirPods and all these things. If they incorporate AI, a version of it, they have to then design chips

that enhance the rollout of that. They can't afford to get this wrong. So how far are they behind? How should investors think about that versus how careful they have to be to get it right? Well, for some historical context, if we go back and think about that transition from jobs to cook, one of the things that was very evident,

and who knows, maybe it was in, you know, Jobs mind was that there was going to be a period where the ability to be able to focus on achieving scale for the iPhone was gonna be massively important. So if you look at Tim Cook and what he brings to the table is operational excellence. That played a really important role in being able to optimize the supply chains globally

to be able to meet the production for this insatiable demand from the consumers. And it also played to Tim Cook's strengths when it came to being able to keep that same level of margins at that massive scale, which is very, very difficult to do. So he was the right CEO hands down for that period of, you know, a decade plus to be able to achieve that extraordinary growth. I will say though, the key question moving forward is, has Apple become a company that's just focused on incremental product gains, number one, and number two, the most visible area where Apple seems to be behind is AI. To your point, Apple has been the hallmark of what it means to be a vertically integrated company, owning everything from the hardware itself to the software.

That's been a hallmark of Apple. It plays into its ability to be able to have this really seamless experience where everything just works. It's almost like it's magic, as Jobs used to say. And it also plays into their ability to kind of maintain this privacy piece as well. And it's really, Apple as a company has really been lagging. So I think the analysts are looking at Apple and thinking, do they need new leadership for this next level, for this new platform change

to integrate AI in the way that Apple is known to do. So in light of that, whether it's in the public markets or whether it's in the private markets, well, when we talk about this so-called AI arms race, are the companies that are investing heavily, even if they're doing so, you know, at the sacrifice of profits, at least right now in the near term are those the ones that are getting rewarded the most.

And if so is that the right way to be viewing it. You know it goes back to the point around you know where I think still really early early innings within this race to use a baseball analogy. You know maybe we're in the

first maybe maybe the second inning. And so I think it's really hard to tell what investors really hard to tell what investors really want to focus in on is who has early traction and then where do those folks sit within the AI stack? Are they at the infrastructure layer,

which is where Nvidia plays an important role? Are they at the model layer? You hear about open AI, you hear about Anthropic, and then are they at the application layer? And so, some folks are crossing all of those planes, but for the moment, everyone wants to see who has traction, and then more importantly, who's actually gaining revenue,

because companies, enterprises in particular, are spending, consumers lagging a little bit, but everyone wants to know that traction and how it equates to revenues, and then thinking ahead how things are going to play out. I think one of the things that Nvidia has done really well is to create this ecosystem of over 30 million developers that are using their software to be able to optimize different layers of the stack, most notably the hardware layer.

But that ecosystem creates a massive moat with very high switching costs. And so when you start to think about, let's just use the hardware layer because everyone likes to get Nvidia and the chips. Yes, there will be new competitors, but boy, the ability to create the ecosystem to match Nvidia is tough.

Okay, low Tony breaking it down for us. Thanks for being here. Thank you. Will the release of the new Superman movie this weekend help take the box office up up and away We're gonna speak to the CEO of IMAX next plus do the markets keep getting lucky up up and away with softer than expected Inflation data what next week's CPI and PPI data could mean for your investments. That's later on over time. Welcome back. IMAX on pace for a record year at the box office and analysts expect next year is gonna be even better.

The move has been driven by high profile releases like F1, Sinners and the latest Mission Impossible. And this month we get Superman and the Fantastic Four. IMAX shares are up over 50% in the past year. Joining us now is Richard Gelfand, IMAX CEO. Rich, it% in the past year. Joining us now is Richard Gelfand, IMAX CEO. Rich, it's great to have you on. And let's start right there.

Box office is booming. What's driving it? Let's start with the simplest thing, Morgan. Really good movies and movies that have been made, you know, specifically for IMAX. So this year we had eight films

in a row that were not only released in IMAX, but were filmed with IMAX cameras. And year we had eight films in a row that were not only released in IMAX, but were filmed with IMAX cameras. And just to give you kind of the most bizarre statistic from my point of view, in IMAX's over 55 year history, we've only had five films that did over 20% IMAX at the box office, or less than 1% of the screens. But in the last three months, we've had three.

Sinners, F1, and Mission Impossible. And, you know, Superman got off to a great start with the previews the last two days, one of the top we've ever seen in the previews. So you put together a great way to watch it, audience appetite, momentum, and really good movies, and it works. Interesting. So there's the broader industry trend, which you just touched on, great way to watch it, audience appetite, momentum and really good movies and it works.

Interesting, so there's the broader industry trend which you just touched on, but it sounds like there's a very company specific trend too here with you taking market share. Yeah and part of that Morgan is because we can show movies two ways, one is movies that were shot for regular theaters and then we're using our technology, we're kind of blown up and improved.

And then there were ones shot with IMAX cameras. And this year, almost every one of the movies has been shot with IMAX cameras, and that's led to a much stronger market share. And in fact, for traditional movies, the traditional theaters, you know, it's doing pretty well, but in fact, for traditional movies at traditional theaters, you know, it's doing pretty well. But in fact, it's not on a record pace. But in IMAX, we are on a record pace. I mean, things are looking really good. But it's not only the box office.

Other indicia of our growth include signings and installs, because that's what happens to our 1800 theater network in the world. And for the first months, six months of this year, we're doing really well with signings. We almost equal all of last year. Our installs are coming in really strong. So it's just a lot's coming together for us. And you've got Avatar still to come

in the second half of the year. Zootopia, a lot of other good things. Rich, for me, the business model standout is actually Sinners in that you almost never see horror movies, which is technically what it is, doing those kinds of numbers at IMAX, but Ryan Coogler did shoot it with those cameras, and what does that say about what people assume

about what the IMAX experience is and what it might be? Well, John, that's a great question, and one of the ways that Warner Brothers marketed the movie, they could have said, like you said, a horror story that takes place in the South in the 1930s, but instead they said, auteur filmmaker Ryan Coogler shot with IMAX cameras, in the south in the nineteen thirties but instead they said or two or film maker ryan kugler

shot with i'm x cameras only film cameras of the last one shot with film cameras was op and hi mer the next one is on a city and the tickets just went off the shelves fast and ryan really leaned in time acts in a big way and say

that's the way to see it and those results enabled it to broaden out its audience. Okay. But otherwise would have been a much more limited horror audience. Well we'll see if more take after his lead Rich Gelfand. Thank you. Thanks, Doc. Well up next, why JP Morgan is taking aim at fintech stocks and how it could impact the business model of free trading

We'll be right back Welcome back to overtime. Is there any stopping Bitcoin the cryptocurrency hitting an all-time high again today? Tanae McKeel looks at what's driving Bitcoin higher and its impact on the rest of the industry and it has had an impact Tanae Yeah Morgan this week search really helped by the tech rally that we saw on Wednesday. That risk on mode is exactly the kind of thing that drives Bitcoin to rise with stocks. It's rising today still as trade worries came back and push stocks lower. Bitcoin is acting like that hedge. We also saw more than $500 million in short positions liquidated just in the last 24 hours. plus more than a billion dollars in Bitcoin ETF inflows yesterday, which was the biggest day for Bitcoin ETFs this year.

What's interesting is the way that ETH and the altcoins have kind of sprung to life with this rally. I think we have Circle and stablecoins and tokenization to thank. Those have been the dominant themes in crypto for the past more than a month, and Ethereum is the network that those run on. ETH still down for the year, but really a remarkable 19% run so far this month. We also have a new crop of ETH Treasury companies, Solana as well, trying to be the micro strategy of those coins all up big this month as well. So TBD, if the altcoin revival holds and helps Coinbase and Robinhoodhood but both of those stocks honestly might be able to use a breather

They had a good a good run as well Morgan. All right, thank you Well PayPal and other fintech stocks under pressure today McKenzie Segallo's here on set to explain why hey John So fintech stocks sold off Friday after a Bloomberg report the JP Morgan plans to start charging for access To customer bank data move that could disrupt how these companies move money behind the scenes. PayPal led the drop down more than 5.5% with the firm Fiserv and Chime also sliding. Robinhood was the least affected, still holding up despite a string of negative headlines. Now at issue here is the data that fintechs used to link customer bank accounts to apps

like Venmo, Coinbase, and Robinhood. Now that access has typically been free through aggregators like Plaid and MX which connect banks to fintechs, but JP Morgan is reportedly introducing new fees that could be passed from aggregators to fintechs and potentially consumers. Now in some cases the charges may wipe out the revenue from a single transaction. JP Morgan told CNBC that it's invested significant resources creating a secure system that protects customer data and is having productive conversations across the ecosystem. Now the fees haven't taken effect yet and could still be negotiated but that report clearly rattling investors today.

This one's so interesting. I didn't understand the story at first. This isn't Plaid charging. This is JP Morgan, a major bank customers saying that it's got the heft to say, okay, now everybody, you got to pay up and figure out how the cost get passed around. Exactly. I have to think about other models that have done this, whether it's Uber or Netflix where early adoption is really about making it free, fast, and easy to connect users to platforms. Once they're hooked on the convenience of that,

then the pricing power shifts. So in this case, JP Morgan built the rails and they're saying that if you want to use them, you need to pay for that service. And in the case of these fintechs, they rely on those thin margins to offer free or very low cost services. And even the slightest disruption can have major

ripple effects across their business model. It also comes at a time where JP Morgan is getting into offering more fintech-like products themselves. And one of the most effective ways to tilt the playing field is to restrict access to the very valuable data that they own. Yeah, Jamie Dimon has talked about what he has called an unlevel playing field between the fintechs

and the banks with all the regulations the banks have had to deal with over the years. It's super fascinating. Mackenzie Segalos, thanks for joining us. Well up next, we're going to get you set up for next week's massive earnings calendar and the two key economic reports that the Fed and the market will be closely watching. Welcome back to overtime.

Earnings season shifts into a higher gear next week. It's bank time. JP Morgan, Wells Far, and BlackRock Tuesday. Wednesday brings Bank of America, Goldman Sachs, Morgan Stanley, Johnson & Johnson, and United Airlines. Netflix is Thursday, but we'll also get PepsiCo, GE Aerospace, and Taiwan Semi. And American Express, Charles Schwab, and 3M

close things out on Friday. On the economic front, inflation reads. CPI will take center stage Tuesday. PPI and the feds beige book are on tap Wednesday. Then jobless claims, retail sales and homebuilder sentiment on Thursday and housing starts close it out on Friday. That's it. Okay. Speaking of the economy, let's bring in senior markets commentator Mike Santoli for a look at whether markets should continue to expect soft inflation reports Mike.

Yeah Morgan well investors are absolutely conditioned to expect exactly that that's what you see here in this city U.S. inflation surprise index which is plunged below zero basically multiple months now you've had most inflation readings coming in below forecast softer than forecast showing more disinflation than anticipated. So the question is whether we're due for some reversion here or whether in fact the market's already become comfortable in pricing this. It's not clear that's the case

that we're complacent about this in my view. We do still see market-based break-even inflation numbers that's sort of embedded in the bond market, actually have firmed up recently. I think if we're looking for specific tells within these reports, first of all, PPI has a clearer kind of read into what the PCE inflation number is going to be. But also within the CPI numbers, core goods. That's where you would see tariff effects if they're starting to bite.

It's not going to necessarily sway the overall number, but core goods inflation is perhaps where we might find some evidence that we're seeing some policy influence. Okay, so we're talking core goods. How much should we read the tea leaves around the Mannheim used car index and the most recent report we got there? You know, on a month-to-month basis,

they don't often link up, or don't always link up, with the official government reports. They're just kind of capturing different things. Mannheim is a little more real time. But I think it's the kind of thing we want to be alert for because clearly, you know, you did see this huge pull forward in new car demand and there was a little bit of a scarcity in some areas.

So used cars did get bit up. I do wonder if the market is, you know, might be a good test of the market's willingness and ability to look through some of these things if we get some of those little hot spots within the inflation report. It's not clear to me that the street is going to panic out if we get a slightly higher inflation number. Maybe now that, you know, the market's at a high and we might be looking for excuses to back off a little bit, it could have an impact. But not clear to me that we're going to go through the whole cycle again of thinking that we have inflation reaccelerating.

OK, Mike Santoli breaking it down. Thank you. Have a great weekend, Mike. Thanks. You too. We've got a news alert for you. Space company commercial space company Firefly Aerospace has filed for an IPO. It will list under FLY fly at the NASDAQ company is the first commercial company to successfully

carry out a landing from start to finish on the moon they did that earlier this year earlier this year and they they made history with that last valuation in the private markets john two billion dollars and this is a name that i think investors are pretty keen to see come to market it's majority owned by a industrial which also brought red wire to market and a number of others. And given what we've seen with Voyager technologies and some of these other recent IPO debuts, I suspect they think the timing is good.

And with growthy names doing pretty well, it might not be a bad time for it. And then as we were talking about next week, the banks, it's always like, I don't know, summer league, NBA. It's like we know that earning season is kicking off when we get JP Morgan. We're going to hear more about the consumer and the reserves and get a different read on the economy than just the macro numbers. That's right. You saw oil move today because of a possible announcement on Russia.

We're waiting for more trade letters from the president, including possibly one as soon as the end of day today, whenever that is, on the EU. So we'll continue to digest those. And actually, the other thing to watch is this July 18th deadline for the first rescissions package which is Doge cuts that Congress has to basically decide whether they're gonna put into law or not. Yeah another battle indeed. All right that does it for us here at Overtime.