market to digest yesterday. you were first on the ball with that one. >> yeah. i've been saying for a long time, apple is a systems company, vertically integrated. when they move, it can have an impact quickly. >> all right, well, record closes for s&p and nasdaq today. cpi in the morning. fed in the afternoon tomorrow. that does it for us at "overtime." "fast money" starts now. live in the nasdaq market site in the heart of new york city's times square, this is "fast money." apple ascending. the tech giant rocketing to new heights on the heels of its a.i. reveal yesterday. the massive numbers behind this move and what it says about the strength of the broader markets. shares of structure therapeutics pulling back from recent highs but hopes for its obesity pill still has the stock up 20% this year. we'll talk to the ceo ray stevens about the latest trial results in the first on cnbc interview later this hour. a paramount plunge. skydance falling apart. what caused talks to break down

and what is next for the can be? david faber will join us on set minutes from now. i'm melissa lee. on the desk tonightapple's astow run. soaring 7% today, the best since november 2022. that move adding a whopping $215 billion to its market cap, that is more than one entire adobe for this now just $40 billion away from reclaiming most valuable company title from microsoft, a position it ceded backin january. apple was the top performer in the s&p, dow, and nasdaq 100. so, what changed for apple in just the past 24 hours? it was just 24 hours ago, guy, that we were all sitting here around the desk, lamenting how boring the deal was.

>> look, i think that, i guess the market had a chance to digest certain things, you know, gene munster yesterday put out a very compelling case and then on twitter an hour or so ago said the crazy part of the factors driving apple shares today are just getting started. and maybe he's spot on. he's been spot on. i'll say this, though, i think the upgrade cycle was in place all along. i'm still not convinced this will add to it, however, the market seems to be maybe on the services side it gives them the kicker where you get services revenue closer to 30%, which helps their valuation. i get that. but i'll say again, yesterday made sense to me in terms of the sell-off. it had a big volume day. i thought you put in a bit of a double top, that clearly wasn't the case. >> all right, so, yesterday, guy -- gene munster made a very interesting statement, he said, yesterday was the biggest day for apple since the launch of the iphone. you pushed back pretty hard, you said, hey, gene, want to take that back? i'll give you a chance to take

it back. gene said, i'm not going to take it back. you clearly still disagree. >> i still disagree, despite an 8% rise. gene is a great analyst, covering this for a very long time. and at the end of the day, apple may have had its biggest market cap gain in its history too on the back of this. i'm just hard pressed to believe that much of what they reported yesterday or detailed is going to be usable in the next iteration of the iphone that comes out in september and october. if you can justify the sort of move that the stock had today, you really have to be able to think that earnings are going to go up meaningfully, that from a midsingle digit sort of thing and revenues in midsingle digits, i'm not sure about that. again, i think that investors are getting ahead of the street, meaning wall street analysts, i did not see a bunch of analysts come up and upgrade the stock or raise their calendar 2025 earnings. so, again, you know, we are in a market where there seems to be

no shortage of enthusiasm for stories that are perceived to work and then the flip side, you mentioned adobe and -- there is no shortage of downside for the stocks that don't seem to be participating in the excitement around a.i. >> it seems like the bottom line question here is did apple reveal something yesterday that will drive more sales of phones than previously modeled in. morgan stanley says, yes, it should accelerate the replacement cycle. it is unlikely to drive the replacement cycle. it is split here. >> accelerate is one thing. create additional. so accelerate maybe. >> everybody thought there was somewhat of an upgrade cycle in place. will there be additional? >> i don't think so. i was underwhelmed as well. the only thing i can imagine -- the only thing that makes sense to me, we had a hardware multiple and software multiple. now we have a hardware multiple, software multiple and i guess an a.i. multiple, which maybe is

what -- i mean at 30 -- i don't know, 31, 32 times with a reasonably sized hardware element multiple, you need a good multiple on the rest of the business. i guess that's what it is. i have a tiny position, but i don't know, i wasn't so excited by that yesterday. particularly the siri part. i got it in for siri, but i didn't think that was great. >> i think gene is more excited about 2% growth going to 10 and 12%. so i think that's what is really moving the needle and to guy's point, services, that number will go up. analysts will chase it at a certain point. because they're not known for being first on it. they'll lag -- the analysts will lag and then we'll upgrade it as the story develops. i bet you you're going to see, i don't know, next week, week after, a bunch of analysts upgrading their sales numbers, their numbers on upgrade cycle,

and they'll chase it. >> but one thing, i want to get in -- so the stock now is trading at 31.5 times this year, nearly 29 times next. so the fact that earnings estimates did not go up today commensurate with the 7.5% move makes this stock a lot more expensive. and if they don't continue to go up, listen, i can take out a few positives i had to think about over the last 24 hours that got to read some really smart people and what they had to say about it. one of the positives that they didn't have to pay for this, it sounds like. they didn't have to pay openai for this. so that's pretty good. they also said and they didn't say this during the day, they said it much later, they're going to have anthropic's cloud on there and gemini eventually and that sort of thing. they're going to become an aggregator of what is becoming a very commoditized, you know, space. this large language model. so they didn't spend the billions of dollars building these models and training them and the like here. that is a positive. >> that's a positive. but when you look at some of the other a.i.s, they're monetizing

because they're charging. so analysts can model that. for apple, how do you model something that will be incorporated into apps that will be developed later on, because those wwdc was a developer's conference yesterday, and so those revenues won't come until later. until after more people have the 15 pro, until after -- so this is sort of a delayed increase in services revenue. >> market is getting ahead of what you just outlined. it is getting ahead of it in a major way. i'll say, i think last quarter, and you can check me, but i think we were close to 25% of overall revenue was on the services side, which i think may have been a record, it would be nice if we continued to see the revenue growth that was commensurate with the valuation of trade set. maybe we'll start to see that. if that goes from 25 to 28, 29, you could probably justify the multiple. i think that is at the crux of your question is it going to show up in the services side of things. >> i think they didn't have to screw it up. i think that's the point. if there was a ath, had to lay

out a path. >> how could they? they had a partnership, right? >> yeah, but to dan's point, a lot of the stuff, they don't really -- we said this, they don't renovate, they replicate. people love the iphone. i have the iphone 13. i probably will upgrade this cycle because of this, so, is that another buyer? no, but it is getting off the bubble sooner than i would have other -- >> the sidelines and may cause you to upgrade to the highest level phone as opposed to the second highest level phone. >> i think about my iphone, i use gmail, i use youtube, a whole host of google products that gemini is already embedded in. that's going to the cloud. what apple is trying to tell you is a lot of this stuff is going to happen on device. you think about meta. there is reels, instagram, and whatsapp. their meta a.i. is already embedded in that. a lot ofusers who really sticky with those sorts of apps in the iphone are not going to use

genmojis. >> i think you're nailing a point in reverse. i think the people that have the iphone want to use an a.i. and are more likely to use apple's a.i. versus the other ones that you just named. >> i just don't really think so. if you're using these apps, they're not ios -- they're not from -- you're not going to change your behavior on the apps that you use. >> you're a customer that apple has already lost. >> it is on the thing, but i'm not going to upgrade. what did i say last night, nobody is going to upgrade for this device, given how the staggered release of these products. that's the other point. they're not all coming out on ios 18 and it is going to take some time. it is going to be buggy. you know what i mean? i think that the euphoria right now seems to be a little misplaced. >> katie stockton was here the other night and said she would buy apple higher. they're in a proving ground and she would buy higher. this is past the level, which she said -- >> i think she made a great point. we're having the same conversation in terms of how the

stock traded up to those prior highs again yesterday, seemingly failed on what was 1.5, 2 times normal volume. if the stock prove itself and breaks out, she would re-engage. with the volume we saw today, that's exactly what happened. >> would you re-engage here? >> i think it is still -- look, i thought it was expensive for a while. i'll say this as well, though, apple is not a straight line hire for the last five or six years. this was in april, we saw stock that went from 198 down to 165 or so. you do see drawdowns in the name. i don't really know necessarily what it is predicated upon. but it does happen in apple from time to time. >> let's move on to oracle. shares are sharply higher despite a miss on the top and bottom line. news of a multicloud partnership with google and a.i., the driver of the stock's gains. the conference call started at the top of the hour. that's where the company will issue guidance, keenly listening to that call for the guidance part of it. up 9% in the after hours

session. a.i., just -- it is a.i. here. >> again, okay, so cloud infrastructure, which is 15% of their business, was up dramatically 40% year over year. it is $2 billion in the quarter. so we're not even hitting numbers that are particularly impactful if you think about it. i think without that headline, the stock is probably trading unchanged as we wait for the guidance. i go back and think about dell and what they had to say, they put up a good quarter and their guidance was disappointing this was not expensive stock. if you think this say bit of a laggard in the space, i think that you should continue to expect good news out of this company, but not right here, not like this. >> i just thought that remaining performance obligation number was so high, it was so much higher than where the street was that, i mean, that is sort of looking at, all right, doesn't matter what they did this quarter, they're building a huge book of business going forward. should it be up $10, $11, whatever it is? i don't know. it should be up. >> they have to prove they can build those data centers.

how quick are they going to come on to take advantage of that performance that is in the pipeline? and the truth is, when you look at crm, look at workday and mongodb, they all sold off, so did this one, and this one sort of started bouncing back a lot quicker than the other ones did. so somebody knew they were going to be on that number, it is a matter of do they beat and do they perform now? >> it was a quarter that came in at the lower end of -- what street expectations were in terms of eps and revenue. x this a.i. announcement, the stock tops out at about 127 or so. has been in this range. i think the probably would have happened. however, you put that kicker in there, the machines pick it up and here we are now. interesting, if there is a conference call, interesting to see what they say. >> let's get to a developing story on paramount. deciding to stop deal talks with

sky skydance. >> come on. come on! >> you can see it with your own eyes. >> when i saw david in the foyer, which i rarely do, what did i do? i was yelling david faber. i was so excited. >> he was on the phone. he was busy. >> much to his consternation, i did that. however -- >> what is the latest? >> thank you for that introduction. >> always appreciated. >> listen, something of a shock late in the day here, melissa, as we reported and others have as well, that essentially -- not essentially, the talks between skydance run by david elston playing off of oracle there as well, and their partner have ended. they had an offer that would have involved buying the control stake in paramount through the purchase of national amusements. the 77% of the shares of the voting shares that are in that entity. in addition to providing as much as liquidity for as much as of

50% of the b shares and some of the other as at a price of 15 for the bs and 23 for the as that were not part of national amusement. not going to happen. it is over. six months of negotiation, every expectation that they would figure out a way to get to the finish line is done. why? well, sherry redstone decided against it, perhaps at the advice of some of her attorneys, perhaps some others as well. it is unclear exactly why. i've been reporting on this thing. this is just my recent file. this is the last couple of weeks. and, you know, at the end of the day, some people say it was not about the economics it was about other details, noneconomic details, that may be the case. i go back to the fact that while originally red bird and skydance were offering $2 billion to sherry redstone for her -- for national amusements, they reduced that to $1.7 billion which they increased the amount

they were giving to the b shares. that made the special committee happier, perhaps, and their advisers, but may have made sherry redstone unhappy, that reduction. i'm told it was coming back to her in other ways, indemocratny p im it is under duress this is much of the industry at least in terms of its position is and trying to fight for a relevance really in many ways. it has got an enormous debt load. and it is very much unclear what the future holds except they have a plan to continue as an independent company with sherry redstone's national amusements, the control holder. >> are there other options? >> not for a deal in which paramount shareholders will get any money. not that i'm aware of. there has been some reporting on edgar bronfman trying to mount a bid for a.i. and a couple of others as well.

that would be, as i understand it, for simply the control stake in nai. that would bring on plenty of litigation of its own, the idea that there would be one beneficiary of said deal where as paramount shareholders would see nothing. that is what the special committee was trying to sort of balance, yeah you get taken out of the more significant premium, but give us something and they did get to a real point there, they got a lot from skydance. and ultimately it simply was not enough to convince sherry redstone because they did lower her ultimate economic value, just a couple of weeks ago, when they came up to paying $4.5 billion for the 50% of the bs and some of the as they were going to buy at a premium. >> you mentioned that debt load. net debt is 2x market cap now after today's decline. >> right. $12 billion, little over that. >> when you look at this thing, it does $30 billion in revenue on a gap basis, not profitable. how does this shake out if there are no -- what does it say about, like, what comes next for some of these other streamers that are having a difficult

time? >> well, paramount, you know, is in a difficult position. you could argue, they say obviously paramount plus had success, continues to add subscribers, they have the nfl at cbs, they feel like that's an undervalued asset. to your point, dan, they have a lot of cable networks and we know that that is a very difficult place to be right now given the continued reduction overall of the cable ecosystem. not to mention they have a convertible preferred out with byron trot's firm. there is a good deal of indebtedness. debtedness at national amu amusements. i don't know is the answer. you have to believe they're going to have one person running this company to begin with. and embark on whatever plan it is. the former ceo bob bakish left about a month or so ago. so it is a good question. i don't know what the future holds for this company and there are many who believe it is going to be a very difficult road and thought that the skydance deal and liquidity it provided in the

merger of skydance studio into the overall hole and the plan that david ellison had been work on for many months was perhaps the best opportunity. >> back to the art of the deal, so those terms seem to have been set some number of weeks ago. the so, what is the nature then of why today why is it that those -- >> you know, as somebody who knows their way around a deal, i can't tell you specifically. first of all, let's not forget, she was the one, sherry redstone is the one who empowered a special committee in the first place. she said i'm supportive of this potential transaction, will you weigh in on it. that's the whole process began in part because she was supportive. i'm told over the last ten days, since perhaps that -- i don't want to call it a retrade, since they lowered the overall value they were willing to pay, i'm told she seemed to sour on the deal. maybe it was pure economics coming to her from 2 billion to

1.7 billion. maybe she was having second thoughts in terms of just the emotional value of it, so to speak. it has been national amusements, in her family for a very long time. paramount, that deal was done in 1 1980 when her fouather bought that. you make the decision as to whether you want to sell first, not last. >> right, yeah. and i wonder what that back and forth is like. >> yeah, i'm trying to understand that specifically. i know there was a lot of friction in terms of the back and forth, but, really, as i followed this, skydance and red bird gave on virtually everything. the only thing they were not willing to give on was a majority of the minority vote. otherwise, they gave them everything they wanted in terms of economics. so, very much unclear why it would have come to this at the very end. >> david, always great to have

you here on set, thank you. >> good to be here, particularly with -- >> you know. it is mount rushmore. david faber is -- >> pantheon. >> i don't know who the other three are. david is one of them. >> just feel really old. these guys are set in stone you know that? >> iconic, they last forever. >> all right. good to see you, david, thanks. >> and you, melissa. coming up, all eyes on the fed ahead of the rate decision. what chair powell's comments will mean for markets and why our next guest is feeling positive ahead of the news. check out the fast movers catching our attention. n'gonyertraders are feeling. dot awhe. "fast money" is back in two. l a, i stand by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors

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work with that. it is 30% of market cap and where the flows are. but our view is generally speaking, the labor market starts to show real meaningful weakness. when that happens, you get out quick and protect yourself. we have been resilient to the other data on that basic logic. >> what is the meaningful -- you say that, is it going to happen -- i thought last year you would start to see a significant rise on the unemployment. didn't happen. we tick 4%, the revisions month over -- have been bad now for the better part of a year and a half. what does that look like to you? what number is that threshold? >> it is a great question. you look back to last year, we printed 105 on revised basis in october. we had claims up to 260. you need payroll sub 125k and claims above 250. even though that's not recessionary, the market will start to extrapolate that out and increase the risk that it happened. something like that, it might need to be sub 100k.

the market doesn't hang out between 0 and 100. that's why if you got to that levlg level, you have to step off the curb a little bit. >> you look at the volatile food and energy that is pulled out, don't you want to see the food and energy now? they're actually lower in the last month or so. that might give a little tailwind to the deflationary aspect of that number. and where do you see the sell-off, if you do, on your as ascent to your levels. >> three months ago we would have had the opposite discussion. the fed is focused on core, we're going to focus on core. i think if you got weak payrolls, or look like you're getting recessionary data, you want to get short that domestically facing cyclical. small caps, banks, retailers and things of that nature. that's what people are targeting. i would say the two areas that people are most concerned about would be u.s. consumer, it has been labor market and consumer spending and that is the white

knight of the economy. and then the second would be anything that is susceptible to higher for longer. those are the two weak spots. >> you're saying stay with the momentum. what is your expectation for what the fed does? >> tomorrow, we're pretty positive on tomorrow. our economists have -- >> positive means you think they go lower? >> positive for equities. the logic being core cpi, downside risk to that number. generally speaking powell has skewed more dovish than the community itself. you expect the press conference to drift a little bit dovish. friday probably limits that a little bit. you print such a strong payrolls number, they can't go outright dovish. the view is there is a risk to the downside on inflation, which should be good for equities and the fed itself could tilt a little dovish. the risk would be the revision to their economic projections, probably going to take up the inflation assumption within

there. may be risk around that. otherwise, as the economy goes go equities and that data continues to come in pretty good. >> better than expected ten-year auction and i'm wondering if you think do you have a conspiracy theory embedded in that, in that maybe traders are sniffing out softer cpi and so fed goes dovish, you know, the cuts get pulled forward. >> it could be. our inflation traders think there is a pretty tight expectation around core cpi tomorrow. we had a call this morning and they had between 24 and 28 basis points. the market seems fairly confident we'll get a solid to slightly low print. that could explain part of the auction. that does open up risk/reward. you definitely need to kind of keep an eye on it. the auctions in general have been, you know, bigger focus for equity markets the last six to nine months for anytime in the last 20 years. seeing good news on that, equity folks are going to say the bond market knows more than us anyway. that went well.

we might as well keep on. >> great to see you, thank you. what do you think? >> it seems like a lot of investors are focused on go goldilocks situation. >> i never used that term ever on this show. >> guy doesn't use it. so weaker data means greater probability of rate cuts and stronger data, you know, we're still doing fine, higher for longer, risk assets have done pretty well. the economy keeps chugging along. i think probably there has got to be something in between that. we haven't had any fear put in the market, been over a year since we had a down 2% day in the spx and think about we haven't even had a 10% sell-off in -- since svb a year and a half ago. there is a lot of complacency here. >> there is a lot more "fast money" to come. here's what coming up next. >> cars, crypto, and cleveland cliffs. the traders are tackling more of today's big movers.

and weighing in on whether any of them can boost your portfolio. plus, sizing up the competition. how one pharma company is trying to take on the weight loss heavyweights. the ceo of structure therapeutics joins us first on cnbc to lay out how they're stacking up. you're watching "fast money," live from the nasdaq market site in times squar 'rba rhtft this. ga, the advanced form of dry age-related macular degeneration, can irreversibly damage your vision. it can progress faster than you think. when ga threatens your eyes, take a stand. slow ga with syfovre. syfovre is an eye injection that was proven to slow damaging lesion growth over 2 years with increasing effect over time. it's the only fda-approved treatment to slow ga in as few as 6 doses per year. don't take syfovre if you have an infection, or active swelling in or around your eye that may include pain and redness.

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welcome back to "fast money." some fast movers on our radar today, gm announcing a new $6 billion stock reimppurchase program. it is expected to finish by the end of the month. gm is cutting its ev production forecast. shares of cleveland cliffs getting hit after a downgrade at jpmorgan citing weakening fundamentals and rising capex needs. that stock down more than 26% this year. and regional and money center banks both tumbling today on a warning from pimco. the investment firm saying that more trouble is ahead for the commercial real estate sector. pnc had a morgan stanley conference today talking ing ab office loans and chargeoffs will be coming, so perhaps some concerns about the regional bank exposure to cre.

>> what is today? >> most important chart of the week. >> that's not a game though, but go ahead. >> i think karen had a great one. she won. you said she won. >> nvidia. >> of course. i thought kre was a good one, you said not really. it turns out it is. >> if i would have put it up -- >> big board outside. i think i still think there is something clearly going on with these midcap and small banks and the form of the kre which on valuation is compelling, but they don't trade particularly well. and i think to a certain extent, some of the large cap banks today, the weakness may have been predicated on that. >> part of the pimco article, the bloomberg article about pimco is the head of cre within pimco saying that larger banks were getting rid of some of their weaker loans in anticipation of something bigger happening. >> and just not wanting to have them. but, you know, just looking at

the exposure of the bigger banks, it is really very small. and i'm sure that if we are in a moment of upheaval again and you have regional banks failing, the whole sector will trade down. however, that provided huge opportunities for all of the big money center banks. >> yes. >> coming up, the obesity drug race rages on. aiming to size up as glc-1s gain momentum. the details when "fast money" returns. missed a moment of fast, catch us anytime on the go. follow them"f ast money" podcas. we're back right after this.

money." structure therapeutics down more than 5% today, but shares are still holding on to a near 50% gain since the biotech company released early stage data on its small molecule glp-1 pill last week. joining us now on a first on cnbc interview is structure

therapeutics ceo ray stevens. thank you for being on the show. >> thank you very much for having me on the show, melissa. i'm excited to be here to talk about structure therapeutic and the release last week. >> how are you thinking of the niche that this oral pill will fill? on the conference call with analysts it sounds like you're positioning it as a direct com competitor to the oral offerings that lilly is offering and novo is researching. or a maintenance drug. how should we think of it? >> the drug we created is an oral small molecule. think about ibuprofen, advil, lipitor, your blood pressure lowering medication. these are small molecules and the reason why i emphasize that point is one of the advantages small molecules have is we have the ability it scale, so we can make enough material for more

than 100 million people. today in 2023, only 5 million people are able to get access in the united states alone and so the scaling is really, really important. secondly, in terms of positioning, you know, we look at this as the data that we shared last week was between 6.2 and 6.9% and so we think that is as competitive and we have additional data that showed even better. so we think that we have a potentially best in class in terms of efficacy and that combined with the very low discontinuetion rate, combined with the ability to scale this to large numbers that need it, we think we're in a very good competitive position. >> so, will this be the drug that people will take initially to initiate that weight loss, in addition to potentially taking it to manage weight loss? you're thinking this is potentially how people do the injectable, they use this as a maintenance drug? i'm trying to think of how you're thinking of your total addressable market? >> i heard you say on the show

before, you know, the potential of what we call maintenance phase. there is two phases. individuals, participants will go on the titration phase. your body is not used to taking these drugs. there are things that are changing. so we have this induction or titration phase that is initially done. once you finish that, you go on the maintenance phase, which is longer term, thinking for many, many years. one obvious place that i heard you mention before is the maintenance phase and clearly oral small molecules, oral pill, you know, our positions tell us their patients, they want to get up in the morning, they want to take their pill, drink their coffee and go to work. so, it is very well suited for the maintenance phase. what we think primary physicians, they will also prefer just immediately going to the oral pill option. so really both options exist. people that are already on one of the injectables can stay on that, they already have gone

through the titration phase and can go to the oral pill for maintenance. those that are new may want to start right away on an oral pill. >> we heard from lilly that the phase three readout on it oral formulation will take place april 2025, that's what they're projecting now. what is the next key date for your compound and how quickly can you then get it to market? >> yeah, it is a great question. so, we will -- one of our next key data points is we'll be initiating our phase 2b study. we'll be initiating that in q4 of this year with the data readout at the end of next year. that's one key milestone. the way we look at this is, you know, eli lilly is clearly, you know, first to market with an oral pill. and we actually view this as an advantage. we're able to learn a tremendous amount by having them be ahead of us. what is most important to us is

to be first in class, to be best in class and if you think about the story of the statins, with cholesterol lowering and improving cardiovascular risk, ten years later lipitor came along and got the real lion's share of the market. that was 2006, peak sales over 12 billion. we see ourselves as we see the parallels with the statins stor. >> does this mean you have the ability in the funding to actually go to market and manufacture this? you have the capability already? how should we be think about that part of the equation. >> glp-1s and they're pioneers in the field. they have been trailblazers with

the injectable peptides. we have known they can't scale that to the level needed globally or in the united states. 100 million people need this medicine, like the statins. globally 800 million people. when we design molecules, we thought about scaleability. and so when we made the molecule, we had that front and center. with that in mind, we're able to scale up to right now we have the capability to go to 6,000 metric tons, that's enough material for more than 120 million patients today and so we think that puts us in a good position for having multiple avenues. that's not even talking about combination drugs, you hear a lot about glp-1 amalyn. that's the foundation but almost certainly going to be used in combination with other drugs. there will be a bigger need down the road. >> last quick question, are you

for sale? >> you know, melissa, one thing we always said from the beginning, this market is just too big for us to commercialize ourselves. we know that. what drives us, our passion, what we have above our kitchen sink in the office is making medicines accessible to all. and so commercialization, we know we're going to need a partner for that. right now we're focused on making sure that we can develop this drug as quickly, as efficiently and safely as possible to get this to market. and commercialization, we think we need a partner to really be most successful in accessibility. >> okay. ray, we'll leave it there. we hope you'll come on the show again. thanks for your time. >> thank you very much. i appreciate it, melissa. >> ray stevens, ceo of structure therapeutics. >> sounded like a yes. >> well, partnerships is interpretable, we'll see. after the break, more headwinds for boeing shareholders. disappointing delivery numbers sent shares reeling today. the impact on the trade next. "fast money" iba itw s ckn o.

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welcome back to "fast money." boeing shares dropping today after the aerospace giant announced it delivered 24 commercial aircraft in may, less than half of the 50 delivered in the same month a year ago.

boeing reduced 737 max production in order to improve manufacturing quality following a series of accidents. meanwhile, boeing's main rival airbus announced it delivered 53 commercial jets in may, bringing its total to 256 on the year. >> i'm probably one of the few people and it has been right not to be positive. i think the report at the end of july 24th, you got some time, number one. devastating news out in the stock and the defense and we talked about this, the defense business is being valued at effectively nothing. that's a bit of an exaggeration. my point is, it is not getting its just due. if they get out of their own way, which i think they will, this stock should be back between 215 and 230. it is not unfeasible to think that. i think how horrible it looks now. but i don't think you should run away from boeing here. >> i'm confrlicted on this one. if it wasn't a duopoly, the

stock should be trading at $50. maybe lower. no way to tell what it should be valued at. but airbus is eating their lunch. not only do they need another ceo, they're going to have to figure out what to do with the plane. are they going to scrap the plane, get another plane, what are they going to do at this point? any way you slice, it is more money. roaring kitty, what the decline in the stock could mean for the meme traders. more "fast money" in two. as an independent financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life where we can make the biggest difference. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals.

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welcome back to "fast money." a roller coaster ride for game stop shares today with the stock closing up 22% after falling more than 8% in early trades. shares down 35% in the last three days though after roaring kitty's live stream on friday. what is going on with the options bet? david pool joins us now to break down the action. what do you think? >> well, it is always interesting in gamestop's stock and options. up 20% today, which follows on the heels of multiple 40% plus

moves last week. the june options are pricing in about a 20% move every day. so these are actually normal moves, based on the way the options are priced. now, of course there is heavy open interest in the yolo type calls, very far out of the money calls. those are incredibly expensive. more expensive this time around than january of 2021. but this up 20%, down 20% moves we're seeing are about normal based on the way the options are priced there right now. >> last night, keith gill, you know, disclosed his position, 120,000 of the june next friday expiration 20 strike calls paid about 585 for that, the stock is 30 and change, so they're basically trading like stock. you advise a lot of institutional clients with positions like this. what would you suggest you should do eight trading days out because, again, like you said, there is a lot of volatility, a whole host of things that could kind of have the stock go back

toward that $20 strike. >> so, as you mentioned, he controls apparently 12 million -- sorry, 120,000 of these calls which are equivalent to 12 million shares. add that on to another 5 million shares, that's 17 million shares, that's essentially trading like stock that he controls 17 million shares of right now. and so, contrary to some of the takes i've seen on twitter, the market makers on the other side of these call positions, they're already long some 10 million, 11 million share equivalence. so, there is not going to be some phantom stock that needs to be created if he does go ahead and exercise those calls from how i see it. where i see some institutional investors finding some opportunities on the modest upside. those very far up 50%, up 100% out of the money calls are priced so expensively that the up 20%, which is a modest move for gamestop range is priced atractively and i'm seeing some

investor takes some bets there. >> david, thank you. david pool. i'm surprised every day that this stock goes up by this much and continues to do so. >> story sdoesn't go away. what did they do? 75 -- >> yeah. they had already done some, and -- >> good for them. but how do you think they feel, their stock is now just a -- it is a side show. has nothing to do with their business. that would be for me at least a little bit disappointing that your company is no longer a company, just basically a point of speculation for a lot of people out there. >> if it gives you another life line or two, i don't care. >> i don't care either. >> it is becoming a trading -- not becoming, it is a trading vehicle and sooner or later -- >> all right. up next, final trades.

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time now for the final trade. steve grasso. >> more data centers. you know what we need? micron. >> karen? >> you know, i liked it last week. i owned it for a while. citibank. today, this was just overdone to the downside. still like it. >> dan? >> we have time. >> yeah, we do. remember that internet bubble 25 years ago, two of the names that sat out this whole -- it is pretty close to what is going on here today, cisco and intel. they can't get out of their own way. i think they join the party. >> you like them?

>> hold on. >> guy? >> david's favorite, i don't care if anybody gets mad, palo ghto networks turning back hier. >> thanks for watching >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a premarket and i'm helping you find it. mad money starts now. >> hey i'm cramer, welcome to mad money. i'm trying to make you a little money. my job is not just to entertain but to teach you and entertain. i've been searching for words which