in this country we had an electoral college as you know, congressman, we had a landslide, 306 to 223 we had a landslide and they're trying to take it away because they can't do it fairly but these are bad people nancy pelosi is incompetent. she has gotten nothing done in congress and now with the big star witness, this was going to be the star witness just so you know i don't know him very well he is a guy that got put there. he wasn't on my side came to me, i didn't even know that came over to me after i defeated other people i defeated them all. but, you know, what, what really we have to learn from this whole thing is the press they ought to -- >> i was going to see. >> pence, what. >> we've airport lost the shot it'sfrozen there. >> they shall be ashamed of themselves. >> mr. president can are you

takingny action against the whistle-blower. >> the whistle-blower is not a whistle-blower he is a fake. and everybody knows -- excuse me everybody knows hoot whistle-blower is. and the whistle-blower is a political operative. these gentlemen know it he is a politically operative. and the ig shouldn't have brought this because if he would have compared what the whistle-blower said, if he would have compared it to what i said in the conversation, two conversations really and to what i said in the conversation, with the president who i think is a terrific person of ukraine, he would have said well wait a minute the whistle-blower said this and that wasn't the conversation, because we have the transcribed conversation and also shifty schiff, a dishonest -- he is a corrupt pliken when he imitated -- or tried to copy my conversation, he didn't copy it. he made up a conversation, went before congress and made up a phoney conversation just like he does every time he talks he is a phoney

he is a very dishonest, very corrupt politician so instead of -- and look the big upset as you folks know was what i released the transcript because i don't like doing that. you have to keep this very, very classified and confidential. when you speak to heads of state. but i released it because schiff and the whistle-blower made up a phoney deal. and i'll tell what you you ought to be ashamed of yourself the press should be ashamed and ought to end the witch hunt right now. >> would you take the -- action against in whistle-blower. >> when you said. >> he has already done the right thing because the president -- the president, if you look, of ukraine and his spokesman, the foreign minister they put put out there was no pressure what so far none whatsoever and you knew that you knew that very well. but you're fake news and should be ashamed of yourselves and you

should >> mr. president. >> to investigate the bidens, mr. vice president. >> the bidens is a whole different story when you talk about corruption, when you have a guy that made no money, his father becomes vice president, and all of a sudden he is getting millions and millions of dollars from ukraine from china, from all of these countries, you just sue two of them this guy made nothing. he got thrown out of the navy. couldn't get a job and then his father becomes vice president, and the press doesn't want to report it. because the press is dishonest so i think it's a disgrace i think the whole thing with biden is a disgrace. >> are you saying -- >> should apple be exempt from china tariffs. >> we're looking at that the problem we have is you have samsung- dsh it's a great company but a competitor of apple and it's not fair if because we have a trade deal with korea -- we made a great trade deal with south korea

process. but we have to treat apple on a somewhat similar basis as we treat samsung. with all of that being said, we're doing nicely with china. but i like it the way it is now. because we're taking in billions and billions of dollars and we're giving some of that money to farmers and others. but we are looking at apple. what i wanted apple to -- i said some day we're going to see apple building plants in our country, not in china. and that's what's happening. it's all happening it's all the american dream. our country has never done better it's doing better than it's ever done unemployment the lowest levels the numbers just came out today. african-american, hispanic american, asian-american, the lowest they have ever had in the history of ou country. so we're very happy. >> mr. president. >> what. >> will there be a trade deal in place before the he said of the year. >> so i can tell you this, china

would much rather make a trade deal than i would. >> then why haven't they. >> because i haven't wanted to do it yet. >> and why haven't you wanted to. >> because i don't think they're stepping up to the level that i want. >> i spoke earlier today and he said another round of tariffs would be bad for business, bad for the united states. >> you know here is what i say here is what i say what do you think? i put in tariffs everyone said gee you're taking in hundreds of billions of dollars we won't be taking in and everybody said that's going to be bad for the economy. well, as you just heard from tim cook we have the strongest economy by far in the world. and we're taking in billions and billions of dollars. so we'll see what happens. we are dealing with china. i have a great relationship with president xi they're a great country but we're a greater country than china. if i didn't win right now china would be a bigger economy than the united states. but because i won we picked up reported on your network $11

trillion in worth and value. and china's lost probably $25 trillion we are much bigger than china right now and we're going to keep it that way thank you all. >> and we've been listening to president trump answer questions from the press a following a facility tour in austin, texas where the macbook pro is being made process. and apple noupzing a $billion-dollar campus in austin, housing up to 15,000 employees. president trump answering key questions regarding the u.s. china trade talk number one will apple will be exempted from the tariffs december 15th? the president clearly said we are looking at that right now. it would be unfair to put tariffs on apple when samsung doesn't deal with the tariffs. and he was also asked whether or not there will be a phase one before the end of the year we got the routers report earlier saying the phase one part of the deal would be pushed off until next year process.

the president simply said that china would far rather make a deal than versus the u.s for more on all that was said and what happened today, at the facility let's get to eamon javers on the ground in austin, texas. eem sfwloon look, a visibly angriry president trump just there denouncing the media, the impeachment process, the frustration visible on his face, the anger visible on his face. but in terms of apple, the most significant thing the president did was make the comparison to samsung, standing inside a plant that manufactures apple products, more or less reciting the argument that tim cook, apple's ceo made to the president in the past which is you've got to treat us fairly vis-a-vis the foreign competitors. you can't tariff us and not tariff them. that's an argument the president seemed receptive to the past several months he repeated it here. we couldn't see tim took in the shot there but you would imagine a smile on his face to hear the president

say that inside a facility manufacturing some of his products that may be an indication that the president is looking to do some kind of carve-out for apple from any upcoming tariffs. remember the deadline of december 15th is looming here. that's the ball game in terms of tariffs for apple because the iphones manufactured in china will face significant tariffs coming back to the united states if those duties -- if the tariffs go into place. the president possibly hinting there he might be thinking about a carve-out for apple. we'll have to wait and see and get more specifics on what the president is planning. but he seemed to wink to the idea that apple might be getting special consideration because of the arguments tim cook has been making. >> eamon javers thank you very much live in austin, texas. it seems like most people are assuming that apple will not be paying the tariffs, that there will in fact be a carve-out. seems to be the zuchgs as we have seen the apple share price go higher. >> an incredible run i think the market is saying apple will figure out the

president and apple will get together as they alluded to and figure this out and be exempt from going forward on december is ath on the flipside we can't control what the chinese might do to apple and in their borders. this has a long way to pray out. again i've said it a while the market don't care. but i don't see a trade deal happening in the foreseeable future there is a term in cards you get? slow-played when somebody that's what's happening we're getting slow-played. whether or not we're in better shape or they are. it doesn't matter. both sides are dug in and neither side wants to give in. >> we actually had a market reaction to a negative trade headline the markets have been fairly inured to sort of the ups and downs of volatility in the talks. >> right, i mean -- and we had a huge run in the market a tiny bit of selloff, not even a full 1% -- it's not a big move i mean, to me, injury that we

have -- just a behind of a taste of what that -- we'll see december 15th. i think if tariffs go up then i think we'll see a fair amount of downside so, you know, always long protection, bought more today. who knows, could go to zero. by the way, apple up $1.50 on the comment. >> it would be confirmation of what everybody is hoping for. >> if we don't get a phase one by the enof the year or december 15th i agree there is a 10 or 15% pullback in the s&p 500. but with regards to apple, in stock is up 65% this year. as you mentioned, melissa, the multiple expanding significantly. and it's really off the back of better than expected iphone sales, right, whereas i believe the focus should be more on wearables and services, high margin businesses. everybody wants air pods right now. that's a top of the list when it comes to holiday shopping right now. and services that's the recurring revenue high margin stuff that's where the focus

should be wrrds to apple. >> you don't think it's there -- sorry to interrupt you don't think the focus son services. >> i think it is i think the multiple expanded recently because of better than expected numbers off the iphone. the stock mass roared. >> pete. >> i probably have to disagree with -- in erms of the iphone. i think people have absolutely finally come to grips with the idea that the iphone is less than 50% of the revenue, right because of that i think now that does bring in -- because the iphone the new phone is cigarette. everybody thinks it's cigarette. but the reality is the focus has moved to what you said which is services, wearables. that's where they get the margins. i think we're continuing to see the phone calls start to be less and less of the percentage of the revenue and i think weal is see the other side start to grow then it's ar and everything else that they are working towards. and we're talking about the credit card. all these different areas that apple -- the different tenticle, verticals we talk about all the time, the areas of growth.

that's what people are focusing on. >> isn't there -- there had always been an argument that it's a fly wheel effect. you need the base to have the services and ecosystem working isn't there a fine line? i mean, you can have revenues from the phone be less and less as a percentage of total revenues you can have the install base stall. but at some point you need that install base to stay steady. >> no question about it. and i think you keep that steady by coming up with newer, better, everything we see the three-camera phone that's what builds into that in my opinion but the reality is we have to focus onwhere are they grow sn they're growing in services, wearables and that's where the margin. >> you see the lift in after hours session up by 0.6% let's get more reaction to the president comments on many bringing in dan nimes at alpha one. good to have you with us. >> good to be on, melissa. >> let's say the president

decided we are going ahead with the tariffs on december 15th and no carve-out for apple how much is at risk for shares. >> i think you got a taste of that last year, right? i mean the skok stock went to all-time record highs in early october. for some reason investors seemed to convince themselves that apple was immune to issues that everybody else they were discounting to china and then apple came out preannounced negatively the des quarter, because apple has a high teens percentage of revenue from china and the stock got absolutely killed as you talked about earlier, the stock is up i think 67% year to date but revenues are up 1% for the year and earnings are up 1%. that's all multiple expansion. and so if you end up back in the same situation as last year -- i mean right now the market is in the mode of fear of missing oh out. apple is a wig portion of people's index nobody wants to be left behind and a lot of people are buying apple because it's going up like

last year. but that doesn't have a lot to do necessarily with fundamentals and so to your point, i think, you'll have -- you'd have a massive correction in this name if you didn't end up with a tariff rollback on december 15th honestly, even if you do, with the stock up as as much as it is, the valuation as you pointed out earlier, at a nine-year high it's not like people aren't already paying this. and the risk reward to me isn't that great we used to have a massive position apple earlier in theier it's down to a small position right now because the stock has gone up we moved it to other positions we think are more interesting than apple at these levels. >> what valuation should apple have >> well, i mean, valuation is always tricky, right because you look at this and say eps up a% for the year and stock up 67. we lived through the late 90s. valuations can go from insane to

outright stupid. the feeling with apple, when you have the smartphones shrinking why? because earn of you on the set that is a smartphone there is 5 billion out of the 7 billion in the world with a smartphone it's like pcs. they went threw 7 years of no growth with apple my view the view is that the multiple smub in the teens not upper end. there is no growth because it's saturated. >> you mentioned you moved apple money to other places in the market what is your highest conviction position at this point >> well, it's sort of related to apple. and i think people get it confused but i think when you look at next year the biggest trend and why i think a lot of people will be buying new phones next year is 5g. so what 5g does is it increases data speed by 10 x one of the things that's coming out of that is augmented reality features they'll be very interesting. we own a company called momentum

provides laysers that make that possible when xilinx blew up and cut the forecast recent. we bought that they provide alt of the afpga, semi conductor chips that make the 5g base stations possible. that's another name we got involved with. and then, you know, you'll have that 5 -- 10x increase in data speeds will drive cloud growth amazon is a name we still like they have 35 billion in revenue related to the cloud still growing over 30% year over year and the nice thing is those forecasts came down we were short the stock in their quarter when they said profitability is going to be way less, we bought it after that. the one-day shipping stuff is going to be good for them. and there is other chip names like intel and nvidia which we're involved in. so i think there is a lot of interesting ideas next year you can buy cheaper valuations

intel at 13 times. moment up apartment 13 times apple is trading at 20 times i'd rather buy the others names with less hype. >> great to speak with you thanks for calling in. >> my pleasure. >> dan niles of alpha one capital xilinx that's a guy adami name. >> that's a straight 5g play and sold off a lot we have seen. i don't know why the guidance has been sketchy obviously the china situation. xilinx you want to play the mid-teen multiple game, it's traded there before but an entirely different than five years ago. pete talks about this all the time aband give them a market multiple off $15 they are making next year and you get to the $280 stock we talked about i think people on the stret have given that the price target. that makes sense say what you want about multiples and where it should be trading. i think given the market mix is a 19 multiple in this environment >> there should be a degrading of the stock. >> i agree also to look where it's done year to date is really a red

herring. remember at the beginning of the year right the multiple in apple is about 12 at the beginning of the year so it's -- just because it's up a lot from that to me isn't enough to say you shouldn't own apple because it's up so each. i agree with keith a mixed multiple happening. >> let's get to ylan mu y on capitol hill. >> the house now passed a package of bills intended safe guard human rights in hong kong, both bills passed with nearly unanimous support. the bills would ban the export of items like tear gas and stun guns to hong kong police and the require the state department to certificate annually that hong kong qualifies for special trade prilgs and give the administration the ability to violate sanction violates violation of human rights in hong kong. the senate passed its version. it's up to president trump to sign it. i will point out the bills passed with veto proof majorities in both chambers. back to you. >> ylan mui and capitol hill

coming up going to beijing for live reaction on the news from hong kong. plus the trade headline rocking the markets. we'll get you the headlines from beijing. target shares bringing retailers back from the dead after the route. the desk breaks down this trade. live from the nasdaq market site in times square. much more "fast money" right after this

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welcome back to "fast money. the house just passed two bills in support of a hong kong protesters, cnbc eunice yuan live in beiging with more on the story. eunice process >> thanks, melissa i think the authorities here will wick up to what they would consider a very unpleasant development that happened in congress as you had said the house passed the two bills. that are in support of hong kong protesters who beijing has repeatedly labeled as terrorists this move after the senate passed its bill is really seen as one of the biggest signs of international support for the hong kong protesters and something that beijing has been very, very upset about yesterday the foreign ministry strongly condemned the senate's move and described what's been going on as america's cheap tricks it also has been urging the u.s.

to from beijing's perspective stay out of chinese affairs and also threatening countermeasures. now this this all happens as the trade discussions are ongoing. there have been a lot of questions as to how hong kong is going to factor in some of my sources here said they don't believe the issue is going to override the talks just because from china's perspective and they believe from the u.s. perspective both sides don't want these issues to be linked however, there are a lot of question marks as you know about what's going to happen now next with the phase 1 trade agreement. there have been sources quoted by reuters quoting sources close to the white house that saying the deal could be pushed into next year because of uncertainty of a tariff rollback reuters is saying that president trump has apparently recognized

that agreeing to a tariff rollback as beijing demands might not be seen as positive for the trump administration so he apparently wants to have more concessions from the chinese. but i can tell you from the chinese perspective there is going to be a lot of pushback about that, just based on conversations yesterday with several chinese academics, some of whom advise policy makers there is a feeling in china that china is the one that has given up too much already and that they have been doing things such as purchasing agricultural products from the united states already and from china's perspective they feel that the trump administration is the one that needs to make the next move in the form of a phase outof tariffs. melissa. >> eunice, thank you eunice in beijing for us looking at trade tensions rocking stocks the dow started lower then the trade headline hit at 1:00 p.m. you see the selloff intensified at the moment.

at the moment the dow having the worst day for the year -- this month excuse me. stocks recovered a bit by the end of the session but a potential delay to phase one be took a toll but time lun running out before the tariffs on $156 billion of chinese goods take effect on december 15th. with phase 1 in bimbo what to you do eunice said both sides, u.s. and chinese they don't want to link the two issues hong kong and trade together it sounds like they might be on the same page. but i know on the call today you guys were linking the two left and right. >> i don't know how cannot, right? this is a big voice, the u.s., right coming forward with this it's interesting that trump seemed to have bilateral -- bipartisan support on both the trade deal and this, knowing that this could potentially be, you know a thorn in china's side and cause difficulties for the trade deal i don't know how it not have an affect it adds another element much

risk. >> yes, the longer we wait for a trade deal getting done the more difficult it becomes for us to hit the $185 consensus earnings target next year for the s&p knife we need a full trade deal done in order to hit the numbers. >> beyond phase one. >> beyond phase one and needs to be done somewhere around the end of the the first quarter because it's taking a while for the companies to actually generate the earnings they need. they'll be loaded towards the back half of the year. >> at this rate i would think you don't we hit the number on the s&p earnings if you think we need a full trade deal by the end of the first quarter and here we are not making much progress on phase 1 and practically december, i mean that's -- that would be really optimistic on your part to think full trade deal end of the first quarter. >> right if it doesn't happen then we're looking at 172 to 175. the expectations come way down in order for us to hit the numbers i do believe that we have to get a full deal done, not just a phase one obviously phase one is the first

step but it's an important step. >> sure. >> but i think we got to get threw phase one to start lacking at comprehensive. >> we have to get through phase one. we have to get to it that's the problem one interesting thing why is volatility still around 13 or less doesn't that shock. >> you you tell us, pete. >> i would say people aren't as freaked out as all the media has been making it out to be in terms of the deals i think they realize things are getting kicked, going to get kicked we have seen it happen many times before it's a matter -- the reaction was strong right out of the gate today, the second we heard the news phase one becoming up but honestly it looked like people said you know, this is just going to keep on moving forward for us. >> say what you want, the trump administration has done a masterful job in speaking to the market the s&p effectively at all-time highs. and the situation where march is when this started we're in mid-november now tariffs are three weeks ago away

to pete's point with the 13 vix the market is saying we don't care. >> much more "fast money" straight ahead here is what's coming up next. >> announcer: attention mall shoppers one billionaire investor just made a big bet on the future of retail and later riding high. the marijuana stock lighting it up on the back of a big update stick with us, "fast money" is back after this quick break. with a nation-leading $150 billion commitment to infrastructure, we're creating state of the art, 21st century transportation hubs, constructing new bridges, bringing high-speed internet to every corner of the state, and committing to low-cost clean energy. with infrastructure built for the future, the companies of tomorrow can thrive here today. see your future at esd.ny.gov.

by the way, she's the it wasnext mozart.g day. the companies of tomorrow can thrive here today. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places.

whether your beauty routine is 3or 57,... make nature's bounty hair skin and nails step one. it's the number one brand uniquely formulated for silky hair, glowing skin and healthy nails. nature's bounty, because you're better off healthy. welcome back to "fast money. take a look at shares of target soaring nearly 15% after reporting a blowout quarter. the company crushing earnings expectations and raising guidance in a big way.

target has been hitting the mark allier the stock now up more than 83% add add nearly $30 billion in market cap and sitting at fresh all-time highs has it come too far too fast it started the year with a forward multiple of 11 times earnings it's now at more than 18 times so is target getting too pricey to touch or is the valuation fair i feel like we've been having the conversation repeatedly with various stocks in the market that are the winning stocks. they perform and they go even higher you have to ask the question to yourself, is that valuation still justified. >> pete can wax poetic on this because he has been talking about it a while i know we said it for months i can hear myself saying if you love wal-mart at 23 you have to love target at 13. at 15, at 16 and now here we are with probably a market multiple to answer your question, look, i can understand way you'd be

inclined to take money off the table. but i think there is more room in terms of valuation. you look at the quarter quickly, gross margins crushed it operating margins were 5.4%, much better than the street was looking at 4.6%. and the inventories for this quarter down 8% year overyear. basically in my opinion it means margins will be better next quarter. so although the stock had a huge run, you know, wal-mart at 23, maybe target doesn't deserve that but in my opinion, certainly deserves 20. and that gets you to 135ish. >> karen with, what's your take. >> yeah, i mean -- again the market multiple in the beginning of the way too cheap for some things but they have executed so solidly. i mean, what they reported today -- it was like a pin you will ball of just hitting great numbers whether the same store sales, marginsing with really important. and so they deserve to have this much higher multiple should it be a market multiple

to me it's better than a market stock. >> sure. >> the growth is there, earnings leverage is there. i mean and -- and the bar was high after wal-mart, right the bar was high and you guys might remember, dwight stones they jumped over this bar that was already so high. >> high jumper. >> let's give the high jumper. >> dick fosberry was the other high jumper .fosberry flop. >> the high jumper off the top of your med. >> cleared the bar and did a tremendous job >> here is the question. you touched on it. should it be worth as much as wal-mart because it's in the range. if you want it to go to a market multiple fine a couple turns higher >> right. >> from that point it's a few more turns to wal-mart. >> i don't think it should be worth as much as wal-mart. you know, what we're seeing right now is that the consumer is still strong. but i do believe there are

chinks in the armor. so i'd rather be in a wal-mart that's more like a staple, over 50% coming from groceries. which i like when you want to be defensive. kudos to target. i wish we caught this. they're doing a great job bridging between e-commerce and in store sales they were the first ones to embrace rather than fight in store returns. people would talk to kohl's and return stuff and walking out people returning to target and returning stuff and staying. >> i loved this stock for many years. brian coronell has been the right guy, right investments this is where i push back what you were saying. you said 50% from grocery you like that that's no margin what i like about target is it's only 20% of the revenues and the rest they're different areas

and the private label brands give them the opportunity to have -- they have even better margins. ship an incredible buy cost them $550 million meanwhile wal-mart spent 18 to $19 billion. >> should it be worth more than wlrnlt. >> absolutely. they have better growth. they are smaller more nimbleness there is a lot of reasons they should be ahead of them pe wise. not only sips the beginnings of the year the story but for the last two or three years. >> coming up icahn's big bet against the mals one analyst explains hot stocks on fire bullish on one cannabis name we'll tell what you it is and why it coulde ne bthe xt smoking hot opportunity. stick around much more "fast money" right after this ♪ ♪ not much, how about you?

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welcome back to "fast money. check out tiffany's jumping after hour after new information on the lvmh bid for the company. >> it looks like talks between the luckry group lvmh and u.s. retailertynys cop heating pup shares of tiffany jumping almost

3.4% on a reuters report that lvmh got access to the conversation books after raising the offer to 130 per share you may recall that tiffany's believed the all cash the bid was too low that valued them at 14 the$.5 billion. they apparently wanted 140 per share. david faber has reported that lvmh has been eyes tiffany's for two years. and lvmh homestead to brands like christian dior and louis vuitton. and it would enhance its jewelry portfolio one of the fastest growing areas in luxury but in 2018 accounted for only 7% of earnings for lvm the h tiffanys has struggled with weakness in sales and suffered in asia. and lvmh needs to spend more on marketing brands and that can only happen as a division of lvmh there is no guarantee the dee

happens. but again in development indicating that it may and investors seem to like the news. melissa, back how. >> rahel sol man at headquarters karen, seems like a good step forward. >> absolutely. i'm long tiffany i think that the most important point- well one that they made the bill and it was made public. the second most important was when tiffany said we think it's too lois different than we're not for sale we no he what they are it's just a question of price. and i think you don't get a chance to buy unique asset like this very often, right at some point i think any of the other bidders probably realize that they're not competing with lvmh i'm thinking it's 135 or higher and i do think that we get a deal i think lvmh if you want this asset they know they have to pay and i don't think 130 is enough. >> all right speaking of retail carl icahn is makinga bet

against the mall patriots, according to the "wall street journal" one that could net him $400 million or more if he is right. it might seem a loob like a call with the record closures but it hasn't paid off for for years. check out the cmbx one of of the riskier tranches of the debt icahn is making a bet. let's bring in james sullivan managing director at bmgh. >> great to be here. >> why haven't the ingredients of mall stress added up to stress for the debt and mall operators. >> i think where the stress occurred is in the equity bkt. owners of the b. mall got killed over the last several years forred good reason when he this he retailers close stores they close in b. malls and keeping in a malls when they want to renegotiate it's he is

easier no the b mall and a malls. generally speaking the b. malls have been going down in the the last three to four years it's been a difficult trade for the equity markets a and the debt market individual asset basis we have seen mall onners hand back the keys. but in the cmbx sticks as we understand it the coverage ratios are good. this is a trade that has some casualties we have had alder hill that took a big position and was marketing the position on the street obviously got dmeerens and alder hill this to close down. the losses were too big. a fair hi small hedge fund icahn obvious hi has credibility and deep pockets he is a billionaire. we're not, at least i'm not. it's a trudy that i think got the attention of people. and, you know, he has been in this trade a couple of months. but we had a big feature article

today in the journal highlighting it. >> would the timing be better from this point on given we have the holiday shopping season and potential closures on the other side. >> we've had a lot of closures already this year. and between now and the end of the year are we going to have another retaylor fail? it's tough to call that. forever 21 was a chapter 11. when they filed they had five hundred stores they said they would close 200 petition closed half, 95 the others they renegotiated leases we are seeing troubled retailers who maybe have a chance at reorganizing being able to renegotiate the terms with the mall owners. the a-mall players are generally in spite of what people characterizes as retail apocalypse occupancy rates have been steady rental rate growth with growths like l brnds or cheese cake factory have been fine but they gave concessions to the weaker

retailers. the result is the internal growth rate is lower than people expect but growth and from a debt holder credit standpoint, the metrics are pretty good. and that's what the people long or the institution long cmbx six are looking at. >> let me ask you, rates move up, what does that do to -- i assume it would help icahn's trade because you have cap rates for property volume values going down and interest servicing would be more expensive. how much would rates need to move. >> i think that rates going up cuts both ways if rates rise because retail sales are rising and consumer health is good that's going to be -- should be an offsetting positive the rates on the cmbx are pretty much fixed so to the extent that it's going to impact the refinancing of the debt, that's an issue. so in really close calls, sure, there can be an asset or two with a problem but will the entire tranche get killed in that environment in i don't think so so -- and so far bets on rising

rates -- so far they've been misplaced, is the way i would put it so i think cmbx issue has been pfaffly. there is casualties may be more. and just as there are billionaires like akahn making that bet there are billioners like buffett making the long bet. >> jim sullivan of btigp what do you think -- we talk about this trade every few years. >> and his point is well taken that people tried and failed maybe carl -- it's the timing. i can't get in his head but i think mr. icahn looks and says the equities have gotten crushed where can i take advantage i think tanker outline was pennsylvania $4 stock three years ago process now 15 with a 50% short interest. people are done well shorting the equities it doesn't mean they do well with the debt. and maybe the real play -- again, i can't get inside his head maybe the real play is buying some of the things that have

gotten taken out to the wood shed for the inevitable short rally we have seen. >> pot stock comes back a to life after one analyst says one name about to light up tesla gearing up to unveil the cybertruck this week we wille tell you how options trader are betting stock much more right after this whether your beauty routine is 3 steps...

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welcome back to "fast money. check out shares of canopy dproegt fired up today, rising more than 15% after bank of america upgraded to buy. the analyst saying the worst may be over for the cannabis company. and canopy the wasn't the only one. several pot stocks following it into the green after a grueling few pin cronos tilray all down big. is the cannabis craze getting green lit. >> tepper whab do you say. >> i don't know it's getting relit right now. i think it's -- canopy has seen a nice rally up 30% over the last two sessions after selling off last week, after earnings. but i think there is really two ways to play the cannabis market right now. there is the single way that we're playing it for clients that is, you know, pay play going through constellation

bands, so you have the beer business keeping it afloat and the call option on condition canopy growth if it's legalize processed and the option green thumb. only utilizing a quarter of the the licenses they could have easily quadruple. >> the house seems to be moving closer to federal legalization want that hurt green thumb. >> it would. but i don't think we're expecting that to happen we expect 2024 for the legalization if it happens sooner it could hurt them. >> go back to december, 2019, $93 stock traded almost 200. right back now if you look for a pur play that's it and it's interesting mr. tepper mentioned the synthetic play on the back of it i'm not teasing my final trade process. but he was in my head. >> you mean constellation. >> i'm going to change -- i'm changing it. i'm changing my final trade. >> mr. tepper mentioned he

mentioned two stocks that's not a clue. >> it's a clue. >> it was like the movie clue. great change. >> worst clue i've heard of. coming up a rocky road for tesla shares but we tell you why options traders bet the stock is kicking into high gear look at the cranium are cam. the ceo of pager duet. camp the full interview top of the hour on "mad money." live at the nasdaq markesit te in times square. much more "fast money" still ahead. sundown vitamins are all non-gmo, made with naturally sourced colors and flavors and are gluten & dairy free. they're all clean. all the time. even if sometimes we're not. sundown vitamins. all clean. all the time.

welcome back to "fast money. take a look at shares of tesla six months ago the stock barely above $200 since then the electric auto maker soared 70% and cracked $350 a share unveiling the new electric pickup truck dubbed the cybertruck by elon musk. pike khouw in san francisco with the action hey, mike. >> the options market right now is implying a move of about 3.7% in tesla shares between now and the close the day after tomorrow that's a wider range actually than the stock has seen over the last five trading days the most active options were the weekly 360 calls over 10,500 of

those traded those for average price of knife dollars buyer of calls betting the stock rises above the 360 viek price by the $5 they paid push going into territory it hasn't seen since december of 2018 when we think about what could proposal the shares higher or lower. light duty truck sales seem like the area that's the most profitable sector for the u.s. auto industry. >> did anybody see the new porsche ev the one that phil was stenograph in front of beautiful car. >> it's been a threat a long time phil has brought it up many times. >> now on sale next year. >> how much will that. >> that i don't know. >> model s competitor. >> potentially. >> what did you think of the car. >> i'm a former porsche owner. the taikan they were trying to

fine find a hybrid about as fast as model s and more expensive a fully outfitted turbo s being a miss namer because it doesn't have a normal engine no turbo. is over $200,000. >> that's a big difference. >> between that and s. >> he dropped in the former porsche owner. that's a very 80s. >> is it. >> i mean it's -- i mean. >> probably like the he has the ascot, the driving hat gloves. >> the whole rig. >> poor mike. >> good to see you see you friday for "options action." tune in to the live show friday 5:30 p.m. eastern time up next, final trades. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you

through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

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final trade time pete. >> restoration hardware has calls buying that expire this week they say it's going up i think they're right. >> mark tepper >> salesforce approaching new all-time highs looks like it's ready for breakout they've this strong quarters but the stock hasn't wraekted he willwell i expect it react better. >> home depot priced for pfrgs perfection into the quarter.

the third day rule applies tomorrow day three i like home depot. >> guy. >> hi there. >> you had the scheme in. >> i had the whole scheme in my head and you messed it up on me. i went to phase 2. quest diagnostics comes out dgx. >> jim cramer with "mad money" starts right now. >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere. and i promise to help you find it "mad money" starts now hey i'm cramer welcome to "mad money. welcome to welcome to a west coast cramerica takeover other people want to make friends. i'm just trying to make you some money. my job isn't just to entertain but to educate and teach you so call me at 1-800-743-cnbc. or tweet me @jimcramer.