welcome back. we are still awaiting official results of the tesla vote on elon musk's pay package. and adobe is holding onto gains afterhours. >> yeah, strong move. tesla finished the day up. the s&p and the nasdaq both finished at record highs. that does it for us at "overtime." >> “fast money” starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. a rate route. ten-year yields dropping to their lowest level in more than two months as the nasdaq and s&p notch new record closes. will stocks continue to catch a bid and can the dow catch up? and a media meltdown. shares of warner brothers discovery posting their lowest close since the spin-off of a at&t. lus, madrigal pharma shares

trading up after its liver disease treatment was called the biggest bio tech launch in 2024. we'll talk to the ceo about the launch and about competition from the glp-1 heavy weights. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, bonawyn eison and guy adami. the s&p and nasdaq closing at all-time highs. yields move lower on another surprisingly cool inflation report. the ten-year yield dropping after producer prices fell in may. that combined with yesterday's soft cpi report further raising hopes for a fed rate cut this year. we're going to get more on that in a few minutes. but first, we do want to alert you that we have an alert on tesla, votes on elon musk's $56 billion pay package just coming in. cnbc's phil lebeau has the latest. phil? >> and we're waiting, melissa. right now, we're in the stage of the meeting where they're going through each of the shareholder

proposals. there are people who are talking about whether they're for or against a proposal. there was one investor who spoke up about why he did not believe that elon musk should be awarded the $56 billion pay package, which, by the way, is now worth $46 billion, $47 billion, when you adjust it, compared to what it was originally when it was awarded back in 2018. so, after this, what will happen is, they will say, well, the polls are open, the polls are closed, those who are there can actually make their vote. those who have not already voted. and then we expect to get the results, melissa, so do we get it in 15, 20 minutes? remains to be seen. but they are working their way through each of the proposals right now. >> all right, phil, keep us posted. phil lebeau. >> will do. >> we know that the board has already backed this pay actpack. it's the advisory firms that are throwing up road blocks here. what does this mean for a shareholder in tesla? >> well, if it gets it, it

suggests his focus is going to be on tesla, and that should be good for the stock. we had a conversation last week or a week and a half or so ago, two analysts came out, we talked about it, one had a $200 price target, another one had $25. we said they both could wind up being right. and as it turns out, i think that's what's going to happen. the stock traded up to $191 today. i still think it's a challenged company at best, and it's been upper left, lower right for quite some time. along the way, you've seen bounces. and if he gets this pay apackag, that bounce, in my opinion, should be faded. >> i'm going to take -- i'm going to take the same side, but look at it from a different perspective. i don't think tesla really will have -- i think they will really have a crisis if musk were not to get this and to even threaten walking. i mean, clearly, there's a prophetic-like following behind ham him. a lot of people are up in arms

about him being involved in other companies, spacex, x. i think thisboils down to, we should probably resist the urge to hindsight trade. this is a 2018 issue, we can argue about the challenges of the company going forward, but in terms of the kpis and the initiatives in place at the time, from my understanding, he hit those. so, i think we start to play a dangerous game when we allow five, six years to lapse and then we look back, looking to make changes retroactively. >> right that's true. but if you are a shareholder today and not a shareholder then, and all you've seen are losses in your stock, how do you vote? do you think, oh, he ethically deserves this pay, because he earned it. or do you think, i'm unhappy, because i'm losing money in the stock. >> you certainly -- >> i think you can think both. >> go ahead. you can think both. how do you ultimately vote? >> i actually ultimately vote for, because i do think those were -- i think that if the issue with the delaware court, which is -- we don't opine on

how much money he should get, at all. we don't care. we care that the process was kosher. i think if the process had been kosher at the time, he would have gotten this pay package. we want him -- if -- i don't own it, but if you did, you would want him, absolutely engaged, right? but i hate the dynamic of him sort of, you know, holding a gun to shareholders head of, maybe i'll take a.i. and leave if you don't. i don't love that dynamic, but -- one last thing. he is -- he does have skin in the game. >> yes. >> as much skin as you can have in a game. >> being -- >> $46 billion equivalent shareholder. >> he can still take his a.i. and leave, though. if you think about his investments in x a.i., and all these other things that now x is the nice prefix, it seems to go everywhere, nothing would surprise me. this campaign dynamic is something that's been interesting. obviously, the market has -- i

think voted in favor of elon here and historically, 80% of the retail consumer that -- the class that owned tesla are always voting in favor of elon. has he lost a little bit of that magic? i think so. and as he's gotten for political, if you have to overly define and assess the tesla investor base as being a particular way, he seems to be moving a slightly different way. but i think it comes down to -- to me, what do you think about the company without elon musk? and not because he's going to leave or stay, but really to truly look at the fundamentals. tesla always traded at a premium to its fundamentals. it was a tech company, it was elon, it was this, it was that. the question now you on some level, is that holding the company back? and in my view, as somebody who has been bearish on tesla for a long time, if you could neutralize the elon factor and look at tesla, the company that has margin pressure, that has a competitive landscape that's changing, china issues, but at some point, you've had a lot of

bad news priced in here. to me, elon is actually -- and the tesla buzz and the tesla intangibles that always allowed people to throw whatever target they wanted on this stock, i think that's now in kquestion, where as tesla, the car company is actually kind of interesting and getting kind of interesting, based upon the fall it's had and still the leadership position it has in ev. >> i think that's a great point in that we are approaching a much more political time of year, as we approach the election, and who knows how political he can be and also the role that x -- >> very. >> x may play in this election and will that ultimately be a negative for tesla shareholders? >> in the form of people potentially not buying the cars because -- >> not buying the kashgcar, beio conservative -- >> fair enough. i'm sure that will be out there. i'm not sure that's going to be a factor, but fair enough. and the pay package stuff, one of the biggest shareholders, he said last week on "squawk box" that he was absolutely for the pay actage. i think kathy wood today said similar. he base case, i think i got this

right, was $5 trillion market cap for tegssla. didn't necessarily know how she gets there. i'll say this, to tim's point, yeah, i mean, at its core -- the problem, of course, is valuation is now in concern, because of the margin pressures they've been facing. so, when things were great, and they enjoyed those margins, everybody was sort of onboard. now, when margins are basically at legacy auto levels, people are starting to examine this. and i think that's why the stock will continue to be under pressure. >> knowing that the fed is going to start cutting rates, doesn't that help? weren't there complaints that, you know, it costs too much to borrow money to buy a car and that was certainly hurting tesla sales, and so, with that sort of going away, does that help at all, do you think? >> it certainly doesn't hurt. i'm just not sure if that's a large enough catalyst. for one, i think we're going to get one, maybe two cuts and i don't really think that's enough to really spurn along -- >> isn't that the same argument for almostanything? >> well -- >> i don't think the market is

saying, oh, now i think the fed's more in play, i can buy auto companies, i can buy home builders, the housing sector is something different. >> yeah, clearly, i think it plays into durable goods, and i think tesla falls within that bucket. sure, i would say modest positive, but back to tim's point in terms of how you are valuing this company, if you are really looking at it as an auto play, yes, i'm exactly with him. but i think the core thesis around this company, especially now, is the autonomous driving, is the artificial intelligence, all the other extra offerings that are leading up to its valuation, which i think is either undervalued, if you think all of those things are still coming and it's a new secular trend, or grossly overvalued if you are looking at it as a traditional auto play. >> we're just getting word that the shareholder vote has closed and they have ratified his pay package. we'll get more details as we have it, but the pay package is a go. >> the court needs to ratify.

i think they will. >> so -- >> package equal, you know, equals elon happiness equals, you know, who really controls the assets. and it gets back to, yeah, as much -- now he has the power, he's cemented his ability to do whatever he wants, really. so, you know, that's something that i think on some level is -- maybe there's as big of a risk as there's been, because he's in a position to do whatever he wants. he's getting paid. he doesn't necessarily have to guarantee -- >> so, more risk that he -- >> possibly. >> takes his ball and goes home? >> now that he's guaranteed to have the profits and the profitability here, he, you know, he can do whatever he wants. >> i do come back to, though, he does have a lot of skin in the game. to the extent that he says tesla, i don't really care about you anymore, he's going to take a big hit personally. >> sure. >> so, i think that alone maybe -- he's elon, he can do whatever, but i would think that's a reasonably large incentive to continue to work hard for tesla. >> tim brings up -- i didn't

think of it that way, but the professional athlete thing. once you pay a guy or a gal -- mostly guys on the mets team, they get lazy and they basically start to mail it in, so, it's interesting. but to your point, he still has a lot of skin. so, it behooves him for the company to do well. with that said, i think, if this rallies up to that $200 level ish, which could happen, sell the stock. >> media stock reaction was up 1.5%. we're dropping a little lower than that, up one plus. let's get to phil lebeau with more details. >> melissa, the man of the hour, elon musk, at least man of the hour for the tesla shareholders at the company's headquarters in austin, texas, is about to take the stage. will probably be doing some q&a at that time. that's the expectation. shareholder proposals in question including the approval of his $56 billion compensation package, or $56 billion in 2018,

roughly $46 billion, $47 billion today. that has been approved, and no surprise, given the fact that these are shareholders at the company's headquarters in texas. there was a huge applause when they announced that, also a huge applause when they announced that the company has -- shareholders have approved reincorporating from delaware to texas. so, again, we will be hearing from elon musk shortly. they did not give vote perc percentages, so, we don't know by what margin both of these proposals were approved, only that they were approved. and with that, i'll send it back to you. as soon as we hear from elon, anything ofnote, we'll let you know. >> phil, thank you. te t let's get back to the markets now. may's producer price index pulling back 0.2%. that print sending treasury yields falling with the ten-year

now at its lowest level since early april. and helped the s and p and nasdaq set a new round of records here. the rest of the reaction of the markets, though, i mean -- it didn't really make much sense. >> yeah. very odd. the bond move, i guess makes sense. and it's interest, we had the call at 12:00, 12:30, we had the conversation about the treasury auction, and it was very good. and yields took another leg lower. so, that argument that i've been making, at least the last couple auctions, is not holding any water. i still think yields probably start to continue to go higher. so, yesterday was an interesting little late-day reversal in terms of yields, today, obviously, bond market went up, yields went down. but i'm still one of the few people out there that think the path of least resistance is higher. >> small caps were notable laggard in today's session. home builders didn't react to the fall in yields. >> yeah, i was surprised. a number of things that would be rate sensitive, a lot of related things to home builders didn't react particularly well. you know, yesterday they had a

very good day on similar news, right? cpi, instead of ppi, but i think it's out of steam. and so, the bull market is just narrowing and narrowing, which, i don't know, it starts to be a scary-shaped chart for all of the particularly -- today, i bought some puts in nvidia, which i just felt like this run is just extraordinary and i happened to be long-term shareholder, so you can buy puts and not trigger it -- keep your long-term tax status, but -- i don't know, that chart is just -- straight vertical. >> from may 22nd, you've essentially seen all relative performance of everything other than the nasdaq and the s&p go straight down. and i mean the dow jones. and i mean small caps. small caps are down on the year, or effectively were intraday today. you've had a real outperformance, not only of the s&p, but obviously of the nasdaq, and what's fascinating is that actually we were

starting to get some breadth in markets, we were starting to see global markets. global markets have also hit the s skids. it's been a really difficult week. so, it's, to me, a case where, you can -- you can make an argument that this is the green light again for megacap tech. and now we had it in semiconductors. today, the nasdaq closed at a fresh relative all-time high to the s&p. that's important, because it wasn't making relative highs. it was making lows. back to jan '24 is the last time we made a refresh relative high. then you can take it back to the summer. with apple now a horse that seems to be back in the race, and what semiconductors are doing, and the fact of the matter is, this is something that i think is very good news for the market. slower growth is great for the top ten largest tech companies in the world, at least from a market perspective. >> yeah, i tend to agree in terms of leadership shift, or leadership continuation in that very concentrated group. i was very surprised to see both vix continue to trade down and

us seeing the more rate sensitive sectors, particularly small caps, part of my digs trade, under perform. you would think that some of those things would kind of -- >> sorry? >> digs. digs, acronym. >> we give a lot of time to blicep -- >> we had to clarify. >> small cap continued und underperformance is pretty con con concerning. with that said, i would show the first three months of this year versus the last three that we've gotten, two completely different sides of the coin, from the inflation data. so, i still think the market, perhaps, had pulled forward all these rate cut expectations, and now, yes, there is some follow-through, but you continue to see a push and pull in that inflation data, and until the fed gets an extended period of observation, of the trend going one direction, i think -- it's tough to get in front of that any further. >> you mentioned the russell. iwm can't get through 208. and the transports, you know, it

bounced, i think, on lyft and uber the other day. still, though, that's been -- the lower trajectory now for quite some time. and then throw in the kre, which bounced slightly last couple days, and it's right back lower again. i mean, the regional banks, one would think, should get some relief with rates going lower, and they're not seeing it at all in terms of the stocks. >> i don't think you're excited to see a declining ppi, just to be clear. i think, you know, some of the trades that are attached to that are, of course, miners, resources and what not, they've had a really difficult couple of days. but when china has declining ppi, that's bad news for that economy. now, we're not a big industrial company anymore, but to the extent that we don't want to see the price inputs fall apart, i know that sounds counter to the inflation argument. but we're getting balance coming from the labor market and services, which is what we need. so, i'm not sure i want to see ppi fall out of bed here, and i think the fascinating part of what we've had over the past

couple days, you've seen interesting job data that is telling you you're getting a little bit of a sweet spot for now. we have a news alert on openai. kate rooney has all the details. hey, kate. >> hey there, mel. so, openai is adding a new board member to help beef up its cyber security efforts. paul nakasone, a retired army general and the longest serving leader of u.s. cyber command, also was the director of the nsa. he will also join openai's new safety and security committee, which makes security recommendations to the board around openai project. in a statement, the company says his appointment reflects openai's commit. to safety and security and underscores the growing significance of cybersecurity in this landscape. it does come after a major corporate overhaul, openai's board, of course, was made up largely of academics when sam altman was fired last year and was reinstated. those early board members were replaced with more expierienced

executives, including larry summers. mel, back tow. >> kate, thank you. coming up, trump on the trail. the former president holding a private meeting with u.s. buzz leaders today. the role bitcoin might play in his re-election bid. that's next. plus, afterhours action in adobe. the software giant on the move after its latest results. t cnumbers and the headlines fromheall next. more "fast money" in two.ed to whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪♪ ♪♪ ♪♪ chewy, a citi client, uses citi's financial expertise to help drive its growth and keep its supply chain moving, so more pet parents can get everything they need... right when they need it.

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welcome back to "fast money." former president donald trump making headlines today after meeting with u.s. business leaders and republican lawmakers. trump covering everything from bitcoin to eliminating the federal income tax with his latest stop on the campaign trail. emily wilkins joins us now with all the details. >> me lis is a, trump covered a wide range of topics, and some of his suggestions are already raising eyebrows. in a meeting this morning with house republicans, trump proposed an all tariff policy that said could lead to getting rid of the income tax. now, just to be clear, this is just an idea being thrown out there, but it is in line with trump's push for higher tariffs. and this includes using tariffs to leverage negotiating power with bad actors. it comes as republicans are preparing to update their signature tax law before major provisions expire in 2025.

trump also speoke with lawmaker and the ceos on eliminating taxes on tipped wages, and bringing the corporate rate down to 20%. and it wasn't all policy today. trump turns 78 tomorrow. lawmakers on the hill sang him happy birthday and served him a cake with the numbers 45 and 47 on it. >> so, he's hoping that by eliminating the individual federal income tax and he can offset by raising tariffs? that whole bucket? >> that is the proposal that he has put forward. now, i think there's some lawmakers that seemed very interested in it. for a lot of lawmakers, they think that is a step too far. they want to see the individual income tax reduced. obviously they raised that deduction in 2017. they want to make sure they are continuing that. and something that you're going to hear from a lot of republicans, hey, last time that we held the house, the senate, and the white house in 2017, we were able to lower taxes on

individuals and businesses, and if you elect us back, we will do it again in 2025. >> all right, emily, thank you. emily wilkins. um -- very interesting proposals here, and the question is, will it -- eliminating federal income taxes, reducing corporate tax, will it stick late the economy enough to afterset the idea that we will have to raise a lot more money elsewhere by doing other things like, perhaps -- >> i -- the presumption is this is a theoretical dynamic to again have leverage there. to equate income tax on an individual level against, you know, the potential tariff income -- ah, not going to work. at all. everything that you hear, though, is budget unfriendly and inflationary. and these are two places right now, we've just -- you know, we're doing our best to tread water. and all we do is talk about the impact on treasury yields from just the credit fundamentals of our country, so -- hate it from

a credit perspective. >> totally agree. i mean, it used to be republicans were a party of fiscal, you know, conservaconse. >> baoth parties. >> it's getting to be later, so, yeah, anything that's that budget problematic, i don't know -- >> he's running for president, though, we all understand that -- >> this is -- >> promise everything. >> absolutely. and he's embracing cr crypto- crypto-currency, something he railed against, i believe, many years ago. he's smart to do that. you're going to capture a certain demographic, that millennial vote is really going to embrace that, so -- you say what you want to say about the man, i mean, in terms of the political side of things, he does very bright things in his attempt to be re-elected, so -- that's -- it is what it is right now, and a lot of people are going to run with this tonight on the news. >> yeah, i mean, the protectionism definitely leads to inflation, and then the onshoring of crypto mining, to

me, wipes out everything that underscores what bitcoin is, which is supposed to be a separate store of value. so, now to have that correlated to the u.s. dollar, you really worry, if the people that are championing that run for the hills, if they see that no longer being decoupled and independent. coming up, adobe headlining today's afterhours action. we'll go inside the software giant's latest results and bring you the highlights from the call. plus, warner brothers discovery and paramount plummeting. and elon musk is speaking after the tesla shareholder vote. we are monitoring the event. we'll bring you all e th headlines as they come. more "fast money" in two. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number...

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welcome become to "fast money." we've got an earnings alert on adobe. shares rocketing higher after the company reported a beat on the top and bottom lines. pippa stevens has the latest. >> hey, melissa. expectations were low ahead of the print, thanks to weakness from other software companies. shares down more than 20% year to date. revenue for adobe's experience platform, which is its enterprise product, rose 9% year over year, with the company lifting its full-year guidance. that's helping sentiment, given

that adobe has talked about a better second half. now, the call kicked off just a bit ago and a.i. was mentioned almost immediately, with management says it is being natively integrated across all their offerings, saying they are seeing early success monetizing new a.i. technologies across digital media. for much more on the quarter, adobe's ceo will join jim cramer at 6:00 p.m. melissa? >> pippa, thank you. a.i. and monetizing. the magic worlds. up 16%. >> historically -- pre-fed rate hikes, this was a stock that was lower left, upper right, until they reported earnings and we would talk about it. the stock would trade down 7%, 8%, four, five days later, making a new high. the world changed considerably, and pippa just said it, the setup was interesting for it, and it sold off significantly with all that said, i mean, now it's trading at 28 times next year's numbers, but the eps guy,

it was $17 to $18, it guided $18 to $18.20. it's not that great a guide to get a 17% move in my opinion. yet here we are. >> i think this is going to be much better than that, so, what we've seen in nvidia and broadcom and -- but it's interest, it gives a little boost to the enterprise space, which really has been under pressure. you know, i think servicenow is up 3%, salesforce up maybe a percent, just a bright spot in what's been a difficult run for the enterprise space. >> as you mentioned enterprise and a.i., those are the magic words right now. i was definitely negative on this stock going into the print, and to me, that was really an indication they were looking for outside collaboration to drive innovation going forward, so, i really do think that sentiment was just so negative that there really wasn't much that would say that was going to drive the

stock lower. on a go for it basis, i still have concerns. >> they needed to have a clean beat, and they did. and i think the debate around the creative cloud is there, but i liken this to oracle. this is -- this is -- and again, you talk about the native dynamic of this, kind of like, yeah, we'll get there, all going to come from internal. i think there is a major difference between a.i. and what's going on in the enterprise, and the marginal spend on software, there are the haves and the have nots. i think the market's still very undecided about adobe. kind of hard to say that about adobe, which has been a software player for a long time, but this tells you where the bar was and you have to be careful about chasing right now. coming up, streaming and crying. paramount and warner brothers discovery tanking today as a pair of board room brawls shake up the company. recent media stock weakness, next. reality is setting in for a host of pharmaceutical companies as glp-1 drugs prove they can meet more than obesity and

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elon musk's comments after the shareholder vote. phil? >> he's in vintage elon mode, melissa, which means he's riffing, enjoying himself, why not? his pay pack anage has been approved. if he actually gets it, a different question. but a couple of subjects that he touched on, one of them involves robo-taxi. we know they're going to unveil their vision of robo-taxi on august 8th. but elon said today that the unsupervised autonomous driving technology is accelerating very quickly, and he says if you just follow the curve, its natural to see where it is headed. he also envisions a day where if you are a tesla owner and you decide that you are going to put your vehicle into the robo-taxi fleet, he says it will be like an airbnb. you can do that. and he says the revenue that tesla owners will get from making their vehicles part of the robo-taxi fleet will far

exceed the monthly payment for a tesla. and then, there's the optimist robot that they are also working on. he believes that that market, the humanoid robot market will ultimately be 1 billion of those being built a year. worldwide. not just by tesla, but worldwide, and tesla could have 10% of that market. how much would it cost? he said off the top of his head could cost maybe $10,000 for them to build and he said, we probably sell it for $20,000, we'd make a billion dollars. so, those are just a few of the comments from elon musk. granted, these are all him on stage, no formal presentation where he's outlining costs, profits, et cetera. but it is vintage elon, as you would expect, at a meeting like this. >> i love it when he prognosticates based on basically nothing, i mean, we don't know what a monthly payment would be for a tesla

owner, we don't know how much one would make. we don't know how much rides would cost, and yet, it is enough, or will be enough to offset the monthly payment, sail thing with the robot. we don't know if there's a market for $20,000 robot, especially when we don't know what the robot can do. but those are just my questions, no big deal, right? >> one other thing that is tangle, they are shipping 1,300 cyber trucks a month. per week. so, extrapolate that over 52 weeks, you are not going to get it every week, but something like that. you can see that they're probably up there in that 70,000 annual run rate in terms of shipments. >> all right, let us know if he talks about the low cost car, phil. i think that's what people want to hear about. thank you. >> will do. meantime, media stocks under pressure. paramount down another 7% today after shari redstone of national amusements halted merger talks earlier in the week.

warner brothers discovery down as it sells majority stake in formula 1 racing. and comcast closing down nine days in a row. that is its longest losing streak since 1996. for more on the media meltdown, let's bring in barton crockett. i want to start off with paramount, because everybody is sort of wondering, what can paramount do at this point, and what does that imply about the value of other assets in the space? >> you know, it's really interesting. i think that the answer at paramount is pretty straightforward. if you were to break the company up, sell it, the stock could be worth a lot more than what it's trading today. you know, we had a sell rating on both paramount and warner brothers for two years, up until downgrading in march, and it's great sell rating was down 70% for both of us. since then, the stocks are down 11%, so, maybe we're a bit early, but -- you know, we covered our short, because we did think that the sale talks were building up momentum, that

something was likely to happen and it was too easy for paramount to kind of claim a value benchmark that would then be constructively construed for warner brothers. what's happened is that with victory in our grasp, you know, the redstone control structure there, they've kind of dropped it. but that could come back, i don't know that you ever say never, and i do think that the future for media companies is a breakup. i think that the content, the sports go to internet, if they sell now, they can get some value. and then the tv networks and the tv stations are run by vulture capitalists for cash flow. you know, if you do those type of scenarios, you could argue that paramount stock could be a double from here. you know, if you look at where they're trading right now, the stock is wdiscounting. we'd argue two times cash flow for the tv networks. the comparables in broadcast are trading at, like, five times. nextstar, fox. they would be worth a lot more if they just sold off the

content and trade it as a broadcaster. >> hi, it's karen. thanks for being on. so, when you do your paramount sum of the parts to come up with a number, how do you -- what value do you give for shari redstone's shares versus the -- what ratio do you use? >> you know, wheat i was talkin about there was not talking about who gets the equity upside. their shares are about 10%, and they were getting a huge premium in the talks, you know, so, maybe they get 20% of that equity value, but you know, i think the bigger picture here is just the kind of buried value in their, you know, broadcasting business, just relative to the peer set. you know, it takes courage to kind of break it up, and the redstone family, you know, and shari haven't seemed to want to do that. so, that's why we're at a neutral and not more constructive. if they had, you know, the courage to kind of take that step and embrace the future as it is, i think there could be a lot more money in everyone's

pockets. >> barton, let's talk about sports. and i know you -- first of all, you have given us some notes here that -- your reference once again that joey chestnut is on our show, than is actually exactly the kind of stuff that netflix should be doing and is doing. i guess i'm interested in the bigger picture of network tv sports, and where we see the forces of amazon, where we see the forces of apple, who obviously have -- have dipped in, but really have not gone aggressively yet. >> yeah, that is going to change. i mean, i think generationally, big sports, big content, is moving to the big tech platforms, which have built a better mouse trap. and, you know, that funds their rollup of more rights, so -- you know, so, amazon started by picking up thursday night football from fox, something where fox was losing money and amazon's talking constructively about it, even though they don't have a big pay tv affiliate

structure to subsidize that. looks like they're picking up nba from warner brothers. you know, i think that the big platforms are really going to be getting more and more sports, and i think that that is why these are mature businesses, the pay tv network, the pressures that we see now, will accelerate as they lose more sports, and that's why i think, you know, people like paramount, the weaker players, you know, they should probably exit sooner rather than later. >> bart, we have to leave it there. thank you so much. >> okay, great, thank you. >> barton crockett. coming up, sizing up the competition. the ceo of madrigal pharma is talking about how they're battling liver disease. that intervi wn asmoy"ewhe"ft ne returns.

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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. visit findyourindependentadvisor.com welcome back to "fast money." madrigal pharmaceuticals ss surg 30% over the past month even as competition in the mash liver disease treatment space could be heating up. madrigal's drug to treat obesity-linked liver disease was the first in its category to be fda approved in march. glp-1 weight loss drugs could

eventually be used to treat the disease, as well. for more on competition amongst mash treatments, we're joined by madrigal ceo bill sibol. you're back from europe, where a lot of data was presented at the liver conference there. eli lilly did preserve its findings as it relates to mash, and i'm wondering how you can talk to us about how it stacks up, and whether or not you're concerned, because you are already on the market, so, you have that advantage, of course. >> yeah, that's right, i mean, i think the thing that we have to think about with nash, mash, incin k incredit incredibly high-end need. and we are fortunate that we were the first to be approved by great product profile to address this unmet need. the meeting in europe last week was a very busy meeting. there was data, certainly, that was released, but for the most

part, the lilly data was early stage, small numbers of patients, that still needs to go through rigorous phase three trials to really see what the affect is. now, you know, these patients that -- that we are focused on have moderate to advanced fibrosis, which means that they are 10 to 17 times more likely to die of a liver-related event. so, these are patients right on the cusp of becoming -- developing cirrhosis, and you need a therapy that is specifically designed to address that problem. and that's what we have. >> you stated that your goal was to have this drug covered by 80% of commercially covered patients by year-end 2024, which is coming up. i understand there are many decisions coming up in the next couple of months from insurers. how is that shaping up? and what have your conversations been like with insurers? coverage is going to be key to

this launch. >> right. on the q-1 call, we announced that we had about 30% of co coverage at this point, and the goal is still 80% by the end of the year. we feel we're right on track for that. the discussions that we've been having have been incredibly productive and we're working closely with the payers, and with the patient associations and physician communities to ensure there's access. >> so, you think this launch is completely on track? because that's what analysts are laser focused on when it comes to the move that we've seen in the stock recently, that it's all about this drug, they're not too concerned, actually, about glp-1s right now, because of the head start that you have, but they need that launch to be on track. is that what you're telling wall street at this point? >> yeah, that's right. and our q-2 call, we'll pride more statistics about how the launch is going, but all the fundamentals, and i think that's a key reminder to everybody who is thinking about this space, you know, this has been the graveyard of drug development.

there's been 20 products that have failed, trying to get approval in mash. we're the first one through. and one of the things that is so kind of reassuring to me is the profile, the product. kind of the holy grail of product profiles in the pharmaceutical industry ever since i've been in it is a once a day pill. and there aren't too many that make it to that. and that's where we're starting as the first product in this disease, so -- fundamentals are great. we've hired an exceptional team for the launch. all have experience in building megablockbuster products, so, wwe feel we're ready. and we'll have more in q-2 about that. >> sir, wolf research just put out a huge report, $382 price target, and they obviously do their work. first quarter, you reported a billion dollars in cash and cash equivalence. my question is, what kind of runway does that give you? >> well, we feel it gives us the runway to execute on this launch

for a number of years. 1 you know, it also depends a little bit on how else we choose to invest. clearly, we are excited about this drug, we are conducting additional trials -- a trial that we have ongoing is in early cirrhosis which is an even larger unmet need, and we think that opportunity could double the size of the market for us. we're also interested in expanding our pipeline. while we think this is an outstanding product that will help a lot of patients, we want to be a leader, and to do, we have to offer other solutions for patients. >> bill, great to speak with you. >> thank you for having me. >> madrigal pharma. all right, coming up, a diamond in the rough. shares of signet jewellers seeing its worst day since the depths of the pandemic. ket one of the traders feels li it could be a good opportunity to try a little bling on. that's when "fast money" returns.

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so you don't have to compromise. powering smarter savings. powering possibilities. zble welcome back to "fast money." shares of signet jewelers tanking. issuing light guidance. management noting there's still pressure on the consumer and discount activity has been heightened among many jewelry

participants. the stock down nearly 15%, its worst day since june 2020. karen, trying it out a little bit? >> yes, dipped two toes in, actually. it started out okay, and then on the conference call, they talked about some pressure on margins, and that they are prepared for pressure on margins in the second half of the year, but they also said that was built into their guide dance, so, people kind of flipped out over that. and it has been promotional. the quarter wasn't great, but they threw out the quarter, started to do better and better. i didn't think it was terrible. the balance sheet is in fantastic shape. maybe the eps has helped a little by them doing a buy-back. so, if that -- you have the cash to do it, okay, good. i just think it's too cheap to have a good balance sheet like they do, the business is improving, okay, i understand maybe it's a little bit promotional now, but you know, i don't know, south of nine times earnings with a good balance sheet -- had to buy some. >> they talk about the consumer

being under pressure. what sort of consumer, you line up the consumer with another retailer, what sort of consumer would that be? >> one thing i want to add, this thing about -- there weren't engagements during the pandemic and after, it takes awhile for -- >> there's a lag. >> yes. so, there is this, you know, pig and the python and it's starting to come back, and that's very important for them, engagements are coming back. >> it makes sense. it totally -- >> makes sense. >> it does. if you think about it. >> it's -- yeah. >> but they have enough different kinds of brands. >> yes. >> yes. up next, final trades.of it of 7 moisturizers and 3 vitamins. for all your skins, gold bond. ♪ in any business, you ride the line between numbers and people.

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rgz. final trades.

tim? >> taiwan semi. >> karen? >> signet. >> bonawyn? >> nike. it's starting to base here. >> guy? >> see, you don't have to be that quick. >> slow it down. >> you're going to see ron howard tonight. i don't know if i'm doxing you or not. guy biogen. >> "fast." "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" startsnow. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to make you a little money. my job is not just to entertain you but educate and teach you. call me 1-800-743-cnbc, tweet me @jimcramer. people, we're losing some themes and that's causing trouble for this market even as the averages were basically flat