as for the stock market stock market you did what many did get was a predictable pullback 20% bounce off the low didn't mean the low was in. 6% decline doesn't mean it wasn't >> i just want to also say, brace yourself for another economic report tomorrow morning, initial jobless claims that are set to have a record spike after the 3.3 million claims we saw last week. the economists looking for even more than that i've seen ranges from 5 to 10 million claims the good news is, though, congress did just expand that relief in the unemployment benefit package. >> we're out of time, for sarah, mike, myself, stay healthy brian sullivan has "fast money." ♪ ♪ all right. welcome to cnbc's continued coverage of markets in turmoil, everybody. welcome to april, by the way i am brian sullivan still distancing hoping you and your family are well all over the world and the united states. april on the down side, the dow

falling 973 point, but the real damage was done in the small caps which got a lot smaller today. the small cap indexes, you name it, you can throw a dart and hit one, it was down 7% to 8%. small caps on concern of the domestic economy taking it on the chin you also have to look at the big banks. big bank stocks also in the red. you heard the gang before just talking about it and also focus on boeing. boeing losing another 12+% today. another very difficult day for boeing and the airlines in general. just a reminder, we of course, at 5:00 will be monitoring that white house coronavirus press briefing when it occurs, if you have market-moving headlines or headlines that you need to know, we will bring you into that as always, waiting for it to begin and we'll dip in once or twice during the show, as well welcome, everybody as said, i'm brian sullivan and we have a great trader panel we have tim, karen, dan and guy. the gang is all here, and karen

finerman, i want to begin with you because i know that we've talked a lot in the past about j.p. morgan chase, the move in the markets was probably disconcerting, but how did you read the move in the bank stocks today? >> well, clearly it was a painful day for bank stocks. i think credit is to me the more important factor here, credit and credit quality and so i've been following the high-yield index and the investment grade index and the banks. i think -- we'll hear from them, i guess in two week, but i don't know any more that price to book is really going to be a metric or price to earnings certainly not because i don't think earnings will be anything significant. i'm concerned about credit quality and i don't think we'll know we're not going to know for a while, but it's going to be bad. we talked about price to book. we don't know what the books

will be because if banks have losses then you'll be writing down book and that concerns me on the flip side, the fed will do everything it can to help the banks who are also helping the fed, but it's -- it was an ugly day. >> guy adami at the ten year -- >> equally ugly. >> there's a lot and we can literally take our pick and the ten-year 0.6% and the vix up again and oil down again what stuck out to you today? >> not a great day the banks and you lead with that, and that's the right place to lead because it felt as if the banks found their footing and when you see the names down from 5% to 7%. i understand what karen is saying in terms of price to book and price to tangible book and there's no way of knowing if there will be writedowns and i think the good news if there is good news, i don't think these use banks and the main once, at least, the ones we talk about

all of the time have the exposure to the energy sector they may have five or ten years ago. if they have a silver lining, what stuck out to me was exactly that, the fact that the banks really -- they lost themselves today, at least for a day and the fact that the vix, although, you know, it had been trending lower over the last week or so or over the last couple of days and it was back out again and it's somewhat disconcerting. yes, brian >> if you look at the markets overall you could get and hey, we've seen this playbook before, small caps and retail stocks which measures the russell if you looked at the xrt which has some measure of retail and these were leading us down here, and these are the ones they gave out today along with the banks and people need to hear some bottom up stuff on companies and based upon credit quality that we're very concerned about and reminding that the bbb tranche which is three times bigger than high yield is something that

you're expecting to see 30% to 40% downgrades on, but bank of america which you could argue could be a proxy to the entire sector has a 1.25 loan loss and exposure here and if you look at the earnings profile of the bank and if you look at net interest margins, look, it's no solace that you don't get to normalization to 2022, but that's the reality and the bank's balance sheets look very, very strong. >> yeah, tim they look strong for now, but when you think about some of the things karen brought up with the credit markets and if you think about where the stress is right now. it's in hospitality. it's in energy it's in transportation and in manufacturing. they have a ton of exposure and they're basically most exposed to the health of the u.s. and the global economy so i think sully, you just brought it up and you brought up the russell 2000, and i think that is a better lens for getting a sense of what's going on in the u.s. economy right now and the sort of areas that might

be in assistance and stimulus. to me, i heard strategists all day today looking for bottoms and looking for what makes a bottom and let me just tell you, we've been talking about this a lot and time is one of the most important inputs to finding a bottom make no mistake, financial markets globally have crashed from equities to credit to commodities and obviously, the dollar has crashed up in a way and it's hovering around the 100 level. to me, i think there are a lot of stresses in the market and there's obviously been unprecedented stimulus efforts and monetary fiscal and really until we get this health thing figured out. there is no bottom there will be no bottom in any of these sorts of markets and i think time is one of the most important things that investors need to get comfortable with right now. >> yeah. i think the data from lpl financial is that the average bear market has a bounce of 14%. if you go back to seven bear

markets going back to 1950 the action that you saw in the market with the five to seven trading days on the sharp move up, that falls right into historical patterns and dan, i want to play with sound bite of the ceo of morgan stanley in the last hour. he said the dividends need to be saved because people need the income let's listen to this, and then dan, i want you to comment. >> the recipient of the dividends are many times small individuals who own these very large bank stocks all over the country, to lose that income at this time i happen to think would be a very poor thing to do >> yeah, dan, do you agree with that >> keep the dividend. >> believe there are more important things to do than pay the dividend obviously, this is a very important part of investing in financial companies and capital return it was one of the things that held them back for years and

years after the financial crisis, but again we need to hear those confidence things from the companies because the worst-case scenario would be a lack of confidence and then investors start selling ahead of it >> i tell you what, brian. >> guy adami -- >> sorry dan was bringing up a good point about the banks here ultimately, you don't have -- hi, financials which were not giving dividends basically up until aier and a half ago and they went through the stress test i don't think morgan stanley paying a dividend is not like paying a dividend. banks report in two weeks. we'll get insight into credit exposure and certainly what i hear dan saying is time, there's no reason you can go out and buy a bank today i do think that part of today's move, though, if you look on a market basis was somewhat

self-fulfilling and the market had rallied massively and there was terrible news on the coronavirus front and so banks and people will go after them, but you don't have to buy them tomorrow they're not blowing up tomorrow. >> yeah, guy adami, we're all talking to people working at banks all day long and i'm industry contacts as well as personal friends and they've launched and they're doing okay, but you wonder the work from home thing and the distancing how long the banks are going to be able to function whether it's a commercial bank or an investment bank if this goes on for another couple of weeks or maybe a couple of months this is not easy for anyone in any industry >> no, and it's clearly not something that you can prepare for in terms of the duration with which this potentially lasts and listen, i understand what tim is saying and i understand what karen and dan are saying, but it comes down to this, and this is something they

think people should think about. the longer this lasts you have to ask yourself with the u.s. economy 73% driven by the consumer, if people learn to live with less, be it by choice because of the up fortunate reality and we might number a paradigm, and what the markets is trying to do is figure out what's the real earnings number and what's the right multiple for a market in an environment that's changing beneath our feet >> yeah. >> guy, if you've figured that out, you certainly let us know bring in a guest who does know and he's well known for the cnbc audience and that is david tice and is re-joining the industry as the chief investment officer of ranger alternative managing and active bear fund david tice joining us first on cnbc david, we appreciate it. thanks for joining us.

i guess welcome back into the full-time world. why come back now? is it because you see continued declines ahead you are a noted bear, not entirely, but that has been your sort of -- your modus operandi over the last number of decades. >> well, glad to be with you, brian and i'm sorry with the hardship people are going through this terrible virus and the bear market. i've been out of the game for 11 years since i sold my fund to federated and so i've watched it and i've watched the excesses build, and i've watched how we have essentially said action and suppressing volatility has just created more and more fragility and this virus, unfortunately has the catalyst and is bursting several bubbles. so really we have the stock market bubble that has burst we have a bond market bubble

that's been burst and we have a bubble that trump easily elected. that's no longer a sure thing. we've had an energy boom bubble that burst and we have the confidence in the federal reserve and that bubble's been burst. so i've gotten back into the game for consummate professionals that i've had long relationships with and it's been an active etf for a number of years and it's done well in protecting investors and bear markets and it's time for me to put the shoes back on. >> so how do you see this ultimately with the equity markets and the bond markets, david, playing out well, obviously, nobody knows for sure, but i think lots of people want to believe, and you look at '08, themarket went down and it came right back up we've had a lot of bear markets where the fed has saved us for now it's zero interest rates

and we've had the fed fire a number of bullets although they certainly have a lot left in terms of additional quantitative easing and who knows maybe monetary, but none of those are going to be something that will save us longer term until and unless we end up getting to hyperinflation and the stock markets go up like they did in argentina. we believe that magnitude of these overtures from the government and the fed will not upset the impact of the shutdown if people are working from home and these businesses are all shut down, that is massive we have never seen a decline like this before th this is an unprecedented global collapse, and unfortunately, it's going toy krcreate some pan

we think it will be more likely be an "l" recovery rather than a "v." we don't think there will be any parades when trump says it is all clear. we think people will still save their money and they're not going to rush out to restaurants and there will not be as much pent-up demand as people might think and the stocks are getting cheaper, earnings will cut down a lot. >> they are. david tice, ranger alternative chief investment officer and the adge inverse market etf, david, i guess it was a pleasure to have you on. i'm sure we'll talk to you again soon thank you very much. >> karen finer mid-cap, i want to ask you, you heard what david was saying and what you hinted at over the past few months was that the market was already on edge a bit nobody could have foreseen this coming, but do agree that

those things, bonds were in kanw equity bubble and this just popped it? >> i don't know how bubblish, but it extended to the upside and certainly valuations were extended to the upside and the fire was already set and we just needed amatch. this was a blowtorch, and i think that hooz right about that i wondered, though, earnings are going to be terrible no question about that, and they'll be terrible for a while and i thought it would be a one or two-quarter thing and i thought it would be longer than that, and way longer for some other companies, but i think the market ultimately will look through to earnings power in the long term, and you have to be in companies that will be around in the long term. so balance sheets are -- balance sheets getting back to credit

again which has to be the theme. you have to be in companies that have balance sheets that can survive. >> yeah. you know, the one thing that we have talked about. >> karen's talked about it is some of these bond funds and i wrote about this, and we've talked about it on the show. these closed in bond funds and they're cal oped again, you have pci of pimco and some of these names got hit, 7, 8, 9% down today. what do you think the credit market is telling us right now and how do you think the credit market is doing right now, tim >>. >> all right no tim there guy, can you answer the same question how do you think the credit market is doing right now because those bond funds we talked about, they don't look great. >> trying to find its way is the

best way i can put it. i don't think it's doing particularly well. i think there's some stabilization and it feels like unfortunately, there might be another wave everybody talks about a bazooka and that's true and they had a bit of a sniper's rifle and they're looking at this from all different viewpoints which is probably right and they're able to stave off a potential disaster and it seems to be falling back in that crevasse. i think dan is exactly right there's no elixir for this other than time and everybody again wants this thing to go shooting back to the upside and get to levels we saw three months ago i just don't think that's in the cards right now, brian >> all right, guy adami -- >> can i just add one thing that was interesting? >> we have a lot more -- go ahead, karen, quickly. >> carnival cruise got a bond deal done today which is kind of amazing to me. it didn't help the stock at all, and the fact that they were able

to get that much done was surprising and oversubscribed. >> the stock was down 31% and the interest may attract some buyers we'll see. we have a lot more to do on this hour of cnbc coming up, we'll chat with the ceo of 3d systems. find out how 3d printing is help making sure that these critical medical supplies that the first responders are getting to where they need to be and the white house coronavirus press conference we are monitoring that, and we'll bring them to you. we are back on cnbc. the dow down 973 points today. (soft music)

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all right. welcome back to cnbc, everybody. i am brian sullivan. let's talk more now about the increase in testing in the united states. more than a million americans have now been tested let's get more now on this, where we stand with meg terrell who has been reporting excellently on all of this the entire time. meg? >> thanks, brian that million test threshold was surpass th surpassed this week, but there is tremendous variability in terms of how much testing is being done take a look at this map of testing per capita new york is at the top of that list the darker the state here the more testing per capita. washington state, also second and that was the state with the first state in the united states louisiana coming in third with the amount of testing being done per capita there and we're seeing new orleans cases really take off, doubling at a rate of every 2.2 days according to

evercore isi that's pretty fast in terms of the states doing the least, texas, south carolina and for california for california it's a pending test 57,000 tests that it's awaiting results on what's driving some of these backlogs >> there is a shortage in the supplies, including the chemicals and the swabs to perform them and also the protective gear for people administering the tests and also the fact that a backlog was generated in these tests before the capacity really ramped up so that's something that companies are still working to process also as there are fewer flights, the samples don't have the range to be processed. dr. debbie birx was saying it hasn't been adopted and people are still sending the same systems each though the capacity might be available elsewhere, brian. it's just a real clunky system some places it's working better than others, but still a huge

problem. >> yeah, and a quick comment anan a question if they're waiting for 57,000 tests in california, those numbers can spike higher maybe you can answer a question. a lot of my friends have texted me wondering if you have a lot of symptoms and you're very ill and you go to the doctor and you can often get tested in the drive-bies and we seem to be getting people, basketball players and well-known -- how are certain people getting the test and others waiting? >> unfortunately, who you know seems to matter in medicine as much as it does anywhere else, so you know, if you're well connected you may be able to find a test whereas if you're not well connected you're waiting in line and the cdc has issued guidelines for the people who are the sickest, in the hospital and health care, woers and first responders with

symptoms and they are prioritized in terms of getting testing. >> i think you said it perfectly. meg tirrell, you and your family see you soon. >> you, too. >> medical supplies and we're not talking about necessarily buying and bringing some in. we're talking about making them with 3d printers and let's go to vyomesh joshi, who goes by v.j what kind of products can people make on a 3d printer >> it's going on with hospitals and ngos and private companies and face shields, you know, the parts for ventilators and while that can be gone, it can be created for some protection

equipment and we believe that it is the right technology in creating, you know, a perfect product that you can help the hospitals and he would be renting it, and if you look at an italian hospital, they gave us a part at 11:00 a.m. and by 5:00 p.m. we have extra parts for them and this is an example of how we can change the aspects of it all of the way from design to providing the production part >> and you can move the production on site someone can get a printer, download these files which basically, in a very basic way, v.j., instruct the printer how to manufacture sthem we can get the critical products done on site where the patients and doctors are. >> yeah. i think that's the power of the

manufacturing. for example, for new york, for new york hospital we printed 200 face shields so at a point of care this is where the technology can be provided even if you think about training the hospital doctors and nurses to produce a product for an ultrasound simulator where you can train in a safe environment and the doctors and nurses of what kind of covid-19 lung would look like. >> so we are trying to provide technologies not only just for printing, but also for simulation >> how much increased interest are you seeing in your product

have 50 that we are in, and shea told us if you're working, and i think it is the opposition in really providing this infrastructure is where we stand right now. >> the ceo of 3d systems his products helping make some of these critical items right on site truly amazing to see the private sector and technology step up the fight like this, v.j., best to you and your entire team at 3d systems thank you for joining us. >> coming up, pretty much all of you out there are probably zooming, having zoom meetings and zoom cocktail parties. well, there's a lot of concerns over the privacy now of zoom new york's attorney general sent a letter to the ducompany and t new york a.g. will join us in a couple of minutes and a reminder, we are awaiting the white house coronavirus press

conference, as well. a lot more to do the dow down 173 today we'll be right back after this

and there is a life look at the white house. we will bring you the coronavirus briefing and we'll dip in and out with headlines you need to know about and we'll speak with the aory nettnegeral of new york about amazon and zoom all that straight ahead. we're back after this.

>> welcome back to cnbc. we've got some breaking news on starbucks and their employees. for that, let's go to kate rogers kate >> hey there, brian. starbucks just announcing it's going to be extending catastrophe pay and other covid-19 benefits for its employees through may 3rd. let's take you through this what looks like here. this pay is for any partner who is sick and self-isolating and chooses to stay home during this time originally this program was intended to be for 30 days ending near the end of april those who are healthy and choosing to come to work will receive an additional $3 an hour with service pay the company also announcing that temporary cafe closures and modified operations will continue through may 3rd in addition, it will be sending thermometers through all

company-operated stores for those who want to moderate before shifts begin. they're looking into non-medical grade mask options for workers and it's donated $3 million to response efforts and updates for starbucks workers who are opting to stay home, are sick and taking care of loved ones and those choosing to come in if they're healthy enough to work back over to you >> kate rogers and the breaking news there on starbucks. dan nathan, you can talk about starbucks and it's hard to know where any of the numbers will come in. mom and pop are struggling and they can't afford to bankroll this stuff and i get it, but for these large, national chains, do you think we'll have a collectively long memory where customers and people willsay, that company did right by its employees and that company did not and they could have afforded it will that matter when this is all said and done? >> i think it should

brand value is an amazingly part, and why does nike trade at a premium. a lot of that is the premium product, but also that premium brand. i think this is a really smart move on their part i just want to make one other point, and the price action and this stock topped out last year at $100 and it sold off to basically 50 at its lows about a week and a half ago and it had a really sharp bounce. that pullback, and that bounce is giving you the spot of where to buy this stock, if you're a long-term investor and looking to get into starbucks. that would be around 50 bucks and the way the market's going right now, you may get a shot to do that again in the coming weeks or months. >> yeah, and i am a long-term investor, dan. one of the things about starbucks is do you look at them on a trailing basis, at least to understand how cheap the company got. what you just announced, brian, is obviously, and dan refers to

this and this is part of the brand value, and howard schultz has gone out of his way to be socially responsible and either way, he's taken care of his employees and he's largely taken care of his customers and on a trailing basis, 21 times for starbucks at these levels and before this, it's 6% u.s. same-store sales growth and we're starting to get a glimpse into the sales force with china and that's creeping higher yes, a painful time to be a shareholder although over the long term and this company's seen volatility at moments around earnings and this is good news >> brian, i'll just add another thing and dan brings up the $50 level. not coincidental and that's where it's traded down and held in the summer of july 2018 and a lot's changed since then and the level makes sense in terms of does it matter if they're doing the right thing. i absolutely think it matters and i hope people do remember when we come out the other side of this thing. the concern, if you want to play

devil's advocate on the starbucks side of things over the course of a few months will people be conditioned where i don't need starbucks as much as i thought and that's, again, that has to be a consideration when we get to the other side of this consumer behavior, consumer patterns, will they fundamentally change and will people go back to doing what they're doing two and a half, three months ago >> i just want to jump in. i agree with each of the guys that they are good, corporate citizens and i think it matters to them and it matters to the customers and their employees, as well, and i think when they come out the other side, maybe they trade down and i bought some lower than here and not meaningfully, and it doesn't matter to me and a long-term investor and i think when they come out the other side they will still have a very strong business worldwide, and i think that maybe a little differently

than guy in that maybe this is one of the small things people keep doing they want to get back to their normal lives and maybe they do continue to go to starbucks and forego one of the more expensive items they might have purchased. i'm long for the long term, and i would probably be a buyer to trade it down a little bit more. >> okay. dan said you might get a chance to buy it at 50 bucks, half of what it is ore what it was at its peak josh brown of cnbc wrote a great piece today saying maybe we now remember the importance of brick and mortar stores again. when you can't get an online delivery of what you need and you have people busting their butt, risking themselves going to stack shelves at 11:00 at night, we'll remember that brick and mortar is still very necessary and maybe more than ever we have a lot more to do on cnbc's special hour of coverage. the new york attorney general sending a letter to zoom and the popular video app everyone seems to be using worried about privacy and we'll talk about that and amazon.

by the way, tonight, markets in turmoil, the dow down another thousand points tonight. that special tonight eastern time we're back on "fast money" stick around

>> welcome back to cnbc. the white house nightly press conference on the coronavirus. it is beginning and if we get any market-moving headlines we will certainly bring those to you as well. we have not forgotten about that, but there are so many other things that we need to talk about, two things that we are all trying to use or at least have talked about are zoom and amazon yet both companies

causing a little concern let us now bring in letitia james. she's the new york attorney general, madam attorney general, it is a real pleasure to have you on cnbc. we appreciate that i want to begin with zoom because it appears that the entire world or at least the united states is now using zoom whether it's for work or whether it's for social conversations. you sent a letter to them expressing concerns about privacy. what are your concerns >> let me thank you for allowing me to address your audience and let me urge all americans and particularly new yorkers that they should remain calm, that they should stay at home, that they should wash their hands and practice social distancing and that all of this will get through this together as one so we sent a letter to zoom with a number of questions, basically to ensure the company is taking appropriate steps to ensure users' privacy and security. we were concerned with regard to whether or not they had taken

certain protocols in place with so many businesses and schools and even government relying on zoom to move their operations forward, it is vital that we ensure the appropriate safety and security measures are in place we were contacted by a number of new yorkers and individuals who were concerned about their practices and we are waiting to hear back from zoom before determining if additional steps need to be taken >> do we know, madam attorney general, if zoom is recording this for any other use kids are using it for class, we're using it for sensitive business conversations is this all being recorded and stored by them >> those are some of the questions that we asked as part of the inquiry we don't know. we can't answer those questions and we are a fact-based agency and it is critically important that our questions be answered and that consumers know whether or not their privacy and

security is being compromised and at this point in time we have not made a determination as to whether or not we will take further action and operations will continue. individuals will continue to use zoom, but it is important that as the chief law enforcement officer in the state of new york that we protect the privacy and the security of new yorkers and all individuals who are utilizing zoom at this critical time in our country. >> okay. i want to shift gears, madam attorney general, to amazon. amazon recently a couple of days ago, very, i don't want to say famously, it got publicity firing a gentleman chris smalls. he organized a walkout with the concerns about safety facilities at an amazon warehouse on staten island mr. smalls was laid off. you are approaching amazon amazon says and i'll get their statement out of the way first and then you can comment, ma'am. they didn't fire him because of

the walkout. they fired him because he was exposed to a patient who was covid-19-positive and therefore he repeatedly effectively violated their physical contact and distancing measures jeopardizing other workers and that's why he got fired. your response to their statement and what are you going to do with amazon? >> there is a question of facts. their position is somewhat dubious. chris smalls was at the amazon warehouse and he organized a walkout to protest the lack of measures for workers and there was an individual who had approached him and he urged that this young lady go home because she had symptoms that were consistent with the virus. she went to get tested and went back to work despite the fact that right now there are protocols in place all over this country that individuals who have any symptoms to go home immediately. she was directed to return back

to the facility and exposing the virus to countless number of other workers. chris, in his right mind decided to organize strikers and the employees at the facility and they were urging amazon to close the facility after the workers tested positive for the virus. organizers put the number of strikers around 50, and amazon says that it was less. chris was fired on monday and amazon said it was because he had received multiple warnings and there was a question of fact and there was a question as to whether or not they violated his rights and whether or not they retaliated against him and so at this point in time we are engaged in discussions with amazon, and we will make a determine egg determination at some point in the future as to whether we will go forward >> i am calling on the national labor relations board to investigate this incident.

you know, this could potentially be a violation of new york's whistle-blower statute which states that an employer cannot take retaliatory action against an employee because he or she threatened to disclose a policy that is in violation of the law. you see, here in new york, we recognize the right to organize, and that right to organize is also recognized on the federal level and it's important that amazon understands that if they are going to do operations in the state of new york they've got to respect the rights of workers, but most importantly, they need to take care of -- they need to tend to the health and welfare of their employees >>. >> i would also imagine you would agree with this statement that people have the right to not pay $100 for an 8-ounce squirt bottle of purell and that's what we saw in the beginning of this crisis and third-party sellers and not just on amazon, but other sites, and

charging exorbitant amounts for things people were desperate for. clorox wipes, purell, toilet paper and what can we do about gouging? people are out of work and they have no money and yet products are stupidly expensive in some cases. >> so we, as of this moment have received over 5,000 complaints related to price gouging individuals selling hand sanitizers for $80 to $100 individuals selling toilet paper for exorbitant amounts of money and individuals just taking advantage of the fear and the anxiety which continues to exist not only in new york, but all across this country and it is n unconscionable that individuals would take advantage of the fear that people are experiencing now. so amazon, to their credit is not engaging in price gouging. it is third-parties who are

using their marketplace and they are working with our office and the number of online platforms have worked with our office to remove those posts we have sent out a significant number of cease-and-desist orders i believe there were 800 cease-and-desist letters to businesses to refrain from engaging in price gouging, and we have not taken any actions with regards to taking any business to court seeking a temporary restraining order, but we are prepared to do that, but amazon, again, to their credit is working with us and they are working with us to remove the third party who actually is engaging in price gouging. let me also go on to say there are a number of medical scams that are out there and people should be weary of and individuals taking advantage of the anxiety, the heightened anxiety as it relates to

scamming people on related to the stimulus package >> working with them on one hand and against them on chris smalls and you have big jobs there. letitia james, the attorney general of new york, thank you for taking time for cnbc let's get back and do a little bit of "fast money," shall we? let's talk about options traders and how they're betting on one big transport name or a transport theme. mike khouw what's the options theme here? >> we are seeing activity in c.h. robinson worldwide. it's a logistics company and it's a third-party logistics company so they axe range freight and they contact with the trucking companies that ship things ubs upgraded them and the reason they did that and the reason they expect freight shipments to decline, what they're expecting is that the price of trucking will go down enough that it may

help their margins a little bit and so we did see bullish activity in the options market that traded more than four times its average daily call volume and it was a purchase of the april 75 call spread and someone paid for $1.12 and the caller of the spread is betting that chrw, and the ticker symbol of c.h. robinson worldwide could rally 5% or more on the ubs upgrade. >> mike khouw looking at c.h. robinson let's bring in dan, and if you're still there, what do you make of the trade and some of these transports and global commerce will go down, and listen, if you want to get something somewhere you will pay a lot of money to make sure critical supply gets to where they need to go. chrw could be a beneficiary of that >> logistics and the reinvestment in logistics will be a real theme that comes out of this crisis, and i also think

that the theme that a lot of people are going to be talking about and they were talking about it during the trade war and now they're talking about it with the pandemic is the whole notion of deglobalization and that will change supply chains and it will change logistics routes and i think there's probably a lot of interesting plays that will come out of this as we get into 2021 and basically companies re-think about how they supply themselves and how they supply their customers and that's a big, big theme coming out of this situation. >> guy adami, you have a transport theme or is there anything on that side? >> the dow theory, if you will, that you are keeping a close eye on >> maybe a hundred years ago when i was 17 it made sense. i'm not sure it holds a lot of water now. in terms of chrw, i think that stock just got caught up and i'll used word in the maelstrom of the broader market.

people realize these lodgist being companies will make a lot of sense going forward i'm not going to suggest that tomorrow it happens and ubs upgraded the stock and it's a $75 price target and this is a name you don't buy with impunity and it makes sense right here and valuations mean nothing right now and they're not ridiculous in a name like this i like what both mike and dan said >> triple because i would agree on c.h. robinson when you look historically at how they have gone into recession. remember what transports were doing in the last month effectively. not only dead in the water, but they were telling you where the market was going. [ no audio ]

>> we're having trouble with his feed a company like a chrw or expediters which is their main competitor these companies could, to guy's point, ultimately benefit if people are having to pay a lot of money to get things where they need to go and whatever the cost is, heightest bidder if they have the commercial flight and one of the few that's still going. >> right one thing also that stood out for me, last year they had trouble finding drivers. nobody wanted to be a truck driver anymore and there were so many other better jobs to have i think that that dynamic has changed very dramatically in their favor as well as gas prices so i think it's sort of interesting. when commerce is down and gdp is shrinking, it's not your first thought, but it makes sense to me i like that idea >> and by the way, speaking of gas prices and i'll leave you with this before we go to break

and while we are together. a gas station in wisconsin posted gasoline, unleaded for 94 cents a gallon today in the united states. not a lot of upsides, but cheap gas, if you say it's an upside 94 cents a gallon in wisconsin at one station we'll take a short break and april off to a weak start and what's ahead for tomorrow and the rest of the week and the year we'll get your playbook next on cnbc ♪ ♪ ♪

♪ ♪ >> welcome back. let's get back now to the markets here dan nathan you brought up something interesting with our production staff today which is that if you

look at the s&p 500, we talk about the waiting all of the time and the maga stocks, and all of the big tech stocks that were the heaviest weighted by far, but you believe they were sort of masking a lot of underlying weakness in the market before this began how come >> yeah. so sully, we started talking about this in late 2018 with the maga stocks because they were making an increasingly larger part of the s&p 500 and they were 20% of the weight just a couple of months ago and it was masking a lot of bad performance on the way up, but now on the way down it's also masking what i think is better performance for the s&p 500 weighted versus the s&p 500 equal weighted we have a chart that shows that now and the main point there and we've been talking about this in the last couple of weeks and apple is still up 40% year over year from the 2019 lows and microsoft is still up 30% from its 2019 lows and the 52-week lows

so again, what i'm looking for is i don't want this to happen with microsoft and apple, but if you're looking for signs of capitulation you'll want to see them accelerate to the down side and at least match those 52-week lows >> guy, there is this huge battle and you flagged this yesterday and i failed to bring it up last night, norway, the biggest sovereign wealth fund in the world may face redemptions how big are the institutions going to move this needle up and down over the next couple of months >> you have to be concerned. i mean, i don't think. that's obviously a concern i know a lot of people talked about it and some people said it's not that big a deal, but you will continue to see headlines like that and i'll just add one other thing because it's worth mentioning as we close the show you haven't heard a peep out of berkshire hathaway and warren buffett.

maybe he's waiting in the weeds and with each passing day the market gets a little more scared >> where's warren? a lot of people are asking tim, dan, karen and guy, great stuff there again. thank you for tuning in to cnbc's "fast my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" 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 is not just to entertain you, but to educate, teach you about these times. call me 1-800-743-cnbc tweet me @jimcramer. when the marked was warned

last week, i