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Never forget what this market's really about: oil, inflation, interest rates. Sure, there's some stocks that rallied that had nothing to do with that combination. But I've got to tell you, without any other quality, those are the ones that move things. The main story today was that oil plummeted overnight on hopes for a peaceful ending of the war, which sent interest rates lower and then caused a host of stocks to soar, at least initially in some cases. By the end of the day, we saw a fresh wave of tech selling.
So the Dow finished up 214 points. Remember, there's not a lot of tech in the Dow. S&P fell 0.51%, but the NASDAQ slid 1.07% lower. It's getting exhausting, isn't it?
Well, I like to tell the story of when I worked at Goldman Sachs, where I was often on the road. I wanted to know what the market was doing, so I called in. I used to ask for prices of a whole bunch of stocks. Oh, man, I was a real pain in the butt. But my colleagues over time wore me down by saying, 'Look, the only thing you need is what the long bond was doing.' The long bond meaning the 30-year Treasury. And then I didn't really need any more information. They were dismissive of me. Okay, I can deal with that. If the long bond was up in price and down in yield, then it was likely that the stocks that I liked were asking about were higher that day. If it was down in price and up in yield, then the stocks I asked were probably lower. My colleagues, you know what? As suspicious as they were, they were right. Bonds lead stocks, not the other way around.
Unfortunately, because of the negative nature of analysts and journalists, it's never as big a story when rates go lower as it is when rates go higher. The 30-year heading back toward 5% after sojourning in year six is never played up as much as the opposite story, which is the run from five to six. But today, with long rates coming down hard for most of the day, we saw a whole bunch of stocks rally as they probably should have when they first reported, but may have been overlooked because rates were rallying when they reported. In other words, interest rates were going higher when they reported, and people didn't look at the stocks or sold them.
Take Amazon. We were out of it last week when we told club members not to fret. Despite the negative response Friday, Amazon's quarter was actually a very good one. Sure, the company's still spending money on data centers in an aggressive way, but it had a massive beat with its operating income result, which just didn't flow through to the earnings per share number because the latter is distorted by investments in different companies that Amazon had made. Now, I know many people are loath to asterisk EPS to claim that the bottom line somehow doesn't matter, but this one actually resonated with me, and we urged people to buy, not sell. Sure enough, with a better rate backdrop today, we saw Amazon return to where it was in late September. Okay, maybe it's a one-off. Most tech stocks didn't do that, but it's important to point out.
Or how about you might have seen this when we had WM on, old Waste Management. We had CEO Jim Fish just last week. Results were superb. One more great quarter. This one, by the way, was the final one before he retires at the end of the year. That great quarter was met with a muted response. The whole darn thing was quite quizzical, but rates have gone up and the market rendered a negative judgment. Today, with rates back under control, WM gained four points. That is interest rates talking, and the stock echoing that talk.
If you can find a growth stock that's not a tech stock right now, you can really clean up. Right now, this market has crazy eyes for medical devices. That seems like tech, but it's not traditional tech. Medtronic is working. So, GE Healthcare, boy, that thing was a... And don't forget Intuitive Surgical. Abbott Labs played catch-up. The latter is so far behind them. Why? That could have some gas in the tank. Idexx Labs put out a great set of results this morning, and the veterinary lab company led the S&P 500 with a magnificent gain of nearly 22%. That's my kind of tech.
It's most pronounced, though, when you have a financial. Last week was a brutal week for Capital One. The credit card company had a double whammy: investors worried about high oil prices at the pump, as well as credit delinquencies as rates went higher. But with rates going down, the whole thing reverses, and Capital One roars nearly 3%.
Hey, wasn't America's best quarter supposed to be weak? Well, you sure couldn't tell that from today's action, where it soared nearly nine points. JPMorgan's quarter was not appreciated until now, with the stock pushing up more than a percent today. The staples have been rallying endlessly, and they had still one more day of strength, but this time they went a little downscale. PepsiCo. Previously, the market had shunned this one because of GLP-1s and the saving — I always want to use that word — saving of potato chips.
There's been a lot of positive commentary, believe it or not, about liquor from the industry of late. Yes, the numbers actually have gotten better, particularly for beer. So once again, Constellation Brands, the beer, wine, and spirits company, gained another 4% in an exaggerated move fueled by, again, rates. The growth be killers, oh man, do they do well when rates go lower. Walmart, Costco. Whoa, why not? Rates lower, gasoline lower means more to spend inside their stores. The stocks of Dollar General and Dollar Tree roared too.
Both travel stocks powered higher, led by Marriott, which had a tremendous set of numbers this morning. The cruise lines followed suit. They're always led by Royal Caribbean. Can you believe it? Yes. Almost every single one of these stocks, with the exception of Marriott and Idexx Labs, had no news at all associated with their stocks. Investors simply can value them higher with interest rates off the boil.
Now, I know you at home probably think this a completely ridiculous concept. How can these stocks be worth more or less just because oil went down and took rates down with it? The answer lies with the beating heart of trading. Frankly, I find it ridiculous, too. I'm like you. These exaggerated moves have nothing to do with knowing what they weigh. Here's what they are: they're just money sloshing around. A huge amount of money piling into smaller stocks at the same time. They aren't sustainable moves, but in a market where money keeps pouring out of tech yet wants to stay in the market, the growth of these companies may be more substantial than anything coming out of tech. I will tell you that Procter & Gamble has staying power. I also think that Colgate has staying power.
Now, these stocks are just proxies for growth as tech stocks continue to lose their luster. This morning, Marvell Technology decided to merge with Lumina in a $15 billion deal that will put together a custom semiconductor business and a laser company and create one of the top suppliers to the data center. You know what? I think the deal is actually a good one. I'm not kidding. I thought it really made sense, was intellectually rigorous, and I'm going to praise it later in the show. Right now, the market just despises this deal. I mean, like, holy cow, it hates Marvell, which is one of the great compound annual growth companies in this area. This stock has been down more than 10% for each of the last three trading days. That is abysmal.
The beleaguered Oracle, serial capital raiser, came out last week and told people that it would limit capital raises to just $20 billion for the next three and a half years. Wow. Yes. But after Oracle stock rallied on those comments, they came right back today and they filed to raise $20 billion, half from stocks, half from bonds. I call that poor form. Well, they said they had to do it, but clearly investors didn't realize it was going to be done right away. What's Oracle scared of? Do they expect lower prices for the stock and they want to beat the sellers to the punch?
Great. And Intel went down again. People fret that tomorrow we will learn that they aren't just a victim of a weak PC market, but instead are getting their butt kicked in PCs by AMD.
Now, after the close tonight, Apple reported. They delivered its first quarter with new CEO John Ternus at the helm. They gave us the same consistent result we've come to expect from what is now once again the world's largest company. Apple delivered a record September quarter, capable of a record year, with a top and bottom line beat driven by strong iPhone and Mac sales. And by the way, you got it from me: an excellent sales performance in China. But you know what? There's still some things that people don't want.
Remember I told you the stock came in real hot. Investors were watching closely to see if there'd be a degradation in the company's gross margins thanks to skyrocketing memory prices. Now, luckily, there was not. Gross margins came in well above expectations. Tariff refunds helped on that front. Now, Apple usually gives us some color on the outlook on its earnings call. So far, it looks like it's not that positive, but we'll see what the market has to say about it tomorrow. We're eager for some positive commentary about strong demand for the iPhone, but not too strong demand. I am sure we'll get it and hope that there's no landmines for commentary on memory. But this was another great quarter, and it's easily the best performing large cap tech stock of 2026.
Remember, though, what matters is not the previous quarter. It is the future. It is the guidance, and that is not, I've been telling club members, going to be as good as Apple shareholders want it to be. I have said over and over again: short term, I expect the stock to go down.
Here's the bottom line. It seems that almost any growth stock can rally with interest rates plummeting because of lower oil prices. But growth stocks, well, away from tech, they're pretty darn good. And tech, they remain in purgatory. And if you stick with us, you will hear what can break the pattern of endless selling in what was once everyone's favorite sector. Let's go to Demetri in California, please. Demetri.
I have Bloom Energy. It was booming and booming and booming, had a great quarter, and then it just tanked. What is your prediction on Bloom Energy?
Okay, I'm going to divide this into two things. Bloom Energy, I think, is the future. It creates this tremendous energy without combustion. But the stock went up huge because of that, and now it is repealing a lot of that move. I did a big piece this weekend for club members about the repealing of the great quarters. I think that Bloom Energy is part of that great repeal. Let's go to Carl in Indiana. Carl.
Good evening, Mr. Cramer. At 83 years old, I'm concerned that my stock has reached the proverbial plateau, and the only way is down. My stock is Caterpillar.
Okay. Caterpillar did not raise estimates that people thought would be raised, and consequently the stock has been going down. I think you should sell half tomorrow and then watch it. I am concerned, like you are, and I think when I hear someone who says all it can do is go down, I want you to cut some of it out. Does your age matter? You sound like a young guy. I don't care about that. I care about the fact that it's time to take something off the table and let the rest be run, and let's see where it goes.
All right. It seems like any growth stock can rally if interest rates fall. Any growth stock except for a tech stock, that is. Man, tonight, what will it take for us to finally get a bottom in tech? I'm going to lay out the top four targets I'm watching. And I keep saying you need to be finding positions outside of tech right now. I'm highlighting one sector that's been on the upswing lately and the names you could profit from it. And hey, speaking of tech that's not — that's healthcare and not semis, Hinge Health reported a terrific quarter tonight. I'm going to get the latest with the CEO. So stay with us.
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Tech stocks have been selling off hard for three straight weeks now. The NASDAQ 100 fell again today, and it's now nearly 11% off its early October highs. Big question is: is the worst of the tech selloff behind us, or is it safe to start shopping for deals at this point, or look out below? And that's why tonight I want to return to a rubric that I put forward two weeks ago, reviewing our progress against the four tangible hurdles that I gave you that I'd like to see cleared before I can feel better about tech.
The first thing that I said was that we wanted to see an improvement in the technicals. That's the charts. They got to get better. And that simply hasn't happened at all. If you're looking at the charts of the broader indices, the NASDAQ Composite, NASDAQ 100, even key tech indices, subsector indices like the Philadelphia Semiconductor Index, the SOX, you see the same thing: an ugly double top. And you know what? A double top almost always leads to lower prices.
Worse, we're starting to see even more negative signs in charts of some individual stocks. Specifically, we've seen a number of important stocks where the 50-day moving average has crossed below the 200-day moving average, an event that's dramatically known as the death cross. Now, I have never told you to sell a stock just because you've seen this chart, but I do want to bring it out that we're seeing it in Broadcom, Genova, Alphabet, and this is very telling, okay? Very telling, because there are a lot of people who live and die by the charts. Also, when it comes to technicals for the market as a whole, the last thing that I'll note is that the market is not in the aggregate oversold, even as some tech stocks have been slaughtered.
The indicator that I use, the S&P short-range oscillator from Alpha Market Edge, showed a reading of 1.1% at Friday's close. That's basically neutral. Actually, a little more overbought than oversold. This is because this hasn't been a true market-wide sell-off. Instead, it's been more of a rotation, with the pain more or less isolated to tech stocks. As we saw once again today, as I told you at the top of the show, a lot of other stocks are acting sensibly in relation to the bond market.
Next, the second thing I said we needed to see was the hyperscaler earnings reports. I want to see how they're doing. Simply, I said I wanted to see no degradation in hyperscalers' huge tech spending plans. Now, we have indeed gotten most hyperscalers' earnings reports at this point, but for the most part, they've gone the wrong way. That is, if you're bullish on tech. The good news is that most of the large hyperscalers are not dialing back the capital spending agendas. That gives us some hope that the AI infrastructure theme is not, in fact, dead.
In fact, but as we explained on Friday night, the bad news is that the only hyperscaler that did dial back its capex plans, Microsoft, saw the best reaction from the market for doing so. It didn't go up, of course, but it went down the least. And I'll take that in this lousy market.
Just today, we saw shares of Oracle get crushed. Oh my god, this was horrible. Another obliteration, down around 9% after the company launched a new $20 billion fundraising effort: $10 billion in equity and $10 billion in bonds to help pay for its data center spending, which seems endless. Oracle indicated last week that this could be coming sometime in the next three and a half years, but the market clearly didn't expect it to come in the next three days.
Clearly, the market has taken a new stance that's skeptical of major capital spending plans, especially if a company has to issue stock or new debt to pay for them. And that is something that we'll need to overcome somehow if we want tech stocks to rally. Oracle was really horrible today. It really just caught a lot of people by surprise. The stock was up big on Friday.
The third thing that I was looking for was simply a resolution to the midterm elections that we should get by Wednesday. While the consensus seems to be that a major success for the Democrats is a negative tell for tech and the data center trade, I'm not sure it's as simple as that. First, the chance of Democrats making gains in Congress has already likely been factored in at this point because the polls and prediction markets have been indicating this outcome for several weeks now. Frankly, I think it's just getting past this election. I think that's going to be a positive development even for tech stocks because politicians who are opposed to data centers will at least start quieting down about the issue.
Could we see one more leg lower with a big blue wave outcome? Maybe. And we could also see more pain if the midterms are followed by an escalation in the war in Iran, as many suspect, although it wasn't clear from the news today. I think we're near the end of the midterm election overhang. I say by Thursday, by Thursday it should look clear.
Finally, I say that we need to see a successful Anthropic IPO. And while that's also unresolved, there's been some nice progress on this front. This is the best one of the four. Last Monday, the company released the S-1 filing, which contained the IPO prospectus. Then today, Anthropic released the updated S-1 with even more detail, including third quarter financial results. Those new numbers showed that revenue growth is still very strong, but slower. Anthropic's quarter-over-quarter revenue growth seems to have peaked in the second quarter at 144%, and it fell to 47% in the third quarter.
On the other hand, the company's profitability, at least on an adjusted basis, has been improving throughout this year. We did not, as I was hoping for, get any details on October numbers. There'll be plenty of time to cover more specifics from the Anthropic prospectus. Don't worry, we're going to cover it wall to wall. For now, what you need to know is that the deal is on track. If all goes as planned, road shows should begin next week, and the IPO should price and begin trading in the third week of November.
And really, we don't care how well or poorly Anthropic shares do after they price. We just want to see that there's enough demand for the IPO to happen.
In less consequential news, we learned this weekend that Anthropic rival OpenAI is lowering its ambitions for a new private fundraising round. After previously seeking to raise $30 billion at a $1.44 trillion valuation, it's now looking to find $20 billion, and it's cut its target valuation to $1.25 trillion. Still pretty great. Some people thought it's a bad sign when it comes to investors' demand for AI labs at this point. But Anthropic is the much more important test for this market.
Here's the bottom line. A couple weeks ago, I put forward four things I'd like to see happen before I could feel more positive about tech stocks. None have gone our way thus far. So, it's not surprising to me that the sector has remained under pressure. But if you're a tech optimist, the good news is we're approaching some potential turning points, and the Anthropic IPO keeps marching along. That's good. We need that deal to happen if we want tech to get back on track. Without it, expect many more days like the last few, where the most important tech stocks just cannot hold their gains.
Mad Money is back after the break.
Coming up, Cramer's walking the catwalk and revealing his favorite stocks in the fashion sector. Next.
Our Mad Money family is still missing Cliff Mason, my nephew, show head writer for the past two decades, who left us far too early last month. We kind of miss everything about him, including the Cliffisms that he used to regularly work into the show scripts that you probably heard and didn't know they were his. These were go-to phrases which helped give this show kind of a signature sound, which was unlike anything else in the otherwise anodyne financial media. Yeah. Well, one of his favorites was he used to talk about the Wall Street fashion show, which Cliff used to describe the fickle nature of investors.
Who can be obsessed with one theme or some stock one day, then hate it the next day. It was a colorful metaphor that regular viewers have likely heard me say probably hundreds of times. So, tonight we're going to pay some homage to Cliff and use one of his favorite phrases by bringing back the idea of the Wall Street fashion show, at least for an evening. But instead of talking about some specific theme that's in or out of favor, like the semiconductors, I'm going to use it for an actual fashion show.
See, over the past few months, I've highlighted several fashion companies that I really like right now for various reasons. Many non-tech areas of the market are continuing to do well, including a lot of consumer stocks. Meanwhile, there are some other things happening, like a major pullback in interest rates that are quite helpful for consumer names, as I talked about at the top of the show. As we approach the holiday gifting season, these seem like good opportunities. So, let's run through my favorite stories in the group, the Wall Street fashion show style.
First, for the past couple years, Ralph Lauren has been my favorite stock in the apparel sector. Under CEO Patrice Louvet, who's really pretty amazing, the company has pulled away from the pack, consistently outperforming its peers, with its sales growing at a 13% compound annual growth rate over the past five full fiscal years. Very hard to do. And its adjusted earnings per share growing at a 57% CAGR, compound growth rate, during that period.
Since bottoming in late 2022, Ralph Lauren shares have rallied an astonishing 380% from the low, compared to roughly a 110% gain for the S&P 500 during this period. Maybe it's not a Wall Street fashion show, maybe it's just something that's ingrained in our society. Ralph Lauren's performance has been driven by consistent strength in the core North American market, but the company's seen excellent growth overseas as well, particularly in Asia. Always strong in men's fashion, the classic American brand has also found success in new end markets recently: accessories, outerwear, women's apparel.
The company has focused on its DTC channels and cutting out brand-dilutive wholesaler channels, which have really helped improve the gross margins. I think they've helped the brand too. Ralph Lauren had a great quarter in early August, but after spiking in response to the quarter, the stock had a big pullback in late August and September as all consumer names fell due to rising oil prices.
It's since recovered, but you're basically getting that last quarter, which was really so good, for free. Ralph Lauren reports again on Thursday morning. I'm hoping we get yet another strong result. I think we will.
Also reporting on Thursday morning is Tapestry. That's the parent company of the red-hot Coach brand as well as the smaller Kate Spade brand, which management is attempting to revitalize. So far, not going all that well. Now, I've spoken with Tapestry CEO Joanne Crevoiserat a couple of times this year. I really like the core story. I really do. Coach, Tapestry's found a niche in the accessible luxury lane with the brand's affordable handbags, particularly...
well-liked by the younger female consumer recently. That said, Tapestry's last quarter in August was a major negative catalyst. TPR shares are down more than 20% since that report, which didn't seem that bad. It was the guidance. It was just in line. Just in line, and for a stock that had roughly quadrupled over the past years, that wasn't good enough. I hope this Thursday's report can represent the start of a comeback for Tapestry.
Speaking of comebacks, have you seen the shares of Levi Strauss these past few weeks? When Levi's reported earnings in early October, the quarter was a flawed, mixed result with light sales, especially in the important DTC channel, with a bottom line beat because of mostly tariff refunds. The guide for the next quarter was viewed as disappointing.
Levi shares, which had already been declining throughout August and September, fell below $20 in the wake of that report. But Levi CEO Michelle Gass came on Mad Money the night of that report and took ownership of some mistakes the company had made. What a great, honest interview that was. Basically, they didn't have enough product available for the most desired styles like low-rise women's bottoms, which are making a big comeback. But Levi's adjusted quickly, she said, and was in a good place going forward. That post-quarter dip turned out to be a tremendous buying opportunity, as Levi shares have rallied over 20% from their lows over the past three weeks to $23. Now, you know what? The stock's still cheap here, around 14 times earnings, 2.8% yield, significant buyback in place. I think this is a good option to play the broader strength in denim that we keep hearing about.
Then there's two other comeback stories I really like in the fashion space, and I've been speaking about them but not enough. First is VF Corp, and then the second one is Kontoor Brands. VF Corp is the parent company of The North Face, Vans, Timberland, among other brands, and has been struggling for a few years as the Vans brand languished. But we're seeing signs that Vans are starting to gain momentum again, including a strong showing in the recent Piper Sandler teen survey. VF Corp shares are up a quick 8% since I recommended the stock about two and a half weeks ago, thanks in large part to a strong quarter last Wednesday.
Now, the Kontoor brand story is more about portfolio transformation. Currently, Kontoor owns the Wrangler and Lee Denim brands as well as Helly Hansen, an outdoor brand it acquired last year, but has announced a deal to sell the Lee brand for up to $1 billion, which should close shortly and be followed by a large accelerated buyback plan. Going forward, I like this combination of Wrangler to play the strength in denim and Helly Hansen, which is an underappreciated brand that should thrive as part of a larger company in Kontoor. KTB shares still relatively cheap, around 15 times earnings, nearly 3% yield sweetener. I think Helly Hansen, by the way, I think their goods will propel the stock higher alone.
Finally, how about a spec name in women's fashion that people keep talking about to me, 'when are you going to talk about it?' We keep talking about it, no one seems to listen. It's called Reformation, REFR. I covered this recent IPO name at the end of September. It hadn't done well out of the gate, but I checked it out after one of our callers asked us to look at it. I like what I saw. Reformation has great growth, it's profitable, and has a differentiated shopping experience with a technology kicker. Most importantly, some of the younger members of the Mad Money team assured me that the brand is cool. Ha. So, I said I liked it. And as it turns out, I might have bottom-ticked the stock. It's gained over 31% in October. Maybe it's better to be lucky than good.
So, there it is. That's our Wall Street fashion show. Ralph Lauren, Tapestry, Levi's, VF Corp, Kontoor Brands, and Reformation are some of the fashion stocks that I think look best right now. Cliff certainly would have written this segment better. He would have written everything better, but we hope he would have liked this one. Let's take some calls. Let's go to Rick in Wisconsin. Rick?
Hi Jim. Thanks for taking my call.
Absolutely, Rick. What's going on?
I need your advice on a stock that's gone down for the past five years, over 70%. Although I just bought it two years ago and I bought more on the way down. It seems to have turned the corner lately. It's been up for about the last month. So, what do I do now with a stock in this situation? The stock I'm talking about is Nike.
I think the stock does act better. I know that it's washed out. That's what I would say. It's down 40%. Most of the analysts have turned it already. I don't know how much risk there's left in it. Maybe for it to go back to 34, 35 on a miss, maybe it goes up to 45 on a make. Does yield 4%. I think, you know what, at this point washed out, I'm not going to bet against it. I'd rather, unbelievably, bet with it. Let's go to Mark in my home state of New Jersey. Mark.
Booyah. Jim, I go back to the old Kramer Cuddlo days and you have been a great mentor and teacher to me. I have all your books. Club member. You've come along. You've helped my retirement tremendously.
Oh, thank you, buddy. That's so nice. It really is. That's very nice. Thank you.
Thank you so much. I've got a question for you on Disney. I didn't bail on it when you advised me to a few months ago, and I should have. Do you see any glimmer of hope with that stock?
I do. I think this Josh D'Amaro is doing very well. I think the cruise line business could be good. I think a lot of people, if you got gasoline down, I think you'd see some better numbers at the parks. I like tomorrow. I think he's steady. I think he's good. I think he's doing a great job. And I think you're going to make money with the stock of The Walt Disney Company.
All right. If you're looking for opportunities outside of tech, I think consumer retail stocks are a good place to go right now. Watch Mad Money, including my exclusive with Hinge Health. Then it was another big day for deals in this market. I'm digging deeper into what's at stake in today's merger announcements, why the market seems less than enthused with one of them to say the least, and all your calls rapid fire in tonight's edition of the lightning round. So stay with Kramer.
After the bell, we got a strong beat and raise from Hinge Health. That's a digital health platform. It's using technology to change how people get physical therapy, manage pain. Members receive personalized exercises, movement feedback, access to clinicians through an app, with an in-person network called Hinge Select when face-to-face treatment is needed. Now, this stock had already had an extraordinary run, more than tripling from its IPO price, which we like very much. Last year it gained more than 150% over the past six months. Today's results: solid. Revenue in the third quarter jumped 52% to $235 million, beating expectations. Earnings came in 13 cents ahead of estimates. Hinge also delivered better-than-expected fourth quarter guidance and raised its full-year sales and profit forecast. So, can the stock keep running with those fantastic numbers? Let's check in with Daniel Perez. He's Hinge Health's co-founder and CEO to learn more about the quarter. Mr. Perez, welcome back to Mad Money.
Thanks for having me, Jim.
Okay. So, let's talk about what I thought is really incredible, which is something I usually don't start with: gross margins. But it's very rare that I see so many more people come into a system and yet gross margins went up very big. How can management get a better experience at lower costs?
Well, look, we've had this past quarter insatiable demand from our clients, insatiable demand from members to sign up for our program, and we've been able to keep costs down. But we've closed more clients this year than all of last year combined. And we've also had more clients switch to us from competitors this year than probably every year combined in our history. So, it's just been a phenomenal sales season. We're also having more people enrolled than ever before. And because technology delivers such a big portion of our care, as our client base has grown and our member base has grown, our costs have not grown anywhere near as large.
Now, you did a fantastic study since I've seen you last, which is a study of over 200,000 participants, nearly 1,000 employers, where you get a return on investment for the employers and a savings for individuals that I find extraordinary. Maybe you can flesh them out for us.
