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Jacob Sonenshine: 02:22 I want to ask quickly about the autos. Uh, I in, in the Wall Street Journal story, uh, mentioned a lot of, you know, the audio, there's going to be reduced, uh, hopefully reduced tariffs on American and it was going into China. Um, so are you moved to on the autos at all there?

JJ Kinahan: 02:35 Well, what's interesting is I just talked about our IMX would chose what our clients do and our clients actually we bought for last month as one of the stocks that sort of stood out from a normal pattern buyers of Ford. And a stock like that kind of makes sense if you think about it from a retail point of view, a relatively inexpensive on lever say cheap, but it's inexpensive, trading, you know, right around $9. So people can take a view on the automakers doing well, not taking a big portion of their account. I think that the auto makers have done an amazing job over the last few years adjusting the new technologies at the same time, streamlining their costs. So this is sort of the third leg of what they need in order to really increase their business. So we will see if it works out at the same time he did have Ford announced last month that they've gone out of this, uh, heavy truck business in some areas of Asian, not China, but some other areas of Asia. So we'll see, you know, sort of what happens there and how that works out over the next couple of years.

Jacob Sonenshine: 03:36 You don't let a net buying of Fords. And then one of my questions is, because it wasn't there in the last, you know, Sunday, when the news came out about trait, there wasn't much talk about reduced tariffs on metals, steel and aluminum coming in from China into the US. So, do you think that these auto makers really need to see that in order to, in order to have those better margins again?

JJ Kinahan: 03:57 Well, you know, again, some of it is speculation as to what actually gets done also. So we'll see what does, what does happen with steel and we still have a big steel supply from Canada also. So, obviously if you can, any product you can make where your input costs are reduced is going to help your bottom line significantly.

Much of the potential trade deal would include relaxed tariffs on U.S. automobiles going into China. 

While the U.S. stock market has fallen following the news of the trade talks, so have General Motors (GM - Get Report) , Ford (F - Get Report) and Fiat-Chrysler (FCAU - Get Report) , with Fiat making the largest move down 2.68%. 

And while some retail traders haven't piled into trade sensitive, as well as cyclical, stocks the way institutional investors evidently have, "our clients actually bought Ford in the last few months," said JJ Kinahan, chief market strategist at TD Ameritrade. It's "one of the stocks that stood out from a normal pattern," Kinahan explained, as Ford has fallen in the past year by 17%. 

Aside from what may be some dose of optimism on Chinese tariffs on auto's, a reduction of U.S. tariffs on imported Chinese steel and aluminum would reduce input costs for automakers, which investors would like to see. "Any product you can make where your input costs are reduced, is going to help your bottom line significantly," Kinahan said. 

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Still, "some of it is speculation as to what actually gets done, so we'll see what does happen with steel," Kinahan said of the buying of Ford shares. 

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