what when the coronavirus picture is changing daily. the cdc is telling americans they need to start preparing. >> that's why it's not really a fundamental call it's the market tactics and dynamics that say usually when we get this much selling in this concentrated amount of time, you get some relief from somewhere. >> down 7.8% from the record high. >> crazy day, crazy show >> "fast money" picks up all the coverage right now >> welcome to "fast money" everybody. we're following two major breaking stories at this 5:00 p.m. eastern hour. first, the dow down nearly 2,000 points over the past two sessions next, a bombshell from disney. longtime ceo bob iger is out iger and his replacement, a gentleman named bob chapek will join cnbc in just a matter of minutes live that's a big interview and we have a big show coming your way tonight. your trade on the desk, tim

seymour, dan nathan. gina sanchez ce of, good to see you. lets get to it we start with a selloff. another rapid reversal in the markets today. earlier this session, stocks were actually higher hard to believe, but true. the dow is back up above 28,149, but only for a cup of coffee before more headlines begin crossing and more selling programs hit and the market turns south, the cdc saying the u.s. has done a pretty good job so far with rapid response, and coronavirus cases are still very low. it also warned that the virus could hit us as well that will likely take down economic growth and earnings projections. so guy, nearly 2,000-point haircut in 48 hours of trading is there anyplace to hide, any way to protect our viewers and listeners portfolios today >> i think we've done a decent job leading people down that path it comes in the form of bonds as

we've talked about for months and the gold market as well. you can say the gold market sold off today. yes, that's the case, but i still think both work. in terms of what you do now, you have to be looking at levels where this stops we've been talking about one specific level, 3030, just 100 or so s&p 500 points from here that's realistic to see it over the next couple days you can see it in 24 hours i think that's a reasonable level of retracement it gets us down 11%, 12% from the all time high. it makes sense for a lot of reasons. if you want one other line in the sand and we've talked about this, i know dan has been all over this, the russell never made a new high while the s&p was making the new high. the iym, russell small cap index, 150 is your line in the sand there >> tim, any reason to believe that the selling is over

>> no, there's no reason to believe. if you think about what spurred on this next round, it's a combination of understanding where korea, really at the center of the global supply chain certainly as we get into semiconductors and other things hit. the fact is disease is spreading and is ultimately after dpekting consumer confidence. we talk often about the consumer having been the savior for this economy. lets be clear. this is a market that absolutely unperturbed by the move in the disease and where we had gone in the three weeks while bond yields were probing -- if you look at the treasury market, 132 on the ten-year, took out those lows from 2013 which is the last time we were around here, that tells you and that told you even before the equity markets responded. i don't want to be sensational here in fact, i think markets are on a short-term very oversold having said that, what's driving sentiment right now is something

that is impossible to understand and why should that change overnight? >> on our special last night, dan, you and josh did a great job. you said something which proved accurate you said, both of you agreed, that if the market tried to rally this morning and rolled over as it did, that would be a bad situation for equities. >> i guess the situation was there was no scenario, no tweet, no nothing that was going to come out and change sentiment overnight. i think what's interesting about the cdc coming out and the leg down that the market took in closing really near the lows here, just tells you, if people are dissatisfied with the way china, authoritarian government, has handled this disease, how do you think it's going to be in a bloc of nations that have free movement in europe how do you think it's going to be here in this country with a bunch of citizens who have a lot of guns. it's not going to go particularly well. that's really what the panic was today. i guess what i would say is, i don't think there's really any cause for alarm for the same

reason, at least as it relates to the stock market. we went up 6%, 7%, 8% over the last two months for really no good reason. the fact we've given back 6 or 7% makes sense 3030 basically went up 12% in the straight line. that's a level where you start buying the dip or thinking about those names you've wanted to get into 3030 and the s&p 500s, the late october breakout, if we don' know what the heck is going on, a lot of traders and investors will lean on technicals. >> there's a point of view, gina, people say why are you making such a big deal about this luckily the fatality rate is low, 14 cases in the united states, not that widespread in europe here is why and tell me if this is wrong china is, lets call it one-fourth of the global economy, europe one-fourth of the global economy we're a fourth and the rest of the world makes up the rest.

if we start to see a slowdown in europe and china, as we already have, we have to take down earnings estimates, multiples, earnings yield, everything has to come down. >> i agree with you. i'm not sure just going back to october will cover that scenario are we dealing with a local asian outbreak, or are we dealing with a global pandemic those are two very different things even in the global pandemic scenario, you're dealing with something probably a quarter to a half year long in terms of pain then you tend to get a recovery from there we don't know what we're dealing with yet and we're still trying to figure that out the big stress test is what happens and how does the u.s. handle it. if the u.s. cannot handle containment of this virus, no one can. >> keep those stock charts up here, the s&p laggards look at the names, american airlines, occidental, southwest air, live nation and marriott. here is why i find this

interesting, tim, live nation is a concert promoter they're global, but they get people together. southwest airlines basically has no international presence. a little bit, whatever, puerto rico, that's it. this is the market saying people are going to be nervous about congregating in groups and doing things where they might spend money. >> so we've never contemplated this dynamic in this country, at least not in my lifetime as has been pointed out here, we have a case where this is typically a contained geographic event. consumer confidence has been critical to this market. the other side of this, though, when the fed starts to say and there's been quotes over the last couple days, essentially we're ready to respond or we're watching, what can the fed do at this point it gets to something we also talk about on this show for a long time. to me the fed's comments sound a lot like the boj who has been flailing in the wind for many years here you're right, brian, to point

out the domestic element of that selloff. i think airlines, multinational ones, i think the entire airline space is being sold for that reason >> guys, we've got to move on. we'll get back to this macro discussion we have to turn to the other big breaking story of the evening. a rather shocking move bob iger will step down as ceo of disney. effective immediately. iger recently signed an extension. he'll remain as executive chairman through next year bob chapek will take the ceo job. gina, i'll come to you you live in the shadow -- you live in l.a., i think right near disney or at least near the executive offices of this company. what's your take on this move? it came out of nowhere >> i think it came out of nowhere, and the stock is reflecting that. if you look at disney, they have

so many great chips on the table. obviously coronavirus is hitting them really hard, particularly in parks they have shanghai and hong kong both shut down they were about to revive mulan which would have been enormous and they're pushing that back. they're getting hit right and left interesting that iger steps down right now at this moment handing this off to the head of parks makes sense. parks have really driven revenue and also shown they are completely inelastic in terms of demand they keep raising the price and they can't get the numbers down. people still continue to come and pay. that's huge as well. >> the fear is they'll get fewer international visitors but may make that up with more domestic visitors who are deciding not to go to mexico or hawaii, we're going to stay home and drive to disney >> absolutely. >> you think that plays out? is that a scenario >> i think disney still suffers -- disney is probably one of the best places to go catch the flu, for example, because of so many children, but

disney also has other huge forms of revenue disney plus is on fire if you look at the numbers, that's saying we're here, we're real and our content packs a punch. >> i'm not looking to go to disney on the best of days respectively unless i can get on mr. tow mr. toad's wild ride or country bear jamboree. last april we exploded off the 120 level which had been resistance for a long time that's where you reowned the stock. >> the things we're talking about as far as the coronavirus and disney, and to not try to be insensitive to what's going on, those to me are things i'm fine with on disney those to me are something where even on revenues for the next two quarters, that's something they won't get back. it's the core of those four parts of the disney stool that are holding up, includes studios and consumer products. it does include the broadcast

and it certainly includes the other parts of the disney plus story. to me the bob iger news is critical right now this was the man who certainly had driven a lot of value, certainly was part of the reason why the multiple at disney far exceeded that. yes, this business model the rest of the media sector has not even been close here this is a critical dynamic here even though disney studio in the last 12 months has arguably never had a 12-month period, and i bet we said that multiple times over the last couple years. we see what they're doing in streaming, their ability to use all parts of the fly wheel to support consumer products. >> a great point i think they had seven billion dollar movies last year with the marvel franchise you can sign up all the disney plus customers at $5.99 a month. that would take years to replicate the margins of a family of four or five where the tickets are a buck 50 -- >> for two or three quarters though >> in the way they reorganize

these businesses, obviously the new ceo comes from the ol' parks division this guy is going to be reporting to bob iger for the next 18 months or so i think bob iger is still the ceo for all intents and purposes i think it's important to remember iger has been there for 15 years. what did he do he bought pixar, lucas, marvel this is the path forward they bought fox, executed on disney plus. let's see what new blood can do. i think guy is right you get this thing back down 20%, that would be down to that 120 level, and all of a sudden you have a thin trading at a market multiple below 20 times or so and you say let's see what the next decade looks like. >> i'll go back to the point i made earlier even in the global pandemic scenario, this only lasts one to two quarters at most a good value stock like disney could represent incredible value. >> looking at a chart. it busted through the 50-day

moving average tried to hold for about a cup of coffee and drop through. there's nothing underneath >> i can show you everything is broken in the up trend we had a 45-degree angle the best names out there, they've all broken below them. that's the first level that's been breached. now you have to start thinking about other levels of support. that 120 should be fundamental support for this stock i can't tell you what's going to happen in a big market downdraft, but that should be a fundamental level. >> on the impact of parks, i'm looking at a deutsche bank report that says this is essentially an 8% hit to eps if you base it on what they've done, in terms of closing the parks and the impact in the here and now that we're measuring now, this should not be changing your view on disney. think about where we all were. i think a lot of people were with disney two months ago, after we had two quarters to report disney plus and got to see what the studio was doing what cpg and direct to consumer. i think you have to take a deep breath this is one of the stocks where

you take a moment and you don't have to buy it tomorrow, there's a lot of stuff to learn about a management change. this is one of the great companies. >> by the way, 80% hit the eps the stock is down 7.5% this month. we'll see if it holds. the market says we're going to take it down 8%. by the way, a lot of questions we're going to get some answers. because the bobs bob iger and new ceo bob chapek will give their first interview to cnbc with julia boorstin. it's live hopefully right around 5:30 p.m. eastern, 2:30 pacific obviously. a lot of questions julia will get answers dow finished down 879. we're back after this. nce, righ? no. uh uh. is it homeowner's insurance? no... uhuhuhuh! is it duck insurance? nope. ahhh!

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welcome back to "fast money. if you're just joining us, bob iger stepping down as the longtime disney ceo. bob chapek who formerly ran the parks division will run the entire company iger will stay on as executive chair and they will both join us for a first on cnbc interview with julia boorstin.

dow component, the company matters. stock, like everything else, fell today lets turn back to the macro markets. tech, like everything else, falling hard in today's selloff. last wednesday the tech sector was hitting all-time highs today it slipped into a correction what does that mean? it means the sector more than 10% below the recent highs, the fall fast and furious. xlk etf falling more than 3% the high-flying magga stocks, microsoft, apple, amazon, dan, the question is this, is this the start of more selling or is there any way to sort of suss out whether this has sort of been washed out? >> i'll just say this. lets use microsoft late january when we started getting downward volatility about this virus, microsoft

traded i think 160 or something like that. three weeks later it's up literally 20%. you would have thought they came up with a vaccine for it it's taking out the parabolic move over the last couple weeks. that makes a lot of sense. can you see the stock back at 160? has apple gotten hit a little bit because of the two-prong kind of attack, the supply issues and the demand potentially in china you have to take some of this stuff out. these stocks have come a long way over the last 12 months, valuations got a bit stretched to me you'd like to see them overshoot to the downside as they clearly did the last month to the upside. >> i think they're more than stretched. it would have taken years and years and years to get your money back making investments. you have to keep pricing huge growth if you look at the impacts, the impacts are twofold as you mentioned. the first is obviously the supply chain to the degree they're waiting

for parts coming from factories in china, korea, other parts of southeast asia, that's a big deal then, of course, you have the other problem which is the consumption problem. right now everybody in wuhan is literally in their homes when you have that kind of shutdown in terms of consumption, that's going to hit you both ways. i agree with you, i don't think even in a short period of time it's like everybody in the investment world is looking straight past this. >> so that's totally rational except for the fact that i think the markets didn't pay attention to trade war the markets didn't pay attention to even seasonal and also cyclical factors for memory chips when there's restocking. semis didn't react ever in the last year and a half went to all-time highs this is what everybody is saying this is a case where i think this is a catalyst that allows people to reassess where semis

actually were. this pullback has been strong and swift. a couple of downgrades to nvidia, these were downgrades, literally people looking at what q1 is going to be and analysts trying to get out there. analysts like ceos want to do this >> i want to go back to fanning and magar, these are not like other stocks. >> microsoft is in 379 etfs, bigger than 10% in 14 of them. that's just microsoft. these stocks, we talk about their importance to the market from a waiting, from a market cap perspective. if you're a market cap weighted index or etf, they're not the same one of these things is not like the other. >> you better hope this passive investmenting trend that's been all the rage continues god forbid it stops. you think this is bad, that will be -- that will make this look like a garden variety selloff. with that said, i'm not

suggesting it's going to happen. >> december 2018 we saw 15% drop in a couple weeks. >> what we worked in, we traded at $48 billion valuation, lost 85% of its value in a month and a half now we talk about it every day stocks can go down they go down faster than they go up however, that 160 level that dan just flagged on microsoft, that's right i'm not saying it's going to stop there that's as good a level as any. on february 11th we said, guess what, microsoft made an all-time high reverse lower on two times normal volume. that to me is the top. >> to me, if we think about what the market is doing here, everything you guys are talking about is actually something that, we're speculating the world is going to change dramatically for the consumer and for the economy. if anything, december of 2018, that is when we were worried about a fed being way offsides people were starting to get to 2019 and worry about recession is that what we're worried

about? we're worried about the coronavirus being a disruption for one or two quarters and downgrading gdp or is the economy catching up to the fact that we weren't on solid footing before >> lets be clear microsoft and google in particular, it's not like they're booming businesses in china. the majority of microsoft office, google is not really in china at all this is not a consumer play. >> google is in china with android. >> which they don't charge for. >> it's an important part of their market share, 85% of the global smart phone market share. >> i'm just saying you wonder what the consumer impact is on microsoft we're not going to microsoft world. maybe we are we're going to take a quick break. we're back with an interview with bob iger and bob chapek, a big one next hey there people eligible for medicare.

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welcome back to "fast money. big news from one of the world's biggest media companies. disney's bob iger stepping down at ceo effective immediately bob chapek who ran parks will now run the entire company although iger stays on executive chairman they'll both join us for an interview with julia boorstin in a couple moments we're waiting for them literally to take their chairs we'll go to that live. for now, let's talk more about this big market meltdown continuing today most people can't just sit home and watch a ticker all day so if you missed it, here is a recap of the key things you need to know. the dow fell 879 points. it's now lost nearly 2,000 points in just two days. the ten-year yield crumbling to

1.34%, its lowest level ever literally going back more than a century. so-called fear gauge, the vix moving higher. perhaps the most shocking stats at all, only six s&p 500 companies are higher this week, three of them are coronavirus related, companies looking for a solution and, of course, clorox for obvious reasons. more than 100 stocks are down more than 5% in the s&p 500. if you believe we have now come too far too fast to the downside, we've got a way to play a bounce if it happens. mike kcoe in san francisco. >> jed we talk about protecting your portfolio by bying put and put spreads. today well eel look at opportunities in stocks that might be over sold or represent some value i'll point out in situations like this, you don't want to run out and catch a falling knife.

we're not advocating going out and either buying stocks with whatever excess cash you have or using leverage to do so. the other thing i would point out, in some ways the decline has been orderly, not huge gaps but orderly decline. the other point i would make is try to avoid double exposure if you look to do things like self-puts because premiums are elevated, don't do so in companies exposed to a great deal of risk examples would be travel, airlines and energy stocks i was looking at microsoft, ways to take advantage of the fact that volatility is a little higher one of the ways you can do this if you own the stock and thinking you want more exposure to the upside butdon't want more exposure to the downside is using a 1-2 call spread. i was looking at april 175, 185, in this trade you would buy the 175 calls. those were trading for a little over $5.00 and sell two of the 185s for about $2.15

net-net spending about 95 cents. really all you're doing is trading off the upside above 195 and you get incremental exposure up above 175 that makes a lot of sense because the all-time high in microsoft is 190 hard to see how we're going to get there in less than two months another thing you can do if you don't own the stock is something called a call spread risk reversal at this point i was looking at selling the 155 puts and selling the 175 calls. you can do that for even money you'll get exposure from 175 to 185 on the upside, but not forced to own it unless it falls to 155 that represents a better than 20% decline from the peaks we saw not that long ago. it's a way to get exposure without buying the stock you're taking advantage of the fact premiums are elevated in some of the higher risk areas, the higher premiums are deser deserved >> mike co-in san francisco,

thank you very much. dan, your take on that strategy. >> offered two different ways to do it. the put sale one is one in a market like this can be complicated for people, the notion they're selling a downside put and having the stock whoosh through that price if you have a big down draft it's not too different than owning the stock and vk the down draft. mike's call spread to add leverage and yield to an existing position, especially in a name like microsoft, the price of options is so elevated makes a lot of sense again, fast markets, doing a lot of legs. it's kind of complicated for most people. i just think in general it's an expensive premium. that could be as easy as overriding a stock you own 100 shares, sell one -- if the stock is below the short call strike. >> you think that's too complicated? >> it depends. a whole show friday at 5:30 called "options action." >> can i -- dan and what these

guys do, they make it very understandable but i will just say simply, if you have puts on, two days of vol like we have, what i typically do i tend to roll these puts out these are moments you waited for, especially when you bought q's 5% of the money. for holding it a vol spike to 40, history says we don't do that two days in a row of 95% down days is extraordinary. take some profits and move these down the line. >> good stuff here, dan. thank you. mike, thank you as well. we'll take a very short break and come back with a first on cnbc interview with bob iger and bob chapek stick around ♪ ♪

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can vo:for president.vercome that's mike bloomberg. a middle class kid who built a global company from scratch. mayor of new york, rebuilding the city after the 9-11 terrorist attack, creating 450,000 jobs. running for president - and on a roll. workable plans to deliver on better health care. affordable college. job creation. common sense plans to beat trump, fix the chaos in washington, and get things done. mike: i'm mike bloomberg and i approve this message. welcome back if you're just joining us, a big bombshell from disney tonight. longtime ceo bob iger stepping down effective immediately, replaced by bob chapek both men are sitting down right now with julia boorstin in los angeles in a first on cnbc interview. julia, take it away.

>> thanks so much. i am joined now by bob iger, as of today executive chairman of disney, overseeing all creative endeavors today and also bob chapek, as of just now the new ceo of the walt disney company thank you both so much for joining us today. >> pleasure. >> first, to bob iger, you back in 2017 when you announced the fox acquisition extended your contract as ceo through the end of 2021. why make this change now more than a year and a half before your contract is up? >> the company has a great collection of assets, businesses, brands, franchises, particularly with the acquisition of 21st century fox and the purchase of the larger share of hulu. we also have recently deployed a very new and extremely important strategy, the direct-to-consumer strategy that led to the espn plus product being launched and, of course, disney plus which launched in november as we looked at the businesses,

we have a great set of assets, a great strategy what's next and what was next in terms of my own priorities is making sure that the creative pipeline in the company was really rich, that all of our creative engines were working extremely well i wanted to spend more and more of my time on that the only way i could do that was to pass the torch on to bob so that my direct reports and the authority over our businesses will shift to him, freeing me up to do what i think is our next big priority. >> for investors, this seems abrupt the stock is trading down. i interviewed you just a couple weeks ago after your quarterly earnings report. how long has this been in the works and for how long have you identified bob chapek as your successor? >> we've had a succession process on going with the board for -- actually a few years, something that we talk about virtually at every meeting, and we identified bob a while ago as

a likely candidate to succeed me, but they went through a thorough process and discussed other possibilities. it's again something that the board has been engaged in for quite a while. they got to know bob very well during that period of time he ran one of our most complex, one of our most important businesses, global parks and resorts, for instance, during a time of great capital investment, at a time of great change and did so very well after working for the company for 30 years in terms of the market today, what's going on obviously today is certainly very serious and a concern to us. the timing is unfortunate, but not anything we can control. it certainly didn't play into the timing of this decision. >> you are signed on to continue through the end of 2021 overseeing all the creative elements of the company, but at the same time bob chapek is going to be running the day-to-day business. for you as executive chairman

and you as ceo, will that create confusion about who's in charge if you're going to be reporting to bob iger? how do you address those concerns and potential conflict while you're executive chairman? >> we've worked together extremely well our senior management team has worked together quite well we know each other well. we get together often. we share a number of the issues of our days in terms of running the businesses there's a lot of familiarity, a lot of collegiality. in terms of confusion, we're not really concerned about that. bob is going to be running the company and running the day-to-day businesses, as i said earlier. all of my direct reports shift to him i have one direct report, and that's bob we'll be focusing on the creative any of the big creative decisions that have to be made, i fully intend for bob to be at my side. it's important for him to learn as much as possible. what this is about really is, we believe, a really good success process and a really smart transition process

the goal here during the period of time that i will be executive chairman is to create a transition process that is smooth and functioning and effective. we're not concerned at all about creating any confusion. >> for you, bob chapek, congratulations on this new role your predecessor, bob iger, made a number of massive changes that really transformed the disney company, acquisition of marvel, pixar, lucas film. the lawn of of the direct-to-consumer business. what do you see as your mission going forward? do you imagine transforming the company as much as he has? >> i obviously have huge shoes to fill. bob's legacy in the company is just profound. i think my role is now to take the strategic pillars he's so well established over the last 15 years and continue to work on those and implement those in the marketplace, most importantly our direct-to-consumer initiatives, but at the same time look around the corner for what disruption might be going

on in the marketplace that would necessitate a fresh look at those things right now the course that bob has laid is one that we fully intend to follow and i think will pay dividends for our shareholders for years to come. >> what does it mean for you as the new ceo to have iger as the executive chairman for more than a year and a half? >> it's certainly a privilege to have bob still available and there for guidance i've had a front row seat to bob iger's magic at disney now for 15 years to be able to extend that for the next year and a half or so while i make the transition into this new role is just a luxury that frankly i couldn't ask for more. >> do you feel like your mission and your purpose as ceo is to continue on the path that iger has started? or do you envision more need for change or potential acquisitions or sort of shifts down the line? >> i suspect in the beginning it will be more of the same

because essentially the strategies that bob's put in place are really longlasting in terms of where the company is going to go in the short-term. over time though, as we recognize, disruption and transformation are inevitable in this business. it hits each of our businesses a little differently it's inevitable those businesses will be disrupted and it's recognizing at that time when we'll need to shift. that's i think the art of the job. >> you're taking on this job at a moment of incredible change, not just in the streaming business, we're about to see the launch of several new streaming services, but also in the parks division you until today ran the parks and consumer products division two of disney's parks are closed, hong kong and shanghai you oversaw the launch of the shanghai park. no sign when the parks will open are you concerned about the long-term impacts of coronavirus not just on those parks but potentially on the cruise business which you've run? >> the long-term health of our

business is a function of our consumer demand for unbelievable storytelling and our product while this is certainly a bump in the road in terms of the coronavirus, we'll come through this like we've come through every other challenge that we've had, and that affinity for the brand and our storytelling will way outlast any short-term blip we have from corona. >> bob mentioned the stock market decline over the past couple days. it's been a very volatile time in the markets there's always a question how the consumer will react. will there be an economic downturn that could impact consumer spending or advertising. what's your outlook as you take the helm of this international major multiplatform media industry about the potential risks? >> we're very conscious of those disruptive elements, socioeconomic elements, social elements that can come in at any time and disrupt our business. i think when you have the core assets that we've got, those

franchises, the disney brand once again will sort of see our way through all those disruptive elements it doesn't mean we won't get surprised tomorrow but we've got the strength to get them them all. >> you've worked in many different parts of the diz business, most recently parks and consumer products, also the studio, distribution of home entertainment. you've not worked in the tv bundle part of the business, the part suffering from the cord cutting trends which is something i've talked to bob iger about as someone who has not worked in that business, what's your outlook on the threat of cord cutting and how to handle it >> to me the commonality between our businesses is our consumer i've worked in consumer businesses my entire career, and it's not ironic that our strategy for the media business is a direct-to-consumer business where we have the one-on-one relationship with the customer without having a lot of middlemen in between that's my sweet spot and i think

that's something i can leverage now throughout all my experiences, not even disney but even before disney in terms of figuring out how we take the data, the information, the technology and, once gn, our storytelling direct to the consumer so we can take the great equities we have and continue to build those. >> bob, as you focus on the storytelling and less on the day to day, do you imagine extending your time at the company beyond december 2021? >> no, i don't i've been with the company 45 years, was in the ceo job for 15, president and coo for five it's been a fun run and i'm looking forward to the run ending i still have a job to do. >> what will you do after 2021 >> i'm going to use my imagination. i'm going to go to disney land. >> as i'm sure you'll probably make your way there many times before then. i want to thank you both so much for coming to us after this historic announcement.

bob iger, bob chapek, thanks for talking with us today. back to you in the studio. >> julia, thank you very much for bringing it to "fast money." tim, we listened anything you heard from the incoming our outgoing ceo and still executive chairman, by the way, that would change your investment opinion on disney >> if you take anything at face value about cessation and transition, nothing changes for disney shareholders, this is the best content out there, the best dtc out there, or at least a challenge to netflix and certainly trading at a significantly cheaper multiple in the core dtc business as someone that is long on stock and hoping we didn't hear about either some shakeup at the company for a specific reason or the fact there was structurally something broken, this is about what we thought was going to happen

nothing new on news today. the timing was uncomfortable based on the day the markets had. this would never be a happy day for disney shareholders. but that's what i heard. >> i agree with that i took a lot of comfort from both the way they set up why this happened and also the plans going forward, meaning there's going to be sort of a continued successi succession and bob iger rides into the sunset. >> they've got to say that the streaming wars have really just begun is now the time to change? >> i think to your point, what else are they going to say of course this was in the works. we're a well-oiled machine, ses cession plan it goes back to what we talked about earlier in the show. you have to have your lined in the sand for me 120 makes as much sense as everything. it will give the stock a more reasonable valuation in terms of where it's been and it's a level

we had trouble with on the upside for many months many years ago. >> can i ask, what is changing -- maybe you felt this way since that point to me the news over the last couple weeks has not really changed for this company today what we heard apparently does. >> big news day, by the way. by the way, sales force, their co-ceo stepped down as well. master card yesterday. coming up, how should you set yourself up for tomorrow's open. we don't have many futures left. 'ltawel lk about what to do if the selloff continues. more "fast money" after this ♪ ♪

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welcome back if you are just joining us, the dow selling off nearly 2,000 points in just the last two days lets take a look at some of the biggest losers in today's session. american airlines, down 9% live nation, people concerned people won't gather for concerts marriott and southwest airlines, the consumer travel play now, there were a few, not many, but a couple of up stocks today. you've got hp, xerox, some talk of takeovers there, regenero,

perrigo, clorox. coming up we'll seyou t up for tomorrow's trading session no futures yet we'll talk about it coming up. yes. it's the first word of any new discovery.

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again, if you're just joining us, if you're busy today and didn't pay attention, you missed another one. stocks rocked for a second straight day every s&p sector finished down we don't have futures yet, no asia yet we will have a special tonight, by the way we'll get those trades any way to position yourself tonight? >> i watched some of the special last evening. >> great job. >> outstanding job they pretty much outlined what was going to happen. tomorrow what you're rooting for is a down open and followed by a rally. we've seen that before i think tomorrow is your relief rally day. you hope it opens lower and you get a bounce in some of the names. not to suggest the market can't go lower the next couple weeks, but tomorrow is your bounce day. >> i think you'd like to see yields stabilize we've seen one five breached and this new all-time low at one, three, three in the ten-year treasury yield i think that's something that

helped equities. >> what is that telling us, dan? >> we've all been talking about this for months and months it's been a pretty clear sign if you look at the last time we're at these levels. 2016, 2012, there were serious growth fears in europe in 2012, in china in 2016 i think that move from -- we started the year or ended last year at 2% on the ten-year treasury all the way down here i think it was telling us something before this virus. >> this is all coronavirus i'm both asking the question -- we have to say if this is all coronavirus, this is a case where you're looking at a 20 relative strength indicator on the s&p which is as oversold as we've been if you look at where yields had their last significant move lower and it wasn't the summertime move, september '3 to october '3, the s&p went on a 16% run. you get to a place where markets digest this news, had to take a breath we were in agreement markets had to take a breath >> that's not going to happen tomorrow i actually don't think we know where we are yet if you look at how coronavirus

works, we don't know how big of a problem this is going to be. it will take weeks if not months to figure this out. >> dow opening to 3030, yields stabilize, then you bounce. >> good stuff. numbers we'll be watching up next, what namesspif, ecics that all these folks around the desk may be looking at during these turbulent times. that's next. with a world-class software experience. we ended up creating, as you all know, so much more. peloton is truly a category of one and we're just getting started. now, let's do this. together, we are going further than we ever thought possible. b11 is that? steve harvey? give me b11 isn't bingo just an ok use of your hosting abilities? it's like getting a samsung galaxy s20 5g,

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all right. welcome back to "fast money. a lot of people working today. can't stay tuned all day long to the markets. we've got you covered. tonight at 7:00, "markets in turmoil" right here on cnbc, 7:00 eastern time. time for your final trades tim seymour. >> in i can markets, you try to find best of breed companies disney today, if we take that interview by bob iger after the bell at face value is a company that was going to go through this transition, a company that's pulled back and looks very interesting we like it two months ago. like it more. >> we're selling high yield, hyg. if you look at the markets right now, particularly the credit markets, we don't think they're fully priced in yet. consumers are most of the hig market. >> ebay, lots of news there,

selling off assets >> we learned a lot in the commercial breaks, your nickname being jocko, we'll talk about that tomorrow. citi >> thanks for make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica 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. you have to hope for the beside but prepare for the worst. yep. talking about th