a good test to see if this was a reflex bounce going into tomorrow, if this changes the psychology going into a tuesday. >> and of course we have so many potentially market moving events >> a lot of fed speak and overseas data. >> we'll keep an eye on. that fast money will do as well. time for their show, closing bell is done. >> "fast money" starts right now. live from the nasdaq market site overlooking new york's time square i'm melissa lee. tonight on "fast," general motors surging as it announces a major restructuring plan the stock is up 15% in the last month as the rest of the market struggles, does it have more room to run? plus a record-breaking run for retail is the retail rally back on? and it was a major rally on wall street stocks snapping back with the dow surging 300 points consumer discretionary and financials leading the way

the s&p 500 emerging from correction territory while the nasdaq jumped 2% we start with apple falling in afterhours as president trump pounds the table on more chinese transfers. let's go to eamon javers. >> the president gave an interview to the "wall street journal" that was published this afternoon and in that interview he talked about the possibility of adding additional tariffs on chinese products coming into the united states if he doesn't get a deal with the chinese which is what he's said in the past but he talked about imported iphones and laptops from china and this is the quote he gave saying it depends on whether he's going to put additional tariffs on, it depends on what the rate is. i mean, i can make it 10% and people could stand that very easily so the president raising the possibility. that has bearing on apple

products and their competitors as well. i asked the president as he was leaving the white house this afternoon getting on board marine one, i asked him about the possibility of a deal with xi jinping in argentina late they are week. here's what the president told me. >> we have a good relationship here's the bottom line china has to treat us fairly they haven't been. they have to treat us fairly. >> so the president say china has to treat the united states fairly not saying specifically -- and this is the $64 trillion question here, not saying specifically what the united states would accept in terms of a counteroffer from the chinese. so it's not clear what specifically is on the table here going into the g20. a lot of loose ends. we expect to hear more from the white house about what they expect to accomplish possibly tomorrow at this meeting which is going to take place at the end of this week but a whole lot riding on that session where we expect the president and xi jinping to meet face to face melissa? >> the president says he expects to move ahead with a boost on china tariffs to 25%

those are the tariffs in place, currently at 10% which are scheduled to move to 25% come january 1 and then the apple tariffs, that's in the other round of tariffs which would be a tax on the remaining goods imported from china, correct >> right and the way the quote reads is a little built difficult, right? he expects the tariffs to go in place if he doesn't get to a deal, right? so it's expressed conditionally and that's always how the president talked about this so i don't think there's a lot in this "wall street journal" interview that is dramatically different from what the president has said in the past he's always said he could move forward with additional tariffs so an additional $267 billion in tariffs that have not been put in place yet on the remainder of chinese imports that are not already facing the prospect of tariffs. that's what he's said consistently and i believe if you read these quotes carefully that's what he's suggesting. just continuing to lay out the

prospect of these tariffs on the eve of this big summit is being read as an effort to bring the white house to the table. >> this is just the latest blow to the tech giant even before the headlines. the stock had barely managed to rally, sitting firmly in bear market territory it's been underperforming in the indices. are the stock's best days behind it has apple become the new poster child of the trade wars at this point? >> i don't think -- in terms of the stock i don't think so, in terms of headlines for the company, hab the company is transitioning and we won't get these great ipad numbers, maybe the company is moving on to becoming a different apple they're moving more towards a service company but in terms of the stock i don't think so but that being said, i power pitched this stock when it was 195 and here we are at 171.5 now.

>> it's a fast pitch. >> fast pitch power pitch. so if you look where it bottomed in november, 163 give or take, the previous spring 163 or so so maybe that's where the bull's-eye is next but in terms of the best days being behind it, i don't think so. >> this rhetoric that is this last percent or so down is just positioning in front of the trade negotiations which i don't think we will have any kind of resolution by the end of this week maybe hope is that we'll continue to talk, we've made good progress and if we do we won't put in additional tariffs. as to apple, clearly i should have told it 10, 12, 14% ago but looking at it here as if i never owned iti would still buy it it could be the poster child for a while. that's okay. >> again, poster child for the trade conflict, absolutely not

apple's problems are apple's problems it's the transition from a hardware to software company last quarter that seemed exciting, this past quarter not so much as they gave guidance that wasn't so great so some of that was baked into this number but apple's peak-to-trough 27% move in 35 sessions, very, very extreme sadly that's more indicative of what's going on in the tech sector so i don't think that -- if you want to attach these guys to trade there is more the stock could do, i don't think you're supposed to do that but that would be the case. >> it's fair to say this was going to be the last battle fought in this trade war with china. they make all those iphone there is foxx conn, they produce millions and millions of these a week so it hurts china from the standpoint that they have to put workers on hold.

so it comes at a bad time. it's important to remember that 10% tariff on iphone coming back into america is a tax on u.s. consumers at a time where we know the u.s. consumer is doing well, we know two-thirds of our gdp comes from u.s. consumer consumption but i don't know how it hurts the chinese at any point. they've been able to mobilize millions of workers in these foxconn plants that don't care a heck of a lot about those workers. remember they used to jump out of the windows because they didn't like making the iphones >> i don't remember that but is apple any different than any other manufacturer who has subcomponents being made in asia >> let me tell you the biggest difference, they have all the profitability in the entire smartphone market. less than 50% of the global market share and the bear case going on for from years and years as android has been moving along on lower price phones in emerging markets where the growth is because at some point the developed world got saturated. >> so it's not a trade war stock. you're saying apple's problems

were well under way because android is the preferred operating system, the more affordable operating system. >> right now in the last month or two it's the spark that lit the fuse. >> we could split them up. >> i was waiting for split screen. >> i'd say you're more on the same page than not buck in one giant box together but maybe not a split box. as-to-get back to the 10% tariffs, either the u.s. consumer pays far or apple pays far or the suppliers pay for it. the supplier we've seen have already undergone pain that would be the worst thing for all of the apple suppliers, chip companies, et cetera. if apple pays for it, that means they're absorbing it in their margin if we pay for it, are we going to pay $10,200 for a new iphone? >> $10,000 >> sorry, $1,200 are we willing to pay? >> maybe everybody takes a little pain. i don't know i think apple will take some pain if this comes to pass if it does i think they will.

i think that -- i mean, dan, you for a while said they're running against the ceiling of the price point for the customer you think that's the case. >> the higher asp was the last part offer thannings number. >> but what's also defining is they'll stop reporting units they're seeing a greater uptake on their upgrade program so they're thinking about this as more of an average revenue per user and layering on more services so you're thinking how much does it cost to have my apple pay, my music, my soon to be t subscription and then renting the hardware. >> are we any different with apple than we were six months ago when that was a great tail wind nag has happened if anything it's a better story because these guys are pushing into value-added projects. >> they've massively boosted their asps at a time we know

demand in the developed world has plateaued. if anything's it's -- >> wouldn't that be a negative event. you make it sound like they're boosting asp to mitigate falling demand i would argue that would be one of the dumbest things they could do these guys have a market that's willing to pay higher asp. >> with apple under pressure are there hopes of a year end rally going up in smoke? carter >> let's look at apple it's not anything other than it's a money flow issue. all of these stocks ascended together and are going down together many stocks are impacted by so-called trade wars but let's look at the chart itself and talk about apple apple is down peak-to-trough 27%. amazon is down 30% facebook 42% faang 25%. it's the same shape and tra jek

tear i'm not sure there's anything specific or idiosyncratic about apple but it's an extreme selloff to a level of support. now support starts here, if you will and support is not a concrete floor, it's a mattress top. well well into support it's a better buy than sell. i'm with you on that, karen. the market year end rallies, that's numerology to say something has gone up 40 out of 60 years statistically you start to get into randomness. in terms of the s&p, one thing we know, it was something of a well-defined double top or bull trap let's put in some lines. but first, let's talk about the facts. numerology or not. december is typically a good month. 1928 to present. average performance 1.4. median performance 1.49.

so et's say it's that. let's pretend it's double that how about if it's trip that will does that fix the market the issue is the market, even considering the pre-condition not so good. a median that's hunched. so we have a pre-condition of weakness that's unhappy. you could draw the lines that way or this way, put it all together, you can call it whatever you want to call it but we know we have to climb back about 11% plus/minus just to get to the high so we go up 1.5%, the average or median, 3%, 5%. the chances of making the high by the end of the year are nothing to talk about. mathematically almost impossible can we climb back eventually

sure but the bigger issue is surely that this is all the look of something that's been going on far long time. rallies like this are opportunities to reduce exposure to equities. >> carter come on over stephanie will bring the chair in thanks, stephanie. >> 35 seconds. >> i listened so the charts m maestro. >> you say it's a better buy than sell. when you were drawing the mattress, the top and bottom of the mattress it looked like the line was going to the bottom do we need to hold the box spring level. >> a kid bouncing on the bed, you find support i would rather buy the support here than take

the fresh new shorts on apple. >> but you're not -- it doesn't take time to be convinced it will hold that box spring level and not slice through it. >> well, you can stabilize, not bounce well and then undercut but on a straight down shot, you get some tension to rebound. >> i hope your question involves memory foam because it's a great metaphor continue. >> thanks, tim it doesn't in 2012, apple was a huge outperformer to the market and the stocks sold off 45% peake to trough same thing '15 to '16, 303-3% peak-to-trough decline but this stock was up 50% from its 2018 lows so resting into your foam or whatever, you can be wrong by 10% ease. >> i i guess the issue is this when you tick lower every

session it's dangerous that's why we call it catch the falling knife at some point you get a ricochet take oil i sat on this case to buy to get one lower, even if oil were to be cut in half you get a countertrend move. >> carter, thank you carter braxton worth of cornerstone macro. >> brings it. >> always. going back to president trump's comments, i wonder has he been saving apple -- is that one of the arrows in his quiver is the timing is somewhat interesting ahead of this meeting. does he feel using apple will be the defining moment or the last straw to get a deal done with the chinese? i look at this as somewhat positive far potential deal. i have no idea but that's the way i would look at it with that said, i agree with carter in the s&p we have to trade down to the 25/30 level. coming up, check out shares of general motors surging today. now up 15% in the past month while the rest of the market is

struggled. could its cost cutting plan be a bad sign for auto stocks plus, we're going hunting for yield, despite bouncing back, energy stocks under pressure are some of the biggest payers a steal? the traders will weigh in. and loiter, bitcoin going bust the cryptocurrency falling to nearly $3,000 over the weekend a top investor says a long, dark winter is coming we'll explain why. verom times square in new york city. much more "fast money" right after this

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welcome back to "fast money. check out shares of general motors the stock having its best day in a month after announcing a major restructuring. let's get to phil lebeau in chicago. >> for some time we've been talking about the fact that americans are buying fewer sedans, they're not selling the way they once did and as a result general motors has looked at its plants that build those sedans and work force and have made the decision it will cut that work force by 15% a chunk of those will be salaried workers, about 8,000 taking a buyout. the remainder are hourly workers, three final assembly plants, two in the u.s., one in canada and two at propulsion plants, one in michigan, one in maryland as you look at shares of general motors, you can see why the market liked this move

that's an improvement. they'll be cutting their capital expenditures by $1.5 billion what could be wrong with this plan you haven't heard from the president, but we did this afternoon, here's what he had to say. >> just the fact that i am not happy with what they did the united states saved general motors and for her to take that company out of ohio is not good. i think she's going to put something back in soon that car is not selling. it's a chevy cruze, it's not selling. but hopefully she's going to come back but i told her i'm not happy about it at all. >> no, the president isn't happy and the "she" she's talking about is mary barra who had a conversation over the weekend about her plan for cutting these jobs in north america. i'm showing you this because remember two and a half years ago when then ceo of fiat

chrysler said i'm throwing in the towel on sedans, nobody is buying them, they're low profit margin, get rid of them and everybody said smart move. since then fiat chrysler up 84%, general motors up 2.2% melissa, i find it ironic that for years covering this company i would hear from people saying they're slow they're plodding, they never make the moves when they need to to remain lean and that caused them to go into bankruptcy here's mary barra trying to get ahead of 2 curves saying nobody is buying these sedans and they're getting skewered from the white house down to politicians in michigan and ohio which issurprising given the fact they're cutting 15,000 jobs. >> the president saying they better open up something else in ohio, are there other vehicles that could be reassigned to those plants to appease the administration >> well, there are vehicles that

could be reassigned. they won't do that because you have to retool the plants and that is extra cost what are you going to do, move something from mexico to ohio? that would sound good to the president but if you're mary barra and general motors you're saying wait a second, the reason we have them in mexico is because it works on the cost side so i will be curious to see. the president says they're going to put something else in there at this point they have no plans to put anything there. >> it should be an interesting conversation between mary barra and larry kudlow thank you, phil. phil lebeau in chicago does gm have more room to run? is this a bad sign for the auto industry at large? >> no, it's a great sign if you think about how we punished airlines, no one ever trusted these inefficient companies to do the right thing. what was most important is not that they cut a plant or two, it was the sense of urgency that gm seems to be undertaking this i don't want to call it a under the around story because i don't

think gm is broken but from a market perspective they have been and the company, we've gotten fresh numbers and outlook. we've heard more about strategy. there's room for the stock to go higher. >> if we've hit peak auto sales, are the only levers to pull at this point -- >> it's pronounced levers. >> levers, leave-ers, whatever you want to call it. is that moving the stock >> it's cost cutting, it's what they can sell the cars for >> i think she probably was expecting pushback i don't know if we're going to see something else besigned this, whether the numbers they threw out today include a fair bit of cushion for them to maybe give bigger buyouts, maybe to do

something for the employees. it's not a terrible time to be looking for a job, jobs as good as the gm jobs may be hard to find but i wouldn't be shocked if there's more to cut than they've let on maybe she'll have to give that back. >> i have to give you both credit this summer when the stock was making 52-week lows you were more committed to the story and at that point it was a market situation but i would say this to me this is not about peak autos, it's about the next 15 years. what did they do last year they brought cruze automation. i remember earlier this year there was a couple wall street analysts who upgraded this stock. so this is clearing the decks, focused on the most profitable cost -- >> are you bull wish gm? >> they're thinking about the future.ish with gm

>> they're thinking about the future >> but can you say i am bullish? >> i'm saying karen was right this summer. >> or i was wrong this summer. >> remember when fonziecouldn' say he was wrong and then, of course, potsie and richie helped him out. i have no issue, it happens all the time it's a $37.5 stock, it was $37.5 four years ago it so's been sideways along the way but i would be concerned this is an iconic u.s. company president trump won't let this go there will be tape bombs coming if mary barra doesn't say anything. >> ohio, too, that's a key state. for more on the road ahead, head over to tradingnation.cnbc.com i'm melissa lee, you're watching "fast money," first in business worldwide. in the meantime, here's what else is coming up on "fast." [ screaming >> announcer: those screams are coming from the crypto universe.

okay, maybe not. but holders are panicking as bitcoin gets slammed and a top investor says it could be about to get a lot worse plus -- that's right, we're going yield hunting for energy stocks those dividends are surging. the traders will tell you which ones are worth the chase much more "fast money" after this i still can't believe how incredible the screen is on the new iphone xs. and our unlimited plan really takes things to the next level

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for each job exxonmobil creates, many more are created in the community. because energy touches so many industries, it supports 10 million u.s. jobs. the retail rally looks back on track the xrt retail etfjumping 2% a the holiday shopping season kicks into full gear with black friday and cyber monday looking strong courtney reagan joins us from a walmart fulfillment center in california for more. >> hi, melissa on cyber monday we are expected to see a record-breaking day for u.s. online sales and that's after what's been a very strong black friday weekend

walmart hopes it, too, will have a day for the record books we know investors will be paying close attention to the final results of this first big shopping weekend of what's expected to be a strong season the preliminary results indicate online sales were strong though in-store traffic was down slightly cyber monday u.s. online sales are forecast to hit $7.8 billion, up more than 18% from last year making it the highest-grossing online sales day ever in the u.s. with peak shopping hours between 10:00 p.m. and 1:00 a.m. eastern time. this walmart fulfillment center is part of a large network that will ship millions of holiday items ordered over the weekend and through today's cyber monday thousands of associates work at this facility which covers more than 1.2 million square feet the equivalent of 21 football fields with 12 miles of conveyor belts moving merchandise through the facility and on to delivery trucks jeffries says the consumer is

strong and trading up and that holiday results are tracking in line to better-than-expected thus far when it comes to winner, mkm partners picks lululemon, tapestry and urban outfitters while key banks likes best buy back to you. >> strong holiday sales numbers, are they pointing to a year end rally for retail stocks? >> i think so. there's a lot of things to like about the setup. retail got absolutely crushed. we have a long holiday season so even with big black friday numbers and cyber monday numbers there's a long time to go and the consumer is employed i love the u.s. consumer you can count on them. gas prices are low, the weather is cold. a lot is going right i would probably sell going into christmas. they have the buy the rumors sell the news kind of thing but

they're off to a good start. >> i wish i knew how many days till christmas. >> how many? >> 29 days to christmas. 29 so it's a very long shopping season. >> one canadian goose jackets? >> it's no canadian goose. it's canada goose. i understand why you would want to say canadian goose but it's canada goose it's like if you have an astigmatism, not astigmatism get into the retail trade, guy i somewhat agree with karen. nordstroms, a name we power pitched in the spring and into the summer stock went from $50 to $63 a couple weeks ago we cautioned you these stocks had gotten ahead of themselves, get out here we are back to 52 in terms of valuation for nordstroms, which is reasonable, the quarter wasn't a disaster,

the risk/reward is interesting and i'll say this. i bet over the next couple weeks you see analyst upgrades. >> when we saw the pullbacks the concern was at what cost in nordstrom they were investing in fulfillment to make the e-commerce experience better for macy e-commerce was great but fulfilling was a problem every retailer under the sun says free delivery we'll get in the two days. >> the most important thing is the expectation. it was terrible last year. karen brings up a good point she's saying i'd fade into christmas, that was not the trade to make last year. that was when retail when retail went to not out of business. i love best buy. you get worried about the margins but they are the last man standing and despite the fact guy the going to sit around

the leather chair and not buy anything, these guys are improving their margins and i think it will be a record quarter for best buy. >> are you going to make some -- >> no, it's true they have those great couches. >> better than going to barnes & noble. still ahead, it's the ge exodus, the stock touching the lowest level in a decade and it could be on the verge of another crisis we'll explain. and from one nightmare to another, check throughout crypto graveyard. is it time to lay the crypto trade to rest for good vinnie lingham, the so-called wi bhe of bitcoin lle re to weigh in when "fast money" returns. for your heart...

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♪ ♪ welcome back to "fast money. crypto in turmoil as bitcoin sunk toward $3,000 over the holiday weekend. levels not seen since august. >> the selling of bitcoin intensified with the cryptocurrency breaking below $4,000, trading around $3700 with today's losses, nearly three quarters of bitcoin's value has been erased. the price of bitcoin has fallen so much that j.p. morgan strategists say mining the cryptocurrency is becoming uneconomical for some. data from blockchain.com shows the hash rate which measures computing power used to mine bitcoin has fallen dramatically

in the past couple weeks morgan creek digital says bitcoin has more room to fall as does venture capital's fred wilson who invested in crypto and block china related startups wilson wrote the worse has yet to come. technical analysts point to $3,000 as the next major support level. but the bulls say sharp drops in bitcoin are common for the cryptocurrency, from june to november of 2011, bitcoin went from $30 to $2 and 93% drop. in december of 2013 to february of 2014 bitcoin fell 85% the question is if bitcoin will rebound as it has in the past. investors will be watching for headlines when the consensus invest conference kicks off tomorrow in new york city. there will be guidance on where cryptocurrencies go from here. so we'll give you those headlines as they come in. for now, back to you.

>> seema mody from our crypto desk. he's known as the oracle of bitcoin, let's bring in civics ceo and a shark on shark tank south africa, vinny lingham. >> thank you, great to be here. >> where do you think bitcoin goes from here. >> i think it stays in the range for a while. i don't think we break through the support level of 3,000 just yet. i think there's a lot of buying in the short term around that mark but if we don't get out of the crypto bear market cycle in the next three to six months that 3,000 level could go. >> so vinny i've been tangentially immersed in the sort of bitcoin/twitter universe and it's a rabid bunch are you considered a bear? are you considered an enemy of the crypto community for saying boy bitcoin could be range bound >> i have a checkered past

because i was going involved in crypto and bitcoin in 2013 and i've always been for for a long part i was a bull and last year i wrote a blog post warning of the risks of another bubble to crypto and to bitcoin in particular as we just exited one from 2014 and i a've always been consistent about fundamentals need to lead the market not speculation butthe community disagrees and everyone is happy with price movements of $1,000 to $20,000 in a year and back down to $3,000 where i think this doesn't make this an investment grade asset if you speak about etfs being approved you can't have this volatility when you want big money to get involved? >> i'm glad you brought that part of the equation up. but also in terms of building on the blockchain and using bitcoin, does it get to a point where the price action is so bad that it halts development of the

bitcoin platform and the things built on bitcoin in blockchain >> i don't think it halts it, it definitely slows it down the issue is the bitcoin narrative. the narrative is this is a value so people buying in at 15,000, 20,000 narrative believe that and that proves not to be true the original narrative i bought in is that this is a payment network that could compete with visa and mastercard. >> that true. >> the community has blocked an increase in a capacity from one megabyte upwards. >> so what's left? >> well, there are other cryptos trying to tackle the payments problem. bitcoin is being typecast as a store of value type of money which has low transaction a.m. through point except for layer two as they call it. >> is there any reason to be bullish on bitcoin or to buy bitcoin here the two major reasons why people

bought in the past -- a means of transaction and store of value -- seem to be out the window at least for now. >> in the short term it's a market where you've scared away the retail investors the die hard believerers will come in with whatever dry powder they have left but for me it's too risky at its current point, obviously high risk/high reward so if the market turn this is could be a great time to buy but the risks outweigh the upside. there will be better opportunities, you may have to pay more but buying in above the key support level would be obviously a higher price but you'll be better if bitcoin can get back to that level and make a run back to the previous highs. >> vinny, thanks so much for joining us we appreciate it, vinny ling

ham, the ceo of sieve vick. >> i don't believe people were buying bitcoin for that. bitcoin is not crypto so you can't necessarily challenge the existential reason for this just because bitcoin isn't doing well we had a din err week ago with the bitcoin -- the crypto king.h the bitcoin -- the crypto king his argument was and anyone's argument could be at $750 two years ago to $3600 now, if you took out the spike and all this dynamic here, you'd be happy with the direction of where this is going so if you smooth out the return profile of this, would people feel differently now i know you can't do that but it has rallied. >> looking for a bargain there's one beating down group of stocks that could be a major source of income traders will do yield hunting. plus, ge is tracking for its worst month in a decade and it could be about to get worse. we will explain when "fast money" returns

plus, ge is tracking for its

welcome back to "fast money. oil and energy stocks bouncing back today but every stock still sitting in either correction or bear market which has some investors hunting for bargains >> it's been horrific for energy stocks but particularly oil service stocks, halliburton and schlumberger they've collectively nearly 40% off their 52-week high

exploration and production companies like eog and apache are not much better. 27% off their 52 week highs. natural gas producers not much better oil refiners are only 20 pact off their highs as a group so there is a little sunny side to this story the dividend yields have risen there's 11 companies yielding more on the ten-year treasury, that includes william companies, kinder morgan, and even big companies like occidental and exxon, schlumberger. are these high dividends safe or not? with rates likely rising in 2019, it's going to be more difficult for companies to go out and borrow money there will be more pressure to fund it from cash flow and with oil prices down that could be tougher for companies like

exxonmobil which has seeng lower production in the last few years, though production has grown in the last quarter. son's 4% dividend is probably safer than most. it raised its dividend 36 consecutive times. that has to be a record. >> bob, thanks we thought it would be the perfect time to go yield hunting. are these surging dividend stocks a buy or should you let them fly away? i know you have a question out there, how does this work? here's how i give you a name like exxon yielding 4.3%. if you're buying that name, you'll see that target as this name is worth the hunt if you'd rather let it fly away, see the duck in red taking off no thank you, duck got it, everyone. >> brilliant. >> you're going to kill the duck with a green -- >> no, if you want the stock you'll see the target.

green means buy. if you get the duck let it fly away so we're going to give you -- >> guy has it. >> exxonmobil. >> the duck thing? so it's -- >> do you want to buy this do you want to hunt this >> hunt or fly away? >> thank you for clarifying. i'm going to let the duck fly. >> let it go you don't want. >> it fly bird, fly. there's the duck valuation isn't ridiculous last quarter wasn't a disaster but last quarter obviously i didn't take into account what happened over the last few weeks so there's a good chance despite the rally today that exxonmobil, symbol xom, will retest the levels we saw in march at 72.5 that's why the duck is flying. >> i would hunt this bird. for the purposes of this game. it's not that i love exxon as a stock but i think exxon has been defensive because of their balance 'sheed chef high margin long term plays that give the company some

interesting dynamic so i'm hunting that bird. >> targeting it. >> no, hunting it. >> he likes it that's the bottom line dan's turn valero, 4%. >> deny it and i'll tell you why. >> i mean the duck. >> don't deny the bird. >> he's confused. >> there's something interesting going on when oil has come off the way it has expectations for earnings for the entire space are too high so we will see them come down and when the stocks come down, those dividends go up but i'm denying it because i don't think a 4% dividend covers the risk in a lot of these names. >> stock is down from 125 to 75. >> we're going to have to get him a retriever dog.

whoev i power pitch have had a lair roe and dan was one of the few guys that said you're dreaming so excellent job by risk reversal. >> next stock, chevron, 3.9%

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