any top line impact, just how well are they doing at driving efficiency >> and we're going to have to see what they say in "overtime" time freight market has been soft, but transports were the outperformer in a mixed day for trading today. >> yes, indeed >> that's going to do it for us here 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 e decoupled? but the broader market holding up, as energy and utilities go higher does this put an end to the argument, so goes nvidia, so goes the market? plus, a boeing bounce. the government reportedly urges the doj to bring criminal charges into the giant and later, shares of alnylam pharma up. the ceo will join us for an

exclusive interview to talk about the drug and what this all means for the company. i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- tim seymour, dan nathan, guy adami, and savita. welcome. >> thank you >> and we start off with a third day of massive losses for nvidia sliding 7% today the biggest drop since mid-april. worst three-day decline since december 2022. it is now down 16% from the record highs hit just last thursday, shedding half a trillion dollars of market cap in that time today's move dragging down the rest of the chip sector. all seeing outsized losses but the rest of wall street seemed to shrug off this weakness the dow gaining more than 260 points, while the s&p 500 closed around the flat line so, this fear we had that the break in nvidia would take down the entire market, is that turning out to not be the case

guy? >> one day does not a trend make, melissa, as you know but we flagged this last week and we talked about how it looked like something we saw in march and it took about a month-ish for the broader market to then subsequently catch up to the move to the downside in nvidia frankly, i think it will be a little quicker this time 16%-ish over the last few trading sessions, probably a little more room to the downside the market's going to start to catch up now, the s&p, as you mentioned, not a big day. the dow was the reversal of the entire thing and there is a rotation, but at some point, you know, if you continue to see the weakness in nvidia and the subsequent, you know, the -- nvidia, what's the word -- >> adjacent. >> like dell and -- >> going to have an impact on the s&p without question >> dell's down 20% from its recent high. it's another name we were tracking closely supermicro it made it out of the small caps, got into the large caps in a short period of time i don't think i've seen that in my career, where we've seen that kind of move that quickly. that stock's down 25%.

never even got near its prior highs from march, that sort of thing. and so, some of these adjacent names are not acting particularly well. i think a lot of enterprise software acts really poorly. there's some consumer internet that acts badly. fintech acts badly so, if you think about the customer concentration that nvidia has, 40% of their sales come from some of the biggest a.i. sort of names, if you're thinking about it, google, amazon, meta, and it's microsoft. at some point, those names will continue -- or, they will play catchup to nvidia, if it continues to go ower >> are you worried about the rest of the market rolling over? >> not worried we're at 5400. that's our target, which is a little bit lower than where the market is here and the reason we're not raising our target is it feels like this is a pretty healthy level. i think there could be a little bit of a shakeout, a broadening of the market, but some give-back, you know, in megacap tech i think what's happening now, because we're heading into quarter end, the first half,

we're moving into a very potentially volatile period with the election coming up i think that part of what we're seeing now is just taking in bets, kind of neutralizing exposure and that's where you see some of the crowded momentum winners maybe give back a little bit. >> the average target on the street is around where you are, so, maybe people are expecting that this level's healthy, and you know what, time to lock in some gains. >> yeah, i think there was a pull-down, over 560 vatstrategi, where 5600 is where people are you talked about the market, not talking about nvidia, is great for the market let's be clear i don't hear anything here that's a problem narrowing breadth in a rising market is what we should be fearful of why isn't a day when you had rotation into banks and energy a great day? so, when you've had a 15% move or 16% move on an intraday high on thursday, it's come back. it had to.

i mean, it look at the dynamic where before that move, i probably said on that show wednesday or thursday or tuesday last week, the dow's underperformed the s&p by 1400 basis points this year and it's an s&p that had two-thirds of its return profile coming from nvidia it's not really quite, but the math is, in terms of the weighting and the move and you can kind of extract it out, and that's where you get to. i realize that markets have had a good run the more important dynamic is that the s&p is up 11% from april 19th like, that's what should have people, like, hey, s&p shouldn't be doing this, even though the nasdaq, the top six, not even the adjacents, talking about everybody other than tesla, so, the magnificent six is 40% of the nasdaq, so -- >> dan, by the way, welcome back >> where was he? >> he was abroad in europe. >> and now he's a dude that was -- >> taylor swift. i'm a swiftie now. >> oh. >> why can't you just be happy for what we have, dan? >> that's fine

the russell 2,000 can't get out of its own way reenl nall banks can't get out of their own way the iyt, guy's brought this up, talking about the transports, have never confirmed the new highs in the s&p 500 the nasdaq, to tim's point, outperformed from the april lows, it was up 17%, the nasdaq composite, versus the s&p, up 10%, 11% we've seen, when we got into quarter end q-1, we saw a pull back in the april lows, when the happened, nvidia went down 23% think about how much higher nvidia is right now, think about how much higher that fab five is right now, so, tim's talking about a narrow, and then this breadth, but energy stocks, they had a good couple days they don't act well. >> well, it's one day. so, i'm not even here to tell you that breadth is back if we're looking at the market, saying, oh, boy, what happened well, there's a couple of things that happened, if they continue, i don't think are bad at all banks, energy, and utilities should participate

i am overweight those places, relative to their market weightings, for my clients and also just outright, because i think the valuations, those are places where i think we can defend what's going on >> i'm going to get into your head for a little while. >> uh-oh >> it's kind of roomy. it's not just a pull-back from highs, but it was the way they pulled back, and it was broadcom and nvidia, the two leaders in the a.i. chip sector, that did the same thing on extremely heavy volume hit a record high, then pulled back and closed basically at the lows of the session. >> when you see -- we mentioned that last week karen's point was, the nvidia move, just got us back to where we were a few days earlier, and techn technically, she's right but it's the way you get there when you see reversals of the magnitude that we've seen now in nvidia's case, you have to take notice, and as i said earlier, it took awhile for the broader market to catch up, but it wound up catching up in a meaningful way by the middle of april i think it's going to be faster

this time, and maybe that is a healthy thing, but again, you got to watch, because banks alone and energy alone, they cannot nearly make up for the ground that you could pote potentially lose in the tech trade. >> if you are a believer in a rotation, is a vie that, where would you put your money if you pull it out of tech? >> i love banks, i love energy my favorite size and style box, this is where i have super high conviction, large cap value. this is where i think we will -- we want to go. this is going to start to work in the second half of this year, which is essentially now, and i think that there's an argument to be made that banks and energy in that large cap space are the new high quality areas of the market that actually have, you know, supply discipline, banks are delevered, they're the only lending channel left around after the regionals and private equity and private credit have

extended all the loans so, i think this is the beginning of a trend where large cap value, dividend yield, all the stuff that worked today is going to kick in and continue to lead the market. and i have a lot of different reasons for this, which hopefully we can talk about as the show progresses, but that is my highest conviction call >> so, i obviously think the same thing, and just pointed that out, but is that what happens when you have a market top? because if you think about these -- the weightings of the sectors we're talking about, they're inconsequential on some level. i think it should be 10, but probably not in the next five years will it be and even though it was 16 back at its peak, so -- agree that low pe stocks, i read your work, we always read your work, it's great, they tend to overperform over time. but if you think about some of this outperformance is coincided with market peaks. and the way the markets are structured >> i don't think we're at a peak, though i think that maybe we see a little bit of a correction, but you know, all of the things that typically happen before the

market peak haven't necessarily happened this time around. we haven't -- we haven't seen, you know, consumer confidence get to those super crescendo-like levels, we haven't seen positioning get really aggressive, we haven't seen -- i mean, we've seen some signs, momentum feels a little bit topee,py, but i don't feel k all that money has gone into equities and it's over >> you mentioned large cap value, there's not a lot out there, when you think about it, pharma doesn't look particularly valuish, if you are looking at an eli lilly, it's definitely at the heels of a huge megatrend. i look at banks, i got to go back to april 12th, okay, whenr1 reports, that stock went down 6.5% jamie dimon was cautious about the consumer, a lot of things going on that stock gapped down 6.5%. filled in that gap quickly and now it's higher, but i wonder what's going to happen when we get to two weeks from now

whatever it is, and we hear from the big banks -- i don't know. it doesn't feel particularly great right here, right now. >> well, you know, some of the banks are more expensive and some are cheaper and i guess i would go for the cheaper ones. but i think that, you know, we heard this caution around the consumer story for a really long time the consumer is, like, right on the precipice of breaking every week, and there's a new story about why the consumer's weakening. meanwhile, delinquencies are just starting to tick up from all-time low levels, right i mean, when you look at the chart, the consumer looks like they're getting a tiny bit less healthy, but from incredibly healthy levels, so, i look at data around the consumer moderating, and i think, okay, this is just coming off those covid highs, and things are actually pretty good consumers are maybe shifting from services to goods, or, you know, maybe, like, buying fewer boats, selling their boats that they bought during covid >> i don't have a boat, tim.

>> i mean -- cutting back on the boats, guy >> you got to cut back i mean, now that you've taken me down this road, there's the saying, the two best days in a boat owner's life, the day you buy it and the day you sell it >> the more you know >> play that graphic large cap value. exxonmobil, half a trillion dollar company, chevron, $300 billion company, trades less, so, energy is still the place to be. let's stick with banks here. developing story for the sector. the stocks getting a bump today with the money centers and reej gnat regionals jumping. according to reuters calculations, regulators would require banks to increase the amount of capital they hold in case of energy by 5% rather than the 16% originally expected. the fed telling our steve liesman it hasn't made any decisions on the new rules and it's not targeting a specific range, but we saw a lift midday

on these headlines and that would be a good thing for the sector you so love, savita >> absolutely. i think, you know, the yield curve steepening, banks getting a little loan growth, this is all -- this is all a good period >> look, banks have had a target on their back, really since the great financial crisis i'm not saying it's off, and i'm not saying it wasn't deserved. there's no question that too big to fail for a reason, but if you think about the balance sheets here, and how they have been buffered and the dynamic of capital give-back, i think is spr important. i also think about, you know, citi bank, the cheapest of the money center banks, a bank i'm long, the services dynamic of their business and the growth you're seeing is part of where that bank is rerating. so, cost from a.i., all that, you know, year of efficiency and savings that other people are getting, they're getting a little credit for, but the services business is really important. >> citi is trading $61, book value is $99, 80%, i can do that

math, it's an $80 stock. there are certain banks that are cheap right here. the japanese yen touching its lowest level against the dollar since late-april. let's bring in kathy le for more 160 is the line in the sand, 160, 165 do you think the boj will actually step in >> i think they're going to have to i think that, you know, if traders take it above the april high, and we don't see any evidence of the japanese government coming in, they're going to push it even higher the real question is whether it's going to work, because we saw how the charts moved in april, and the intervention was very short-lived >> i mean, i almost feel like it's a foregone conclusion that it won't work. when has intervention actually worked how do you trade that, with the knowledge that they'll probably step in and it probably won't work >> well, it's very dangerous to be holding any type of short yen

position at these levels if you are short yen, it must be very small positions and i think, you know, even if you have stocks, they're going to be slipped incredibly so, the best bet is probably when you have intervention, to ride that wave for a short-term move but usually, you know, within a five-day period, the intervention effects tend to fade so, you could also wait it out wait for the volatility to settle and get back in, knowing that nothing has changed for japan. >> kathy, it's tim, thank you for joining us how much of the recent move gets back to central bank differentials? i don't think a lot of the move over the last, say, call it back six months for the previous two years was necessarily central bank differentials the boj, certainly, the conversation, on a relative basis to where they've been, you could argue that the boj, the hawkishness was even her than the fed. with the fed pulling back on cuts this year, the sense that the fed is maybe the most hawkish of the major global

central banks, do you think that's an issue? because it hasn't seemingly historically been the issue with the yen carry trade. >> i think it's absolutely been an issue i think the dollar is strong, and that's what's driving up dollar/yen the market shifted dramatically, and at the end of the day, even though the boj may be more hawkish on a relative perspective, interest rates in japan are next to nothing compared to more than 5% rate in the u.s. so, they're going to need to do a lot more work in japan and that's one of the most serious problems >> there's another meeting in july, kathy, and i'm wondering if you think boj will punt bond buying further down the road or if they'll actually engage >> i think they are going to -- to engage in the bond buying changes, but the question the market really is looking for if that's going to be accompanied with a rate hike because we really need that one-two punch to kind of carve out a bottom in the japanese

yen. i think that, you know, right now, the market's still very uncertain with whether we're going to get that interest rate hike, if they do change their bond buys, and i think that's part of the reason why the yen remains so weak. >> kathy, what level do they start talking about a currency crisis because i think it's happening in slow motion >> well, at the end of the day, they focus more on volatility than the currency level itself so, right now, volatility one-month implied options is still significantly lower than where it was in april when it came into the market so, they've told us they don't target the currency, they focus more on volatility but i would have to say that above 165 is where it really becomes trouble. >> kathy, great to see you thank you. >> thank you >> kathy lien. so, what does this do to your outlook for japanese stocks? >> makes me want to buy gold, first of all i think japanese stocks, especially the banks, which struggle under a lower yen environment for sure, especially if you look at tokyo mitsubishi bank, where i think kind of the export dynamic of this bank is

actually really done very well with the weaker yen. i look at japanese equities on valuation. they're trading at a little under 15 times historically in line, but relative to the current dynamic, no very cheap much better corporate governance regulators have japanese companies pay back more free cash flow. i stay long japanese equities. >> for u.s. multinationals, the strength that we've seen in the dollar, despite that we've seen yields come in 50 basis points is kind of interesting so, i wonder if we're going to start hearing that i get it, year on year, it's probably unchanged a little bit. but if guy is talking about a currency crisis in japan, it will be interesting to see the dollar strength, where that kind of permeates to outside of japan. >> yeah, i mean, i think if you look at earnings, periods of dollar strength, relative to the euro, which is the most relevant currency for the u.s., are not great for earnings just that currency translation impact alone could be a hit to earnings going forward i do think, though, that the u.s. has become a little bit more insulated, just by becoming

more inward focused and reshoring. so, maybe that dollar math doesn't work the same way it did, you know, prior to the trump tariffs and 2018 and beginnings of deglobalization. i think that's kind of an interesting theme that might play out a little bit more over time >> be interesting to see intervention worked for, like, a month maybe. and now here we are approaching those levels again and they have a problem there. whether they acknowledge it or not. they raised rates, their currency weakens, that's not good and the people within the shores of japan cannot be happy with how their economy is acting right now. so, i don't think enough people are talking about it through 160, more people will. coming up, boeing's fate on the clock. the doj decide wlg or not to criminally charge the company and the fallout that choice could have. plus, some fast movers catching our attention how eli lilly's weight loss success is having some med tech companies tossing and turning.

don't snuzooze on that one we have more when "fast money" returns. this is asmoy""ft ne with melissa lee, right here on cnbc. into the vending area. oh, not the fries! where's the ball? -anybody see it? oh wait, there it is! -back into play and... aw no, it's in the water. wait a minute... in the! what an impossible shot brought to you by comcast business. it's time. yes, the time has come for a fresh approach to dog food.

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money. boeing getting a small boost today. this despite reports that u.s. prosecutors are urging the doj to file criminal charges against the company. the justice department last month found boeing had violated a 2021 deferred prosecution agreement reached after two fatal 737 max crashes. it has until july 7th to decide how to proceed families of crash victims filed a motion asking a judge to impose a corporate monitor to oversee the company, saying, quote, boeing presents an ongoing threat to public safety. now, the stock was up, which is sort of a -- i hear the headline, going to be criminal charges, you think the worst, but the stock went up. maybe that's good price action for this >> i think it is i don't think d.c. is going to do anything. i think d.c. has an obligation to make noise about doing something. i'm not going to get involved in that, and it's been tragedy after tragedy. so, those families deserve at least an audience, but i think it's a case, if you look at the company, the dynamics really are about max deliveries and that's the key, in terms of

the catalyst that we reviewed with phil last week when he talked about if it's a ceo change -- it's about max deliveries that leads to cash flow, which would lead back to the rerating. i think jouyou've delayed the c flow argument. >> it will be further delayed -- part of the criminal charges could be -- end up being a fine. they've already paid $2.5 billion and they could pay, who knows how much after this. >> without question. but you know, again, it's important to point out last quarter, for example, revenue in commercial airplanes was $4.6 billion okay, why is that interesting? defense space and security was almost $7 billion and global services was another five. so, i get it commercial airlines, everybody knows boeing for that, but the other businesses that we talk about all the time are not being valued properly. now, with that said, i thought that since $195, that's been wrong, but certain point, i think the market wakes up to the fact that, you know, they're completely underestimating the power of boeing. >> this company has a qa problem. this is going back to 2019,

there's been half a dozen whistle blowers. this seems like this is a situation where you may want to pay attention. this company needs to get their act together >> it's interesting. we looked at companies with controversies, and even when they get really, really cheap, what we found, the critical factor before you want to buy is seeing, like, a thorough culture change at the organization that's very hard to measure. but i think that's what's required here. and it would help if we didn't see headlines like, you know, criminal charges coming from d.c. >> what are some of the other companies that you studied >> yeah, we looked at environmental disasters, we looked at me too issues, but it was interesting. the common theme was, until you saw major culture change, so, not just switching out the ceo, but you had to see the people at the company, the employees actually acknowledge that the culture had shifted. like, we looked at glass door

ratings, and we saw that when employees said the culture is getting better, that was when you wanted to actually buy the stock. >> that's fascinating stuff. when you think about meta, obviously, they had that period of really a dead period. i still get back to, with boeing, i think the analyst community is looking at cash flow they're going to burn $4 billion this year. i mean, this is not a story that -- that is -- it's the opposite of why you own this company is because it's a cash flow machine i think -- there's definitely an overhang i think the fluff factor here for boeing is probably under pressure for awhile, but i bet the street's more concerned with free cash flow >> you went to that fancy college, they have a business school hbs, right >> yes >> they do studies >> oh. case studies, yes. >> there's one company we talk about every quarter, i thknow, cmg. there's going to be a case study. that company was left for dead --

>> right, right. >> changed the culture that's at the top of my list for a myriad of different reasons. >> at the time, when they were going through those issues and people were getting sick and they had to close down lines, et cetera, did you think it was still a buy? >> we'd have to go back and look at the archives of cnbc's "fast money. >> just wondering. >> i'll tell you this, i was still eating there >> i'm sure i didn't probably everybody else other than i thought it was a buy at that point this stock -- they have done a lot of things right. and the question is, again, i think it's really more focused on the growth model that is cmg, with international and loyalty, is part of why it trades at 50 times. >> all right, here's what's coming up next on "fast money." somemedical device makers are sleeping with one eye open, as eli lilly's weight loss drugs finds a new use against sleep apnea. that may be a dream for the pharma stock, but a nightmare for cpap companies. and sticking with health care, one new drug result

sending shares soaring the ceo is here to talk about heart disease and the future of the company. you're watching "fast money," live from the nasdaq market site in times square. in times square. we're back right after this. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys the traffi? the network can handle it! i downloaded eight hours of true crime stories just during our last video call i'm learning a lot things will go wrong for your customers. but your business can make it right, with watsonx assistant. ai that can help resolve problems

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welcome back to "fast money. stocks closing mixed the dow jumping 260 points the s&p down 0.3%. and semis dragging the nasdaq lower, down more than 1% crypto's decline continuing. bitcoin and coinbase down 10% since the fed's last meeting, where they held rates steady once again bitcoin falling back below 60,000 for the first time since early may. and eli lilly higher again today. the company looking to expand its weight loss drug zepbound to treat sleep apnea after positive trial results. cpap makers all dropping on this news what do you want to trade? >> well, i think with lilly, as much as we want to throw them in the same boat as nvidia, because of what they're doing in the health care sector relative to the innovation to nvidia, the fact of the matter is, this is one where they are so far ahead. we talked about the exciting

alzheimer's news last week, and the blocking and tackling in sleep apnea that continues to show they're beating up the competition. there's a lot of people waiting for a pull-back to own this one. >> it's amazing that these names continue to trade lower on the same news. it's not like the first time we've heard that zepbound can help sleep apnea >> we've seen it across a swath of industries. the same news moves the stocks at different times other names are starting to -- not nearly to the extent, but merck made an all-time high. gilead not a great day today, because you open on the highs, closed on the lows, but i still think there's room there we talked about the move in sarepta. there are other names that still make sense >> not a valuation metric you use much in big pharma, but price to sales, you know, lilly's trading nearly 20 times price to sales trading 16 times to guy's point about merck that just made a new all-time high, it trades about five or six times sales. so, when you think about, like,

it is kind of similar to nvidia in a way, because investors are getting in front of all the good news that may come for the future so that's what, to me, i think these stories are very similar >> an example of large cap value, right >> well, it's not as cheap as other parts of the value spectrum but it is an example of dividend growth, which i think makes a lot of sense i worry about health care as a sector, though, because it's gotten very crowded. generalists are now buying health care stocks for growth and defensive protection meanwhile, we're heading into an election, and i know there is not as much controversy, but i worry that, you know drug prices, regulation, all of that is going to start to flow and typically, you see health care underperform in that pre-election campaign season this is also a sector with a high amount of government exposure, a lot of their -- a lot of the sales of health care

companies come from government contracts, so, if anyone is looking at where the government is going to cut spending and fiscal austerity, health care is right there in the hot seat. coming up, the consumer keeps on trucking. walmart hitting a freak all-time high today, while its biggest competitor inks a huge deal that could shake up the e-commerce race. plus, a heart disease breakthrough sending alnylam to new highs. we'll talk to the ceo next missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. follow the "fast money" podcast. we're back right after this. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? >> university of maryland globnt experience

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welcome back to "fast money. shares of alnylam, the stock's best day since august 2022 the company coming out with positive results in a new heart drug angelica peebles has an in interview with the ceo >> thank you, melissa, and thank you for being here, yvonne

you've been saying that you think these results will make it so that your drug becomes the new standard of care for attr cardiomyopathy but people want to see the full results before deciding where your drug fits in with pfizer's drug, so, tell us how you think your results repair. >> yeah, thank you we could not be more excited about the data that we've generated, and what this means for patients i mean, the results demonstrate a remarkable profile you touched on, you know, showing the potential to reduce all caused mortality in patients with ttr cardiomyopathy by over a third compared to placebo. these are unprecedented results in the heart failure setting we also saw benefits across all the end points, the primary end point and all the secondary end points

really demonstrating that this helps patients function better, feel better, and survive longer. you know, this is a home run result for the study, and i think it will demonstrate this drug will become the new standard of care for treating patients with ttr cardiomyopathy >> and you're planning to submit the fda application later this year using the priority review voucher. so, what's the timeline to get that application in, when should we expect to see this drug on the market for this indication >> so, these are incredibly important data, and clearly, what we want to do is move as expeditiously as possible through the regulatory process to get this medicine to the patients that are in need. remember, this is a large and rapidly growing market where patients continue to progress, and it opens up a tremendous opportunity for us, so, we're keen to move forward rapidly, and we will be filing the snda with the fda and other global

regulatory authorities before the end of the year. we applied for what's called a priority review voucher with the fda to really expedite the review process so, we're looking forward to getting this medicine to patients, assuming positive regulatory approval, as soon as possible next year >> and this is a much bigger opportunity than the other drugs that you've had so far, so, when do you expect that you might become profitable? >> so, what these data do for us is really unlock the opportunity for substantial top line growth for value creation we've committed to goals around self-sustainable profitability by the end of 2025 and with these data in hand, we believe we have all we need. we have the platform, the pipeline, the financial profile, the talent, and the culture in our organization, in order to, you know, move the company

forward and deliver profitability, so, that's what we're absolutely focused on. >> yvonne, it's melissa lee. on your conference call this morning, you talked about this as being your anchor commercial franchise, which will allow you to pursue therapeutics in other areas, and you mentioned obesity and metabolic disorders. what do you have in the pipeline, what do you have on the way in those areas >> so, one of the hallmarks has been sustainable, organic innovation engine, and our incredibly rich pipeline this is a very unusual profile in the industry to have both marketed products, a rich pipeline, and a platform that continues to deliver transformative medicines and we have a number of really exciting opportunities, a program in patients with hyper tension. we have programs addressing obesity, cns disorders

i think what we really want to do is take the power of our rni platform and point it to areas of significant medical need. and i think when we do that, we're able to deliver chance formative medicines in the way that we have done with this drug so, we're incredibly excited >> and really quick, i was looking today at your market cap is almost now as big as biogen after this move today. so, how does this change things for you? >> well, what this allows us to do is fulfill our mission, which is about bringing transformative medicines to patients. we talked about the pipeline and this really gives us the fire power now to really expedite progress in our pipeline and bring the power of it to patients and we couldn't be more excited about what the future holds for the company. of course, in the near term, we will be focusing on ensuring, as i discussed, that we are able to move through the regulatory

processes, to address the needs in this patient group, secure approval, and get off to launching this medicine and bringing this to patients. >> yvonne greenstreet. thank you for joining us back to you, mel >> thank you, angel ya by the way, the company ended the first quarter with about $2.4 billion in cash so, they've got that going for them, too. >> yeah, without question. i'll say this to throw a little cold water they extended the trial to three years, which a lot of people are saying, you know, the reason why, they needed to extend, and i'm just pointing that out so, i guess i bring it up, because i don't think you chase here there are many more chapters left in this story if you look at chart, you'll see, a lot of pits and a lot of falls. and this is one you may want to look to fade instead of continuing to own. >> analyst community is so, i mean, just absolutely positive if they adjusted the model to

match expectations by doctors, it would add an additional $404 per share -- per share -- to their price target of $283 >> yeah. >> can you imagine i've never heard of such a thing. >> it's extraordinary. it's extraordinary where that same community was more cautious, say, on the sarepta announcement the street came in, they said, half the people didn't even change their model or, they felt like it had already been priced in after the stock made that kind of move. coming up, we are shopping for some retail names. walmart hitting all-time highs and target with a new third party deal how traders are handling the move, when "fast money" returns.

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all year, getting a boost after inking a deal with shopify to add new and trendier brands to its website. target up 2%, but just 5% so far this year. would you rather >> oh , favorite game. >> can savita play this game >> i can't talk stock. >> such a shame. >> walmart i'll play it correctly i get it -- >> you can opine on gather guy's view or tim's view of the would you rather >> i know who would win that game >> i think walmart still wins. it reeks of a little bit of desperation. i get it walmart, stay with that trade. >> desperation this shopify deal? >> no, not necessarily it depends on the time horizon the trader in me wants to own target here. >> right >> and relative to the underperformance but i think the stock is very range bound, even though at 13 1/2 times, it's two turns cheap to its historical multiple, because we don't know

if they're trying really hard to get people into the store by giving stuff away really, really cheap, or if they don't even -- they're concerned about just attracting more traffic, especially in the broader space. walmart. >> if we were playing would you rather, rather, i would rather go with shopify here >> i mentioned the company >> fair. >> easy on him >> he just got back from vacation he forgot how to play. give him a break >> i would go with -- >> i didn't even answer. >> you're doing well >> likely to kind of hit gap profitability in the next few quarters there >> doesn't this tell you, though, you're talking about the consumer not doing too badly and reducing the number of boats >> yeah. >> but they are reduce what they're buying, they need low prices >> no doubt. i mean, there's a value move, grossers and lower price-point retailers. we are starting to see a little bit of a tradedown, you know, you're no locker buying the high end brands, you're buying the

generic, grocery store but i still think when you look at the broader picture, and you see consumer trends across the board, maybe this is man any festing itself in the lower price point retailer and the lower income group, because of higher oil, utilities, demands from fixed costs but i think when you expand to the broader consumer segment, it still looks pretty healthy so, no reason to sound the alarm bells just yet. coming up, class is in session. we're laying out the options 101 on chipotle ahead of the company's big split. how contracts on carnitsa will be affected. be affected. that's next. (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) car, were you in on this?

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little bit less so the 50-1 stock split means that all you need to do, really, is multiply the number of contracts that you hold, so, it will be 50 contracts for every one that you hold right now, and you divide the strike price by that same number so, for example, if you have the 3,000 strike, you would divide that by 50, you would have the 60 strike option thereafter. right after this happens, as you would expect, you're going to multiply that open interest by 50, as well. the volumes are going to go up by quite a lot but oftentimes, over time, it starts to draft lower. the new lower stock price makes it more approachable for sin veser tos. >> it's super annoying you are going to have all these weird strikes. depending on where the stock trades, you could have 5364, something like that, and it makes it really annoying >> right because you have to divide do the math. >> math is bore,boring, never annoying goldman just initiated with a

$3730 price target i think now they're high on the street and again, people will knock them on valuation, which i understand is concerning, but this has been -- by the way, it's pulled back recently, so, that might be giving a bit of an opportunity. >> the nvidia of the restaurant industry >> tim gets on them all the time >> i do. i do they've been -- >> they don't have the ingredients. >> 73rd street store, you are doing a much better job, people. i will say that if we think that the consumer -- >> encouraging news. >> if we see what's going on with mcdonald's and the lower end, it's going to roll up we've seen some of the cpi numbers. they can't charge this much. they're going to have to pull back and their cost base is not getting any cheaper. so, i think they're in a tough spot i think their best days were covid and thereafter covid >> avocado prices might go up, too, because of security scare in mexico, apparently. >> i mean, they're a little more efficient, though. i think that's one of the big stories for the company is that -- i mean, they're, like,

who buys nvidia and gets efficient in a few years i think that's the theme right here, is, think about the companies that are buying the chips and getting more efficient, that's the next buy. nt,in tdeupex falras.

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time for the final trade tim? >> great to have savita here slb. >> savita? >> i'll go with xlf, financials. >> thank you for joinings. dan? >> i'd look at shopify here. it's had a few bad prints, but

looks like it's ready to term. >> tim, what are the best words in sports, tim >> ah -- game seven. >> game seven tonight, as you know, in florida you and savita will be watching it together. >> totally >> come on, canada >> letter c, citigroup tnkouncial theme. >>ha y for watching "fast." "mad money" with jim cr 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. i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cray americas call me, with