reopening. the nearly two-thirds of voters believe the government isn't being aggressive enough in the efforts to slow the virus and that's data somehow at odds with some state governments are seeking to re-open governments and just this afternoon larry kudlow is targeting a matter of weeks for that guys >> kayla tausche, as always. thank you very much for that we are out of time here on "closing bell. from sarah, mike and myself, thanks for watching. brian sullivan has you covered next ♪ ♪ thank you, wilf, sarah and mike welcome to cnbc's "fast money. we started red hot and ended ice cold the mood we saw yesterday could not be carried through and in fact, the market taking an 800-point, and when oil began to close at 230, stocks began to close and in fact the dow jones

industrial average ended the day on the down side on its lows maybe not the best sign for tomorrow welcome, everybody i'm brian sullivan i have a full show for you as always, guy adami, tim seymour, dan nathan and karen finerman are your investment team today great to see everybody still social distancing here let's just right into this, guy adami, because it looked like we would carry through monday's momentum we did not do you have anything you can put your finger on to say this is why we rolled over >> yeah. pretty much everything we've been talking about for the last two weeks and i'm not trying to be a wise guy here, but since that low we made a few weeks ago and as it became somewhat clear the bounce was in play, we've been saying for quite some time that the logical level for this thing to bounce was 2790 or so in the s&p 500 and we came with a little more than a percent of that in terms of what it did today,

again, i'm not trying to be funny here, but it didn't surprise us all that much because it did exactly what it needed to do technically and traded up to that level and seemingly failed and that's a 25, 26% bounce from that low the vix never really gave up at the goat the vix closed higher today. you mentioned an oil rollover and i never thought this would be a straight line higher and it made a lot of sense to get to where we got today and in terms of the rest of the month and i'm not trying to speak in hyperbole here and the next two days are very important for the market. >> why is that, tim seymour, and do you agree with guy adami? >> well, first of all, he is a wise guy so i do listen to him i think when you consider some of the levels and what seems to be the most expected outcome is that this market was going to do what it has done so far, and i want to get out there and say

that i don't know it has to do what everybody thinks it's going to do and i have to say that which is the double retests and checking the vix to what it did in 2000 and 8 and 9 after it fell 50% and it hit people in the face before pulling back and offering some safety, but not until we made fresh bottoms. i think, yes, very important couple of days and also very important couple of days because the concept of containment and what's going on in other parts of the world where we might be getting that preview into, okay, so we don't really know where the global economy is going to be we don't know where u.s. unemployment is going to go and we don't know where credit will decelerate to and essentially bought everything they possibly can by the second and we now know that at least there are parts of the world that are getting on with it and clearly, we don't know whether there will be a rebound and i'll leave the

health, perts and frexperts and from 27 on the s&p points and that's what we've done and to answer your question about guy, guy is pointing out that people expected some of this bounce and i don't think people expected it to be this extreme and my view is i don't know that we have to retest the lows. i think we can consolidate a bit here, and i think the economic impact is something we're still waiting on >> dan nathan, i'll read a stat here that i came across today and it's from bay crest partners and it is interesting and it goes on what you were saying yesterday. monday was the 32nd time in history that the s&p 500 gained 7% in the day. 32 of the 22 occurred between 1929 and 1933. we're not saying there's a depression coming and those are not the full years that they've had statistical similarities to.

no doubt about it, karen said interesting stuff to me last night that i gave thought to after i had a little bit of a tirade there she said that she would have felt more comfortable about buying the market yesterday if it was more flattish than up 7% which i thought that was really interesting, and i think what she's saying is she'd like to see the volatility settle down and so sully, your data that you're showing, the 22 times that the market had 7% rallies or better was during the great depression after the biggest crash in the stock market history at that point. yeah, we don't really want to be compared to those things and we want to see things settle down a little bit i know that a lot of strategists and investors and big-time investors that had been on the network were feeling decent about the fact that the credit markets have settled down a little bit and at least the stimulus from the monetary front has done that. so it would be great to see the stock market settle down a little bit i would add to tim's point that it seems like everybody is

convinced that there will be a retest of the march 23rd low which makes you think, okay, maybe that's not the case and mike wilson said it on "the closing bell" and tom lee doesn't think that will happen either and there are smart people saying that's not exactly the case and the way i see it is, like i said last night, it will be a time thing and we have a range now and the march 23rd low, and then we have guy's 2790 to the upside. that's the range and if we get to either one of those we're likely to see momentum and i just happen to think we'll retest in the next few weeks or months to the down side. >> okay. by the way, don't be hard on yourself i've been watching you being melissa and the gang for years and you've had far larger tirades. don't be too tough on yourself >> karen, on a serious note, i feel like we're trading on some of the data from obviously, the virus and some positive data

we had a nice, big day yesterday and unfortunately, we got very negative data from new york today and it feels like that's rolling over do you feel like that data is impacting the numbers in the market, the numbers we watch every day? >> i think we clearly trade off corona i thought the death number was higher just to -- even talking about that statistic is very odd, which is a lagging indicator, hopefully s.t.a.r.t.ing to flatten out ask you could see the light is at light at the end of the tunnel and i don't think we've begun to see how dark that can be on the vix, i was going to talk about the vix, like today the market essentially was flat. i would much rather have had a flat day and then had the volatility index come down a lot

as opposed to actually up today than this kind of action >> i'm long, that's what we do we're long investors and so this is a really difficult market to trade. i would much rather buy things when they're down and not just when they're all over the place. so i think until we get any clarity on the economy and i don't know when that will happen, we might start to get a little hint. next week we'll hear from j.p. morgan and that will be very important and we'll also hear from bank of america which is really important and they probably have the best sense out there of anyone of what are consu consumers doing? are they spending? how do their balance sheets look that will be interesting to hear, but it will only be through march 30th so we're not going see and maybe they'll have commentary on what they're seeing since then, but we don't have any light yet on where the economy's going to go. so that makes me somewhat nervous. >> it's a lot. we don't know how a lot of

things are going to go guy adami, the institute for health evaluation and metrics which is sort of the official estimator from the university of washington lowered -- thankfully lowered their estimates from hospital beds and fatalities just about two hours ago brought it down by a lot which is great news. one is too many, but bringing that number down is a lot. the market didn't see it or didn't seem to react to it >> obviously, with the human tragedy going on, everyone right now is ultimately sort of guessing, are they not >> of course, they are a lot of it -- when you say guessing, you're guessing off hopefully years of being in this business and trying to look back and trying to evaluate what you think is going on and what might happen as i say all of the time i just have opinions and i don't know what's going to happen. quit frankly, nobody does, but we have a wealth of knowledge that i hope we lean on, but let me say this quickly. when the market reached its

all-time high in the s&p the 33.93 level and i think the consensus number for earnings was about 160 or so dollars, the market was trading at 21 times earnings 21 times earnings which is a little bit rich. so the market was rich in the first place. you're going to get nowhere near 160 going forward and quite frankly, i don't know when the near future if we'll get anywhere close to that, aside from which the valuation, and the multiple i think is wrong. you have to start doing the mth. a lot of people think this is the case and honestly, i hope thissens sooner rather than later and it takes a lot longer so i'm more in dance camp with this one >> let's bring in our guest for this and welcome in from the aforementioned j.p. morgan

phil camporeale. i know it's difficult sometimes to talk about the markets and investing given everything that's going and also there are people out there that are scared and worried about their investments along, of course, with their health. maybe they're close to retirement and watching their value go down. are you at j.p. morgan asset management seeing good values based on estimates that you have right now and if so, where >> sure, brian good to be here with you guys. karen i hope to be with you in person at some point >> so before today, we came in to trading today the best ten-day stretch since march of '09 and it was up 19% in that time period. the markets don't go up by 19% in ten days because of fundamentals >> so that's out the window, but what the market is really starting to believe and really wake up to here is that policymakers want to avoid the best-case scenario and for the

fiscal side that would be some sort of awful, economic fallout without any shock absorption so starting with the fed, it took them 17 trading days from an all-time high to get to zero rates and they've already done more q ethan they've done in parts of the qe programs in '08 and '09. i think that's so important and that is the latest positive development. similar to 2008, if you go back to '08 and '09, when it was finding its footing it's when libor started -- and i remember the fdic would be guaranteeing bank paper for up to three years and that is a very important announcement and i think that's also going limit volatility. >> libor is the foundation for capital markets. without business being able to fund itself and also that's an

individual, you can't build on top of it. that's kind of the first step here and looking out with the commercial paper funding facility, more stuff is yet to go and we'll see shockingly with good numbers when it came to jobless data we saw jobless claims numbers in payrolls and that's the reason why we have the largest -- >> phil, let me just in here does the data matter at all? that's the point that we're making and i'm not taking anything away from our numbers or the coverage because behind every piece of jobs loss is a family, a husband, a wife and a spouse concerned about their future, but these numbers are so all over the place and sometimes millions -- will earnings season, will earnings season matter at all? >> listen, brian, there is a range in the second quarter and i thought it was a typo of

negative 8 to negative 30. so what are you supposed to take from that? i think what this monetary fiscal response has done has bought us the second quarter and then you reassess. you reassess, right? and i think for us as multiasset investors we really needed balanced funds to start working. we really needed investment-grade corporate debt not to be falling out a bid and we really needed government bonds, and there was a week in march there, brian, we were really worried because cash was the only thing that mattered and that has certainly changed and i think that's what buys investors time and you mentioned a scary time this is where we're supposed to lean on the durability of the portfolio because your answer should not be, should i be in cash and equity, and that's what the fed has brought us here. >> phil camporeale, j.p. morgan asset management i know you can't wait to be on

the set with everyone. the best to you and your family. >> thanks, have a good one >> take care, phil tonight again, we have a special "markets in turmoil. listen, we have not seen this kind of stock market volatility since all of the way back from '29 to '33 we ended up 800 and tune in tonight at 7:00. coming up on "fast money." we have the ceo of one of th hottest work from home stocks and the ceo of doucusign will join us as to how their business will have come >> we'll talk about mahaney, with a big call when "fast money" returns after this. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected.

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>> welcome back to "fast money." we have breaking news in the auto insurance world let's go to frank holland. >> geico is giving policyholders credit and they'll give a 15% discount with policies up for renewal between tomorrow and october 7th. that translates to $150 with the average auto policyholder for 30 bucks and for the average motorcycle policyholder. brian, back over to you. >> yeah. data check research, frank, pointing out that searches for canceled car insurance have soared you know why they're giving the money back it's not out of the goodness of their heart. if you cancel insurance you may not come back to who you had insurance with before. maybe a smart idea for geico and

allstate >> yeah. >> give and take we'll see what happens frank, thank you very much let's talk about one of the hottest, work from home stocks out there and this one is a real one that helps people get work done and that's docusign and that stock $55 a couple of months ago and almost $88, and still year to date up 19% as the rest of the market sags. let's bring in dan springer and he's the ceo of docusign the market is obviously optimist optimistic about your prospects and there are certain things you can't get into, i understand, but is your business, as far as you can tell us tracking as optimistically as the market believes it is >> here's what i can tell you, brian. there are two big forces that everyone has been talking about. one is as people drive digital transformation and the work from home situation and it increases

the company's need to do more from the digital transformation standpoint that benefits docusign for more. we've seen the risk that everyone is very concerned about and that will, like all companies have a negative impact right now when we balance those two, we still feel pretty good about how our business is going and we're excited to continue to grow this business, as you know, last quarter we came out in the high 30s, 39% revenue and 38% billings growth and we think that will be good for the future, as well. >> yeah, and with your business, are you also seeing upgrades within the service, the add-ones or whatever you might want to call it. you look at a company like zoom, it's free and you want to use it for more than 40 minutes and you have to pay the upgrade fees and there are professional versions and have you seen existing customers scale up their services with you? >> absolutely. remember, we have customers, almost 600,000 customers from the smallest businesses up to the largest fortune companies and we've seen across that, but

there's more demand for volumes because people are doing more that we call youth cases and more types of transactions that we want to take from a signature standpoint and the other driver is we get growth from the fact that people used to think about as primarily as a signature company and now that we have the docusign, which helps not only do the signing and the creation of documents and it leads to another set of growth drivers for us >> you've got different -- you've got real estate models and legal model, as well, dan. we talked i lot about weakness and concern with the real estate mortgages, and are you seeing pockets of strength and weakness within your business in other words, maybe you can give us some kind of an indication as to how the underlying economy is going. >> real estate is an interesting one because while a lot of people are concerned there a's going to be a slowdown and we

have done things for realtors in coordination with the national association of realtors, but if you look at the industries that are really doing well right now, you think about people that are in financial services. a lot of government agencies are doing more and that includes things like atlanta, california, up to federal. so all three levels, state as well as federal. and you see that in health care and life sciences and those are areas where we see particular strength and the areas not surprising to you where we see the biggest challenges are people in the travel and the hospitality space. we see a lot of those customers saying we see we'll have a future headwind and they're probably going to be less aggressive growers in the near-term. >> quickly, any issues with scalabili scalability, and scaling up your business and you see the businesses not able to handle

the new flood. >> docusign is a trust brand and we take a huge focus on customers that can count on us from an availability standpoint and that's why we've been delivering 5-9 as availability and i would just tell you in addition to the infrastructure, there's a lot about the dedication of the team and our 4,000 docu signers, and a big part of that is being available. >> okay. >> dan springer, ceo of d o docusign best to you and yours. >> karen finerman. you love docusign. do you love what you heard from dan springer >> i do. the product is, you know, especially at a time like this with everyone working remotely, it's a necessity, and i haven't used some of the add-on products, and i see that as a very interesting potential for them clearly, though, the stock is

not cheap. i don't know if we'll see if things return to normal, if we'll see that valuation come in, but in terms of a product that absolutely adds value, i really like it a lot. >> karen, thank you very much. >> by the way, after hours the stock is gaining back not all of what it lost today, but a little bit and it is up 1.5%. >> coming up after the break, when we start to ease some of the social distancing and head back out, will we go to a restaurant one analyst doesn't think so and he has a stock that he believes will benefit for how we're going to live in the last couple of months and why a debt offering genius, according to one of our traders. find out next. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need.

tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

let's get our ratest update on the coronavirus figures from around the country and for that, once again, we go to frank holland. >> here is the very latest democrats are accusing president trump of waging a war against independent inspector's general after he removed glen fooin to oversee how $2 trillion in stimulus money will be spent he helped spark impeachment proceedings against him last year patients with auto immune diseases are running out of hydroxychloroquine as president trump repeatedly touts the drug as a covid-19 treatment. wide spr widespread shortages are emerging across many states. >> recent protests over employees' safety. the practice is commonly used by airlines and hospitals last month airbnb promised full refunds for travelers impacted

by the pandemic. some of the customers are complaining they're making it difficult to get their money back the company is offering travel vouchers unless they can prove restrictions brian, back over to you. >> frank, thank you very much. all right. coming up after the break we'll get back to the business of "fast money" and talk about three big analyst calls including netflix. everyone is watching it, but has the stock come too far too fast? also, could gm run out of money 'lfiumr? wel nd out stick around - [narrator] at southern new hampshire university,

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>> welcome back to cnbc and

"fast money" here. we are going talk about three big analyst calls. we will do a little fast money inside of "fast money" and we'll start with one of the big was companies and biggest stocks of them all and one of the fang names and that is amazon a very positive report from rbc capital markets. mark mahaney saying this is a stock you'll need to take a bet on that online grocery trends are obviously growing now and it will be sticky even after this current situation is over and amazon, dan nathan, will also benefit from voice, from alexa i know you like the chart. do you like the call >> yeah. listen, mark has been a steadfast bull on amazon and as it relates for years now and as it relates to the chart, it's a pretty constructive chart and it got back up to 2000 and that's where it was prior to q4 earnings and to me it looks set up to pop on the slightest good. good news abroad, market news, that being said, no doubt about

it they're benefiting from all of the horrible things that americans are being forced to focus on during this lockdown during this pandemic and it goes from aws cloud usage to their access to whole foods and logistics there and the list goes on and on and on and the investments they made in voice and for years, times like people like me have tried to be critical about amazon and the lack of profitability and it's working out. good for them. >> i'm not smart enough, karen, to analyze stocks and we're ordering when we can and it's tough to get a slot on delivery, by the way, and we're trying to and i wonder when this is over we'll reconnect with the brick and mortar side of the story and i miss going to the store and those folks are working their tails off putting themselves at risk so we can have food i wonder if there's another side to this amazon story that we're not aware of yet >> well, i could bet that the mall reits certainly hope there

is i just wonder what brick and mortar are going to be left and how will they be doing business? are they ever going to have the kind of footprint that they used to have? as to amazon, they've clearly made themselves a necessity for probably every home i know, but i don't know -- i think that will be embedded in their lifestyle for a while. i just don't know, though, is that worth any price for the stock once you pay -- it doesn't matter because they're so important to your life i don't really completely agree with that theory >> yeah. at some point the valuation is just excessive i don't know if we're there or not. mark has had a good call for a long time, but i'm not a buyer right here guy, what about you? >> the stock's traded well and it's bounced nicely. technically if you're into that it's done everything it should do, and i understand what karen is saying 100% and no reason to go flying into amazon and you

have to admit it's held up rather well and maybe this environment lends itself to exactly what they're doing and the flip side, of course, doing you have to wonder what the consumer looks like on the back end of this and does their dominance get mid gaited by the fa consumer and i don't know the answer to that, but to dan's point, the stock's traded really well so maybe it's trying to tell you something. >> good call there on amazon mark mahaney, thank you very much let's move on to call number two and that is cons tratellation bs and dislocation too compelling and upgraded to buy and tim seymour, you're smarter than i and here's the call's basic thesis when we come out of this, we're going to the park and sip constellation at a careful

distance. >> we want to do that and look forward to do that, and i have two more days of abstinence for lent and can't wait for that and you talk about the dislocation and that was something that you saw the stock in terms of the charts go from 2005 to 210 to 105 and it was cut in half and if you think about the core business and they were going high single digits in terms of the single digits. they're outflanking their competitors and they've seen consolidation and they've been winning and if you think of the on-premises consumption dynamic. so who has the most exposure to the restaurant industry that we're all questioning where and how quickly it will come back, and so to that extent they're more defensive than some of their other wine and spirits peers because they're 10% to 15% off-premise versus about 15% to 20 -- excuse me, on premise versus some of their peers

i'm low the stock and at some point mexican production is actually a benefit for that in terms of margin. >> and you're still hanging on i know it's lent you're able to do it even with all that's going on, tim seymour. it's amazing >> yeah. wow, if not now, when? >> fair enough don't cry for me >> good stuff. amazing, tim dan nathan i won't ask you to comment on that part of it, but i will ask you to comment on the call what do you think about ubs and the upgrade on constellation >> yeah. i like it. i think what we'll hear over the next few months and maybe the next few quarters, what do some of these businesses look like when we come out of the other side of this when we get to normality? i think as a thought exercise when we don't know what the earnings and revenue impact -- we know what the revenue impact

for a lot of companies are and we don't know what the earnings impact is going to be. i think it makes sense to have the thought exercises and the way tim describes it is not the way it is happening and what they're doing versus the peer group is important you have the valuation that makes a lot of sense and you have a lot of sense of what the worst-case scenarios are to the down side as far as eps because this is a bit of a staple company and it is for me with their products and unlike tim, i'm kind of manning up during this period and really kind of partaking in the constellation products >> the entire galaxy of products dan nathan, i may or may not be with you on that, but we are all very prod ud of tim. let's move on now to the third call and that's the automobile sector deutsche bank saying it will get worse before it gets better and all on the automobile companies. karen, listen, got a lot of friends in the detroit area. love them all, love michigan

what deutsche bank is basically saying is that ford and gm could be short of liquidity within four or five months. what do you make of this call? >> yeah. i mean, as a gm holder it's a painful call i've sold half our gm. i probably should have sold it all. ford is in a little bit of a more difficult spot than gm, but they talk about 17 weeks of liquidity which really isn't that much when you think about how big of an endeavor it is to start up gm again. so, you know, this is the balance sheet right now is good, but the cash burn is really not. so i mean, it's better than an airline, but it's, you know, it's hard to really be bullish on this one. i think i'd rather be in something else with either a better balance sheet or less

burn i hope they can get it open before 17 weeks and that still leaves him a little bit of cushion and not very much. i hope they can get it open before that, but as the stock, it's been a painful one. >> yeah, it has. you, the investors and the other employee, guy adami, your take on this call and anything that's somewhat optimistic at all >> no. i can't speak intelligently about the analyst practices at deutsche bank. my sense is that they cut it to hold they probably had it as a buy and they couldn't do the double dog dare to go from buy to sell and i'm making that assumption it's probably right. number two, where have they been the last couple of years, when it was going up gm couldn't get out of their own way and in an environment where autos were crushing it, gm and ford were not and we talked about that for years on this show and number three, this is not to cast aspersions and it's got nothing

to do with gm, but you talk about a cautionary tale about bailouts and look at where gm is now and look at where it was when it came out in '09. it is really interesting to see. i've said it for a long time i understand the valuation wall and i'm not a fan, if anything else i'm waiting for deutsche bank to cut him and sell with a $21 price target and my sense is that it's coming >> brian, i don't want to be too negative there is a period people when we come out of this we'll take offings rather than take the thesis and amazon, constellation and deutsch bank good stuff there >> all right coming up after the break we'll talk about, what else? slack. they've got a big debt offering and dan nathan thinks it is a

genius move. we don't hear that kind of language and misspelled genius which is not good. we can all use a chuckle, folks. 7:00 tonight, "markets in turmoil" special 'rba rhtft ts.wee ckig aerhi ♪ (vo) quickbooks salutes the grit and determination of those who work for themselves. they're the backbone of our economy. and in these challenging times, they're adapting to support their communities. but many need our help. if you're a small business in need, or want to help a local business, go to quickbooks.com/smallbusinesshelp intuit quickbooks.

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but when allergies and congestion strike, take allegra-d... a non-drowsy antihistamine plus a powerful decongestant. so you can always say "yes" to putting your true colors on display. say "yes" to allegra-d. >> welcome back to cnbc's "fast money," slack doing something they think couldn't be done. sell debt, they increased that offering to $750 million and dan nathan, you think that is a genius or genuis move by slack >> yeah, listen, sully, when this company listed on the nyse

last june they did a direct listing and they did not do an ipo. they did not sell shares and raise cash so here they are less than a year later and if you're a fan of their direct listing then you have to be a fan of them raising cash this way because they're doing it in a way where it's not dilutive to existing shareholders that's a huge bonus and they're putting cash on a balance sheet at a time when who knows what enterprise spending will be like the main point is i'll just say who are their main competitors they are massive, massive companies like microsoft with teams and google with their productivity suite to me this is a $13 billion market cap ducompany and maybe they'll do 35% or so and they'll need cash to compete with the likes of microsoft and google. to me, i think this is genius for them it's not dilutive and it's great for shareholders and you know, this is a company that might have the ability to innovate and really pick at some of these behemoths. >> yeah. tim seymour, though, the stock

like many, has not been that spectacular. what's your take on slack? >> dan's hit it on the point they just announced fiscal q4 about three weeks ago and the numbers were fantastic in terms of their enterprise growth and they were up 39% et cetera and very smart like their brother and sister to be raising as much debt as you can right now and there were nine, ten-year issuance and uk and germany, and i digress. they gave some fresh insight into -- and they cut their outlook, to i think, around 28%, 29% and we have to wait. i do think this is a case where there will be some enterprise that was disruptive that will be seen as more efficient and will still continue to grow, albeit, not at those rates i don't chase this one at this valuation. however. >> don't chase it, so says tim,

thank you very much. by the way, we'll talk about disney coming up after the break because perhaps no major company, if you know the dow company has taken the hit from all sides like disney has. we will talk about that with julia boorstin and get some views on disney's double whammy. stick around we cannot do all the good that the world needs. but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you.

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>> welcome back to cnbc's "fast money. it has been a difficult time for many of the media companies and disney getting a double wham myp let's go out west to julia boorstin to talk about disney and furloughs. julia? >> brian, that's right disney is the first of the media giants to announce they'll be furloughing workers and not just the theme parks that are currently shut down, but across various divisions of the company. comcast shares are down 15% and at&t shares down 23% all three of these media giants are struggling with bigger things including production and movie theaters and plus the cessation of all live sports right now, but disney is unique in the weight of its theme parks

which is the business that could be the last to bounce back the parks have generated over a third of disney's revenue last year in contrast, comcast parks are 5.4% of its annual revenue and at&t doesn't have any parks, plus it just took out another 5.5 billion loan while disney doesn't offer mobile or broadband, those services which are more in demand right now were 18% of comcast's revenue last year and 44% of at&t's revenue last year and that doesn't include either of those companies' enterprise businesses back to disney's furloughs which are scheduled to start april 19th a source close to the situation that understanding the cash flow limitations that disney will be facing, senior executives willingly accepted pay cuts and they're frustrated that those pay cuts did not delay the start of furloughs brian, back over to you. >> julia, we talked so much about disney and it had a lot of

hype and streaming is all of the rage because that's kind of what we're doing and we'll talk about netflix in a moment, why isn't disney plus getting more love on the investment side? is it simply because it's a miniscule part of their business >> look, disney plus is a relatively small part of the business and it is increasingly a good part of the business going forward, but right now disney plus is in investment mode they're investing in content and investing in marketing and they're still rolling it out internationally and they just recently launched in france having rolled out elsewhere in europe just late last month, so this is a young business for disney and it will talk a while for disney plus to scale, and disney plus is a bright spot and all of this company streaming the direct to consumer business and remember, at&t owns hbo which will be introducing hbo max scheduled to start in may. we'll see how that goes. >> interesting timing there, julia boorstin, good to see you.

thank you very much, julia. >> karen, the thing about disney and maybe not the parks because people might still want to be isolated when we loosen up, whenever that might be but man, i can see the espn side of the business snapping back quickly because when we do get live sports back on tv, maybe it won't have fans and the demand and the hunger is going to be huge >> well, i don't know, is a game that's played, for example, if the stories are true, they'll play to an empty stadium i don't know, i guess if you're a huge sports fan you'll watch it anyway. i feel like it is so much a part of it, but poor disney, everything they have from cruises to parks to movies that come out in theaters, nobody wants to be in a theater anymore and the bounceback in the stock has been enormous. so i wouldn't chase it right here i think that it's not -- it deserves a premium valuation and

in this world right now -- >> do you sell it, karen, if you own it or do you just not buy it? >> if you were a really long term investor you would hold it, but if you were lucky enough or smart enough to buy it when you were in the 80s which was two weeks ago then i would sell it >> okay. karen, thank you very much >> let's talk about another media company now and we'll bring in options actions mike khouw, via com cbs and if not one of the highest-hit media stock and mike khouw, maybe it's the reason why in the options market someone is putting a pretty bullish bet >> yeah, brian i think you're hitting right on it it is probably because the stock has been so hard hit that maybe some people are going in and doing bottom fishing and we did see the average daily call

volume on and they were the march 15th calls and consider for a second how much that premium is that's 10% of the current stock price and just to break even the stock would need to be up over 21% by may expiration. that's a little over five weeks from today so that's obviously a big bet and a big, bullish move that is to be expected and take a look at how much the stock has declined and this thing was over 60 bucks a share gag back to 2017 what we're looking at here is a highly volatile stock and betting on a little bit of a rebound and that's not anywhere close to the beginning of this year. >> mike khouw, tough times for via com and cbs. coming up after the break, talking about sport, there is a report out there about baseball. karen talked about it and you

heard tim saying yeah. we'll ask tim and guy about how baseball might come back and if you haven't heard the story you'll want to it's te,ru it's a little weird we're back right after this. ♪ ♪ when yowhat do you see?itical issues facing our world, we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today.

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tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. >> all right tim and guy, they love the sport of baseball and there is some potential hope out there guy and tim, i'm sure you saw the story. major league baseball is considering coming back in may, but all of the games would be played in arizona with literally -- all of the games,

all the teams in arizona with no fans guy adami, would you rather see that or wait until baseball can come back, sort of in a normal state? >> no. i think it's important for baseball to come back. you remember post-9/11, i'm not a met fan and i'm going to rell on them in a second and mike piazza, and it meant a lot for a lot of people and this is great for the mets and this is a huge advantage because playing in front of an empty stadium is what they do on a normal season so they should really stand to do very well in that environment. [ laughter ] >> tim, he's taking a little bit of a dig at the mets would you like to see it come on. >> by the way, arizona also 2001, one of the great world series of all times and that was important for the country after 9/11 and it didn't work out for the yankees. i was rooting for my new york team because that's how i roll

the would you rather here, i think the first question as a citizen of the country is why should baseball be allowed to go back to work i think there are a lot of people that might need that paycheck more and as a fan weighing seven-inning games and doubleheaders and this is something that i would prefer to probably take. it's better than nothing >> yeah. something. hey, by the way, as a san diego chargers football fan, my team has no home games, and hasn't for two years. guys, we had to talk about that and have a little fun in tough times and let's do final trades. tim, why don't you kick it off >> i just think disney is one of those companies that we talk about that's not only a great american company and one of the companies that you want to buy when there's a lot of uncertainty because this is a place where you want to own it despite the theme parks and what's going on with their ad business buy disney here and you'll be happy in the medium term and not the long term. >> karen

>> yeah. i don't think the route in credit is over so my trade is short. xyg. >> all right dan and guy, we'll get your final trades coming up here. we'll run out of time and we appreciate it, great job, everybody. unde 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. call me 1-800-743-cnbc tweet me @jimcramer. let's play ball. major league